Share Name Share Symbol Market Type Share ISIN Share Description
Ovoca Gold LSE:OVG London Ordinary Share IE00B4XVDC01 EUR0.125
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 9.25p 8.50p 10.00p 9.25p 9.25p 9.25p 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -1.6 -2.0 - 8.08

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Date Time Title Posts
19/11/201612:13New OVG thread6,689.00
26/9/201620:15Ovoca Gold PLC - Mining in Russia16.00
15/4/201614:02MONEY FOR NOTHING THREAD : 3.00
25/1/201117:50OVOCA...$$$$YOU GOOD THING$$$$6,037.00
24/11/201007:21HAVE THEY COOKED THE GOOSE..1.00

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DateSubject
04/12/2016
08:20
Ovoca Gold Daily Update: Ovoca Gold is listed in the Mining sector of the London Stock Exchange with ticker OVG. The last closing price for Ovoca Gold was 9.25p.
Ovoca Gold has a 4 week average price of 9.76p and a 12 week average price of 10.30p.
The 1 year high share price is 19.25p while the 1 year low share price is currently 4.13p.
There are currently 87,363,806 shares in issue and the average daily traded volume is 27,538 shares. The market capitalisation of Ovoca Gold is £8,081,152.06.
18/10/2016
09:11
fenners66: Do you think us mere amateurs are the only ones to have looked at this share? The market has had years to assess whether there is a chance of extracting value here. No its not the same as other small cap undervalued shares - ie those with potential that start to realise it and shoot up. This is a share with cards out on the table , the facts laid bare and the market has had this info for years. Yeah sure in a tight market from time to time you get some small investors jumping in and the price goes up. Well done to anyone who can then sell again without the opposite happening - they will still need to sell to buyers at the higher price. But then how do those buyers make any money? By waiting for dividends? Not going to happen , neither is returning surplus capital to shareholders - unless you happen to also be a director - administration expenses rose - no actual business done though. You can have your dreams that you are the first to realise that the assets are greater than the share price and you have found the pot of gold at the end of the rainbow - just remember the market has seen it all before.
10/10/2016
13:19
mbthedude: I don't know how you can sit there and type I made a bad investment decision? I fully sold out of this share by 2012 last bits were disposed of at around 12.5p since then I reinvested money in BP post Macondo and got a nice gain in share price plus regular dividends when restarted. In recent times I sold BP and invested insome of the miners in the HUI as well as adding to my physical AU and AG. You see I have faith in companies in the sector and the real product, but not a bunch of self serving time wasters that will fventually fritter away the only real asset OVG has, the cash pile and POLY shares. My one and only dabble with OVG I banked a 50% profit over a weekend and was relieved to be away. I knew it would deflate quickly, I posted as such and have been proven 100% correct. You got exceedingly lucky with this share I still have no idea why it had the spike up. Suffice to say you were in the right place at the right time, only inveswtment mistake was not selling the lot like bozzy did near the top. However your actual conduct on here stunk and I pity those that followed your empty advice.
15/9/2016
07:56
mbthedude: Thought you may find this an interesting read from October 2010 the company's then Cash and cash equivalents and available for sale financial assets of $47m (€ equivalent 52m) Where as of today despite the fact the value of Norplat shares have risen considerably in that period is just € 26.7 million. It also shows the lack of development and progress and missed milestones on highly prospective projects with eventual the result of paying additional $3m to related company to stop development. This company continues to lose money operationally and investing in projects owned by sister companies whilst delivering what can only be described as negative value to shareholders. Buy Ovoca Resources* at 30.75p AIM and Ireland listed Ovoca Gold* (OVG) operates in Russia – a country in which overseas investors have experienced troubles in the past… The climate and infrastructure is also often challenging for miners and the company just last year had to sell a project as it neared production as it was unable to efficiently finance it. However, this was a result of the global financial carnage of the time and the proceeds from the sale mean Ovoca now has a supremely strong balance sheet as well as a prospective portfolio of new licences… Despite this and an experienced Russian management team led by CEO Tim McCutcheon, who has previously advised numerous international gold mining companies in the country, a current 30.75p share price capitalises the company at a discount to both last reported liquid and net