Anglo Asian Mining Share Discussion Threads

[bozzy_s] 23/6/2022 16:26

No limit on daily volume of buyback. But the buyback price is limited. From Chairman's letter (p98 of 2021 annual report):

"The price paid will not be more than the higher of 5 per cent above the average of the middle market quotation of the Company’s ordinary shares as derived from the
London Stock Exchange Daily Official List for the five business days preceding .....
and an amount equal to the higher of the price of the last independent trade of an ordinary share and the highest current independent bid for an ordinary share on the trading venue where the purchase is carried out."

So lots of wording which I read as - can't pay more than 5% above the average closing mid-price of previous 5 days, unless someone else pays a higher price, or someone is bidding a higher price, in which case the company is allowed to match that higher price.

So basically they can buy back as many as they want (up to 11.4 million shares), but can't pay above the going rate to do so.

Happy to be corrected if I misunderstand.

[odsjp] 23/6/2022 16:21

Bwana - See from the THG thread that you bought some more. Well done.

You must have picked the low. I bought in the mid 80's so not far away from a profit. I should have sold the week before the June 16th (Put-up and shut-up deadline) and then bought a lot more earlier this week in the mid 70's.

I think we are both on the same page here. It is pretty much in bargain territory with Citi putting a buy rating and a £2.20 price tag saying that Beauty "is a very strong player in a very attractive market and, alone, could make up for the total valuation of the company". That is from today and in today's market.

Hopefully some news next week on selling the Beauty division or other PE interest. I have had it in the competition and it took me from £22K to £35K and last week back down to £18K. Bit of a roller-coaster to say the least.

[wanobi] 23/6/2022 16:17

Excellent Rb and trades so far look positive, many thanx, Cheers Wan :-)

[mattjos] 23/6/2022 15:59

Macro data taking a pasting already .. PMI data across UK, EU & USA all coming well below consensus & indicative of rapidly slowing economic activity.
Hardly surprising that consumer and business sentiment is quickly sourcing.
Unemployment data always lags in its reporting but, is already starting to show a distinct upward trend in the USA & that likely to become more pronounced next month.

I still don't see the FED Getting rates up past 2% before they are obliged to stop.

The EU is getting hit harder by the Russia/Ukraine situation & I can't see the EU getting rates barely above Zero.

At what point is common sense going to trump virtue signalling & EU/NATO accept that Russia's actions have, in part, been fermented by themselves?
Maybe only when Gas rationing is introduced in the manufacturing engine of Europe?

It's a total dog's dinner & made so much worse by weak and ineffective leadership in the West & the USA.

[katsy] 23/6/2022 15:50

Are they not limited in the amount they can buy each day based on volume and percentages etc..

[katsy] 23/6/2022 15:48

Feels like the sell off we had the last 10 days or so seems to be slowing. Decimated my portfolio. Feel like cut all my losses and putting it all in AAZ and GFM, Although THG looks like an interesting play.

[nk104] 23/6/2022 15:48

Hope the insttructions are not 'take your time, we're in a hurry'.

[riggerbeautz] 23/6/2022 15:47

Wan quick reply whilst I’m waiting for a tube, there was maybe a dozen or so ordinary shareholders there, SPA lot etc. I’d very much doubt after the Q&A if anyone there has any intention of selling, maybe a few will be tempted to top up.

[zangdook] 23/6/2022 15:46

All motions passed, the buyback can begin.

[wanobi] 23/6/2022 15:31

Many thanx Rb, it's very good to hear you are re-assured,, Cheers Wan :-)

[e43] 23/6/2022 14:43

Katsy,the shortage is in refined product/refining capacity,hence the much higher pump prices than the last time crude was $100+

[sf5] 23/6/2022 14:12

Katsy - that is true; thought I read there's increasing pressure on the gov't to ensure oil price reductions are passed on rapidly. I imagine the petrol pumps would argue the fuel they're selling now was 'purchased' as crude some weeks ago.

[piperpeter] 23/6/2022 13:57

Q1 2022 Argentina Results;

Turnover US$8.7 million.
EBITDA US$4.5 million.
Profit before tax US$5.3 million.
Profit after tax $4.5 million.
Projected full year turnover in Argentina alone, in excess of US$40 million.

Above excludes other Company producing oil and gas assets in USA.

Current Company market cap GBP31 million.

Pp.

[katsy] 23/6/2022 13:19

sf5 However the decline in oil prices don't seem to be reflected at the pump, I noted yesterday that fuel prices have jumped another 5-7p this week.

[goldrush] 23/6/2022 13:18

Riggerbeautz

Many thanks for posting so soon from the AGM.

[riggerbeautz] 23/6/2022 13:10

Wan it was a good AGM, a lot was said and made a few notes. I’ve every trust in this board and company.

Will post some notes for those who look in here. Nice to meet 2 of the 3 amigos that went out there with MJ. Had time to say hello this year before going for drinks.

