Centamin Share Discussion Threads

[yorgi] 01/3/2017 08:28

He has but interesting none the less.

[zangdook] 01/3/2017 08:27

How many does he have left, is anyone keeping count? Even if there's a good reason for the sales, I hope he keeps enough of an interest to keep his motivation and attention here. He's done well for us.

[dmitribollokov] 01/3/2017 08:02

That doesnt give me a warm cuddly feeling

[mattboxy] 01/3/2017 07:56

So today's rns makes ~33million sold by Josef. How many left?Ex div is 2nd march -tomorrow so presumably any last sales will be today. Never feels good when they sell but restrictions are so tight I guess after such a good run and results all out he has to take some off the table now. Maybe tax reasons or investing elsewhere but I think he is nearly done - probably.

[zangdook] 28/2/2017 00:20

Thanks. So it's this


The article doesn't definitively say Josef has been selling his CEY to fund that, just that his family is involved in some corporate action. Still, it's interesting to see.

[rrr] 27/2/2017 18:09

On other CEY thread no. 25757

[bookwormrobert] 27/2/2017 18:08

Centamin stock in Canada TSX:CEE just rocketed up to 2.46 CAN = 1.81 GBP.

Zangdook - see my earlier post for article from West Australian. If you check out the LSE board they also have other documentation - essentially it looks like the family trust have been selling to finance a takeover of another miner back in Australia.

[zangdook] 27/2/2017 17:43

"see long post with news article from The West Australian"

where?

[bookwormrobert] 27/2/2017 17:11

Well, I'm a lot happier now than I was this morning. Firstly, I think it's clear that the court case is moving towards a favourable conclusion - why would the Egyptian government's own news agency publish the fully signed and executed contracts if not to prepare the ground for a decision in Centamin's favour? Secondly, we have a good reason why the chairman's family trust has been selling shares (see long post with news article from The West Australian), and this has nothing to do with Centamin. So, all in all, some clarity and only two more days to go to the dividend!

[fraser.smith] 27/2/2017 16:17

Think I'm right in saying that there's no CGT on equities in Egypt which might go some way to explaining the sells.

[rebess4] 27/2/2017 15:49

bookworm - I was just about to post the article but you beat me to it. - Well done my friend, you put a lot of work into typing all that info. - Thank you.

There appears to be a scramble for Africa now. - Due to the El-Raghys, we are already well placed there. - Suddenly Centamin is looking exciting again. :-)

Hello Mudder, hello Fadder, here am I in Camp-Granada. -

[dmitribollokov] 27/2/2017 15:22

yup fair point too rebs

[bookwormrobert] 27/2/2017 15:21

I'm copying this from the LSE board. If true, it would explain why Josef has been selling shares from the family trust - they need the money to finance this deal. In other words, it's nothing to do with Centamin at all.

FROM: "The West Australian"

25 Feb 2017 by Nick Evans

The talk out of South Africa’s Mining Indaba conference this month was that M&A activity in Africa is set build over the coming year, as commodity price rises wash out some of the risk aversion of companies and investors.

The first signs of that may be showing in the local market, as Indiana Resources (formerly IMX Resources) faces a challenge to its board from companies associated with Centamin Gold chairman Josef El-Raghy.

Centamin is a former WAheadquartered miner which left for London and Toronto exchanges in 2010, betting that offshore investors would have a better understanding of its Sukari gold mine in Egypt.

It is now a £2 billion ($3.25 billion) gold heavyweight, suggesting founder and then-chairman Sami El-Raghy was spot on the money when he made the call.

The El-Raghys were once a prominent feature of West Perth’s mining scene, dipping in and out of a swathe of WA gold stocks over the years.

Family patriarch Sami ElRaghy — who is only a week or so away from his 76th birthday — claims credit for the discovery of the Wiluna gold mine for Asarco and Mt Wilkinson in his days at Chevron Exploration.

Three years ago, Centamin launched a $41 million takeover for Ampella Mining, targeting its Burkina Faso gold projects — which still sit in its development portfolio.

