China Goldmines Share Discussion Threads

[fordtin] 28/9/2010 10:33

"CGM is guarantor to warranties made to the acquirer of Westralian Resources pty,
its former mining subsidiary with a maximum liability of $10m. These warranties
expire on 29 September 2010, save for any antecedent breaches claimed by the
acquirer which have not been resolved. The Company is currently not aware of
anything which may lead to a claim. "


Does anyone know what time the warranties expire? Is it close of business or midnight? UK time, Aus time, or Hong Kong time?

[giant steps] 28/9/2010 10:30

fordtin, how about we use this thread in the meantime! ( off-radar )

[fordtin] 28/9/2010 10:26

GS - how about starting 'The cash shell thread' or something similar like 'Giant's guide to discounted cash'

[giant steps] 28/9/2010 10:15

Yes BushTM, ZOX an interesting one - know it very well

[bushtuckaman] 28/9/2010 10:09

Morning gents, how about ZOX.....with cash reserves of £42m at end of June and a current mcap of £29m??? Im not in myself (have been in the past), but looks interesting.

[giant steps] 28/9/2010 10:01

Yes, i know exactly what you mean about Russia and the Stans, requires care

On-Topic
Reminder CGM , prices bid 20.5p offer 23p

[fordtin] 28/9/2010 09:56

I'm not keen on companies operating in Russia or anything ending with stan, so OVG doesn't interest me as a potential investment. However, the chart does look ripe for a beer money punt.

[giant steps] 28/9/2010 09:44

O/T

Hi fordtin, yes EML was a delight for you - well done

What are your thoughts on OVG ?

[ Some quick reminders, shame recent director actions to acquire 'own'
properties, but aside from that prospects from assets, substantial cash,
improving gold investment portfolio, and polymetal shares advancing.
Huge Russian % control makes it an obvious concern - can it be lived with ? !]


TIR - trades as huge discount, but has for many years.Illiquid market, inactive
management - although investment choices from recent oilers / gold starting
to look a winner, cash more than 66% at a guess.

[fordtin] 28/9/2010 09:30

Morning GS,

I was an investor in EML until recently. I keep a close eye on them and hope to hop back in if a decent discount returns, or when it becomes clear what they will do with the cash.

I haven't looked at AUR, LRL or TIR recently, so I'm not sure if they are still cash shells.

[giant steps] 28/9/2010 09:16

O/T

fordtin, where for the next cash shells ? (shortlist / likes) tia

[giant steps] 28/9/2010 09:15

Exactly.


Reminder

"
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.
"

[fordtin] 24/9/2010 13:55

They deserve something ....

[giant steps] 24/9/2010 13:40

Sounds like they deserve a performance related bonus.

[fordtin] 24/9/2010 13:35

Is the next strategy update going to say something like;

'We've sat on $23m for a year and missed the boat. But we had such a good time jet-setting around the world looking at piles of rock and holes in the ground that we've decided to have another year of doing the same'

[giant steps] 24/9/2010 13:24

I hope folk aren't foolish enough to think if it has gold
in the company name then they have gold assets - market
starting to look irrational for gold juniors

[polygram] 17/9/2010 22:30

Worth remembering that this share will be suspended on the 30th just over a week away. As their warranty obligations run out on the 28th they will then be in a position to negotiate a buy in price for the project they decide upon. I think it is likely to be a Goldmine in Austrailia. The shareholders will then be asked to vote on the proposition put to them. One of the biggest shareholders is the Chief Exec of the company so will be intersting to see out any vote pans out.

Only when and if a deal is done will it be possible to trade the shares on AIM and at what share price who can tell. The value in this for PI'S in my oppinion would have been to return the cash to the shareholders but I personally now doubt that this will happen. We will see.

[giant steps] 16/9/2010 22:11

Chestnuts, re #131, an excellent summary and yes a disgraceful outcome

[chestnuts] 16/9/2010 21:35

The directors of this company should be sacked they had a great company just on the verge of production, and also on the verge of the biggest gold run probablby ever, and what do they do they sell it out at a very cheap price and rob the shareholders of an exciting company , they should be a shamed of them selves, where is the fsa at , just think the share price for this company would most likely be nearer £3 now, also why don't they cancel the listing and then share out the proceding all in 1 day.

[catandcrow] 13/9/2010 09:27

Hopefully someone will try to chuck out management. They don't have enough cash to buy anything decent.

[giant steps] 13/9/2010 09:00

Trade 1,921,980 @ 21p - thanks p@

[p@] 13/9/2010 08:50

2m-bought at 21p.

[haydock] 13/9/2010 08:44

Decided the story has changed a little with more uncertainty, too many other good stories,done well, but not to waiting : personal opinionion.

DYOR.

[polygram] 12/9/2010 12:04

Think they will have approx 22 million which currently converts at 29p per share.

Not a bad premium on current share price

[fordtin] 11/9/2010 09:15

If the company is suspended, will they still have to publish annual accounts?
If not, we will have no idea how much of the cash has been spent on directors remuneration, travel expenses to carryout due diligence on mineral deposits in exotic locations etc.

[zangdook] 10/9/2010 23:02

The RNS isn't clear to me. When will they propose a return of cash if a suitable investment hasn't been found? On suspension? On delisting? At some unspecified point after that? I had the vague impression they had to return the cash and wind up after a year.

No longer holding, not for a long time, but keeping an eye.