Condor Gold Share Discussion Threads

[temujiin] 05/1/2016 13:45

Andy,

reading Steeplejacks link does indicate Aim listing costs £100k+, and then you have to add on company costs etc so yes it seems money will get tighter sooner rather than later. That said if they have £1m in the bank at Y/E it will still last til mid 2016, and there is no reason why CNR can't communicate that to the market.

There is also no reason why they can't communicate how the SR is going, ie numbers still interested and doing DD, how many have proceeded to 2nd or 3rd visits, future plans for CNR if no acceptable offer tabled etc etc.

I agree there is nothing anyone can do if one or several large holders are off-loading at any price, as seems the case atm.

[usmcgs] 05/1/2016 13:14

Still no we of no reason for the collapse of share price from 90p to 40p to 17.5p

[usmcgs] 05/1/2016 13:10

I wonder if the low share price will force other iis to sell

[andy] 05/1/2016 12:51

Temujiin 5 Jan'16 - 09:18 - 11520 of 11532 0 0

"Andy, if Steeplejacks estimate of £100k/yr is true, and if MC's estimate of £1m by Y/E is true then mothballing is certainly an option for several years. Lots of if & buts".



I think it costs more than £100,000 to list on AIM for a year. you have regulatory fees, listing fees, a NOMAD to pay, a broker to pay, auditors, accountants. Then in addition, Condor has salaries, office rental corporate expenses etc. etc.

Always risky to assume how much cash a company has, in my experience they always present an optimistic picture.


"One thing I am disappointed at though is CNR's/MC's utter silence".


To be honest, I don't know what he can say. If a large fund is selling as people here are saying, where are the TR1 notices?

It's not within MC's remit to publicly state a large fund is selling, publicly at least, that's what TR1 notices are for.

IMO it's all too obvious why the price is falling, and if he comes out and tries to make excuses he will be crucified for it, so better to keep mum, IMO.

[usmcgs] 05/1/2016 12:44

There she goesRed againSell order of ii still in play imo

[andy] 05/1/2016 12:38

steeplejack 5 Jan'16 - 09:15 - 11519 of 11532 0 0

"Yes the "for sale" sign was an error with the benefit of hindsight".

No it was an error period! They are listed on the TSX and it's considered a huge mistake in Canada to announce you're for sale.



"I suppose the assumption was that the favourable back of the envelope calculations that make the Nicaraguan prospects an economic proposition were set to trigger a bargain hunt".


The problem is there are so many distressed "bargains" around the world, buyers have so many choices!



"The share price has,by all accounts,slumped as the auctioneer has failed to attract interest".

Yes, that's why it's not a good idea to display a for sale sign! And the accounts display a lack of funds (IMHO)moving forward, and that is why I think they are either doing a placing, or one will be attempted before too much longer.


"I guess that MC has put some sort of reserve price on his lot hence speculation of a discounted placing to fund survival are likely to grow".

Exactly, his statement about $56 was ill advised, IMHO, as it was clearly very high in the current market, and probably put off potential bidders, again IMO. The Cormark display about recent deals included some deals from early 2014, a different era completely to now.

[usmcgs] 05/1/2016 11:29

I think taking the company off aim or mothballing would be disastrous for the share price Imo it always is

[au24] 05/1/2016 11:23

Why not take the company private to mothball. I have held shares in a company which was on AIM then went private and still held them. Later a relist could be made possibly.
A director of the company bought mine a year after going private.

[steeplejack] 05/1/2016 11:12

This article was written back in 2008 but it tells how expensive it can be to list on AIM and the expense of maintaining that listing.Many seem unaware of just how draining the whole process can be.

[usmcgs] 05/1/2016 10:52

You still cannot sell within the spread.

Sell order still there

[usmcgs] 05/1/2016 09:46

Seems to regularly keep falling through both support levels so will be interesting to see this time

[usmcgs] 05/1/2016 09:45

1st Support Level 17.327
2nd Support Level 16.153

[usmcgs] 05/1/2016 09:42

How many times has bonkers, on lse, been trying to make out the drop is ending?

