Member Info for TooLittleTooLate

Top marks for that post - big smile over the coffee and toast!

As a long term holder POG has to be one of the best share rides I've ever experienced. Should I sell or should I buy? - I have asked this question time after time but I remain invested. The current situation is a true test of the business in its current form and if it survives the upside will most likely be dramatic. The underlying business would appear to be on the up and was significantly undervalued at 40p. Today we are assessing the risk posed by sanctions which judging by the state of Ukraine are having little effect. Peace will break out soon enough and normality will return. Should I buy another million? - it certainly won't harm the Ukraine.

Today marks another small step towards realising the market potential of POG. The business remains fragile in the eyes of institutional investors given the history. This is not a Polymetal yet but shows encouraging signs of moving in the right direction. I am positive with these results as it shows the new management has overcome what can only be described as a somewhat challenging period. I think I am glad to be an investor rather an a manager in POG. Given the expected developments I would expect HY2 2021 to be the start of the proof of POGs worth. The next 6 months is still about getting this business upto speed and a worthy risk for institutional investors. Much can still go wrong but the clouds are not as black as they were. Hang in all there is much to gain here I think.

One step at a time - £2 per share gets closer with every small step. It's not bankable yet - hang in and watch!

Personally speaking I expected several months of "turbulence" and these results and the accompanying commentary clearly set out the problems being faced and challenges ahead. The inference arising from the web of companies and forensic investigation suggests much more information about previous dealings is yet to be revealed and that information is to declared by a trusted third party. It does read worse than expected but now the bad news is in sight and we can hope that each step now will be a positive step on the road to realising the investor returns as has been stated. The management retains my trust but I remain anxious as to the scale of the task ahead.

I suspect that the SP rise is being driven by a hoovering up of shares in significant quantities - day by day. Why is it happening now? - maybe Credibility and the Gold Price finally in alignment. Who is hoovering - Institutional Investors maybe. Sorry to suggest but the previous BoD lacked the credibility. If you are still invested perhaps the Boardroom shakeup has finally released the potential for the shares to climb to their true value. My guide is Polymetal divided by 8 which equates to £2.50ish subject to proof through results, establishment of sound corporate governance and a continuing high Gold Price. Best of Luck all.

Holding position as he is temporary, albeit he will be considered for the role.

I didn't vote in favour of this resolution - I am keen to focus on POG's future and wonder why it's necessary to carry out this investigation? It doesn't seem to be essential to the future of POG and might be considered a distraction and a concern for any new investors. Is this an attempt to demonstrate the new Board are focussed on being squeaky clean? Or is there value to be uncovered? A resounding 84% of votes were in favour of the investigation so it must be pretty important! Can anyone enlighten me?

Good to read today's RNS. For me this reflects the end of being a Basket Case and making POG credible to Institutional Investors. This replicates the POLY story for me and if successful 6 months from now the shares will be attractive to the Institutional Investors rather than Joe Public and I who cannot significantly move the price. I am beginning to start to dream about a £2 share price and I can only hope the Gold Price can maintain a $2000 price for the medium term as what goes up will surely come down. A happier day! Our chances to buy sub 40p may be reducing by the week.

My condolences to all who failed to get their wishes yesterday. I am not one of you - I bought in recently based upon the potential and rising Gold Price. I was a past investor in Polymetal for similar reasons.

My research identified decent reserves, the POX hub and a very chequered history that is not bankable. POG lacked credibility with institutional investors and that is why the SP is less than £2 today. Institutional Investors such as Blackrock create wealth for the likes of you and I but regardless of the Gold Price or the story they will not invest in a company such as POG.

Everything changed yesterday and I hope and pray it will be for the better. The dead wood and weak direction are finished. A new team will be built in the coming months - a team capable of not only exploiting the reserves and facilities but a team that will be credible, independent and answerable to all investors.

We have to take UGC, Everest et al at their word and back the new Board as it is formed in the coming months. - we all have substantial profits to gain. If you don't believe or trust this will happen then just sell out.

I am nervous but believe yesterday was the best result for all. Only time will tell.

Rustybucket - I think its a good back story and all credit to the team that delivered. I am invested because of the potential that has been created. I want a world class team to lead POG forward. If Polymetal has an SP of £19 POG might get to £2 in short order if it can become credible. However the facts are that the SP is being held back by a lack of institutional investors - why? - Corporate Governance, a series of missteps as discussed on here at length, and a belief that the current team has run its race and needs a different level of Board appointments. Appointments with the requisite background and experience focussed on performance and answerable to all investors. Instead of Institutional Investors POG has UGC, Everest etc. Perhaps that is a shame but is a reflection of past belief in the board.