Flat hunting with my son now, so drunken or sober updates will have to wait :)

[katsy] 23/6/2022 13:03

So Sri-lanka's economy has collapsed. Another casualty of lockdowns (No tourism) and the green agenda (Trying to grow food without fertilizer)

[sf5] 23/6/2022 12:44

John Authers this morning reckons we're close to a bear market in oil and possibly base commodity metals also. Certainly the SPOG price action suggests this. Couple of extracts from his piece (charts don't copy):-

''My Bloomberg Opinion colleague Jared Dillian even refers today to the bear market in oil. I wish he wouldn’t do that; West Texas Intermediate futures prices are indeed down more than 20% from their peak of a fortnight ago, satisfying a popular definition, but we need to see this continue for a little longer before we can call this a new bear market. His broader point, however, is well taken. Following the shock of the Ukraine invasion, energy prices wobbled, made an attempt to break upward, and have recently made what looks like a decisive break downward. This also shows up in the performance of energy stocks; the S&P 500 energy sub-sector, which had enjoyed an epic surge relative to the market, has been suddenly cut back to size. The energy index is below its 50-day moving average relative to the main index for the first time this year;

Looking further, Marko Papic of Clocktower Group directed my attention to the splurge of activity in the options market. The following chart shows the total volume of puts (to protect against a fall) linked to the exchange-traded fund that tracks the S&P 500 energy sub-index. I’ve used the 20-day moving average to make it legible, but the sudden massive move to bet on a downturn for energy companies is unmistakable:

Even more telling than oil, arguably, is the Commodities Research Board Raw Industrial Materials, or RIND, index, which covers a range of commonly traded industrial materials that aren’t part of the futures market. This arguably insulates them from moves of speculative sentiment in the market, and captures the underlying pressures of supply and demand. Last year, the RIND steadily rose to an all-time high in one of the best “tells” that inflationary pressure was back. If that was negative for inflation, what’s happened in the last three months looks positive — but also negative for economic growth prospects:

With raw industrial prices below their 200-day moving average for the first time since the summer of 2020, it does look as though price pressures are abating, albeit for the “bad" reason that demand is being destroyed

The other crucial outstanding issue is, of course, the war in Ukraine. In the last few weeks the news flow has turned much more negative from the perspective of Ukraine. As far as I can judge, the odds appear to be strengthening that Russia will succeed in its reduced war aims of conquering all of the Donbas region. That also tends to increase the chance that the war then simmers down into another of the world’s long-running and unresolved but stable conflicts, like Korea or Kashmir. Or it’s possible a deal will be reached. It’s hard to imagine an outcome in which the West can easily find a justification for lifting economic sanctions, but the really scary tail risks appear to be reducing, and Europe has an incentive to ease the sanctions, which are hurting. Papic’s brutally frank summation is:
If Russia conquers Donbas and then proclaims victory, images of Ukrainian civilians dying and fleeing the war will move from the front pages of Western newspapers to the back, leaving inflation to hold the attention of the median voters all by itself. While Western populations may have been willing to incur the costs required to keep Ukraine sovereign, it is unlikely they will support continued economic war with Russia for the price of liberating Donbas, Europe’s West Virginia.
Papic suggests that the oil price is still being supported by a geopolitical risk premium emanating from Ukraine. If the situation does resolve relatively calmly, that would imply that oil would have much further to fall as higher rates destroy demand. This wouldn’t necessarily avert a recession, although it would ease much pain in Europe. It would, however, change the outlook for rates.

[riggerbeautz] 23/6/2022 12:19

All good stuff here, stop stressing it ;)

[klosters65] 23/6/2022 12:02

2 sporrans, well done buying this morning and surely you must be rewarded, later on today or tomorrow. The lack of buying indicates how illiquid the AIM market is at the moment and that old chestnut of AAZ needing some decent PR.

[finkwot] 23/6/2022 11:49

Maybe the President signs it, and then the Prime Minister signs it, and then the parliament votes to ratify it. If that's the case then it's getting close but this news is not itself very significant. They can tell us that if we ask at the AGM, and everything smells of roses.

[katsy] 23/6/2022 11:33

I don't know how the Azer. Gov works but like here it maybe the case that a formal announcement in parliament doesn't necessary mean it's official until some freemasonry ritual is performed. Maybe the Azers. have their own ritual they need to perform before it's law.

[lefrene] 23/6/2022 11:19

As always, the things one thinks ought to make sense somehow are not reflected in markets. eg, the current price of gold, where it's well known that there's a huge gap between physical stocks for delivery, and the massive demand on paper which couldn't be met for a long time if those holding those paper calls held for physical delivery. At the same time the USA has been creating trillions of new dollars out of this air ever since the repo-market hiatus of 17-9-19, and yet the dollar has not yet collapsed, and the gold price is far off it's highs. Copper too has run out of puff, I suppose logic and markets will never be bedfellows.

[lloydypool] 23/6/2022 11:01

Given they’ve sign posted it before as likely to happen very soon I’m sure at an AGM they will be able to infer something without officially confirming it. I suspect whilst it may essentially be done there is some sort of rubber stamp that they are awaiting before an RNS. If people are waiting to buy based on ratification I suspect they are giving up a discount right now that could be taken off the table at almost any time.

Never say never with this market but we are about to get a dividend, likely to get a ratification RNS at any moment and a share buy back is about to absorb the liquidity in the market. Oh and mining to commence at Vejnali & the new Hassan vein … the estimates of what these produce are unlikely to create a negative on the share price as to me it seems people aren’t including them anyway!

[zangdook] 23/6/2022 10:53

If it's not significant enough for an RNS then it's not the ratification.