Golden Prospect Precious... Share Discussion Threads

[arbus5000] 23/12/2020 12:51

in that case, Ken, why dont you create your own thread where you and your chums (limited in number as they are as you point out) can admire your own posts? I am sure your pro membership allows you to do this. You can bar any dissent which clearly upsets you and for this i'm very sorry.


Edit: Working for PWC is not an accusation - its an aspiration for many What happened with Enron and Arthur Anderson is historical fact.

[kenmitch] 23/12/2020 12:41

arbus5000

Any fair minded readers will note your unwillingness to apologise for being wrong. Instead you just make new idiotic accusations. There’s no point debating with you further. Your the sort of poster that ruins too many ADVFN threads. Too often on ADVFN it’s the blind leading the blind with quality posts and posters rubbished to such an extent that the threads end up with hundreds of rubbish posts a day, with the quality of the posts matching the lack of quality of that share!

On ADVFN by far the best threads are those with very few posters but where the few that do post are clued up and respectful towards their fellow posters. Needless to add you haven’t appeared in any of those!

[rougepierre] 23/12/2020 11:54

I was delighted to pile into the collapsing sub shares and pay the call...people were clearly dumping them willy nilly...

As a result we now hold 500,000 at an average of 49.5p a discount of 18% to yesterday's NAV was 65.57...

Best diverse, safe, leveraged gold/silver play going IMO...

PS We also hold HOC, PAA, ADT1 and SOLG, all with silver/gold content...

[arbus5000] 23/12/2020 11:48

it is worth noting that Fincap, according to their website, is an employee owned company.

Many of their key staff are ex-PriceWaterHouseCoopers, who left it since 2000.

In 2000, there was a company in the states called Enron, which collapsed. Its auditors at the time were an outfit called Arthur Anderson (Wikipedia: Big 5). Many of those auditors left and ended up working at PWC. The PR staff at PWC go through great pains to disassociate themselves from Arthur Anderson - after all the majority of PWC staff, and including the ones that remain, have no association with AA, (e.g most new graduates were born after 2000.)

[ultrasharp] 23/12/2020 11:09

Jordan Roy Burne has called it correct so far, so I'm pretty confident his bullish forecast for gold is correct!

[arbus5000] 23/12/2020 10:56

i am in awe in your wealth of experience in this matter.

My mistake is taking the term 'Trustee' and reference to transparancy & regulation literally.

Yours is rambling about your personal experiences, without contributing any new information, except that what is gleaned from hindsight, which is 20-20- and then claiming you were right all along. This is in addition to your disclaimer earlier that implied anything can happen - which is exactly what happened ;)

I am sure your chum, Ultrasharp will weigh in shortly - quite clearly both of you have a premium membership, so you can down-vote posts that don't subscribe to your world view.

[kenmitch] 23/12/2020 09:34

“Professionally I come from the institutional side.”

arbus500. IF that’s true then why is your understanding about the trustee so poor?

I DID warn several times about the risks of leaving it to the trustee.

e.g post 66 on 23rd October, 144 on 22nd Nov and 176 on 25th November, as well as posts earlier than those.

EDIT.

In earlier posts I gave specific examples. E.g a trustee failing to exercise even though the share price was well above the exercise price.But also how when I risked the trustee with Vietnam Holdings warrants, the trustee got a much higher price than if I had let them lapse. So my posts were balanced throughout and gave the pros and cons of risking the trustee route.

At no time did I post to claim the opposite, as you wrongly claimed!.

Best to check facts before making your inaccurate accusations?

Your comment to Ultrasharp sums you up. His comments were spot on too. You simply do not understand what the role of the trustee is when looking to exercise lapsed warrants or subscription shares.

It’s a shame that sometimes on ADVFN bbs some posters can’t distinguish between incompetent posters and those who aren’t and so take more notice of people like you.

[ultrasharp] 22/12/2020 21:57

Spot on kenmitch. It's all very well for Noirua to boast that he got a far better price, but the trustees have an awful lot of shares to dispose of, far, far, more than Noirua. He could also take the risk that the GPM price would increase and not fall, whereas the trustees couldn't since their remit was to get the money for GPM, not ex GPSS holders as you stated kenmitch. The trustees were always likely to sell the lot ASAP. Selling such a lot of shares on the market would crash the price. So you have to make them as an attractive proposition as possible for an institution to want to buy them, hence the discount to the then current share price

[kenmitch] 22/12/2020 21:23

I posted several times about the risks of letting the subs lapse and risking the trustee. The job of the trustee is NOT to try and get the best price possible for sub share holders. It is simply to exercise the subs so that GPM get the cash. So they did the job for GPM. And the trustee will not hang around hoping for a higher share price when the share price is dangerously close to the exercise price, because the share might fall below the exercise price and then the trustee would be unable to exercise and the Trust would lose out on £millions. So the trustee will jump at any opportunity to exercise.

