Share Name Share Symbol Market Type Share ISIN Share Description
Golden Prospect Precious Metals Limited LSE:GPSS London Ordinary Share GG00BD05Z551 SUB SHS NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 14.50 182,798 15:04:08
Bid Price Offer Price High Price Low Price Open Price
14.00 15.00 15.00 14.50 15.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Last Trade Time Trade Type Trade Size Trade Price Currency
16:26:18 O 7,812 14.00 GBX

Golden Prospect Precious... (GPSS) Latest News

Golden Prospect Precious... News

Date Time Source Headline
10/7/202014:06UKREGGolden Prospect Prec.Met - GPSS Second Price Monitoring Extn
10/7/202014:00UKREGGolden Prospect Prec.Met - GPSS Price Monitoring Extension
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Golden Prospect Precious... (GPSS) Discussions and Chat

Golden Prospect Precious... Forums and Chat

Date Time Title Posts
22/9/202014:47Golden Prospect Precious Metals Sub shares437

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Golden Prospect Precious... Daily Update: Golden Prospect Precious Metals Limited is listed in the sector of the London Stock Exchange with ticker GPSS. The last closing price for Golden Prospect Precious... was 14.50p.
Golden Prospect Precious Metals Limited has a 4 week average price of 14.30p and a 12 week average price of 6.25p.
The 1 year high share price is 25.70p while the 1 year low share price is currently 1.45p.
There are currently 0 shares in issue and the average daily traded volume is 221,102 shares. The market capitalisation of Golden Prospect Precious Metals Limited is £0.
kenmitch: Yes; worth 21p but idiotic though it is, in the past it was quite common for sub shares well in the money to trade at a discount, and unfortunately GPSS is doing the same and so could well continue to trade at a discount. Which means technically they are at a bargain price, and they will continue to outperform the share by some margin, both up and down. Hope share price gains continue to get GPSS in to the 20s.
greenrichard: It's worth following the Top Ten holdings as the GPM/GPSS price mostly lags by a day creating opportunities to buy. I use interactive investor and have the GPM holdings on a watchlist. Most have dual US and Canadian listings so have added both as unsure at to which GPM hold. The other thing that has helped us marginally in the last few months has been the weakness of sterling to the US and CAD $ as I assume we are affected by currency risk.
kenmitch: Exactly ceaserxzy. Very few know about or understand subscription shares/warrants. That applied even in the days when there were hundreds of warrants with many linked to Investment Trusts. That’s a key reason why sadly there are hardly any left both on shares and Investment Trusts. Hence sunshine Today, there really isn’t much point trying to ramp the case for the sub shares on this and the other thread, as the few who know about them already know! The GPSS will take care of itself and do well IF the share price continues to go up, and GPSS will go back down if the share price goes down, and ramping won’t help the sub share rocket while share price stable or going down. And note, as posted before, and Noirua pointed out again using the example in my earlier post, it is quite likely the subs will stay at a discount and closer to expiry the discount on the sell price could be several pence, with exercising or risking the trustee the way round that.
phoebusav: Not a typo. GPM NAV not GPM share price. Last reported NAV was over 67.33p, which is 21.19p over GPM ex price. Probably over 68p since then so probably only 3 or 4p off your 26p above GPSS ex price. GPSS is below fair value v GPM which itself is below fair value v its NAV. Literally comedy gold.
kenmitch: Could be the subs are lagging because few know about them and that limits new buys to the few that do. I got ticked off on the GPM bb by a poster complaining that posting about the subs there put people off buying the shares. I.e those who don’t know don’t want to. It was always likely the subs would go to a discount once well in the money as that happened so often in the past. The good news is that even if they go to a bigger discount the gains should be larger than for the shares if NAV can keep rising. 70p share price in time now looks well on. Even I’d sub at 5p discount then that would still be 18pmsub sell price and 50% compared with a bit over 10% on the share. And 80p share price could be reached in time. Even if 7p discount by then(and such a big discount is bigger than happened in the past) would give sub price of 26p. And exercising as many as we can afford to does get the full value at the time. Dream on!
