Member Info for UpDownFlat

RB
"I believe the company will have taken out call options at the beginning so shouldn't be an issue."
It would be wonderful news if it were true. Do you have any sort of reference to this ? I will personally be very happy if it were so.

RB,
I dont think POG wants a bunch of angry shareholders being vocal about them in a public forum. Maybe this is the best route to stop future, as yet unknown, dilutions and force the BOD to take the shareholders interests into account.

I agree with Kenj, so we should:

1- Accept the dilution as a done deal. 2- Fight any issue of shares for any reason whatsoever in the next four years no matter how small(Including LTIP). 3 - Vote against everything, all the time . 4 - Push for a share buy-back (But not cancellation). 5 - Be visable and vocal.

From there accounts on page 59

"The Group has used the US$120.6 million net proceeds from the issue of US$125 million Convertible Bonds to fund the repurchase of the outstanding US$100 million convertible bonds as set out below, resulting in the net US$12.6 million cash inflow."

So for this $12.6m cash they agreed to:
Pay an additional $50m worth of future interest, plus future dividends for the bondholders plus a true-up of future dilution for the bondholders, plus relinquish control over some of the company’s future actions.

If let the old bonds convert, the company would also have had $100m less debt.

This wasn’t in the company’s best interest and it wasn’t in the shareholders best interest.

In order to facilitate the debate at the forthcoming AGM, the Board felt it would be appropriate to set out the principles on which it proposes to base a dividend policy for the Company:
"–Dividend payments will respect the contractual obligations of the Company’s under its agreements, including under its Bonds"

$53M worth of shares for the TEMI, oh here's $17M for the Bondholders

Dear fellow shareholders,
do yourself a favour and take two hours and read the horror of this document,
and then vote “NO” for every single item on the AGM.
Thinking of a merger/takeover?- Think again
Going to pay themselves an LTIP now? Well let’s have some for the c bonds when they finally convert using a ratio.

If we all vote “No” to everything, maybe one of the bigger shareholders join us.

II think all the major shareholders where bribed with these bonds, so they didn’t object. Zero risk. The only people who lost out where the smaller shareholders. BOD should really go to prison for this, because you shouldn’t be able prejudice one class of shareholders. They are effectively shareholders who earn interest and get dividends and have final say on the actions of the company.

The effective rate of interest on these 2024 bonds is currently at this moment 264%

After Temi and some reduction in debt the best value outcome for shareholders is a share buyback and retain (not cancel) the shares for servicing the 2024 bondholders. This is less costly then a divi for the same amount as the divi is diluted to 2024 bondholders.

If the company pays a dividend the 2024 bondholders get their share of the dividend as well. It seems they have preferential terms to ordinary shareholders. Worst deal ever done by a company in history. They should stop bragging about its IMO.

I encourage you to do the same so that you don’t constantly get treated like dirt.

No to all items, my 0.1% worth.

I want to suggest that people on this board, especially the ones with a "long term shareholders grudge" vote against as many of the items at the AGM as they can to give this company a message about the treatment of shareholders.

IMO, based on an ave price of gold at $1700 and a production split of 280k Third party and 450k own material, the price should be around 65p at YE 2020.
Each day that goes by completes more of this company’s turnaround and makes them more financially stable.

One further point, they are requesting questions at the POG website for the AGM. What’s in the best interest of the shareholders is a share buyback and stash for 2024. Perhaps a few of us could write in and ask this as question for the AGM.

Hate to be the negative one regarding this PVX233, but if POG sell IRC they will have to W/O the rest of the asset. Cheaper to keep it since it seems we are locked into our debt anyway.

I was having a look at these terms:

"The Issuer will have the option to redeem all, but not some only, of the outstanding Bonds at par plus accrued interest at any time, if 80% or more of the aggregate principal amount of the Bonds originally issued shall have been previously converted or repurchased and cancelled."

Was this does imply is that these bonds can be re-purchased by the company in the open market at any point in time, in whatever quantities, and cancelled.

Targeting these bonds as a first action to reduce debt would be of double benefit to shareholders

The other larger tranche of bonds(2022) can be rolled on the same terms but at a lower interest rate.

Tell me why I am wrong ?

Ignore me it was 22%

I notice that Strukov is said to own 22% of the shares. I thought this was 28% ?

Actually either of you could be right, depending on the price of gold.