RE: Can someone please translate with Google20 Oct 2020 11:07
"The translation of the Moscow Post article makes pretty grim reading."
Indeed. I suppose the only positive interpretation one could put on it is that such an openly critical article might be government inspired - a warning shot across Strukov's bows, as it were. Putin has been known to deal harshly with oligarchs who overstep.
"The bonds were below face value and Pog had before bought some back . obviously a good thing to do BUT they stopped doing it."
I'm no particular fan of the 2 P's but to be fair I think the banks stopped them from doing it at that time. In late 2013 / early 2014 POG was heavily in debt to the banks.
With the benefit of hindsight I think the two biggest mistakes they made were the 2010 bond issue (rather than a rights issue) and guaranteeing IRC's debt. A cynic might say that the first mistake was down to the fact that they were both major shareholders at the time, and didn't want to see their holdings diluted; and the second mistake was down to nepotism - their sons worked for IRC. To some extent we are still living with these mistakes.
I had the impression (perhaps wrongly) that processing third party material was in part something of a stop gap to cover the running costs of the POX Hub until the flotation plant was up and running. In any case I think that - in broad terms - the new lot are tied to the strategy of the old lot for the foreseeable future. Not necessarily a bad thing provided Pavel wasn't telling us too many porkies. If they have the wherewithal to pay a little dividend - even 0.5p - that might change the mood music surrounding the share price.
Gold hasn't kicked on the way I thought it would this year. Despite all the nonsense we've seen in the US this year the dollar's strength as the world's reserve currency, the fiat currency of last resort, is holding it back. This might change if the US Election results in some rancorous dispute. Particularly if the GOP manage to hang on to their majority in the Senate.
The clock is ticking. At some point the appetite for risk amongst investors will increase. We need to see that the new management are in control, and that the operational staff are aligned with them.
RE: Is This The Robust Investigation28 Aug 2020 18:49
"The large share holders who supported USG wanted? Punch ups with the work force."
Some of those who have been working for POG will see this as a hostile takeover, and will resent and resist the changes. In my working life at different times I was on both sides of hostile takeovers. You get this, although admittedly it usually doesn't get reported in the media.
I see the RNS as the new boy putting his side of the story out there.
The latest pronouncement from the US Fed - lower interest rates for longer, higher inflation to be tolerated, suggests that gold will be a good bet for some time to come. What we need is for the new management to get serious and stop messing around. The new CEO needs a reputable auditor for the business, not a bunch of heavies. He needs to be recruiting names to the board, not bullying staff.
I suppose you could argue that Peter Hambro didn't have any mining experience when he started the company as CEO. In the early years POG was successful, before the fall in the gold price in 2013, and the stonking debts Hambro had racked up almost killed the company off.
I take your point though. From what you tell us he doesn't appear to have the CV that wold make him an obvious choice.