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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Glencar | GEX | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 8.88 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 8.88 | 8.88 |
| Top Posts |
|---|
Posted at 11/11/2011 15:49 by 1waving Would have been major if done as GF have, however GEX would have gone for start small and build from income generated, with probably an open pit Komama East as the initial producer. Still very costly though. |
Posted at 11/11/2011 06:58 by bongo bwana Just a thought ......what would have been the cost of this to GEX?What would have been the impact on SP? Highly dilutive, most likely. |
Posted at 06/9/2011 22:45 by serpicouk Unfortunately GEX was a talented exploration company...but that was all.The management simply didn't know what to do with what it found. They thought getting into bed with a predator was the answer. Big mistake (for the GEX share holders anyway). I note Hugh was giving lectures earlier in the year on 'The Exploration History of a Gold deposit in Mali'. I'm sure he was patting himself on the back for all the sterling exploration work he conducted...with GEX shareholder money...for the ultimate benefit of GF shareholders. Anyway...for those that care it looks like Hugh is currently 'MD' of Ghalu Limited. I assume this is just him freelancing his 'talents'. If anyone wants to know more about gold deposits in Mali you can contact him at hugh@ghalu.com. Or may be catch one of his future lectures for the Irish Association for Economic Geology. |
Posted at 06/5/2011 10:09 by share_shark Thank you 1waving. You can bet your bottom dollar that the GEX, CEO and other directors are sitting pretty working for..???. |
Posted at 13/4/2011 09:47 by bongo bwana Many thanks for this update 1W.I always look forward to these even if they leave me grinding my teeth and ready for a doctors prescription LOL. Its enough to drive a man to drink and then some. What possessed GEX to surrender their position so cheaply!!!!!! I wonder are Hugh Mc and Kieran H working for GF now ????? |
Posted at 03/12/2010 10:19 by bongo bwana Proceed and ask our guru the question.If special dividend is declared then 90p + value of divi say by end Dec. May hold until end Jan but am looking at adding to Chinese cement firm holdings around that time. Have sold IQE and put proceeds into MOS. Intentions remain firm on T. |
Posted at 05/11/2010 16:37 by 1waving Seems we've both done well following GEX takeover.I quite like AAU and will probably top up when appropriate. Has been a slow burner, probably because of CEO having set the targets very low, but will come very good and should be multiples of where it is now in 18 months or even less. Have taken a critical stance on the CEO as he does set the bar low and I think they can achieve more with a little prodding from shareholders -- or a straightforward kick in the derriere ! Solid company, which with a little more dynamism could move very sharply. Like the JV with EGU, both the copper/gold and gold prospects look to have great potential. Results from drilling there by end of year hopefully. Would like to see the finders, Hugh Mc and Kieran H, in another project again, but as you say, it does need to be with someone with business nous. |
Posted at 05/11/2010 16:18 by bongo bwana I lashed a few ££££ into AAU, and right now it seems they are going in the opposite direction to the one I expected LOL. I remember this place well - with GEX. Im sure it will be grand in the LT and in the meantime I will probably add.1W you made me think there with what did I do with my GEX cash. I put it into PRE and that performed well before TO. Soon I will have a bucket of 'free' shares in a firm called Clontarf Energy. But the funds from this TO were put into WCC and they were sold recently for a very handsome sum which was taken out of the market and used for other purposes. So, in many ways the GEX TO didnt do me that much harm at all but its nice to vent some steam, every once in a while. The current global gold market/scene is scary. I agree with you 100% that if a mining/exploration company's management/BOD has demonstrable and appropriate skill sets then shareholders are most likely to enjoy a good return on their capital. If Hugh Mc and Kieran H though about setting up a small explorer Id be in there with them pronto but Im much more aware of their business shortcomings and i beleive that they would have to address these with the recruitment of an entrepreunarial go getter to balance the talents out. |
Posted at 05/11/2010 15:44 by 1waving Maybe at the time with a poor takeout price but have done very well from the cash out of GEX. GKP and VGM were the two main places cash from here went -- so not really that painful !! Been on the look out for unloved at the moment earlier stage gold explorers but so many have shot up recently. A bit of patience may see one or two retrace -- any suggestions ?? Have looked at CNR, TPJ, GGP, SRB and quite a few others. |
Posted at 30/6/2009 14:17 by bongo bwana The AGM which commenced at 11.30am was held in the 'Elgin Suite' of the Burlington Hotel, Dublin. Music from nearby music school exams filtered into the Suite without disrupting proceedings.All the Executive and non executive officers with the exception of William Cummins (apologies received) were present. The atmosphere was cordial but tinged with a degree of tension as one would expect in the circumstances. It emerged during the course of pre commencement meetings that GEX officers found themselves dealing with the MacQ issues at a time when they would have been better deployed advancing shareholders interests in Mali and specifically Solona/Komana. It was clear that the manner of MacQ's move had discomforted them. So, in this circumstance the GEX officers were understandably, not as available to the author as they had been during previous AGM's. This was the best attended AGM I have been present at since the pre Wassa days given the media attention to MacQ's strategy it was hardly surprising. The last time GEX found itself facing a contentious issue at the AGM Sean Finlay provided a tour de force performance as Chairman of the meeting and occupied a central position at the front table curiously this time the Chairman occupied a wide position at the front table. The Chairman opened the meeting and quickly advised of the RNS text released that morning as it had implications for the conduct of the AGM. This was followed by a statement from Philip O'Quigley who referred to his service for 12 years as a director of the firm which included the sale of Wassa for the banks. He drew attention to the foresight and vision of HMc who had led GEX to the 'exciting portfolio of projects' and the 'really exciting Komana project'. POQ proceeded to advise that had the Komana deal been completed at a time when the market was in a bullish phase it would have been greeted as one of the greatest 'history making' deals ever to have been completed by a junior explorer. The Komana deal was 'hugely beneficial to GEX shareholders'. The meeting proceeded to deal with the official business of the AGM. The motions to reappoint Sean Finlay and Kieran Harrington were passed with proxies 2:1 in favour. A representative of MacQ's was present and made contending proposals to the reappointments (in the event of SF and or KH not been renewed) and requested that a poll be held. Subsequently, the Chairman enquired from the MacQ rep. to consider that having regard to the votes in favour of the reappointments did they wish to proceed with the proposal? The rep requested a period of time to consider this and it was granted. Within minutes the mannerly gentleman advised that ' in view of the proxies cast we will forego show of hands'. Other motions dealing with authority to fix remuneration, increase the Authorised share capital, directors authority to issue share capital. Consideration of Motion No. 6 was suspended as it was considered that it required the holding of an EGM. The meeting advanced to the CEO's presentation which reflected the content of the Annual Report but also supported the presentation with a considerable amount of technical data on the Sankarani and Yanfolila projects a lot of which is available on the GEX web site. HMc advised that GEX currently has 3200 shareholders most of which are based in the UK. Institutions currently hold 45% of the Issued Share Capital. The major holders include Goldfields with 9.1%, MacQ's with 6.9%, CDC [a London based investment firm] with 6.5% and JP Morgan with 4.2%. GEX currently holds 1,250sq. kilometres under license and this will be added to within a short period of time. Komana West has area of high magnetic intensity possibly 43km in length with 2 sheer structures present. Reference was made to SRK's resource measurement at 1gram cut off = 1.25million at 1.69gm average. Komana West ad depth is producing extraordinary grades with one drill achieving 733grams/tonne while Komana East contains 1600metres of exciting grades closer to surface. The CEO displayed slides which presented models of the KW and KE ore zones prepared by SRK "additional drilling completed will add significantly to ounces". Drilling at Kama has revealed high grades close to surface but its inconsistent while Gomka produced 15m @2.5grams which is very respectable. The CEO invited Kieran Harrington to present the next phase of the presentation which related to Solona which is adjacent to Komana. The Solona license area could be a stand alone project or assimilated into what will be the Komana mine. 9400m RAB drilling completed to date at 3 target areas RAB is early phase drilling and significant mineralisation has been encountered with 4m at 155g/tonne an example. Spectacular grades have been encountered at each target. Complex geology with cores persistently mineralised and providing chemical/periodic element evidence of the presence of gold. The Solona results are quiet encouraging. The CEO advised that the deal with Goldfields was not yet finalised but had advanced to the late stages. Readers will be familiar with the details of same and they and the details of the drilling programme results to date on the GEX web site are well worth familiarising ones self with. 5 Licenses are held and more are on the way. Other projects are under consideration some in Mali and elsewhere in the not too distant future. Detailed reference was made of the excellent relationship GEX has with Central and local government authority's who are aware of GEX's expenditure of 16m to date and its development of key community relationships with 7 village settlements in the area. On completion of the presentation the CEO invited questions from the floor. The following are the CEO's responses: Komana, where continuity of the orebody between East and West is not expected may contain 2 pits. It is likely that the processing plant will be located in Komana East but deep drilling at Komana W may reveal added resources and this may alter the decision on the proposed location of the processing plant. The $32million funding provided by GF is likely to bring project through feasibility study phase. GF seeking to establish 2.5million ounces. GF's intention is to provide 100% of $200million development cost [ GF has right to decline putting up in certain circumstances ] leaving GEX with 30% of project. Currently heading to feasibility study by end 2010 and end 2011 commencement of production. The Sankarani JV is a separate agreement from Komana and Solona and is now managed by GF. When it comes to building a mine there GF will provide and they cannot decline to. GEX will have 30% of producing mine. GF like our licenses in Mali which will be one of the locations for a restructuring Goldfields Corporation world wide operation. Good corporate relationships exist between Goldfields and Glencar. So, why is the price of GEX paper merely at 4.5p? Probably because JP Morgan have been selling and a jaundiced MacQ's cant have helped market sentiment. |
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