The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
I’m afraid I can’t this Monday. Hoping to see resolutions rejected and if so I would be up for some direct action straight after….
It’s in wincanton, Somerset. 3 hours by train or 2.5 hours by car from London. I don’t think they want us there ….
Interestingly mtr have changed the egm into an ogm - which I think lets them off the hook to organise another AGM in May. Don’t forget to vote against these resolutions!!! We are being shafted here.
Anyone can see the massive gap between nav and share price. I was also initially led here by Simon Thompson identifying a similar gap two years ago. That gap never closed as along with the share price drop the nav has also gone down massively over the past year due to the incompetent trading activity by this board. You say DYOR - well for your own sake please look through RNSs over the past two years and read the last preliminary final report. I have never seen so many u turns in direction by a board. I just don’t trust the competence of this board anymore.
Actually two things have changed over the past two weeks MrRiker. Firstly MetalTiger now wish to adopt a more active investing approach and you only need to look at its amateurish dealing history over the past year to know that this is a recipe for disaster. I am not looking for dividends but I want mtr to hold onto its price copper assets rather than for mtr’s management to use them to learn how to trade. Hearing Michael McNeilly state that he wants to be able to use derivatives fills me with dread.
Secondly its decision to delist without proper consultation and at the same time replace options to a level only just above the current nav removes any doubt that management are in this to enrich themselves at our expense. (I have always been uncomfortable with Michael McNeilly sitting on the board of companies he is investing our money in).
I will not sell at this price but I will vote against the resolutions put forward.
I would also support a resolution to liquidate the company, this could be put forward at the next AGM which should be due in May. My understanding is that the NSRs are valued conservatively and I reckon they could be sold quite easily to Sandfire or indeed any mining royalty company with a bit of cash.
I’m actually not sure the new approach has been cleared with major share holders. Yes perhaps Rick Rule will be on board - think him and Michael go way back but he only has a couple of percent. There is one hedge fund but no other institutional investors and then there is Michael Joseph, an individual investor with 9%. I cant believe he would be happy with the current state of affairs. Looking at his twitter account @benchpressmike he is also here for the NSR. And of course the directors have negligible share holdings. So there is all to play for and as Simon Thompson says, there is a great arbitrage opportunity here. Buy (or hold) for 9p, then liquidate for double in the next few months.
From what I can work out (given the rules to give notice) we won’t have time to add a resolution to the meeting or call another meeting beforehand so I think the best we can do is hope everyone else will vote against the resolutions put forward. That should give an indication as to what support we have. The next AGM should be in May so that would be the time to put forward any alternative resolutions. In the meantime perhaps we should try and raise awareness amongst other investors - although you would think that anybody that has followed this share would agree…
Agree - we still have to approve it though and I for one will vote against
That would be much more sensible Keith but I think there is a notice period - I could be wrong though. We probably would need legal advice.
We probably would need to call a general meeting ourselves as well
https://www.companylawclub.co.uk/calling-general-meetings
Actually Trustpilot reviews do come up in a Google search… In any case it will be interesting to see what Microsoft will do with merchant ratings on the new ChatGPT based Bing search.
Just read through the circular and have decided to vote against most of the resolutions. We have some great assets but I worry that the new investing policy will give the board free rein to squander them - their record over the past year speaks for itself. I just want them to sit on their sandfire shares and royalties. Perhaps we should put forward an alternative resolution….
I reckon they’re looking to stretch this 2nd tranche out a bit. Daphne suggested in the webcast this week that they would prefer to spent their cash on the internal pipeline rather than buybacks. And to be fair I think that makes sense with a pipeline of 5 phase 1/2 programs. Worth listening! http://bit.ly/413a2Eo
Production between 4,200 mtV and 4,500 mtV
Cash cost (C1) between US$26.1kgV and US$27.0/kgV
Capital expenditure US$9.2 - 9.7 million
Vanadium price above $40 and rising
We could do with that 2nd tranche starting
375k for me
Seen this so many times. Big rises in the US not followed up in the U.K…. Think that the Puretech board are fed up with this as well - it may have been one of the drivers for talking to Nektar recently. Wouldn’t surprise me if they were to move the primary listing to the Nasdaq at some point.
Recession fears have driven down the price of iron ore - but that has meant that Chinese steel co-producers are now increasingly substituting local lower grade ore (generating lots of vanadium) with imported iron ore reducing vanadium supply in the process
I was trying to picture the very substantial upside in the near term. All we have to do is produce to capacity. And yes there are some risks but I had assumed that a poster going by the name RiskIsReward would appreciate that.
It’s what we will be producing next quarter as confirmed by the company just last week
You only have to compare our market cap to that of Syrah Resources. Syrah has 44k production per quarter compared to our 6k. And it has an 890m (gbp) market cap compared to our 34m market cap. So based on Syrahs valuation our market cap should be in excess of 120m. And that’s before we increase our production to 86k per year by 2024….