kenmitch: Valuing the exact value of the sub shares is simple arithmetic (though made slightly more complicated because of that daft 46.1p exercise price). For ease of understanding round that exercise price up to 47p. So at 47p and lower GPSS will expire worthless BUT can be sold at whatever sell price available up to expiry date. Then from 47p for every penny on the share price the sub share value goes up penny for penny in line. So 48p share price sub worth 1p. 50p sub worth 3p. Current 58p share sell price and sub is worth 11p. The subs can currently be bought for under 11p and with nothing at all extra to pay for the time value left are a stunning bargain IF the share price can keep rising. If share can get to 70p by expiry the subs should double again. They’ve already done that and for some much more than that already for those of us who bought much lower. Note though, that as expiry date nears, the sub share sell price can go to a discount (I.e lower than they are worth) if the market makers don’t want to be left lumbered with a lot. Then the way to get the full value is to exercise as many as we can afford to. I.e use them to switch to the share at a guaranteed 46.14p and then sell the shares exercised to get that profit if not wanting to continue to hold the shares.
phoebusav: I think you have completely misread that Noirua. That section refers to how much you pay for a GPM share not how much you get for a GPSS share. 'A registered holder ... shall have a right ... to subscribe in cash for one Ordinary Share at ... unaudited NAV per Ordinary Share ... on Wednesday, 20 December 2017 ... plus a premium ...' 'Premium - Percentage of Relevant NAV' ... if subscribed on ... 'Last Business Day in November 2020 ... 20%'. On 2017-12-20 NAV was 38.45p so exercise price for one GPM share will be 38.45p + 20% = 46.14p. Value of GPSS share will then in effect be GPM bid price minus 46.14p. Currently that stands at 11.86p. Figures are mentioned here:
kenmitch: Steve73 Yes a trustee will be appointed. The detail is on page 31 of the long 77 page listing document waffle. Here’s the link:- Trustee option is risky. One reason is they are likely to be exercising a lot of lapsed sub shares and might have to exercise them below the quoted sell price and their costs are taken out of it too. Also timing comes in to it too. I haven’t checked the detail but the trustee in the past has usually been given 14 days to exercise. A lot can happen to the share price in that time! They might decide to wait, only for the share price to fall back and if the share price is quite close to the final strike price it could end up with them failing to exercise at all if their costs outweigh the remaining value. They tend only to wait if sub price is on a knife edge; otherwise they do it quickly. The price the trustees get is secondary, as it makes no difference to the Trust at what price they are exercised. So if they are in the money they usually do it as soon as they can. And some trustees have been incompetent including one where luckily I didn’t risk using them where somehow they failed to exercise at all even though the warrants were in the money. I did risk the trustee for the last set of Vietnam Holdings warrants and they got a much better price than at expiry date as the share rose after that. So it’s a gamble and if unwilling to risk the trustee it is best to sell well ahead of expiry date, and as soon as the sub price is going to a discount. One reason the subs can go to a discount is the market makers might not want to be lumbered with them at expiry time. And there’s always the compromise of holders exercising as many as they can afford to, and either risking the trustee for the rest or just selling the rest. Brokers don’t usually charge for exercising for us. And if using the trustee their costs are taken out of the share price. I’m fairly certain all this is accurate, but as sub shares are a rarity now, and it’s several years since I did this, memory might have faded! We can always double check with the Managers at the time.
kenmitch: Excellent post Steve73 and I agree with everything in it. In the past subscription shares have often traded at a discount as expiry date approaches, and that sometimes has applied to the buy price too, with the sell price well below true value. If that happens the best option is to exercise as many as people can afford. Fortunately the GPS exercise price is quite low at 46.14p. So exercising is not off the scale expensive. I.e exercising 20000 GPSS costs under £10k whereas exercising 20000 where the share price is £10 as has been the case in the past is not on for most investors.. Then the only choice was to sell the subs ahead of expiry or let them lapse and risk the trustee. Agree that GPSS could be great fun in the next few months and good too for GPM with that extra cash for new long as they end up in the money! Btw When assessing the latest NAV discount, the lowest figure they now give each day is imo the one to take note of as that one prices in the small dilution of the subs being exercised.
kenmitch: A 10% share price gain to 55p would mean GPSS are worth just under 9p compared with 7pl to buy now. Exercise price is 46.14p. So don't know how you figured it was 7 times more. 7p is still a bargain price if reasonably confident that share can rise at least 20% to 60p. Then GPSS would be worth nearly 14p if able to exercise at that price. I've explained that sort of thing on the Golden Prospect shares thread.
Golden Prospect Precious... share price data is direct from the London Stock Exchange
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