China Goldmines Share Discussion Threads

[giant steps] 10/9/2010 15:29

CaC, the other factors to be mindful of are director fees, other admin costs,
compensation for loss of office if windup proceeds. Any perceived discount in
the current share price (assuming no claim against $10m) may soon disappear.

[dnfa1975] 10/9/2010 12:39

China Goldmines shares to be suspended on 30 September
By BFN News | 11:02 AM | Friday 10 September, 2010

China Goldmines PLC (CGM)

China Goldmines says that it has not yet found a suitable investment proposition. The shares will be suspended on 30 September 2010 and if a suitable proposition is not found by 31 March 2011 the AIM listing will be cancelled. If a suitable proposition is not found a return of cash will be proposed to shareholders. Story provided by StockMarketWire.com

[giant steps] 10/9/2010 12:33

CaC, if only it was that simple

We may have to think of this as an investment bond with a 6 month lock-in
That may be too long for some folk; guess coming weeks will reveal all.

Although some weeks away, company will need to be mindful of antecedent breaches
before $10m warranty period expires.

[catandcrow] 10/9/2010 12:19

Irritating - why can they just give us the cash back...

[giant steps] 10/9/2010 11:24

... see you back here for the close out !

[fordtin] 10/9/2010 10:41

So the warranty expires prior to the 29th, I read that as midnight on the 28th. The company is suspended at 7am on the 30th.

.... trading on the 29th should be interesting to watch!

[giant steps] 10/9/2010 10:36

Suspension end of month

RNS 10th September 2010



Extract
"
The Company is continuing to evaluate investment propositions but acknowledges
that it will no longer be able to obtain shareholder approval of any particular
proposition in sufficient time to complete an acquisition prior to the 29
September 2010 deadline under the AIM Rules. The Directors therefore expect the
trading of the Company's shares on AIM to be suspended at 07:00 on 30 September
2010.
"

[giant steps] 02/9/2010 10:41

An optimist might also say if all is well and good and there are no outstanding
legal claims (plus assume management costs have been contained) then cash value
should be more than current market valuation.

To reduce a holding now is a bizarre move; interesting times ahead.

[fordtin] 02/9/2010 10:19

GS -

depends on which way you prefer to look at it. An optimist might say that it bodes well when someone buys 4% of the company after presumably carrying out due diligence.

[giant steps] 02/9/2010 09:58

Less than one month to go and holding reduction from 8% to below 4%,
for Saracen Growth Fund ; does not bode well imo.


RNS 2nd September 2010

[catandcrow] 26/8/2010 17:09

Quite a large line going through today - wonder who it was?

[haydock] 16/8/2010 09:41

We will soon be down to: 40days & 40 nights folks.

Some notice of a meeting could be soon.

[haydock] 29/7/2010 09:09

Morning Fordtin, yes you are backing up my thoughts that August is the real time for action,so lets say we shall be having action in 40days & 40nights.

The question is will it be loaves & fishes?

Shall try to follow the APF lead on the new situation, I hope they have had input.I would hope they would be recommending one of their investment stable.

It may be an oiler there are bargains out there.The problem is drillling needs j/v's & costs real money.
Cheers Hay.

[fordtin] 29/7/2010 08:48

"Accordingly, the Company is required to complete an acquisition or acquisitions (or otherwise implement an investing strategy, which will be subject to the approval of shareholders) no later than 28 September 2010."

That looks to me as though they have to call a meeting to implement an investing strategy if they don't complete at least one acquisition by 28 September 2010. How much notice would they have to give for such a meeting?

[haydock] 29/7/2010 08:27

We have always assumed 2 months.
However to get a deal sorted things need to be under way in Aug?
Or are the rules flexible? i suspect an offer will be enough, proof of trading.

[giant steps] 28/7/2010 13:47

"I wonder how much of the cash is left."

Not as much as we originally worked out...far less attractive


edit : buying above 18p is for those that like evens on roulette

[fordtin] 28/7/2010 12:25

I wonder how much of the cash is left.
The company has a history of extremely generous director remuneration and horrendous office expenses, travel expenses etc.
If they've been jetting all over the world to look at various mineral deposits, the travel, hotel & other expenses are likely to be even worse than ever.

[haydock] 27/7/2010 15:56

Only approx 2 months, so imterest is bound to build.

[fordtin] 27/7/2010 15:07

Something leaking? Have they finally found something to spend the cash on?

[pro_s2009] 05/7/2010 11:45

LOL..........

Another ramping thread that led to nothing more than a few rampy posts.....

[sco77harris] 08/5/2010 14:06

personally im quite hopefull of the cash being returned i would take a larger risk but theres not enough information which is my only concern

[themoneymonster2] 30/3/2010 13:29

up we go, nice here by myself : )

[themoneymonster2] 30/3/2010 10:05

Looks like some interest today. MM's not keen to push it up. Why would they when they can get 31.5p per share like the rest of us in September at the latest. Lowest bid is 19.75p and highest ask is 23p. 3-1 level 2.

[comedy] 30/3/2010 08:37

nah moneymonster you need to get mvw at 0.45 ...placing at 0.75p>>:)

[themoneymonster2] 30/3/2010 08:23

As of 28 February 2010, the company was left with cash of $23 million in cash, which translates into £15.27 million or 31.5p per share at current rates. This compares with a market cap of just under £10 million and a share price of 20.25p.


Some talks are already underway, but the company has until September 2010 to make a company-transforming deal before the liting authorities start getting agitated (CGM now being classified as an 'investing company' under AIM Rules). Failing that, the cash burn rate is low and the cash is currently sitting in an Australian bank account earning a decent rate of interest, so the company should be able to return not far short of the current cash position to shareholders. Either way, it's a nil brainer!