tangible assets… Thus, at up to 35p, I consider the shares a compelling 'buy'. Target Price 50p. In September 2008 Ovoca Gold (OVG) was “looking forward to closing the project finance in the near future and moving to appoint the lead construction and mining contractors as soon as possible” at the Goltsovoye silver project in the Magadan Region, Russia. However, as deterioration in credit and equity markets as well as the wider economic climate emerged the company concluded “the ability of Ovoca to raise debt finance in the current market was low and that any issuance of new ordinary shares would be on terms that would be significantly dilutive to shareholders. There are strict spending and work completion benchmarks that must be met to keep Ovoca's exploration and production licenses in good order and to retain property rights”. As such, the company decided to accept an approach to sell the Goltsovoye asset for $47.7 million at the time of closing – in cash and shares from fellow London traded, Russian miner JSC Polymetal. The company followed this on 20th September this year with the announcement of the sale of its 95% owned Oleninskoye gold and Pellapakh copper-molybdenum assets in the Murmansk Region of Russia for $1.25 million - to focus “financial and management resources on Ovoca's Magadan properties”. Operations The acquisition of these 100% owned current Magadan Region properties - Stakhanovsky, Rassoshinskaya and Nevsko-Pestrinskoye – was completed by Ovoca early this year. Stakhanovsky - located approximately 40 kilometres north of Susuman, the second largest city in the Magadan region, internal preliminary estimates suggest a gold resource (non JORC of Russian standard compliant) of more than 700,000 ounces and Ovoca intends to put the project into production by 2013. It is accessible by year-round road and there is power infrastructure on site. Rassoshinskaya – located approximately 200 kilometres from the town of Simchan and with no nearby infrastructure, the focus of Ovoca's exploration program is around the ‘Olcha’ gold deposit. There is a current JORC Inferred resource of 344,000 ounces of gold but Olcha and nearby satellite deposits are seen to have the potential to host a high grade, multi-million ounce gold resource. Nevsko-Pestrinskoye - surrounding the Goltsovoye silver deposit in the central part of the Magadan region, Ovoca intends to investigate and explore known mineral occurrences that extend beyond the Goltsovoye license area onto Nevsko-Pestrinskoye. A year-round road and powerline are near the site. Recent Operational Activity In its last update on 30th September Ovoca noted it had completed almost 8,000 metres of drilling at Olcha and, having already announced some positive preliminary results at the end of August, the resource is to be updated with new data “later this year”. The company is presently seeking to continue to define the ore body and ‘put ounces on the books’. At Stakhanovsky, the “drilling contractor was slightly delayed due to the logistics of moving equipment to the field, but drilling is well underway with about 6,000 metres completed” and at Nevsko Pestrinskoye, trench work started in July once the mountain passes to the site cleared of snow. Financials Results for the six months ended 30th June 2010 were announced on 30th September. The company reported a net $861,000 inflow from operating activities before working capital changes ($4.16 million after, though with both including $1.12 million of positive exchange movements). At period end it had cash and equivalents of $14.46 million and available-for-sale securities of $32.80 million. Net current assets totalled $13.87 million and net tangible assets $49.05 million. Valuation With its shares at 30.75p, Ovoca is currently capitalised at £27 million. This compares to cash and equivalents together with available for sale financial assets of $47.26 million (c.34p per share) and net tangible assets of $49.05 million (c.35.25p per share) as at 30th June 2010. The company’s project assets are thus in for less than nothing – despite their clear potential and the current highly positive gold price outlook. Some sort of ‘Russia’ discount is perhaps applicable but I noted in my recent Ortac Resouces* (OTC) t1p that 'if the resource is indeed 1 million oz, a value of $18 oz looks remarkably low whichever way you view it'. With 344,000 current JORC Inferred resource ounces of gold at Olcha and internal preliminary estimates suggesting a gold resource (albeit non JORC, of Russian standard compliant) of more than 700,000 ounces at Stakhanovsky, even $18 per ounce would add 13.5p per share to the Ovoca share price – and this before considering the evident significant exploration upside. I thus consider 50p should be an easy short-term target here and with the company’s strong balance sheet and clear confidence (already talking of having Stakhanovsky in production by 2013 for example), at up to 35p I consider the shares a compelling “buy”.
