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But we have an EXTRA $8-9m cash in the bank I think and the basket price is near enough around the same level. This looks excellent value, I'm surprised the BoD are not buying shares back yet.

Visitor - thanks I'm glad to hear your thoughts on these matters, SHG is a headache right now and so I refuse to be a shareholder in it! Despite the crazy drop I want to find a stable platform to invest for the future there, but it doesn't make sense right now. SLP is my only African-based play and it's mainly because of the cash pile and positive cash-flow. Agreed the mining charter if implemented would be a disaster. Stranger things have happened though, I think it will go ahead and the currency will crash. The rand should have fallen much further already and it will as the recession gains momentum. The charter will add to the confusion. This shouldn't negatively impact sentiment here so long as the company adheres to the new rules. You're right about the long term autocatalyst issue and I've written previously that once palladium trades at parity with platinum, it will begin to act as support and push both prices higher. The cost to switch from one PGM to the other in autocatalyst production is more complicated to understand but from what I've gleaned from various sources on the net is that it's no simple switch-over and the cost would impact producers. It will be gradual when it happens, some will opt to change and others may do at a later time. But palladium demand will continue to outpace supply in the short term that much is clear. I think by year end we will see palladium above $900/oz and platinum around $950/oz. Your thinking is definitely ahead of the trend. This is only good news for SLP which produces mainly platinum (61.5%) and palladium and rhodium (38%) and gold (0.5%) There's a recent post by Wuffle which raised an interesting point about about value for money. SLP being 7-8p this time last year. But we have about $8-9m cash in the bank I think and the basket price is near enough around the same level. This looks excellent value, I'm surprised the BoD are not buying shares back yet.

I think to properly value this company there has to be future trading figures provided in guidance. The second half performance was actually decent. The first half of this financial year will likely be profitable and growth of the orderbook and revenues maintained. If we had addressed financing and not delayed it might we be sitting in a stronger position? I do blame the Board for dragging their heels and royally c*cking this up. But the die has not been cast, vote against and let this company dig deeper and solve the short term liquidity issue. Rebuild shareholder value with growth and a much more profitable year ahead. Looking further out we should be entertaining £1 share again. I say again, shame on the Board of Directors.

The repayment of £2.4 million of short term banking facilities and the annualised measurement of the financial covenants, have both been extended to 28 July 2017. Little wonder given cash on hand is very low at £1.2m The offer is for a paltry 47p which I think will translate to 51p post the merger if successful due AVG's price. Complete rubbish! Shame on the board for even entertaining this. AVG have 22.9% confirmed to vote in favour and a further 11.7% have delivered letters of intent however they are a long way short. I will vote against and I hope many here will also. This company does not need to be gifted away

Hi chanjael, if it's the same characters talking down HAYT over there it's no surprise where they have placed their chips. Many of the posts on the ADVFN board concerning this company were wildly inaccurate especially concerning an imminent placing, the BoD being replaced etc. When the bid came they changed their tune regarding dilution. Is there any basis for AVG picking up this company on the cheap? If at current levels we are talking about cheap £24m I think it's highly unlikely unless the refinancing terms stipulate something concerning liquidity which only AVG can offer short term. But then even that could be dealt with through a placing. So at this stage I wouldn't worry about HAYT going for 44p or less. The offer will be put to shareholder who must vote as a majority in favour, again not likely unless we are getting a good deal. AVG are up 15% from their June lows partly owing to a recent contract win and as the poster below highlights the results for the FY are nothing special. They have access to working capital but there is no chance of AVG spending that on this acquisition. A merger offer may come valuing HAYT around £30m and we would be given new shares in AVG but I would expect that to be rejected by holders here and so might AVG. It would be in AVG's interest to pick this company up now given the liklihood of removing the financing risk, the growth prospects and the return to profitability following the heavy investment of capital. We are valued this low simply because of perceived financing risks but in one years time the situation will appear much rosier. Fast forward 3 years and you get the point. AVG must have been crunching numbers over this time and realise the potential. The question left that needs answering is surrounding the company's debt and if terms can be improved. So in answer to your question AVG may offer a low sum but I expect that will be rejected. I don't see AVG making an appropriate offer of 70-80p as it would dilute their holders considerably therefore we will likely continue trading as separate entities

graham the link I highlighted below is the update released on June 23 and the company have granted AVG one further week to make the offer and this ties in with FY results announcement and repaying the loan / dealing with a refinancing. My guess is they want to see the results breakdown and more importantly initial trading figures and liquidity. AVG will have run a variety of scenarios as to what we may expect and probably have an 'offer' for each case in point. I say this because they won't get an early look in on these results (they may have had access to certain figures because of the due diligence access they are permitted) and given all dates coincide on the 30th there must be some significance. I'm hoping for a repayment of loan, completion of refinancing and an improved outlook with trading figures profitable in the first half. AVG offer around 60p would help.

