Hummingbird Live Discussion

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tornadotony 22 Oct 2019

Decided to buy some Hi Ripley I do not know for sure is the answer to the marriage question. Denning can easily prove that he did not sell stock and was simply holding positions if that’s true and that he had no involvement with the high level of put positions in the USA listing for Hummingbird Resources between March and end of May. As he is suing somebody else he may not be in a position to disclose his defence. The whole point Denning is forgetting is how his arrangements for owning stock look in the eyes of an ordinary investor. That is the whole point why Denning’s employers fired him as they understood the Nolan principles of how things appear in public life. Tony

Ripley94 22 Oct 2019

Decided to buy some Thanks tornadotony. I Just looked and see i did put son in law . Are they still married ?

tornadotony 22 Oct 2019

Decided to buy some Denning is not on the Hummingbird Resources Board. His daughter was married to the CEO of the company and hence the pillow talk link. The issue is how it all looks for the company. It just adds to a long list of things not going the way of a company operating to high governance standards that one would have a high degree of confidence. The next big doubt is they do not have the gold in the ground that they say they have and how the finances are presented to share holders. I suspect the profit end of year is going to be lower than many investors anticipate. The Mali government may also soon run out of patience with a company like this.

Ripley94 22 Oct 2019

Decided to buy some Looks like i am up here high 28.5p 2nd September… down a little today to 25p ( no wonder after Panorama last night )

Ripley94 22 Oct 2019

Panorama.. 21 October 2019 Fund Manager Resigns ahead of Damning BBC Panorama Investigation Fund manager Mark Denning has resigned from Capital Group, ahead of the airing of a BBC Panorama investigation into the funds industry Holly Black21 October, 2019 | 10:27AM st pauls Fund manager Mark Denning, who was part of a team running more than £229 billion of assets at Capital Group, has been forced to resigned after allegedly breaking investment rules. A BBC Panorama investigation – set to air tonight at 8.30pm – will accuse Denning of investing in shares which were also held by the funds he worked on. This is seen as a conflict of interest within fund management as a manager could potentially profit at the expense of his clients - the fund manager could use the significant assets of a fund to push up the share price of a company, benefiting his other investments. The BBC alleges that Denning set up a fund based in Liechtenstein that invested in three companies which were also held by Capital Group funds. The BBC said the three stakes were held through an offshore entity named the Kinrara Trust, which was set up and controlled by Denning. Denning, who worked at Capital Group for 36 years, has denied any wrongdoing. His lawyers told the BBC he does not own shares in the three companies as he is not a beneficiary of the Kinrara Trust. Denning’s lawyers said the manager “believed he had complied with all of his relevant duties” and that he had received bad advice. Capital Group said: “Mark Denning is no longer with our firm. We have a Code of Ethics and personal investing disclosure requirements that hold our associates to the highest standards of conduct. When we learned of this matter, we took immediate action.” Denning, 62, worked on four funds at Capital Group: American Funds EuroPacific Growth; American Funds Capital World Growth and Income; American Funds New World; and American Funds New Economy. Morningstar analyst Mathieu Caquineau said: “More than one colleague has singled out Denning as uniquely talented. At the time of his departure, he managed money in four Capital Group statregies, all of which have Morningstar Analyst Ratings of Gold.” Capital Group receives a positive “parent” rating from Morningstar analysts as it offers “some of the industry’s more reliable equity and allocation offerings”. Capital Group said investors will not be affected by the manager’s departure as the funds he worked on were managed by a team. Funds at the firm are generally run by between two and 12 managers with each fund divided into different sleeves run by different managers in line their own style in order to enhance diversifcation and reduce volatility. The departure by the veteran investor is the latest in a string of scandals to hit the fund management industry. Last week it emerged that Neil Woodford was to close his fund firm Woodford Investment Management after being sacked by Link Fund Solutions as the manager of his embattled Equity Income fund, which suspended trading in June. Earlier this month it also emerged that a fund manager at M&G Prudential had been accused by colleagues of sexual harassment. There are mouting concerns that the string of bad news could shake investors’ trust in the fund industry. A survey in July by Research in Finance found that 74% of private investors said the debacle around Woodford Investment Management had negatively impacted their trust in the asset management industry. Some 87% of investors who had purchased a Woodford fund based on a “best buy” list recommendation said it had affected their trust in such lists. Some 33% of the 307 private investors surveyed disagreed with the statement “I believe asset managers have my best interests at heart”, while a further 34% neither agreed or disagreed. Denning said: "I strenouusly deny the accusations levelled against me by Panorama. I am not a beneficiary of the trust, and therefore cannot under any circumstances benefit from any of its investments. Investors in Capital Group were never disadvantaged by any of these transactions. "The BBC’s error stems from inaccurate documents naming me as beneficiary, created by the office of my former fiduciary adviser Philip Caldwell. I am pursuing legal action against him for his many failures in his duties, including the attempted misappropriation of assets. “I am appalled that the BBC decided to include me in this broadcast, drawing grossly inappropriate comparisons with the collapse of the Woodford funds, and the potential loss of substantial amounts of investors’ monies.”