16/7/2016
09:14
hazl: I am a bit fed up with people trying to single out this company as being different to any of the exploration companies in the same league! Back in the day it rose as the rest of the gold exploration companies did and was 30p back in 2011. That would have been the time to take profit. When did you ever hear of a growth mining company give back money to share-holders? A rumour put about at the time I suspect. They generally plough back money into the company. It was unfortunate about the loan. As I posted before they have tried to do fresh deals....see link below. https://translate.google.ie/translate?sl=ru&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.kommersant.ru%2Fdoc%2F2874026&edit-text=&act=url It is surely considered a growth share. Did the company ever state themselves they were going to return money to shareholders in the form of a dividend? I can only find this http://uk.advfn.com/stock-market/london/ovoca-gold-OVG/share-news/Ovoca-Gold-PLC-Proposed-Disposal/55398291 The return for share-holders should have been in the form of a rise in The share price ,like every small goldie like it I suggest. We have at last had a slight rise here,similar perhaps to PGD ASA and similar. The drop back reflects the gold prices volatility at present in my opinion. The above can only be speculation and my opinion only from looking at the history. If anyone has real facts instead of bemoaning the fact that they didn't sell when gold was higher laster time round then I would be interested to hear them. IMO
07/7/2016
15:34
bozzy_s: Understand what you're saying Melf! It's baffling. I've tried to work out the reason for the continued discount to NTAV (it's been like this for many years with OVG). In an earlier posting on here I tried to list positives and negatives of OVG. Amongst the negatives was the continual low share price vs it's net tangible liquid assets. Even removing all cash, the POLY shareholding is worth more than OVG's market cap. One possible explanation, provided by previous shareholders who saw inaction by the OVG management, is not a penny has actually been returned to shareholders thus far. Former holders, some who held for many years in the hope of a capital return / special dividend, have suggested OVG only exists to provide a gravy train for management. Any assets will eventually find their way into management pockets. My counter argument was management hold a large percentage of the company and therefore a capital return / special dividend would possibly be their quickest and safest route to riches - and benefit minority holders at the same time.
06/7/2016
16:01
bozzy_s: Well that was overdue! Haven't updated any of my calcs re. POLY valuation but sitting at over 1100p is >£8.5m for OVG. Add cash, assets, debt recovery, subtract all creditors (which total virtually nothing), leaves well in excess of double today's share price. Perhaps more than 3 times higher. In cash. If they sell POLY at some stage, and recover some bad debt as alluded to in results. Congrats holders. Well done for researching properly. Congrats hazl with this and your other gold investments. I'd be lying if I said I was entirely comfortable with the recent gold surge, and associated share prices, as it's the result of Brexit. Would've preferred Bremain and an increase PoG but understand that would probably not have happened!
08/6/2016
14:21
bozzy_s: Yep, results end of June. It's also the date of interim balance sheet - to be published in interims later in the year. If POLY remains in the 900s, the OVG balance sheet will look pretty impressive in the interim results. They've got assets - listed shares, cash, historical debtors. They've got zero debt and virtually no liabilities of any type. Net sum of these comes to over 20p per OVG share if liquidated. We just need to see a plan for improving shareholder value in this month's results. Buy back own shares from the market for 25p per £1 of assets? Sale of POLY shares, capital distribution of 10p per share and stay listed as an investment company with a £5m war chest? In their position there are so many things OVG could do to increase returns for shareholders including themselves. So many of the usual negatives / risks don't apply here - no risk of emergency placing at discount / death-spiral funding with Darwin or whoever. No risk of creditors putting them into administration. No risk of debt-for-equity swap to dilute shareholders. There is basically one risk - the directors continue to drain the company assets with zero return for shareholders. It's clearly what some on this BB expect. It's what I expect in the short term. But I can't see it happening for 5+ years without some sort of payout to shareholders.
16/5/2016
13:26
bozzy_s: Thanks for the contrarian view mbthedude. And thanks all for the constructive and polite discussion. This is what BBs should be for. Somewhere to hear honest, thought-out contrarian viewpoints to help balance one's own rose-tinted or overly-positive opinions. Have to agree with you on this "The Company has a successful track record of developing precious metals assets and bringing value to shareholders." - This statement is utter tripe. First part questionable, second part rubbish. I have to question the judgement of a management which has presided over a continuous large gap between net asset value and market capitalization - and believes it has delivered to shareholders as a result. I'd say they have done zero. If the management was anything from below average to great the share price would be in double figures now. As they've returned zero to shareholders so far, and haven't announced plans to change that in future, the shares continue to be priced at under 25p per £1 of assets. That's why I have a few of these. If the management were slightly below average, I'd be paying 50p+ per £1 of assets. The opportunity arose to buy a small stake on the cheap (vs assets), with the hope that something changes to improve investor sentiment. The fact the company is fully funded for a few years increases the time frame for a change to take place. Again, one or more of these needs to happen to improve OVG's valuation: - Change of management / board of directors - Update on projects, future intentions / plans, aggressively try to narrow the gap between share price and net tangible asset value - Continuation of share buy-backs in the market - Payment of special dividend, or one-off return of capital to shareholders. As I see it, with a large % holding, this is the quickest route to riches for the management. Much more reliable, safe, easily done than skimming a few hundred thousand per year in salaries + benefits - Acquisition of, farm-in, or investment in a producing asset at distressed prices - Resume mining at an existing project
