Capital Share Discussion Threads

[rivaldo] 17/6/2020 07:37

Well, I bought a few more yesterday.

And there's some good news today. Back in November'19 Altus Strategies (ALS) announced that CAPD would undertake the drilling in their two gold exploration blocks in Mali via a JV with Glomin.

Today Altus have announced that Graphex have acquired Glomin's JV rights, and drilling at the first project is now underway and the other will start essentially within the next 12 months.

[rivaldo] 16/6/2020 08:33

I'm just wondering if that £90k sell was the end of the overhang.

There are currently 30k shares available to buy at 61.9p online, but after that there's only around another 20k/30k available to buy in total, so the supply has reduced.

[qs99] 15/6/2020 15:20

Agreed Shanklin, but sometimes sellers just want out come what may!

[shanklin] 15/6/2020 13:01

£90k sell at 61p.... ...and now the offer is below that. Wonder if there are more sells to be reported.

Must want the cash as the share price already offered very decent value based on the information in the public domain.

[gleach23] 12/6/2020 17:49

Yes I expect it's coincidence. I should perhaps have said amusing rather than curious :)

[dangersimpson2] 12/6/2020 16:43

Probably just coincidence, don't think there's anything to be gained for holding until an AGM starts. 640k = 0.5% of the equity so not going to move the votes anyway, and if you are voting by proxy the time to hold your shares to vote is the record date, so you could have sold your shares yesterday and still had your proxy vote counted I think.

[gleach23] 12/6/2020 14:57

OK thanks shanklin - hopefully just further patience required then to see it out. I agree - certainly can't complain at the current share price performance YTD and the outlook.

Curious batch of 3 trades amounting to 640k shares timed @ 38 seconds in to the AGM this morning!

[shanklin] 12/6/2020 14:49

P.S. Not that I am at all cheesed off by it.

Its a good job CAPD have no need to raise equity or this ongoing significant under-valuation would be a major issue for the company, not only for shareholders.

[shanklin] 12/6/2020 14:48

Sadly not gleach23. Indeed management seemed rather sceptical that the ongoing incessant selling is down to him.

[gleach23] 12/6/2020 14:42

Was anything mentioned about the apparent overhang/plan for Burton's remaining shares at the AGM rivaldo?

[rivaldo] 12/6/2020 14:35

Excellent spot ds2, thanks. I've added it to the header. That's a further £620k added to the already very healthy tangible NAV. DAU's shares have climbed nicely over the last 6 months.

I suspect they weren't going to issue any update at all, but had a chat about the feedback re the overhang/Burton's shares and decided to include one. I'd guess most people don't even bother looking at AGM Results RNS's. They really should have issued it at 7.00 as gleach23 says.

We now know that Q2 will also be good, if a tad below the very strong Q1.

More importantly, everything's looking good in the outlook. I particularly liked the comments at the AGM about large contract bids being well advanced and news likely relatively soon.

[shanklin] 12/6/2020 14:25

Not at all unhappy about it, but rather surprised they have released a TS today whilst saying that they were unable to do so because a more detailed TS is scheduled for July :-)

Thankfully all good anyway.

[gleach23] 12/6/2020 14:18

Going by recent AGM history, they tend not to issue a 7am AGM Trading Statement but it's a shame they didn't do it today. It will have missed a lot of radars.

[dangersimpson2] 12/6/2020 14:11

Also found another capital drilling listed equity stake for your list Rivaldo: 5.7% of Desert Gold:

[qs99] 12/6/2020 14:06

Sounds confident on H2 2020 IMO

[dangersimpson2] 12/6/2020 14:03

They mentioned there was a big variation in votes but to be honest it was hard to follow the numbers on the call with them just being read out.

The resolutions are in the presentation so you can easily tally them with the rns

Withheld votes for directors I think they have avoided voting for themselves e.g. withheld for Boyton is almost exactly what I think his own personal holding is, and Rudd's is close to what I have for his personal holding.

The big beef of external shareholders seems to be with BDO as auditors but I've no idea why and who voted against since it was all by proxy. The votes against don't tally with any obvious stakes so it's a bit of a mystery.

Voting against issuing capital without pre-emption rights I think is fairly normal, I often vote my shares against these resolutions if I don't think the company will need immediate capital.

[tiswas] 12/6/2020 13:29

A lot of withheld and against votes but not gone through item by item yet to see what they were specifically. Any comment at the agm?

Thanks

[dangersimpson2] 12/6/2020 13:26

The tone of the presentation was pretty positive given that they can't say too much with the Q2 trading statement due in July.

They mentioned small explo projects starting this month but they are very small. Bidding for some larger contract is well-advanced and will be announced as appropriate. Larger explo contracts, if won, would be starting end Q3 into Q4.

Share buyback, no plans to buyback in the market dues to negative impact on already poor liquidity. I made the point that the company could buy back larger blocks of stock, e.g. the Burton stakes, as they become available without affecting liquidity as these largely go to institutional holders via the brokers, and get held long term, rather than into the market adding to liquidity.

Also asked about their equity holdings in other companies - these are about 10% of the market cap at current valuation - they said most are strategic and build relationships with clients, and have been instrumental in winning on-going business - but they will sell if they don't see upside in terms of value or relationship. Don't see significant drill-for-equity deals in 2020 since more capital is available from other sources to explo companies.

[rivaldo] 12/6/2020 12:42

CAPD have issued a "Results of AGM" RNS which is well worth reading for those who didn't phone in - it rather surprisingly includes a very nice Q2 update and outlook statement which I wasn't expecting until early July.....

[rivaldo] 12/6/2020 11:30

LOL! I've been rumbled....thanks Sherlock/Shanklin.

This situation is now simply a question of waiting for the overhang to clear.

[shanklin] 12/6/2020 10:16

Good questions rivaldo

[shanklin] 12/6/2020 09:25

Q2 and Outlook both look good from today's AGM presentation

[rivaldo] 09/6/2020 12:30

Good to see the MMs reducing the spread to 63p-66p - this might encourage further interest from those wrongly put off by the prior spread who didn't notice what was happening with the real buy trades at 64.9p.

EDIT - the true spread is now 62p-63.98p. Sorely tempted to add again now!

[gleach23] 08/6/2020 11:46

Strong buying all morning, including over 300k for which reporting was delayed, and still it appears to me that over 300k is available to buy.

If he's going into the detail of a mark up to 70p and the subsequent cooling to 63p, I'm surprised Mark Watson-Mitchell only refers to some profit taking and not the obvious large seller in his update.

[qs99] 07/6/2020 08:21

Noice, thanks Riv