Member Info for Verulamium

Just to point out that if you've previously voted to accept all resolutions at the meeting it's not too late to edit your vote (at least as far as ii are concerned) should you be so minded.

It's always interesting to revisit posts from a while back. Up 83% in the 6 months since that post. That's why it deserved to be on a premium.

Those are the slides, the audio's at https://webcast.openbriefing.com/ggp-qtr2-2026/player/index.php?player_id=58142

They certainly seemed to be looking for problems that aren't there. As far as the reaction goes it looks like win-win except for short term traders. I'm no chartist, but from a quick glance if they do try to push it down for a few days there's a chance of the mother of all cup and handles forming, with a £12ish target (a proper chartist might be able to say whether I'm talking nonsense or not). If they spot the obvious and realise how good the results are then it's onwards and upwards.

This bunch put the anal into analyst. Shaun's a very patient man.

Headline only so far: Kalgoorlie Gold Project Results Continue to Shine, $2M Raise

If takeover was a possibility, wouldn't Lenigas have moved heaven and earth to get ORCP trading suspended too rather than mentioning them in tweets? If anything Riversgold could buy ORCP out of Northen Zone, but I doubt it.

You say "only" 10%. 10% of 2.5 to 4.8 million ounces of gold in the ground (current estimate, new more accurate estimate to be revealed on Monday) is worth an incredible sum of money with zero expenditure for ORCP.

Why would ORCP need to raise StockMaiden? Certainly not for Northern Zone, they're not the ones doing the spending.

Obviously we don't know if this is a spike or major re-rating until the news breaks on Monday. From the noises coming out of Riversgold though it isn't bad news, and ORCP don't need to spend anything - all the agreements are in place. What differentiates them from similar reratings/ramps is that if you removed Northern Zone completely and wrote it off (which obviously isn't going to happen) the value of the rest of ORCP is rather higher than the current market cap. So if you're going to get involved in a speculative wave of buying, this is one of the safer places to do it. That's why I bought a few more this morning anyway.

Your post about subscription rights doesn't make sense pedro. You got the "cashback" because you didn't take up your own rights - a lower profit than if you had. It's nothing to do with anyone else's rights.

Annoying isn't it? I think the issue is that in the initial prospectus they promised to treat people who didn't take up the offer "fairly" by placing their shares. it doesn't matter if that process actually ends up being unfair to the people who subscribed.

The whole excercise is flawed. If there's a limit of 8 million euros in what they can raise each year it's dwarfed by the rise in market cap thanks to share price appreciation. It's added confusion about what the discount actually is and increased the discount as people sell to free up cash for the subscription shares. Hopefully they'll drop the scheme when it's reviewed in 2027, but it's a shame it can't end before then. To add to the fun they managed to mess up today's NAV RNS. If the company itself doesn't understand what's going on what hope have we got?

Indeed, the whole record date/ex date seems very outdated in a world of instant transactions. It's like going back to cheque clearance times. Unsurprising though that ii were confused, and GPM's announcement was very open to interpretation. At least in theory though your purchase on 10th should have been cheaper than it would have been if eligible for the subscription shares, though this was rather hidden by the usual noise.

@Grezzz Without defending ii's comms, whichever broker you bought the shares through you're not entitled to subscription shares for shares bought on 10th Nov (or even 7th). The record date was Monday 10th, so they will have already gone Ex entitlement before market opened on Friday 7th. Hence the price drop on open on the Friday (though it was smaller than might be expected as no one seemed to realise)

Sorry - I wish there was an edit function. Full subscription would raise £8.951M, or 10.327M Euros at current exchange rates

It sounds unlikely that we'll get our full 1 to 5 ericc. At current exchange rates full uptake of the subscription shares would raise about £10.33M shares, so nearly 30% "too much". It probably means we'll have to pay for our full 1 for 5 (9.6p per share held) and get a proportion of those shares plus some change back a few days later. It presumably also means that anyone not paying for subscription shares will get nothing rather than a proportion of their shares being placed and the amount raised being given to them (unless there's some law demanding that everyone should be treated "fairly"). Full details TBA. On the positive side at least it stops the diluted NAV looking so much worse than the actual one for a few weeks.

Lifesaver RNS from March 11th?

Obviously my discount percentages are out of date there, the price has risen and the most recent NAV hasn't been published. I suspect the discount has now narrowed further.

Grezzz As Jtodell points out (even if he uses the wrong NAV figure!) the discount to NAV (undiluted at this point, diluted from 1st Dec) is the key, leaving aside the performance of the underlying shares. The time to buy is when the discount is high, the time to sell is when it's low. The current 12.3% discount is historically quite low, though you'd expect a low discount when an IT's performed so well. If the discount widens as people sell a few shares so they can take up their subscription rights (or as GPM offload any subscription shares which weren't taken up) it could be argued that ignoring the herd and buying more (if you can afford to) would be a good move as it'll all return to normality by mid December. Basically though it'll all come out in the wash. Unless you think there's any sign that gold miners are generally looking overvalued (and I can't see any) then sit back, hold, buy more, whatever. No one who's held these while the share price has tripled is thinking "if only I'd bought these when the discount to NAV was 23% not when it was only 15%".

Jtodell, no I completely understand how the subscription issue affects the nav per share. As I (and the company) said there is no dilution before 1st Dec. After that the "dilution" is compensated for by having the instant profit from the subscription shares, hence the diluted NAV figure (and the price should drop accordingly on 1st Dec, there's no logic to it being gradual). Using the diluted NAV at this point is accounting for that dilution twice, we haven't got the 48p shares yet.

In the real world there'll undoubtedly be some selling to free up cash before 1st Dec, the discount will widen and consequently the 1st Dec drop (once the correct NAV to use becomes the diluted one) won't be as sharp as it should be. I'd suspect though that both the NAV and diluted NAV will be more than 10p higher by 1st Dec so any forward selling might be counter-productive.