Him and his charts bought way too soon

[usmcgs] 05/1/2016 09:35

Been much the same all the way down Still a large sell order, as I have been saying all the way down

[usmcgs] 05/1/2016 09:31

Evens fir day again BUT unable to sell within the spreadBull trap

[temujiin] 05/1/2016 09:29

Jeanesy, think the price at time of SR was about 50p and 'normally' a minor fund raising only knocks of iro 5 - 10% perhaps. Not 66%.

End of the day share price weakness is down to a large holder CFI (plus maybe others) off-loading 1.1m shares in 3months , and there being insufficient pi's or ii's to pick up the slack

[jeanesy] 05/1/2016 09:19

The shares have more than halved since the for sale sign was put up. he said he would hope to get at least twice the price from then(42p at the time)Who in their right minds was going to pay that.I said that at the time ( so not hindsight). I f he is unwillingly to accept low ball offers now, he will need to fund raise.. at what price? That is why this has collapsed !! And still silence...

[temujiin] 05/1/2016 09:18

Andy, if Steeplejacks estimate of £100k/yr is true, and if MC's estimate of £1m by Y/E is true then mothballing is certainly an option for several years. If there is only one company that wants CNR then yes they could wait for the right moment. If CNR need more money to keep the lights on pre Q2 then share price weakness could be due to that. Lots of if & buts.

One thing I am disappointed at though is CNR's/MC's utter silence. I know there are limits to what he can say but saying nothing is imo a mistake. He could quite easily say share price weakness is due to a large fund selling and we are still on course for $1.5m in the bank by Y/E and current company costs are running at $150k/month. It is in no shareholders interest that CNR continue to say sweet FA.

[steeplejack] 05/1/2016 09:15

Yes the "for sale" sign was an error with the benefit of hindsight.I suppose the assumption was that the favourable back of the envelope calculations that make the Nicaraguan prospects an economic proposition were set to trigger a bargain hunt.The share price has,by all accounts,slumped as the auctioneer has failed to attract interest.I guess that MC has put some sort of reserve price on his lot hence speculation of a discounted placing to fund survival are likely to grow.

[andy] 05/1/2016 08:52

Steeplejack,

Good post, and I agree nobody is likely to dash forward when there is such a choice of distressed assets in the mining sector.

I still feel they might be running a placing here, forward selling could cause a slump in share price like we are seeing, or they are trying to build a book and cannot get sufficient interest, and are having to reduce the price to garner interest?

Nobody else thinks they need money at this stage, but they won't let the finances fall too much before starting a placing, so one could well be occurring now, IMO.

IMHO it is never a good thing to announce yourself for sale.

[steeplejack] 05/1/2016 08:38

Yes,an AIM listing isn't cheap.It costs £100,000 minimum pa for all the good it does most who join the club!Clearly,the response to MCs "for sale" sign has been pitiful.For awhile at least,this company held up relatively well but has now fully succumbed to the sector malaise.I don't think there's anything particular here that explains the slump.It's just that industry buyers have failed to emerge.South America is an economic mess on the back of slumping commodities from Venezuela to the tip of Argentina.When the consensus appears to be that gold will remain in a funk for the foreseeable future,would you dash forward with your cheque book to buy CNR.Probably better to keep your powder dry for now.Anyway,who's going to come forward...a major?...CNR is probably too small a morsel to attract the interest of heavyweights.That would leave smaller predators that find themselves in the same financial pickle as CNR.All very unfortunate.

[usmcgs] 05/1/2016 08:37

Almost 62kNot sure how far this is going to fall. It just goes on and on.Most worrying is that mc was concerned about dilution above 40p

[andy] 05/1/2016 00:21

Tem,

Yes I'm aware MC has a large holding and is aligned with shareholders in that respect.

Mothballing isn't along term option unless you're planning to delist, because various fees are involved in maintaining a listing on the Aim, and it's not that cheap.

Any potential buyer will be aware of the situation regarding finance here, and may choose to wait before making any bid.

If real hostilities break out in the Middle East, then gold could get a real boost, but long term averages are used when determining bids.