We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gippsland | LSE:GIP | London | Ordinary Share | AU000000GIP1 | ORD SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.125 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
16/8/2011 07:58 | result of placing ... | marksnsparkle | |
11/8/2011 16:21 | I was intending to take up my allotment but found myself short of A$ and distinctly shaken by the market. I should imagine that Mr. Gandel will find, for better or worse, that he ends up with most of the new shares. | varies | |
11/8/2011 09:45 | next Tuesday we get an update on the placement ... i.e. notification to ASX on shortfall of shares I am assuming that despite the stock market turmoil the placing has gone ahead | marksnsparkle | |
03/8/2011 13:58 | Very much so MS. You can be sure this cr--k Gandel has not changed for the better. | joan of arc | |
03/8/2011 12:46 | Good news timed for the day after the rights issue has closed ... a bit sneaky | marksnsparkle | |
03/8/2011 07:36 | shame its on a bad day to bury good news (-; | hiijinx | |
03/8/2011 06:44 | Finally - some actual mining is in motion!! | chipperfrd | |
01/8/2011 13:55 | JoA, Generally, these sorts of NPVs are relatively conservative estimates of actual forward value. It more often than not becomes a case of how big the premium to NPV is applied to a stock/project. Basically, the Sn price would need to halve to get back to the current share price The IRR is insensitive to shares issued. It is purely based on the project cash flows after costs compared to the CAPEX required to finance the project. Where the equity comes in would be at the rolling EPS level - which looks pretty good on my LoM model. Frankly, the Heemskirk project might well attract a buy-out anyway as it is at pretty good grades and offers substantial potential for expansion. I am quite tempted to grab a holding in Stellar itself given the fundamentals for tin. On the downside, costs in Oz are rising with their A$ and inflation. As Tin is marketed in US$ we have to be careful of the narrowing margins that will occur because of those rising costs in A$. However, in terms of GP£ we will benefit from rising Oz equity prices - so it is a bit of a trade-off! If it gets to a feasibility study then there may well be an offtake agreement with funding linked to a tin pricing agreement (sort of forward sales/hedging set up). This might well be an issue if A$ costs rise against fixed production revenues - but this is all some way off. Chip | chipperfrd | |
01/8/2011 13:40 | Thanks for the trouble chip. What NPV would take you back to the current share price and how sensitive is your IRR to a much larger Equity %? | joan of arc | |
01/8/2011 11:16 | JoA, Re Heemskirk: Using figures from scoping study, ie - Mine life ~ 7.6 years - Mining dilution ~ 15% - ROM grade ~ 0.93% - Treatment rate ~ 600ktpa - Recovery ~ 70% - Concentrate grade ~ 50% - Tin in concentrate ~ 3,906tpa - Tin price US$29,000/t (less 10% for smelting) - FOREX £/$ ~ 1.6 - OP cash costs ~ US$12,780/t tin - CAPEX ~ US$108m I have done a NPV based on (10%) discounted cash flows over LoM using the above figures for production estimates. With tin price flat over LoM the NPV(10) is c. US$79.5m @ 30% IRR for the entire project. Assuming GIP's attributable drops to 30% under the Stellar execution of their option, then GIP's share of the NPV is US$23.8m. This is equivalent to 2.95p (A$ 4.43c) after tax. The pretax NPV of the project is c. US$155m. Applying a 5% CAGR to the tin price over the LoM the GIP share rises to c. 7.47p using the total shares after current rights issue. Both Stellar and GIP are small cap stocks so raising the US$108m CAPEX will need to be pre-dominantly via bank debt or with an alliance with a tin off-taker. Although there will almost certainly be an equity raising as well. If this were to be a 70:30 debt/equity split then GIP's share would be US$9.7m. To check my NPV estimates I have also tried a different approach by working a series of discounts on the current in-situ tin resource (I have ignored the silver, etc). ie. Gross in-situ value ~ US$1,408m GIP's attrib @ 30% ~ US$422m After mining dilution of 15% ~ US$359m After process recovery of 70% ~ US$251m Potential profit @ 20% of revenue ~ US$50m This works out