Golden Prospect Precious... Share Price (GPSS)

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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
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  0.00 0.0% 0.65 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
0.10 1.20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
 
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.65 GBX

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26/11/202013:18Golden Prospect Precious Metals Sub shares534

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Posted at 03/2/2023 08:20 by 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 0.65p.
Golden Prospect Precious Metals Limited has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 0p while the 1 year low share price is currently 0p.
There are currently 0 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Golden Prospect Precious Metals Limited is £0.
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Posted at 15/11/2020 20:46 by 12string
I can't see GPM share price falling below 46. There would have to be serious weakness in gold and thereby the GPM NAV. But say it does and the share price drops to 46 before 26/11 ... that'll surely mean GPSS are worthless and many GPSS shareholders will decide not to convert. That will reduce the dilution impact.

Dilution is a function of GPM's NAV and the % of GPSS shares that are converted. If either fall to zero, the NAV of GPM after 30/11 will be the same as it was on 29/11.

I'm of the view that the sell off of GPM shares (evidence by the large discount to GPSS NAV) is already overdone and that we'll see a bounce in GPM during December.

If GPM drops to 46 before 26/11, and GPM's NAV remains at current levels, we could see a huge bounce in early December.

This share price action seems all about fear of the unknown surrounding conversion day.
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Posted at 03/11/2020 18:36 by richjp
I have just checked and I have not seen anything misleading from HL, although I have only been a shareholder since mid July.

I thought yesterday's email was excellent, in explaining what the options are and making it easy to take the appropriate action. I have cut and pasted it below as it might be of interest to those who hold through other brokers.


Golden Prospect Precious Metals Ltd - Final Exercise Opportunity

Your holding of 115,000 Subscription Shares in your Stocks & Shares ISA



What is happening?



Golden Prospect Precious Metals Ltd have announced the next opportunity to convert Golden Prospect Precious Metals Ltd Subscription Shares into Ordinary Shares. Each Subscription Share gives its holder the right to convert into one Ordinary Share of the Company. A holder wishing to convert a Subscription Share into an Ordinary Share will be required to pay the Conversion Price in order to do so. The Conversion Price at this opportunity is 46.14p per Subscription Share. This is your final opportunity to exercise your Subscription Shares.



What are my options?



Option 1 - Do nothing. If you do not return an instruction by the deadline of noon on Thursday 26 November 2020 your Subscription Shares will lapse and be removed from your portfolio. If a Lapsed Subscription Share Cash Payment is made it will be credited to your Account upon receipt.



Option 2 - You can exercise your Subscription Shares in full or in part. Each Subscription Share may be used to purchase one Ordinary Share at a price of 46.14p per Share. You may therefore purchase up to 115,000 Ordinary Shares at a cost of £ 53,061.00. For information purposes only, at the time of writing the Ordinary Shares are trading in the market with a buying price of 55p.



You can give an instruction to exercise your Subscription Shares by clicking on your Stocks & Shares ISA in the ‘My Accounts’ section of our website. Please select the Dark Blue Corporate Actions Icon alongside your Golden Prospect Precious Metals Ltd Subscription Shares and follow the instructions provided. Alternatively you can call us on 0117 900 9000 with your security details to hand. Please read the important information contained in the appendix of this message before giving an election.



Option 3 - You can sell your Subscription Shares. You can sell your Subscription Shares in the market, subject to standard Stockbroking commission rates. If you wish to sell your Subscription Shares you can trade online using the dealing button or over the phone on 0117 980 9800. At the time of writing the Subscription Shares are trading with a selling price of 5.50p.



When do I have to decide by?



Any instruction must be received in this office by noon on Thursday 26 November 2020. If no instruction is received your Subscription Shares will lapse (Option 1).



If you have any queries regarding this matter please contact our Investment Helpdesk on 0117 900 9000. Our Helpdesk staff can provide factual assistance but cannot provide advice about which option you should choose.



Yours sincerely



Samuel Goodhind

Corporate Actions







APPENDIX



QUESTIONS AND ANSWERS



What are Subscription Shares?



A Subscription Share is an investment which gives its holder the right to buy Ordinary Shares in a company at a set price and at a future date. Subscription Shares will have an exercise price. This is the price which you must pay in order to convert a Subscription Share into an Ordinary Share. Sometimes this may be a set price which remains fixed throughout the life of the Subscription Shares, and sometimes it may be a price which increases on specific dates in the future.



Converting Subscription Shares into Ordinary Shares is known as exercising them. Usually one Subscription Share can be exercised to give one Ordinary Share. Subscription Shares are similar to Warrants but have the added feature of being a qualifying ISA investment.



Can I elect for excess Shares?



No, you may only exercise each Subscription Share once and purchase one Share for each Subscription Share held.



Can I exercise my Subscription Shares in a different Hargreaves Lansdown Account?



You must exercise your Subscription Shares within the account that you hold them. The only exception to this is that Subscription Shares held within an ISA may be taken up outside of the ISA either within a Fund & Share Account or in your own name. If you wish to chose this option you must let us know in your instruction.



