Production Update Production guidance for 2018 is estimated at 59,000 ozs AuEq as per the operations update on 21/2. Announcement today indicates 10, 662 ozs from Cap Oeste for Q1. Production at Lomada ceased in November 2017 however a trial recrushing programme was due to commence in May. What I'm trying to say is does today's announcement indicate a potential lowering of the annual estimate or not? I guess it all depends on the success of the recrushing programme at Lomada, and whether production at Cap Oeste will be ramped up as the year progresses.Hopefully the revised guidance is good news, not bad.GLA
Re: Share Price Yes - my shares now showing as worth 42p. Not quite the dream I had in mind.
Share Price I hadn't realised there was a re-organisation of the shares, just saw the price and thought all my dreams had come true!!
Resignation of COO Unwelcome setback?Matthew Boyes, (BSc. Geology, Fellow AusIMM) Chief Operating Officer for the Company since 2010, has left the Company with effect from 19 April 2018. Matthew will remain as a consultant to the Company for the next 6 months primarily to assist the Company in the installation of a new crushing circuit at Cap Oeste and to assist with the transition to a new COO.
Unloved but huge upside Here. Dont understand why the market is valuing these at such a small mkp with gold and silver prices higher and production up
Gold soaring profit will be up This could well be a gold mine stock in 2018
pgd up 17%
Re: Just The Way It Is: Hi aow,I believe 75% is the correct figure, and 90% for the offer to be compulsory.The CP require another 15%, or from a different perspective, nearly 40% of the remaining minorities would have to vote in favour. I suspect if the shares are at 4.5p and the offer is at 1p this may be difficult to achieve. Perhaps the CP can continue to purchase in the open market, but if the recovery is achieved shareholders will not be willing to part with the shares unless they pay up.With due respect therefore, I think we are not simply beholden to the goodwill and morality of management as you initially described. Kind regards, ww
Re: Just The Way It Is: Hi aow,The shareholding majority would vote yes..Please could you point to where in the takeover code it states that majority approval is sufficient to make a takeover offer binding?Kind regards, ww---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----Good morning WigwammerBriefly and entirely from memory - I believe that such a vote requires 75% of the shareholders to approve.60% or thereabouts would come from the collective holding of Miguens/Concert Party the remaining 15% would be required from the remaining shareholders.Without knowing exactly who owns the 40% of the shares that fall outside of the Concert Party/Miguens shareholding it is impossible to know whether there are enough shareholders who could be persuaded to vote with the Miguens/Concert Party to force such action through. What I do know is that in 3 years the Concert Partys share holding has risen from 32.33% to over 60% of the company which has closed the gap towards the 75% threshold. I also know that the highest price paid for a share by the Concert Party in the preceding 12 months has been 1.00 pence.At best this is a precarious position for those of us who fall into the minority shareholding group.Good luck
Re: Just The Way It Is: Hi aow,The shareholding majority would vote yes..Please could you point to where in the takeover code it states that majority approval is sufficient to make a takeover offer binding?Kind regards, ww
Re: Just The Way It Is: Copied from elsewhere:IntroductionSince its launch in 1995, the AIM Market of the London Stock Exchange (AIM) has attracted growth companies from all over the world in a wide variety of sectors, providing an appealing means for small to medium size businesses to raise funds for expansion.For a variety of reasons, many commentators expect there to be considerable consolidation in the AIM market during the next 12 months. This briefing provides a high level overview of some of the key issues that a potential bidder will need to be aware of when considering launching a takeover of an AIM quoted company including, in particular, whether or not the UK City Code on Takeovers and Mergers (the UK Takeover Code) will apply and the implications that this will have on timing and structure. This briefing is not, however, intended to provide a detailed guide to the issues and process involved in an AIM takeover as these can often be complex and will invariably depend upon the facts of the specific transaction.What is the UK Takeover Code?The UK Takeover Code is a detailed set of rules governing the conduct of takeovers of (and acquisitions of significant interests in securities in) certain companies which are incorporated in the UK, Channel Islands or Isle of Man and/or have their securities admitted to trading on a regulated market in the UK. It imposes extensive obligations and restrictions on both the bidder and the target (even in circumstances where no formal offer has been launched by the bidder) and also sets out certain over-arching principles in light of which the application of the relevant rules should be considered - these include: equality of treatment for target shareholders; providing target shareholders with sufficient information to make an informed decision on the merits of a bid; avoidance of creation of a false market in the securities of the bidder or target; and certainty of deliverability of an offer, in particular in relation to the consideration to be offered to target shareholders.The UK Takeover Code is interpreted and applied by the UK Panel on Takeovers and Mergers (the Panel) which has the power to impose a range of sanctions for non-compliance. The Panel will also provide guidance to targets and bidders (and their advisers) in relation to any complex issues or questions of interpretation of the UK Takeover Code that may arise on a particular transactionDoes the UK Takeover Code apply?Since AIM is not a regulated market, the application of the UK Takeover Code is not automatic and may change depending on the prevailing circumstances of the target company.If an AIM quoted company is incorporated in the UK, Channel Islands or Isle of Man, the UK Takeover Code will apply if the company is considered by the Panel to be centrally managed and controlled in the UK, Channel Islands or Isle of Man. In assessing the place of central management and control, the Panel will predominantly focus on the residency of board members. Changes in board composition can therefore affect an AIM companys UK Takeover Code status, and historic statements (such as any statements made in its Admission Document or previous announcements to the market) cannot be relied on as an accurate indication of the current position (see, for example, Cape Diamonds Plc). This means that the application of the UK Takeover Code can be particularly problematic in relation to the significant number of AIM companies that, although incorporated in the UK, Channel Islands or Isle of Man, are centrally managed and controlled elsewhere. The UK Takeover Code will not apply to AIM quoted companies which are incorporated outside the UK, Channel Islands and Isle of Man, although there may be other local takeover regulations which apply in their jurisdiction of incorporation or other jurisdictions in which their shares are traded, and this should always be checked.Because of the implications that ar
Re: Just The Way It Is: Good evening WigwammerThe shareholding majority would vote 'Yes' because Miguens/Concert Party own 60% of the company.Good luck...