tornadotony 21 Oct 2019

Panorama mention this evening The company was mentioned on Panorama this evening concerning the activities of a family member related to the CEO acting as a possible undeclared hidden insider and was dismissed from his position as a result. Anyone considering buying shares in this company may wish to follow up the history of a now delisted AIM company known as Asian Citrus Holdings. The scandals involved with that company concerned claims of material assets that did not exist, family members acting on sensitive information before the market learned of events before RNS reporting, activities in the finance accounts that attracted attention and investigations of fraud or misuse of funds, poor communications with investors and the standard of governance issues in general. The above research may help with the evaluation of investing in AIM stock market in general. Gold miners in general are higher than normal risk assessments. Take note of potential red flags and rely entirely on your own research and what you regard as red flags on companies to avoid. There is a reason why companies give warnings on forward looking statements.

tornadotony 21 Oct 2019

RNS- Free cash flow not the same as profit Company implies free cash flow improvement of $8m earned in the quarter. This excludes administration costs and staff bonus payments, payments to Mali government, depreciation costs to be added end of Q4, Legal payments settled out of quarter mentioned in previous RNS and finally any costs due from any work up at Dugbe. Basically the profit per share after all costs is probably near to $1 or $2M than the $8M described as free cash flow and the gold unsold in the circuit. Typical AIM share only showing positive side of what is going on.

tornadotony 15 Sep 2019

Sell Direxion taking a big hit [link] Gold more likely to pull back.

tornadotony 23 Aug 2019

More bad news as expected $6M loss on the interim account as I thought it would be in the RNS today. So 10% of the existing reserves mined out of the ground for a loss. The 1500 per ounce will recover the loss to zero by 30 September of which another 30,000 ounces is mined out and represents a further 5% drop in proven and probable reserves. There is no mention of the liabilities they are exposed to with the Mali government in the RNS. The company continues to be a value trap with the only beneficiaries being the Board and the bank providing loans.

tornadotony 22 Aug 2019

Bad news [link] Very costly for hummingbird resources who are in production.

tornadotony 09 Aug 2019

Another Fresnillo Weekly Chart of Hummingbird and Fresnillo is now practically identical. They both have a testing six months.

tornadotony 02 Aug 2019

Another Fresnillo Forgot to add 20% now goes to Mali government where it did not do so before. The company excludes $8-10M annual administration cost per annum from the Mali AISC mining figures quoted. They also exclude bonus payments to the Board and staff from AISC which are substantive.

tornadotony 02 Aug 2019

Another Fresnillo Q2 performance from 1 year ago down 23% in production in quarterly comparison. Costs 33% higher. Debt is lower in terms of gearing than it was by 10%. Company is not being forthcoming with information like Fresnillo at least. I rate this as a high risk investment share. The company accounts in September should reveal where it really is. The company changes its accounting practices nearly every quarter and is not being consistent.

tornadotony 02 Aug 2019

Q2 as I expected 27,000 ounces was the very best. What is not in the report is that it was achieved by high grading certain areas. They have significant payments due to the Mali government that are not reported. The company managed to make 8.4M dollars all spent on debt repayments. Only some of the ball mill may have been paid as completion was in July. Overall this is a value trap. At the most the SP is only worth what it closed last night. Only the higher gold price is bailing the company out. The extra ounces LOM is below what was anticipated ad they have ignored ounces that may have been lost from antisanal mining.

tornadotony 10 Jun 2019

Reference to January production of 10,400 ounces All the following I believe is outside of AISC cost. The costs needed to be set aside this quarter include $1.1M for the ball mill that are outside of restrictive cash, $5M for Coris debt repayment, 1M interest debt repayment, 0.5M to move 80,000 tonnes of spare ore for Q3. Liberia payment $1.5M, Admin costs outside of the AISC $1.5M, Mali Royalty payments of $1.1M which I think is 3% of the gold price sold. It should also be noted that 20% of the margin between costs of sale of gold and the declared AISC goes to the Mali government. What is not given any price is amortisation and other investments made in property other than the new ball mill. Overall the over draft facility may be in use during mid to late June despite the higher gold price.

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