I am nervous about how this will turn out but I am less worried about UGC than I was. I have not voted yet until I have considered all facts - cheap talk counts for zip. Remember UGC has as much to gain from a rising SP as we do and should demand the business be run well. I understand the concentrate issue but why damage POG when its SP could multiply by 5 if managed well.

I think what UGC are saying is that POG (through a rising Gold Price and the POX Hub) has won promotion to the Premier League after spending 10 years lost in the lower divisions squandering other peoples money. If POG wants to stay in the Premier League it will need to replace its aged second rate Directors with world beaters who can manage finance, production, corporate deals and investor communication as is required by a FTSE 100 company. I guess if you are a Chelsea supporter you can understand this. This is only my interpretation of what is being said!

The following press release from UGC today 29th July is worth reading:

http://www.ugold.ru/en/press-center/press-releases/detail.php?ID=241

If UGC/Everest et al lose the vote the likelihood is the SP will climb rapidly to reflect the true value of POG. Therefore why would they want to win the vote as if they do the SP is likely to fall. With c. 40% of the company in UGC/Everests hands they can make an absolute killing by losing the vote. Perhaps this is their plan or am I just stupid?

Ride it is my advice - H1 is positive - Temi is positive, POX is positive, Strukov and Lioustiger is positive and Gold Price is headed to $2k plus. Dilution reduces debt - so somewhat neutral. Focus on the Gold Price and the suitors pursuing the undervalue in POG. With all the doubts we have risen from 25p to 39.5p in 2 weeks - ask yourself why? The competition only gets hotter from here and may result in a buyout of the brave souls who hang in - at what price - £1 to £2.50? Will Strukov shaft us all - doubtful but he may make us richer? Strukov has failed so far to declare his future strategy for POG despite requests to do so. Lioustiger hasn't put any detail on his demands for a forensic investigation. I'm increasingly of the belief it's a smokescreen and an attempt to shake the tree and buy sub 50p. Of course if Strukov intends to take control for the purposes of using the POX hub to process his own refractory reserves at a transfer cost to his benefit then it's a different fight. DYOR

Thank you for clarification.

Perhaps there is some confusion here between the RNS and the statement of 20th July on the UGC website which I quoted from.

UGC has acted to covert its $28.4M Bonds and prefers shares to cash. Pavel has stated a likelihood/desire to pay 50% Net Profit as a dividend from H2 subject to Debt being below 2 * EBITDA. UGC states that the POG debt load is one of POG's main issues.

Hence UGC is promoting the conversion of its Bonds to shares to facilitate dividends.

UGC states the forensic examination will lead to an objective assessment of all of the issues being examined.

Can someone tell me what these issues are that are worthy of examination?

Well we now know the ownership as has been declared by Pavel. This seems to make Mr. Liousatiger's request for an investigation largely superfluous. Unless more details are provided about this or other transactions I will remain unswayed by the arguments against the pre-AGM board. Any thoughts and comments anyone?

A rather more pleasant day today than has been the norm for us all. Good to see a degree of progress with production and the presentation of H2 information.

I am still unclear as to how I will vote when the EGM comes. A key question for me is the issue raised by Mr Lioustiger with regards to Temi and his claim that POG has not explained its strategic rationale behind the proposed purchase of the 25% stake in TEMI. However the RNS of 25th March 2020 seems to explain the rationale and I quote from that RNS:-

"In the Company's half year report issued on 10 September 2019 and in a separate announcement by the Company on 23 September 2019, Petropavlovsk disclosed that it had entered into an option agreement with Agestinia Trading Limited ("Agestinia") on 22 May 2019 (the "Option Agreement"). Agestinia holds a 25% interest in TEMI, a 75% owned subsidiary of Petropavlovsk. The Option grants the Company a discretionary right to purchase Agestinia's shares in TEMI (the "Option").

TEMI holds licenses relating to a substantial amount of non-refractory as well as refractory reserves and resources confined within the Elginskoye, Unglichikanskoye and the smaller Afanasevskoye deposits neighboring Albyn, one of the Company's principle mines. Non-refractory reserves are expected to be suitable for processing via the existing Albyn processing plant and will become the main feeding source for it. The first production from Elginskoye is expected in the second half of 2020."

What other detail does Mr Lioustiger require and does he have grounds to question past transactions? There seems little point in supporting a demand for a forensic investigation which will only;y be conducted after we have decided to vote for a new BOD. Again lack of clearly stated facts does little other than to question the motivation of Mr. Lioustiger. Can anybody help me?