Also because so many shares are involved it is not unusual for the trustee to exercise well below the share sell price at the time. That too was explained here in advance. And hence the advice to exercise as many as the investor could afford to.

[arbus5000] 22/12/2020 20:00

you did well with the information you had.

Professionally, I come from the institutional side. From experience, an invitation like this will be amongst the 100 of daily emails. It takes time to complete due diligence process and pass the internal investment committee process, especially if told there a whole month to do so, which was what was communicated in advance.

Even as a private investor, it would take time to complete the process to be a professional one for the purposes of participating in the auction.

There may be flexibility, but these seemed to have been auction at the blink of an eye, to the lowest bidder, after Nov 30. Very lucky indeed.

[noirua] 22/12/2020 19:20

Sorry to see what seems to have happened with the GPSS shares not converted by holders. The appointed Trustee appears to have spent little time getting a good price for GPSS shareholders and GPM have stood doing nothing and just lapping up the 46.14p.

All my converted 40,000 shares were sold in the last five days at an average of around 53.5p.
That makes 53.5p - 46.14p = 7.36p. Still works out at a loss of nearly 4p a share so not a time to celebrate.

How I managed 7.36p as a complete amateur and the Trustees less than 0.1p as professionals makes a mockery of everything that is good and fair. May also raise a few question marks over at GPM themselves.

[12string] 22/12/2020 18:22

To avoid the spread and costs (and risk) of selling such a large number of shares on the open market, the trustee found institutions that were willing to engage in a private share placing. At least the trust got the extra cash and as a result has been able to enlarge its portfolio to the full extent. The trustee obviously played it safe. The lucky institutions took up the offer that GPSS holders decided to pass on.

Seems fair to me.

[arbus5000] 22/12/2020 12:05

mine were credited with the payment date yesterday (21st)

selling them at 46, when the market price was around 50p would imply all in costs of 8%. The cost of the early sale at 46, when the average to date is around 52.5 implies costs of around 12%.

Interest rates for unsecured loans is close to 0%, I am quite sure its negative if those loans are collaterised by shares (i.e. GPM) - not sure what the supreme urgency for the sale was. They could have earned money through the negative interest rates, lowering the cost of the exercise.

[steve73] 22/12/2020 11:59

I had some at just under 0.01p per lapsed SS.. credited to my account on the 18th...edited.

[arbus5000] 22/12/2020 11:49

"Golden Prospect Precious Metals Limited announces that further to the announcement on 2 December 2020, the Subscription Trustee has exercised all of the 10,336,782 outstanding Subscription Share Rights (the "Rump"). The ordinary shares of 0.01p each in the capital of the Company ("Ordinary Shares") that arose from the exercise of the Rump have been sold by finnCap Limited by way of a secondary market placing, raising total net proceeds for the Company of £4.77 million."


4.77 / 10 = 46 p per share.


how could they have done this on 2nd nov when the prevailing market price was >49p.

[arbus5000] 22/12/2020 11:38

i got some payments from the rump shares coming through. not really sure what for, they are coming it at approx <0.00001 per lapsed GPSS share.

[1jbrisky] 19/12/2020 23:59

Noirua
Not at all, just pointing out that at a similar stage in a previous gold bull run that the price of gold rose 29 fold from 1950 to 1980 ie £12.40 to £358 per ounce. Just a rhetorical question asking if gold may do the same again. No need to go looking for a specific micro cap. The whole article is simply suggesting that currently being invested in GPM is a good place to be if history repeats itself.

[noirua] 19/12/2020 15:41

I'm very uncertain about the comment mentioning 29 baggers. It means investing in a micro-cap to achieve that, except in the case of Tesla. It also supposes guesstimates on the gold price to be right.

[arbus5000] 18/12/2020 11:28

the trust does have an overdraft facility up to 20% of assets which it can and does use to pick up holdings when needed.

[king_baller] 18/12/2020 10:53

There’s too many opportunities currently in precious metals miners to be wasting capital on a share buy back IMO. It’s taking away leverage. As seen in August, when gold is all the rage, the discount will close, and it will turn to a premium again. I struggle to believe that when GDXJ is 100 usd (in 2-3 months) that this will be at a discount.