04/3/2016
17:11
bozzy_s: Here's my updated positives and negatives. Have I forgotten to include anything fenners, kiwi monk, hazl, wood fire, mikeh, CuFeS? Fenners I see you've been around these a while. Any more detail on the shareholder action pushing for a cash distribution? Positives > Trading at discount to liquid assets (cash + listed shares). > Trading at huge discount to total assets (including monies receivable which may / may not materialise). > Management have skin in the game; the road to riches for them is a significantly increased share price. Have started that process with market buy-backs. > The Russian gold resource might come into play / become viable at a higher gold price. I believe it's a fairly small 0.3m ounces JORC estimate - taken from results PDF. This makes OVG a good leverage play vs increasing gold price (a sector I'm very interested in). > No debt and almost zero liabilities on the balance sheet (something like £0.2m in total) - the company isn't going bust anytime soon. > Historically profitable. Retained earnings figure on balance sheet is positive. Almost all small-scale gold explorers/miners have retained losses. Negatives > Has always been undervalued by the market. > Possibility that continued silly valuation vs assets will lead management to delist from AIM, take the company private. > Always announce results on last possible day before automatic suspension. Not best practice to say the least. One such recent example is PAA which eventually missed the deadline in June 2012. Share price has gone from 500p to 10p since then (it is a basket case company though). > Risk of future sanctions / conflict / disagreement between Russia and UK/EU leading to devaluation of Russian shares. > Questionable related party transactions in 2009 when, instead of returning excess cash to shareholders following sale of it's flagship project for $47.7m, the company bought 3 new projects from related parties. These were subsequently written down to zero (but crucially they haven't been disposed of for zero - hence there is no further downside/write-off to happen, but is some scope for recovery if POG recovers. Low resumption costs due to equipment/accommodation already being in place). > The (mistaken? with good cause?) belief that any value realised by OVG, through cash, through it's POLY shareholding, it's mining properties etc, will be milked by directors and associates rather than the company's owners in general (i.e shareholders).
02/3/2016
13:07
bozzy_s: Sadly I'm not an AHT holder. Just traded it in the 20s pence, looking at the chart it must have been in 2003! It went trough to peak of 3p to 1200p for anyone brave enough to buy at the lows!! As far as OVG is concerned, my thoughts can be summed up as.... Positives > Trading at discount to liquid assets (cash + listed shares). > Trading at huge discount to total assets (including monies receivable which may / may not materialise). > Management have skin in the game; the road to riches for them is a significantly increased share price. Have started that process with market buy-backs. > The Russian gold resource might come into play / become viable at a higher gold price. I believe it's a fairly small 0.3m ounces JORC estimate - taken from results PDF. This makes OVG a good leverage play vs increasing gold price (a sector I'm very interested in). > No debt and almost zero liabilities on the balance sheet (something like £0.2m in total) - the company isn't going bust anytime soon. > Historically profitable. Retained earnings figure on balance sheet is positive. Almost all small-scale gold explorers/miners have retained losses. Negatives > Has always been undervalued by the market. > Possibility that continued silly valuation vs assets will lead management to delist from AIM, take the company private. > Always announce results on last possible day before automatic suspension. Not best practice to say the least. One such recent example is PAA which eventually missed the deadline in June 2012. Share price has gone from 500p to 10p since then (it is a basket case company though). > Risk of future sanctions / conflict / disagreement between Russia and UK/EU leading to devaluation of Russian shares. Edit 4/3/16. Removed 'the Tara effect'. Added comments below. > Questionable related party transactions in 2009 when, instead of returning excess cash to shareholders following sale of it's flagship project for $47.7m, the company bought 3 new projects from related parties. These were subsequently written down to zero (but crucially they haven't been disposed of for zero - hence there is no further downside/write-off to happen, but is some scope for recovery if POG recovers. Low resumption costs due to equipment/accommodation already being in place). > The (mistaken? with good cause?) belief that any value realised by OVG, through cash, through it's POLY shareholding, it's mining properties etc, will be milked by directors and associates rather than the company's owners in general (i.e shareholders). Overall I like the risk v reward. I like the fact the company won't be going bust soon. I like the fact that one piece of good news could make the shares worth multiples of today's 5p. I also liked it back in 2014 it seems - on the quote page it says 'you rated this share a BUY on 04/12/2014' !! I'm going to try and follow that advice today.....
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