Member Info for TooLittleTooLate

Congrats on adding - I see the PB is closed already!

Given today's RNS followed by a modest SP increase does anyone think the institutions are considering getting aboard?

The RNS of 15/7 "Revised Court Order" contained the following statement:

" It is the Board's intention that, having received requisitions from both Prosperity Capital Management and Everest, a GM is called without delay, affording all shareholders the opportunity to cast their respective votes in full knowledge of the relevant facts. A notice convening the GM will be sent to shareholders in due course."

At present a large proportion of shareholders are lacking knowledge of the "relevant facts". Furthermore the requisition to commission an independent forensic investigation does not add to the relevant facts as the result of an investigation will only be known months after the EGM.

Now is the opportunity for both parties to share the relevant facts, declare their future intentions and rationale. Without clarity before the EGM how can ill informed investors be expected to vote? It would also be useful to have the Q2 results issued (last year 30/8) in advance of the EGM.

I therefore look forward to receiving the "Relevant Facts" as the RNS of 15/7 declared.

Scaremongering aside, and ignoring the failings of the past could we expect better returns from a change in control? The main fear is that a change of the BOD will cause shareholders to lose out through loss of control. But is this realistic? It would be beneficial to understand the strategy of the prospective boards for the future prior to the EGM. Similarly it is important that the board is normalised to prevent future turmoil and the associated value destruction. Until I receive statements from both parties detailing strategy and rationale I shall refuse to vote at the EGM.

If you are reading:

1) I'm only going to vote in favour of an investigation if I am provided with information that tells me an investigation is truly necessary.

2) I'm only going to vote for any director (existing or new) when I am presented with information to enable me to form a balanced judgement.

3) The performance of POG is very chequered and despite now being in a strong position with its POX Hub and an $1800 gold price I need information to help me decide which Team of Directors is the most able to take it forward and achieve its potential and realise maximum value from my investment.

The current lack of information provided by the company, the prospective Directors and large shareholders does not support anything other than rumour and speculation which depresses the share price. But perhaps that is your intent?

Ahah latest RNS states that Judge didn't reach a determination and Everest should represent. So Everest failed to convince the judge and swiftly called for the EGM. Get your votes in!

It seems that the old BOD lives to fight another day as Everest have had to call the EGM- can we assume further resolutions to appoint other Directors will follow with the EGM notice? 7 days notice? Start counting the votes again but if you are a Pav supporter this could be seen as a positive development.

Dear CofE I bought and hold these shares after establishing many of the facts you list - thank you. At face value they are a bargain. Indeed they should be a substantial improvement in the SP from here - 37.5p as a minimum and a £1 plus with proof. The H2 update will hopefully start to confirm the potential and without surprises as there have been in the past. My question (not a negative) is whether UGC are interested because of the opportunity to process their refractory gold through a company they are now close to controlling at a transfer price that substantially benefits UGC. So perhaps POG think they have relatively limited resources but increasing processing capacity and hence the earlier discussion with UGC with its refractory gold resource. Has anyone tried asking UGC about their intentions? - The Gold website has contact details! I simply don't know if UGC is a negative just as I don't know if Pavel and Co is a negative.

I'm not interested in anything that isn't constructive. If you want me to vote in favour of the Pavel and Co at the upcoming EGM the you should be confirming that transfer pricing is a threat. Talk the share up all you want the fundamentals are only as good as the facts which are sadly lacking. Care to add to the discussion or just diss intelligent questions?

Being new to POG, alarmed by recent events, disappointed by the fall in the SP I have tried to establish the genuine issues rather than the panic brought on by the fear of a Russian Oligarch putting polonium in my tea. After consideration I think the greatest risk is that UGC take control of the POG BOD and implement a transfer pricing policy for refractory gold that ensures UGC keeps the benefit of an $1800 per oz gold price and POG receives a processing fee sufficient to cover its costs. Any thoughts on this threat anyone?

Millfield
Thank you for your recent considered and informative response. Fingers crossed for Monday - have a good weekend.

workingstiff - Thanks for the post - why is UGCs silence telling? It is very easy to assume that the small investors are about to be shafted but is there really any reason to think that? Perhaps UGC will get control of the board and take POG in a direction that instead of seeking to buy other gold mines will become a large processor of refractory ore. Such an announcement might push the POG SP higher still on top of the existing potential. Perhaps Maxim Karim has seen enough of the BOD to realise things need to change if the potential is to be realised? Perhaps Pavel and the old board saw the writing on the wall for them and made a last ditch effort to save themselves. Again I ask where does the small investors best interest lie? It is not yet clear and that is all I know. Fear is a poison to the SP and I am not willing to stoke it. Give me facts and I will buy or sell.

Millfield

Thanks for the response but I see no benefit in your post. Please explain why you think 'the cartel' is a negative force .

Reviewing the recent history it seems there was much excitement at the beginning of June about a joint venture or merger between POG and UGC (who own over 22% of the POG shares). The discussion between the companies seemed to be a possibility and a genuinely exciting development. After press speculation POG said it was not engaged in any discussions. Maxim Karin CFO for UGC was welcomed to the POG board by Sir Roderic Lyne in April 2020.

POG and its POX processing abilities has rapidly become a strategic asset for any Russian Gold Miner with refractory ore now that the Gold Price has reached $1750. Given the long chequered history of POG why should I be supportive of the existing board when in fact it is the rising price of Gold that is floating all boats.

The level of panic amongst POG shareholders is understandable but where does our best interest lie? In my experience it is as easy to be shafted in Piccadilly as it is in Moscow.

I am a new investor simply wanting to turn a reasonable profit on the current low share valuation. Having considered the facts the main fear here is short term uncertainty. As small shareholders that is always our situation. We fear being wiped out but is that realistic given the fundamentals? A battle for control is ongoing - a strong and capable board would not I suggest have put themselves in the position they are now in.

I will not be supporting any vote at an EGM without factual argument which I have not yet been presented with by either POG or UGC.

An interesting situation though - good luck to all small shareholders

I admire your analysis and thanks - do you have any evidence to confirm the additional shares are for the sole/major purpose of meeting the demand arising from any bond conversion or is it your judgement/guess?

Any thoughts on Bonum Capital with 3.5% voting rights acquired 30/6?

Good Morning - I'm a new investor in POG led down the track by IC. My research identified a very chequered history turned to Gold by a currently rocketing Gold Price. Having made a few £s in Polymetal I drew comparison which says there are 7 times as many shares and 1/3rd the reserves. Once proven through results in the next 6 months I could therefore expect a SP of 80p and on a very good day £1.75. The riskier unproven nature and chequered history made me discount the current SP to 37.5P. So I bought in before the AGM at 30P and smiled as the price rose to 34P. The hints of a takeover could only add to the SP I thought. And then all hell lets loose! Ordinarily the SP shoots up on the suggestion of a takeover but here the opposite is true and if anything allows the aggressive buyer an opportunity to sweep up more shares at a discount. So in my book the market is in panic and the SP at a discount of at least 10p. POG seems to have stabilised the situation in the short term. Should I dig a deeper hole and buy more at the current deep discount? Any thoughts?