For avoidance of doubt, everything is being announced on the 30th June, there is nothing due today The Board of Hayward Tyler announces that, at its request, the Panel on Takeovers and Mergers (the "Panel") has consented to a further extension of this deadline in accordance with Rule 2.6(c) of the Code and, accordingly, Avingtrans must, by no later than 5.00pm on 30 June 2017, either announce a firm intention to make an offer for Hayward Tyler in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be further extended with the consent of the Panel. The Company intends to announce its results for the year ended 31 March 2017 on Friday 30 June 2017. http://www.investegate.co.uk/hayward-tyler-group--hayt-/rns/extension-to-deadline-under-rule2-6-c-/201706230700099575I/ The Group also continues to have constructive discussions with RBS with respect to the repayment of £2.4 million of short term banking facilities and the annualised measurement of the financial covenants, both of which have been extended from 31 May to 30 June 2017. http://www.investegate.co.uk/hayward-tyler-group--hayt-/rns/update-on-banking-facilities/201706010711368079G/

Some decent drill results announced this morning, most notably - 18.79 metres (m) at 3.65 grams per tonne gold (g/t) One would think they will be able to raise their 300koz resource to around 500koz if this continues along strike to the east and west which LND indicate is likely

Wisecrow you don't need to preach to me brother I've been here since the sub 2p days banging this drum. I'll be here for a good while yet. My only tip would be to trade the swings and don't be left holding come October / November http://shareminator.blogspot.co.uk/

Love how this moves so quickly on so little. How many of us buying on the quiet have doubled our money? There must be a half dozen here at least with me

Hey guys, I agree it's disponding to watch the prices fall. I began buying back too soon after those 14-15p highs (seems like a lifetime ago). The mining sector has taken a beating across the board, South African based miners perhaps more so although I would point out declines like SHG suggest operational issues and metal prices are the main reason SLP are where they are. The basket price is similar to last quarter but platinum makes up our majority metal and so the perceived risk rises when the platinum price falls. I agree with the poster who also linked the added risk of changing the operations. Although the evidence so far suggests we are producing more than expected, this could fall away steeply for a short period. No evidence to suggest it will but the risk is there. Haha yes the loan I had forgotten too but I was reading IRONs recent update and considering a punt there when I stumbled upon the details! It doesn't look like that will hit our balance sheet before June 30th but rather the July-September period. I really don't know what to think about the new mining charter. How are they going to force people to invest 30% here? Not that it should be difficult to find willing buyers, given operational performance. The big question will be whether a take over bid comes following the take up. I would expect a stock squeeze it South African institutions backed by the government are on a protectionist agenda. This is a cash rich company with a good 10-15 year outlook, low capex, lowest quartile costs. Looks superb value

Thoughts guys! We could well come back to this asset we disposed of 5 years ago at the discounted price. Looking highly likely SLP will receive repayment of the remainder of the loans also next quarter. Recent news that IRON will conduct a placing, news relates to SLP Proceeds of the Placing will be used for working capital including the repayment of the outstanding R15 million (c. £0.9m) principal amount of the Loan Facility Sylvania Loan Facility At the time of the acquisition of the assets for the Project from the Sylvania Group ("Sylvania") in July 2012, the Company entered into a loan facility of R15 million with Sylvania Metals Pty Limited (the "Loan Facility"). Under the terms of the Loan Facility the Company undertook to grant Sylvania warrants as a guarantee. The Loan Facility, which now bears interest at 4% above the South African prime rate, was repayable no later than 30 June 2016, subsequently extended to 31 December 2016 and then to 30 June 2017. The Company has agreed with Sylvania an extension on the repayment date for the loan to 25 July 2017. The Directors' intention is to pay off the Loan Facility from the proceeds raised through the Conditional Placing. http://www.lse.co.uk/share-regulatory-news.asp?shareprice=IRON&ArticleCode=4wprkpu7&ArticleHeadline=Placing_Potential_Acquisition_and_Notice_of_GM In addition to the funds raised by the Placement, Mercury and Sylvania Platinum have entered into a facility agreement whereby Sylvania Platinum (through its South African subsidiary, Sylvania Metals Pty Ltd) will provide a loan facility of up to ZAR 15 million (approximately £1.2 million) to Ironveld Holdings Pty Ltd, the company which holds the Iron Ore Assets ("Facility"). Mercury has guaranteed all obligations of Ironveld under the Facility. The funds to be made available under the Facility will be used to further fund the development of the Iron Ore Assets. The Facility will mature on 30 June 2016, at which time the amount utilised under the Facility (and all accrued interest) will need to be repaid. As security for the amount due under the Facility, Mercury has agreed on Admission to issue to Sylvania Platinum, warrants to subscribe for up to £1.5 million of ordinary shares in Mercury at a price equal to the 90 day VWAP on the business day preceding exercise, (Warrants). The Warrants are exercisable only if the Facility is not fully repaid by 30 June 2016 and may be exercised up until the date which is 5 years from Admission (although the Warrants will lapse once repayment has been made). Any proceeds derived from exercise of the Warrants will be used by Mercury to repay the Facility. http://www.lse.co.uk/share-regulatory-news.asp?shareprice=SLP&ArticleCode=9evy9eef&ArticleHeadline=Update_Disposal_of_Bushveld_Magnetite_Iron_Ore