at c. 3.9p/share after rights issue. Stellar are likely to increase the overall resource as they have yet to drill at lower levels. However, at c. 30% IRR the project already looks pretty good. GIP have a 40% free carry up until a feasibility study and must also arrange financing for 50% of GIP's share of development costs once a FS stage is reached. So GIP has no current ongoing commitment and can focus it's meagre resources on Abu Dabab Ta and alluvial tin. Clearly a risk given recent BoD shenanigans - but there would appear to be real underlying value (to me) even without the potentially much much larger Ta project. Gandel is under-writing the rights issue so will almost certainly have a larger stake once the dust has settled. However, to move either of the projects forward he will need substantial backing from banks and the market so I consider the risk of the company being taken private is limited. With the amount of 'skin' he will have in this stock his interests will be aligned with shareholders whether he likes it or not. Given all of the above I have decided to take up rights (be it on my own head!). Regards Chip | chipperfrd | |
01/8/2011 09:49 | Chipper, show us your figures, please. Do they allow sufficient for funding or certain further dilution? | joan of arc | |
30/7/2011 10:58 | My broker has emailed to inform me that the option to take part in the rights issue is open until 12:00 Tuesday. I have done some numbers on the Heemskirk project and estimate it should be worth at least twice the current mkt cap of GIP on it's own. I understand the risks in this share and have no confidence in the BoD but I am minded to take up my rights just to deny Gandel my particular share of the rights. Probably biting of my nose to spite my face - but whatever!! Chip | chipperfrd | |
27/7/2011 12:19 | Here is the link to the latest announcement. | chipperfrd | |
27/7/2011 08:57 | I sold out some time ago but received an email from there site with drilling results today. Worth signing up for if you are still interested in these. | yangou | |
27/7/2011 08:00 | I don't know whether to sell my holding or keep. What are you guys doing? They've lost 40% in value this year...and I'm losing faith in management. Why should investors keep hold of them? | pallys | |
22/7/2011 11:19 | Minor point on page 61. If Gandel gains effective control of the company he states that his current intentions are not to redeploy any of "the fixed assets of the company". That's okay then - he can only help himself to all the cash and any other current assets, like before!! Oh, and it is only his "current" intention, so in a year's time, say, all bets are off again. I mean he is not committing to Jack sh-t. | joan of arc | |
22/7/2011 10:37 | Supplementary prospectus ... | marksnsparkle | |
15/7/2011 13:22 | Rights Issue Timetable Corrections ... | marksnsparkle | |
15/7/2011 10:47 | Well done Gandel. Now you've got the price down to 2.7c you can mop all the rights that no one wants. Next step will be to take the company private and make the shares totally worthless - the final coup de grace!! | joan of arc | |
12/7/2011 13:01 | $5 Million fund-raising to be done at 2.7 cents, offer is open to all shareholders and will be underwritten by Gandel ... Announcement ... 71 Page Prospectus ... Appendix 3B | marksnsparkle | |
09/7/2011 15:24 | JoA - it was released at 1pm on Friday. | chipperfrd | |
09/7/2011 10:41 | Joan of Arc .. don't no, but I think they usually release news after the close to keep the playing field level for there UK shareholders | marksnsparkle | |
09/7/2011 10:11 | We have indeed been here before. This is a very slow striptease with a tired model whose postures have ceased to titillate even the most susceptible punter. Leave the room now and you might miss something. Or you might not. | varies | |
08/7/2011 23:11 | Well spotted MS. Do you know if this came out after the Aussie market closed or is the market just ignoring this? | joan of arc | |
08/7/2011 19:37 | Independent Calculation of Abu Dabbab Project Economics ... Says they are talking to an investment bank and if all goes well financing will be achieved by the end of the year ... its either good news or deja vu | marksnsparkle |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions