The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
What a positive signal from Mr Fraser, a sale of 500,00 shares raising about £12,000. Is he that poor or just wishes to show his faith in the company!
The non execs and for that matter the executives have achieved nothing with Ironveld apart from drawing fees for themselves.
Promise after promise, quarter after quarter, as to action has failed to materialise in any positive news.
All of us as long term suffering shareholders have been taken for a ride.
What a shower and a superb destruction of shareholder value!
Strange delayed reported purchase of over 700,000 shares some three days ago. At least it explains the sudden rise in the quoted price, which has now fallen back to almost the same position. The purchase seems however to be well ahead of market and the buyer is already sitting on a substantial loss! Most strange , but let us hope their faith will be rewarded.
No , I now have 300,000 shares, as I felt that the underlying performance of the company deserved a higher rating, but sadly the the control operated by the dominant shareholders and the rewards they keep giving each other seems to hold the general market's appreciation of this share back. I have put in a limit order to sell all my shares at 15p if this rally continues, which I suspect it will not, but good luck to all who believe in this company.
So what caused today's spike of 41%? Although the volume compared to most days of some 331,000 shares is large, in value terms this is only about Pounds 35,000 , therefore no reason for the dramatic rise. So do we have a bubble or what? The company should put out some statement, even if only to say that they are unaware of what has caused this rise in price. Tomorrow will perhaps be interesting
This management and the BOD are the pits. Constantly for the last three years or more they have made promises which they have consistently failed to honour. The latest on that we should see income by August 17 was a down right fabrication. Never do we see any explanation or apology from Mr Cox or the BOD. They should all be reported to the Stock Exchange for making reckless or false statements. Sadly I have over 1 million shares in this load of garbage, originally bought on the strength of Giles Clark's track record, however in my case no fool like an old fool! Still they are worth so liittle now I can just forget them and delete from my portfolio valuation so that I do not have the pain of looking at my losses every day. Good luck to those who remain optimists , I fear that you will be disappointed.
This company is unbelievable. Every statement Cox and the Board have put out in the last two years has proved to be totally incorrect. The promise of income by August 2017, total balderdash. Why does it then take another two months to inform shareholders that no income has been forthcoming and a deal has not yet even been reached. We have heard that finance is imminent for the last two years. To my mind the unreliable and irresponsible announcements put out by Cox and the Board are effectively creating a false markt in the shares and is market abuse and they should be reported to the Stock Exchange. If I have the time I will do it myself.
This company must be about the worst quoted company for continually missing its forward guidance. We have now had for over a year the promise of the imminent conclusion of its successful funding negotiations. Only two months ago, we again have Peter Cox telling us that the company will actually be generating income in August. It is now late September and not a word and the share price continues to languish and slowly slip back. Not once has this company managed to deliver to its public statements. I originally invested because I thought Giles Clark was a savvy investor, but either he has taken his eye off the ball or is being led up the garden path by his local management. A grave disappointment
I am confused by M1keG, the Chairman of the Board is Mr Mellon, who has no son, are you confusing him with Mr Banks (of UKIP fame) whose son is on the Board? Dr Greg Bailey who purchased the warrants and then exercised them is a close colleague of Mr Mellon in the biotechnology field and they sit on various Boards together. He seems however to be a savvy investor and one would expect that he has not invested just over a £1 million for it not to produce some capital return as there is no income return at present. Sadly I had the same logic when i bought my 500,000 shares and rather than make any capital gain, I have merely generated a substantial loss!
How right are you on the financing. It seems to me that Mellon has yet again got a very good deal, which was not offered to the shareholders in general. Either the company is in such bad shape that it can not raise funds from elsewhere, but why would then a new investor take up a 13% stake in the company, or alternatively it was another 'sweet heart' deal. Just think of the money Mellon has made out of this company through his loans and warrants! The company should either have had a rights issue of sought external loan finance at a more commercial rate.
Two interesting posts from the last two posters. Obviously the market is underwhelmed by the exercise of the warrants and I suppose we should be thankful that the share price has not dropped as the dilution has taken place. The trouble is that I believe both Mellon and Banks as the two largest share holders up to date, regard this investment as peripheral. I have written to Mellon on various occasions, but never even get the courtesy of a reply. They should either take the company private or seek a buyer. Hopefully the new shareholder, does anyone know anything about him, with an over 10% holding may shake things up! The long suffering private investors need something, currently no income and no capital gain.
The terms given to Mr Mellon and Burnbrae for the renewal of their loans look yet again generous and although theoretically negotiated by the Independent Directors, I fear are yet again not in the interests of the smaller shareholders. Why not have a rights issue which at least boosts the equity base and as Mr Mellon and his allies own a very substantial percentage of the equity would not have harmed them. It will be interesting to see who bought the warrants, which currently are exercisable at a substantial discount to the market price.
Just to clarify post below, I owned 500,000 shares. I have in fact since then bought another 200,000 shares. Fundamentally this is a good little company, but currently seems to have two absentee landlords in Mr Mellon and Mr Banks. The results are late compared to previous years, when they were released in February and show no sign of coming out this month. Normally late results are a bad thing, but let us see what transpires.
Dear Test pack and Korg 3, I have ended up owning over 500,00 shares in this company as i could not believe how cheap they appeared to be. The half year results were very poor however, being flattered by an increase in a provision for a VAT reclaim, which they may or may not ever recover . I await with interest the full year results, but to be honest I think the two major shareholders Mellon and Banks have other things on their mind so I would not get excited. If I can get out break even , I will be delighted, I live in hope!
This company must be one of the worst for keeping its public shareholders informed. I appreciate dealing in Africa is difficult, but we have had so many false dawns and promises that it is difficult to keep the faith. Mr Cox's recent interview was fairly anodyne with no mention of the lease negoitations. I personally am in with over 2 million shares, mainly from the back of the sofa and Christmas presents to my grand children, so hopefully let us be lucky. But please keep us up to date Board with what is happening, so far too many promises of events which have not been met. Someone with a relatively large holding has been leaking shares out, I hope he does not have inside information.
Worying that there is a constant stream of sellers at what theoretically is a rock bottom price. As usual this company is never any good at communicating with shareholders, but perhaps insiders are ahead of us on this one and getting out while they can. Let us just pray they come through on this lease, but no mention at all in Peter Cox's recent interview, another worrying sign.
The Chaser said you would only be buying fractionally over the current price, which is correct but it ignores the warrants which gives them a real sweetener if the company is eventually a success and costs them nothing now! An underwritten rights issue would have been much fairer on small shareholders, but potentially a more expensive route for the company. Let us all keep our fingers crossed that eventually we are looking at a price in at least the teens.