Share price taking a few hits today, people understandably cautious with platinum so volatile. Palladium and rhodium have been strong this quarter especially the former but it's the global outlook that may be concerning PGM bulls. ragnarlothbrok - appreciate the link, indeed it does have some forecasts to go by, let's hope their speculation proves accurate. All our cash is held in Rand I believe or the vast majority at any rate and GBP is suffering and likely to fall further with BREXIT negotiations next week and all the political drama to come. Another General Election looms if the government do not appease their fringe MPs and those of the DUP. Treadstone - Like you I think the drop has been overdone. The rand is stronger and platinum price lower but our basket price isn't much different from last quarter. Perhaps there will be higher capital spend this coming quarter as well as a decline in production. We will look back with hindsight and say now was the time to buy large. I may yet buy more next month or sooner if I can free cash elsewhere. What do you make of the platinum price right now? hangseng - welcome aboard, this is much safer than Lonmin, it is cash rich, debt free and makes quarterly gains thanks for impressive margins. It's long term future was a risk up until recently however the company are spending $12m over the next 4 years to ensure production of 50-60k PGM ounces per annum continues for the next decade and beyond.

A clear reasoning of why RRS should form part of every investors PF https://masterinvestor.co.uk/equities/political-uncertainty-adds-allure-randgold-resources/?utm_source=Daily+Bulletin&utm_campaign=c5b70024ce-Daily_Bulletin_20170614&utm_medium=email&utm_term=0_25eff0bb7f-c5b70024ce-34984745

ragnar - I can't find a link for Liberum's new rating, can you help a fellow out please :) Palladium is looking more and more likely to trade at parity with platinum as each day goes by, the latter may soon become the "substitute" if it becomes the cheaper of the two. Any switch of this sort however would take a long time to implement in practice given industry investment over the past decade or more. The gains have outpaced those of all other precious metals this year, with the most active palladium futures contract rising 25% year to date compared with gold’s 10% gain. The ETFS Physical Palladium Shares exchange-traded fund (ticker: PALL) is up 29% this year. Partly driving the outsize returns has been increased consumption in the past few years by auto manufacturers, which use palladium in the catalytic converters that filter car emissions. According to the researchers at GFMS Thomson Reuters, palladium demand in auto-catalyst applications hit an all-time high for the fifth consecutive year in 2016, rising by 5% annually. When palladium for industrial use is more expensive than bars bought by investors, it indicates higher demand from auto manufacturers. But the current lack of a premium suggests that the need for palladium in catalytic converters is not fueling the rise. Other sources have instead surmised that large institutional holders of palladium have been more reluctant to dispose of their remaining stockpiles and much of the physical supply elsewhere remains tightly held. http://www.livemint.com/Money/Y65MMI70Vb3Wy77V8as6WL/Palladium-prices-surge-to-a-16year-high.html Data from the Commodity Futures Trading Commission show that net long positions by speculative investors reached the highest level since 2014 in early May. As of June 6, bullish bets outnumbered bearish bets by more than 23,559 contracts, hovering near the high of 23,570 contracts reached last month. According to Société Générale, palladium has attracted more than double the investment flows in futures and exchange-traded products than its precious metals’ peer platinum this year. Take a look at the rand chart which is very encouraging! Also Rhodium at $960 contributes around 14%, keep buying at these levels and reap the rewards later I think :) https://www.bulliondesk.com/palladium-prices/

good indication of increased demand http://carsalesbase.com/global-car-sales-2017-q1/

Good points made Schrodingerscats and Vicmy, although until financial situation sorted I'm not convinced we will back up to the 70-80p range where we belong. I agree with the logic of increased orders now the GBP has fallen once more to this level. BRSN are in a different league to us however the value is not so much discounted as it is here so I agree and in light of the election results, worthy of increasing my own holding today. Despite missing forecasts the company did rebound late in the fourth quarter and FY results for the year ended 31 March 2017 should help to ease fears when they are released on the 28 June, or in 13 trading days time. I'm hopeful the update on performance post-FY results will breathe new life into this share and send it back to the 50-60p range.

The ringgit is rising or rather the pound if falling off the back of the UK election which bodes well come the HY results in September. Ofcourse before then we have the FY results :)

ragnar - nice summary and I agree with the points made after, I hadn't realised $1.4m had been spent already, time flies! The project spend was meant to be $3.5m in years 1 and 2 dropping to $2.5m in years 3 and 4 however given the capital spend didn't begin until long after the beginning of Sylvania's financial year then perhaps the investment will be spread across 5 financial years. Or the may announce some $2m expenditure in the fourth quarter, who can say. Either way palladium is now just $104 off the platinum price and our basket price in general is looking similar to last quarter. At this price it's a no brainer.

Final results released 30th June, should be a good deal of anticipation in the coming weeks. This time last year the share price began building in late May from the 2.25p level to around 3.8p by end of the June. The share price climbed further throughout the summer to more than 5p by September's interim results. Exciting times once more