Member Info for workingstiff

JRC1000 "The Company probably has adequate funds on hand to cover the requirement....."

I doubt that. I know the formula for calculating the cash alternative is complex but my gut feel is that the cost of offering cash for the bonds converted would have been $100m or more. Nothing we heard in the half year statement suggests POG have that kind of cash in hand.

I wonder what happened to the poster on here who said he/she was having chats with Prosperity? It would be interesting to hear their take on today's news.

I cashed out on Friday morning at 303. If they get below 290 I'll buy back in again. Whether it comes as an offer price of £3, or and offer (share price plus dividend) of £3 there looks to be a bit of free money in it.

Rustybucket

"this has nothing to do with prosperity, It is Everest and UGC"

Do you know this to be the case? The RNS says "....on behalf of the Uzhuralzoloto Group of Companies, Renaissance Securities (Cyprus) Limited and OTHER HOLDERS*,...." *My capitals for emphasis. You may be right in that if Prosperity had converted I think the RNS would have mentioned it. But we don't actually know that the $20m over and above UGC's holding all belonged to Everest, or that all those newly converted shares are hostile to the old board, do we?

UpDownFlat

"This is actually excellent news for equity shareholders."

Long term - perhaps. Short term it's an 11% share dilution. Under different circumstances I would have been pleased to see this happen. But as things are, it only adds to the uncertainty.

So if $48m bonds have been converted that is $20m more than UGC laid claim to in their press release on 20th July. If these are all hostile to Pavel he will have a hard job winning. If Prosperity's bonds are included in the $20m then perhaps the game is still on.

Oops! It showed up on refresh. Sorry.

This doesn't make sense to me. Less than $500k in bonds converts to almost 360m shares? Also. I don't see it on the POG web site.

Kenj

I sold up early yesterday to take advantage of a small market premium over the offer price. Which leaves me with a large chunk of cash looking for a home amongst the miners. looking around nothing really grabs me, I've a horrible feeling that I'll put it into POG.

If you are holding on here, good luck. There may be the chance of a counter (better) offer.

I thought this share was proofed against the usual Russian shenanigans by those Oligarchs who were numbered amongst its major shareholders, but no, a way will always be found to shaft the little guy.

I've made plenty out of this over the years so I can't really complain. But of the shares I own, HGM was the one I least wanted to sell.

Time to deport Abramovich and the rest of them.

This was caused by what has just happened over at HGM, I reckon.

Yeah. Just sold out there. It's a shame. It was a great company.

I voted broadly in line with the old board recommendation - 1 through 6. I voted for resolution 7, as a sap to UGC.

I also voted for the removal of Peter Hambro, with a bit of a heavy heart, he started the company, but he made some rotten commercial decisions and in recent years in interviews he hasn't looked as if he still has all his mental faculties.

I also voted for resolution 19 - the review of management actions . If they have been straight up they should have nothing to fear from this.

Having said all this I shouldn't think my 0.025 of one percent has anyone shaking in their boots :-)

"The end of the monetary system as we know it will cease very soon...."

Lol. People (Goldbugs?) have been making this prediction since 2008. I've made it myself on a few occasions. Hasn't happened yet.

This has finally got to £3. It has done well over the last few weeks. It would have been a good punt when it was in the 220's.

Rustybucket

"There is no way I want UGC in even partial control of this company. "

If, as we think, they and their allies have a combined ownership (shares and CB's) of somewhere near 40% if the company, then they will have to be accommodated. Some sort of compromise board will have to be identified. Otherwise the company will be in continual crisis. The power struggle will never end.

PVX - you and David can both be right. You are looking to build for the medium term, he is looking to trade, selling the highs and buying the dips. Both are valid approaches.

I like having a chartist on this board. I don't understand much of it, but different perspectives are useful and it's entertaining to hear a prediction or three, whether they are right or wrong.

Gold price dropping back towards 1900, Miners moving with it.

Hats off! You called it.

PVX - Thanks for the upbeat response. Hopefully we can see this boardroom spat resolved soon so that the SP can take full advantage of the surging gold price.

You should be able to vote. Contact the company who buys and sells shares on your behalf and they will advise.