Re: Just The Way It Is: Thanks aow,I understand they have a right to offer at 1.00p (the lowest they can go) but I dont see that they have the right to buy.If the starting point is a 1p offer for shares worth 4.5p, I suspect the panel would say no and the 40% minorities would say no.Regards, ww
Re: Just The Way It Is: Good evening WigwammerMiguens holds just under 54% of the company and the Concert Party/Miguens combined hold just over 60% of the company.This means that Miguens and/or the Concert Party have certain legal obligations under City Code Of Takeovers & Mergers as their percentage of the company exceeds exceeds 30% which is the point where this kicks in.An offer under Rule 9 of the City Code must be made in cash and at the highest price paid by the person required to make the offer - or any person acting in concert with him - for any interest in shares in the company during the 12 months prior to the announcement of the offer.However this right can be waived by the shareholding majority and as Miguens/Concert Party have the shareholding majority this obligation can be waived if they so wish until the time suits them.Any change of shareholding by a substantial shareholder is a notifiable event and being a notifiable event you will note that the highest price paid for a share in PGD by Miguens and/or the Concert Party in the preceding 12 months is 1.00 pence.This means that if they did not waive that right then they can legally bid for our shares at 1.00 pence per share.I hope this explains the point that I am making.I raised this as a concern on this bb back on 18/11 2014 which I cut and paste below for your interest even though the share price and shareholding percentages were different at that time. You will however note that this was the point in time that the 30% threshold share ownership was breached and Miguens/Concert Party took effective control of the company.Good luck "Good morning AllHaving been around these markets for some time in a professional capacity though be it now purely as a private investor - I tend to look at things objectively rather than be blinded by positivity or negativity.I posted earlier that I was concerned that we are being lined up for being taken out by Carlos and his family/friends which many felt was not the case.Reading the most recent RNS and all of the attached information - I detail my concerns below:In the latest RNS it stated that Carlos and his family/pals known collectively as the Concert Party will own 34.19% of the company which under normal circumstances would trigger a mandatory bid for the company which is not happening at this stage due to that right being waived purely because our Directors consider the terms of the Rule 9 Waiver to be fair and reasonable. NOWHERE does it state that such an offer will not come or be triggered in the future.Should the Concert Party decide to exercise this right in the future under the City Code Of Takeovers & Mergers - namely - An offer under Rule 9 of the City Code must be made in cash and at the highest price paid by the person required to make the offer - or any person acting in concert with him - for any interest in shares in the company during the 12 months prior to the announcement of the offer - we could well be in serious difficulty because if the Concert Party waits for 12 months before exercising this right the highest price paid by the Concert Party for a share in the company will be 4.5 pence and Carlos and his family/pals will be able to make an offer for the entire company at just 4.5 pence a share.That is my concern and always has been my concern.Not for a second am I suggesting that this will happen - just that it could happen and we could do nothing about the 'Concert Party' exercising this right which basically puts our financial future with regard to our PGD investments in the hands of the 'Concert Party' which is a 'huge leap of faith'.Just for your information - not intended as a de-ramp in any way - but this situation certainly makes me feel that my investment in PGD is entirely at the mercy of Carlos and his family/friends and what they decide to do moving forward.The specific relevant details 'cut and pasted' from the R
Re: Just The Way It Is: Hi aow,Can you please point to where in the takeover code it suggests management have the right to buy us out at 1.00p a share?Kind regards, ww