And while they now call Britain home, they still control plenty of WA exploration ground through privately owned Cosmopolitan Minerals, chaired by Sami El-Raghy.

Failed negotiations to shift some of that ground, including tenements around the Plutonic gold mine, into Indiana appear to have been the trigger for this week’s move on Indiana chair- man Derek Fisher and managing director Campbell Baird by another company associated with the El-Raghy family, BPM Capital.

Indiana spun out its graphite projects into ASX-listed Graphex mid-last year, and is now focused on its Tanzanian nickel and gold projects.

BPM emerged as a substantial holder in Indiana in July, and has been steadily buying up the company’s stock since. It now holds 13.8 per cent of its register.

It is understood Indiana was approached by Cosmopolitan late last year over a deal to vend some of its WA tenements in exchange for stock. But the Indiana board — which com- plained in an ASX announcement yesterday about the terms of the offer — rejected the deal.

Yesterday, Indiana told investors BPM had lodged a request for a spill motion to remove Dr Fisher and Mr Baird and replace them with Brett Montgomery and Heidi Brown — who is also the company secretary at Cosmopolitan.

Indiana is still mulling its response to the spill motion, but its board told shareholders yesterday it believed the deal on offer was not in the best interests of shareholders, and supporting the board spill could deliver the company into co

[rebess4] 27/2/2017 14:36

One further point about the AGM - Josef retires in accordance with article 33 of the Company's articles of association and, being eligible, offers himself for re-election as a director. - The same applies to Andrew Pardey. - So, they aint going anywhere and are committed to staying at the helm.

Thought this knowledge might help.

[dmitribollokov] 27/2/2017 13:59

Ah good i seem to have attracted a troll - not you Pete crosby!

[blowitall] 27/2/2017 13:52

Thanks skinny. I didn't find it when I looked.a bit disconcerting all this recent selling just before the div date...not good for confidence.

[petercrosby] 27/2/2017 13:48

If you're sitting on cash look at PLUS paying 11% div on Thurdsay

[dmitribollokov] 27/2/2017 13:28

yup, 3 weeks is a long time with that sort of potentially ground breaking news to come though !

[rebess4] 27/2/2017 13:24

AGM - 21st March - could be a good time to seek clarity. - It's almost bound to be raised.

[dmitribollokov] 27/2/2017 13:06

Yes it's a tough one. Been waiting for years for the mining licence saga to reach a conclusion. The release in the state owned press seems co-ordinated and suggests we will reach a favourable outcome soon.
Then Joseph sells another block of shares into it and just ahead of the dividend. Could it be a tax thing - capital over income ? - maybe but seems a bit drastic on that scale and ahead of such potentially game changing news.
If Josef hadn't I would be buying back in size having taken money off the table for a pull back in gold. The re-rate from a positive end to the court case should be huge. Josef selling makes me edgy, he is entitled to take profits and de-risk obviously, but the timing is odd...

[rebess4] 27/2/2017 12:50

Dmitri

Yes indeed, things are happening, but why is Josef and his family selling. - Foregoing the dividend as well. - Somebody has suggested that the reason behind the generous dividend was to inflate the share price to gain the best price for selling his shares. - With all that's happening, it becomes very easy for the mind to engage in mental-gymnastics.

[dmitribollokov] 27/2/2017 12:42

cheers rebess - not sure why Josef should be selling again though.

[bookwormrobert] 27/2/2017 12:42

To me, it is highly significant that it was the GOVERNMENT news agency that published the ministerially signed documents confirming the Centamin lease on ALL 160km2 of the concession. It's as if they are preparing the ground with the public for the court case to be won by Centamin.
Many thanks to Siko on the LSE board for the links. I don't know why Josef is selling shares; but other than that all looks good for Centamin.

[rebess4] 27/2/2017 12:32

Morning guys

El Ahram, the official government news agency, has today published details of the signed contract between Centamin and Egyptian Gov. relating to the original exploitation lease. - The documents published also include a map showing the agreed exploitation area of 160 sqKM, also containing the signature of the Egyptian Gov. representative. - There are some stirrings in the woods. - What is all of this leading to?

The info was supplied by siko over on the LSE site.