I put my trades out there to be shot down. Me investing here after being negative for so long is not something I do lightly. I even had psychological wager with Saracen that GGP would perform better than GEM over the year from July. At that time the GGP share price was half of GEM. As we stand GGP is 11.1p so GEM would need to be 22.2p to match it.
All that being said I think GEM was a good bet after buying in at 13.5p.
Sincero you aren’t an investor but prefer your child games.
Onwards and upwards from here for GEM. My plan is to be here for quite a while and build on my initial investment. So you are aware I tried to buy 60000, 50000 and 40000 and Interactive Investor would not give me a live price until 30000. I only take a live price as the price would have been higher than 13.5p otherwise. |
teacup ..there you go again with your imaginary trades ... like your £600 ggp buy worth £350,000 ..... yeah yeah ...cuckoo cuckooo..... |
I tried for 60000 but it would not give me a quote on ii |
After being negative on GEM for the last few months I think there could be some profit here. An initial 30000 I may follow up over the next few days.. |
Interesting |
28% shareholder Assore launches takeover bid for Atlantic Lithium
Gemfields next ?? |
https://www.diamondworld.net/news/gemfields-launches-new-collection-in-partnership-with-ivy-new-york |
This is drifting lower. The board is dead and the can has been kicked down the road. I did say to Saracen to get out at 19p but he wanted his dividend. |
The next ruby auction will likely close on 5th December. With the results therefore becoming available via RNS/SENS at 7am UK time on Wednesday 6th December.
Reply from the company to my question. |
Ruby auction due end of the month. |
Good post L20. |
 On digging around I was interested to find this on what Assore itself did in 2020. I sense something is going on! ‘Tight shareholding structure’ para has some parallels. Thoughts? It’s quite complex to understand how all the large shareholders relate to each other but less than 20 per cent with smaller shareholders.
10 Mar, 2020
Assore looks to buy out minority shareholders, delist from Johannesburg exchange
Author Fabian Diego Miguel III de la Paz
Theme Metals
Assore Ltd. said March 9 that it intends to make an offer to buy out minority shareholders in the company and delist its shares from the Johannesburg Stock Exchange.
The company has been listed in Johannesburg since 1950 and is involved in mining iron ore, manganese and chrome ores along with other industrial metals and manganese alloys.
Subject to shareholder approvals, Assore would pay minority shareholders that are collectively holding an approximately 17.4% stake in the company 320 South African rand per share, using Assore's available internal cash resources. The buyback is expected to cost the company about 7.8 billion rand.
Assore's assets include a 50% stake in Assmang Pty. Ltd., a 31% stake in IronRidge Resources Ltd., and full ownership in the Dwarsrivier chrome mine and Wonderstone Ltd.
Assmang owns a 54.4% stake in Sakura Ferroalloys SDN BHD, a manganese alloy producer in Malaysia.
Assore said the per-share price represents an 80% premium to the closing price on the last trading day prior to the announcement, a 51% premium to the 30-day volume-weighted average price, and a 36% premium to the 60-day volume-weighted average price.
Assore is majority-owned by Sacco family-controlled Oresteel Investments Pty. Ltd. with a 52.4% stake; black economic empowerment shareholders own a 26.1% stake, and various members of the Sacco family own a 4.1% stake, altogether accounting for 82.6% of the company's shares.
The tight shareholding structure, combined with low share liquidity, led to Assore's majority owners and board reaching a consensus to delist the company as its listing in Johannesburg provided little benefit to its strategic shareholders.
The implementation of the offer needs to occur by May 7, after the company secures all necessary approvals or waivers, including from shareholders and South African regulatory authorities.
Minority shareholders controlling about 9.37% of the company agreed to accept the offer. A general shareholder meeting is scheduled on or around April 16.
If the deal closes successfully, the stakes held by Oresteel, the black economic empowerment shareholders and the Sacco family in Assore will be increased pro rata to 63.4%, 31.6% and 5%, respectively, miningmx reported March 9. |
Gemfields is registered in Guernsey. |
I'm not so sure about that. Once you're at or over 30% you are compelled to offer to buy all remaining stock at the highest price traded in the last 12 months.
Rule 9 of the Takeover Code that applies to U.K. public companies. I assume Gemfields is classed as a U.K. public company, rather than a S.A. one? |
If they go through of their own accord, than yes, but if they go through by default from a share buyback, then I think there's no obligation / it gets waived. |
I see Assore’s stake has increased to 29.2 per cent and a new buyback in Jan 24 would likely take them through 30 per cent. Isn’t there a rule that 30 per cent triggers mandatory offer? |
Can that be right that they have 11m carats / $1.5b worth of rubies stockpiled?I thought there was some stockpiling in anticipation of new washplant, but that seems like a bit much. |
9Mozambique misses ruby production target with drop of almost 40% this yearOctober 30, 2023 Steven AddamahThe Mozambican Government admits that the country will miss its target for ruby production this year, which is expected to fall by almost 40% compared to 2022, when it was 4.4 million carats of the precious stone.According to a report by the Ministry of Economy and Finance on budget execution for the first half of the year, the available production data, concentrated in three companies, shows that "the planned production for 2023 will not be achieved, with a decrease of around 38.83% expected".This decline is explained in the document by "the existence of around two tons (11,275,435 carats) of stock" of rubies by Montepuez Ruby Mining, which is the largest producer, and by the fact that the deposits in the areas concessioned to the Fura Gems and Gem Rock groups "are not of high mining potential and are also not powerful"."For 2024, growth of 3% is expected compared to what was projected by the end of 2023," adds the report, in a forecast that if confirmed will represent production of more than three million carats next year.The Montepuez project alone, in Cabo Delgado province, consists of four licenses covering 19,300 hectares next to the world's largest ruby deposit, discovered by the multinational Gemfields in 2012.Rubies are among the rarest and most valuable gemstones in the world, with Mozambique becoming one of the largest producers in recent years. A 55.22-carat ruby discovered in 2022 weighing 101 carats in its original form by Fura Gems in one of its mines in Mozambique this year became the largest and most valuable jewel of its kind ever sold at auction, after being worked, fetching 34.8 million dollars in New York.Https://medafricatimes.com/33037-mozambique-misses-ruby-production-target-with-drop-of-almost-40-this-year.html |
I think we'll see a long, steady rise from here. |
I see the can has been kicked down the road here. Could be drifting lower for quite a while. I did say back in July. |
Thanks - getting close to being spent up then! This company is such a master of the dark arts though that I expect as they get close they will announce a new dividend policy, the world’s largest emerald/ruby, a record breaking auction….. |
$10m current allowance - expecting more to be requested at AGM / EGM in next month or so.20th Dec 2022 RNS for details. |
Does anyone know how many they presently have authority to buy back? 32m was a big block. |
I'm not too bothered which exchange they're bought on as they come off the table either way.32M trade on SA exchange today. If that's the company buying another chunk of its own shares then I think it's a very positive sign. |
Bit unfair they are only buying in SA, London market makers making money on the arbitrage. |
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