China Goldmines Share Discussion Threads

[giant steps] 08/9/2009 07:54

ELBAN - see other CGM thread

[giant steps] 08/9/2009 07:53

The extract from fortin is the best reminder (thanks)

[elban] 08/9/2009 07:52

Does anyone know why all the posts from 27th Aug to 6th Sept have vanished from this board?

[gb904150] 08/9/2009 07:44

mw - no. I make it

net funds to CGM after disposal $20.6m minimum.

Of which $10m serves as a warranty on the mine and infrastucture.

at £:$ 1.6, that leaves around £6.6m in cash, maybe rising to £12.8m if nothing drawn against the warranty.

[robhammers] 07/9/2009 21:06

Just more evidence of insider dealing

[m w] 07/9/2009 21:04

If this deal goes through the cash value should be about 50p a share, or have i got it all wrong

[davethechef] 07/9/2009 19:26

You'd have to say that 500k could be a little suspicious, in that buying that hefty amount, one may be partial to some positive news, or otherwise a wealthy risk taker taking advantage of the share price dip, or though unlikely, a management buy?
Although with possibly an update at the time of the EGM, surely this would be classed as in the closed period for mgt to buy, i believe.
Still maybe CGM's share price is due a recovery, like alot of small AIM co's recently, who knows?
But on the evidence of GGG's unfortunate demise, i'd be very careful of AIM's mining co's, with JV's in China.
Just my opinion

[giant steps] 07/9/2009 16:42

Yes mw, worthy observation that volume exists on plus


free stock charts from www.advfn.com

[m w] 07/9/2009 16:34

This is been traded on the on the plus market

[giant steps] 07/9/2009 16:22

UB - not going bust, you seem to have the wrong thread

Observe trade just published 500K @ 13.5p

Prices bid 12.5p offer 13.5p

[stuart14] 07/9/2009 16:22

Volume very low still. The MMs don't want the stock and there are no buyers. Can't blame them, until management offer some clarity, why buy.

[uggly buggly] 07/9/2009 16:07

Cud it be going bust

[stuart14] 07/9/2009 15:34

It does seem to be giving up a good opportunity here. Surely the cash will support a higher price than this?

[m w] 07/9/2009 11:22

Bought 14674 @ 13.5 will be topping up again

[fordtin] 05/9/2009 12:06

Morning GS -

as you may remember going back to the days when you were ramping CGM, directors remunerations were always one of my major complaints about the company.

If you look at the circular, it does appear that they anticipate a reduction in their emoluments. However, it still seems excessive considering the current position of the company.

[chestnuts] 05/9/2009 10:30

Morning all

Lets face it something is fishy here gold is very high and looks like its going north, every one is going to jump into gold, the management have stated in the past that they would have been producing 100,000k oz a yr inside 2 yrs, they have no debt and have a little money in the bank, even if gold stays around $1000oz they would be making substabtial profits and they say they can't get financing, pull the other one,some one as either scared the management or they have taken a back hander, or been threatened by the triads,

I say kick out the MANAGEMENT and find some one else who can.

[giant steps] 05/9/2009 09:54

Reminder from AR 2008

Remuneration packages >

Vanspeybroeck 2008 $345,096, 2007 $321,680

Vidovich 2008 $292,776, 2007 $260,800

[muffinhead] 05/9/2009 04:19

A proper explanation of the need for selling the mines is necessary. I do not believe raising $15 million is the problem/

If local barriers to a foreign company having a majority stake in a valuable gold mine is a problem, then the mines should be auctioned off to the highest local bidder. The current purchasor is coming from Hong Kong and the financing is a matter of secrecy. I would not vote foir the current management even if they have a large shareholding. Until a satisfactory explanation is forthcoming, malfeasance has to be a reasonable suspicion

If CGM is to become an investment trust and is incapable of raising $15 mill to continue to develop the mines to commercial independance, then a minority investment in the gold mines has to be a better prospect than investing in new unknown projects elsewhere. A minority investment may also asuage the protectionist Chinese mentality. Keeping a stake in what has already been a hugh investment of foreign cash should be a priority by any management. Let the Chinese have their mine but retain a percentage of future profits.

[giant steps] 04/9/2009 20:47

fordtin, should be an easy ride for the directors to make a small acquisition
and live from the cash balance in fees for many years - what a disgraceful
management performance in running what should have been huge potential from
a chinese gold mine; wasted and lost opportunity.

Reminder 28th September 2007 - raised £30m @ £1.20


Reminder 7th August 2007 - raised £1.26m @ £1.40


Reminder 7th February 2006 - raised £4.5m @ £0.60 (on admission to aim)

[fordtin] 04/9/2009 14:15

Pat

shareholder circular now available on the company website.


I've picked a few paragraphs out, but dyo etc
___________________

Cash Balances

Prior to paying the expenses incurred in connection with the Disposal, as at 28 August 2009
(being the last practicable date prior to the publication of this Document) the Company had a gross cash balance of approximately USD4,400,000. The Company has no material liabilities outstanding at the date of this Document other than its general overheads and expenses (including expenses incurred in relation to the Disposal and trade creditors of approximately USD2,300,000

_______________________


The anticipated annual operational costs of running the Company and GRV following the Disposal(whilst the Company is an investing company for the purposes of the AIM Rules), are estimated by the Directors to be:-

• CGM – approximately USD665,000; and
• GRV – approximately USD188,000

______________________


The net effect of HW and WES being disposed of will result in a USD2,107,000 CR (gain on deconsolidation) which reflects the reversal of accumulated losses by HW and WES in prior years.

____________________

[p@] 04/9/2009 12:51

So are we going to pay them the same salaries to sit there and pick shares as we did to run the mines? Gis a job guv.

[fordtin] 04/9/2009 10:06

GS

"and no money is in the bank. "

look at the accounts more carefully