How do I purchase the Shares on offer?



To do this you must ensure sufficient funds are available in the appropriate Hargreaves Lansdown Capital Account to fund the exercise. You can do this using cash presently held within your portfolio or by arranging for additional funds to be made available.



If you give an instruction to exercise your Subscription Shares we will debit the cash from your Hargreaves Lansdown portfolio shortly after receipt of your instruction. Please ensure sufficient funds are made available when making an election. If sufficient funds are not available we will be unable to process your election and your application may be rejected in full or in part



When will the new Shares be issued?



If you make an election your new Shares will be credited to you on or around 14 December 2020



What will happen if I allow my Subscription Shares to lapse?



The Company will appoint a Trustee to exercise any outstanding Subscription Shares and sell the resulting Ordinary Shares in the market. Any proceeds, less the 46.14p per Share Subscription payment and any other costs incurred, will then be credited to your portfolio. The Trustee will only exercise the outstanding Subscription Shares if they believe that the proceeds from selling the Ordinary Shares will exceed the costs of subscription.



What are the current Share prices of the Ordinary Shares and Subscription Shares?



For your information, the current price of a Golden Prospect Precious Metals Ltd Ordinary Share is 55p to buy and 53.20p to sell and the current price of a Golden Prospect Precious Metals Ltd Subscription Share is 7.50p to buy and 5.50p to sell. It is advisable to check both the current Ordinary Share and Subscription Share prices before taking any action.



IMPORTANT INFORMATION WE ARE REQUIRED TO PROVIDE FOR YOU



The information contained in this message is based on our understanding of the information issued by the company and should not be seen as a recommendation to take any particular course of action. If you are in any doubt as to the suitability of the options or the action you should take you are recommended to contact an Independent Financial Adviser.


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Posted at 30/10/2020 09:45 by kenmitch
ohisay

It’s a distinct possibility. For reasons already explained the share could go to an even bigger discount ahead of expiry. e.g if the subscription shares are exercised, that dilutes existing shareholders and that gets priced in ahead of sub shares expiring. There could continue be more sellers than buyers. Shares in their portfolio could fall further. So obviously there’s a chance the sub shares will expire worthless with the share dropping below 46.14p.

That would mean it would be cheaper to buy GPM in the market so there would be no point sub share holders exercising as it would cost them more than buying at a price below 46.14p in the market. AND the trustee would fail to exercise lapsed subscription shares.

Alternative scenarios?

1. If the subs expire worthless there’s a good chance the share price will go up as there would be no dilution from them being exercised, so NAV would be higher.

2. The gold and silver prices and their portfolio could have a good run very soon. Then the share price should go go up too, and the sub price could go up a lot. (So if thinking this is likely the subs are worth punting now if prepared to risk losing money and possible 100% loss if holding to expiry date).

3. AND if their portfolio has a good run soon, then the subs will not expire worthless, and all remaining ones will get exercised AND the Trust will get £millions of new cash.

None of us can know yet how it will pan out, but if share goes to ever larger discount between now and sub share expiry date, there could be a big bounce early December as it’s very likely the NAV discount will then narrow. That bounce will be even bigger if at the same time their portfolio is performing well again.
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Posted at 28/10/2020 15:29 by 12string
My interpretation of recent/today's share price action...

US stockmarkets are selling off, gold too to cover losses elsewhere. Trump is increasingly being seen as full of BS and rather than turning the corner, the virus is rocketing. That and the likelihood of a Biden victory is destroying (this over-hyped) market confidence.

So far GPM and GPSS NAV's are holding up well, so selling GPM & GPSS is increasing the discount to NAV. Why so much selling? Well, if I was holding GPM, I'd want out before 30 Nov when the NAV will be the same as GPSS. Right now, GMP shares are priced at 11% discount to GPSS NAV. That's a good discount and unless there's a market crash (which will force gold down (briefly), we should disregard the present panic selling of GPSS and GPM and look past the next couple of months.

If anyone is short term trading and are long GPM or GPSS, then I wish you luck!!
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Posted at 18/10/2020 20:37 by 12string
OK, back to the Share Price and what is happening to GPM as well as GPSS:

We've seen the GPM discount to NPV steadily increase from 1% in mid August to 6.5% early Sept to 22.5% now. The NPV has increased, yet GPM share price has fallen.

So it's pretty obvious that in the run up to GPSS conversion (and the issue of 50% more discounted shares @46.14p) GPM investors have been selling in anticipation of the dilution effect on the GPM share price.

The conclusion that I draw from this is that GPM share price, fairly soon after the new shares go live, will return to the discount to NPV that we saw in early September of around 6% when gold was consolidating. This assumes that gold remains supported at around $1900.

In mid-August when gold was rising and above $2000, GPM discount to NPV shrank to 1%.

So projecting forward; once the new shares trading has settled down I'd expect GPM to be trading comfortably above 60p at today's gold prices and significantly higher if gold is starting to move up. That makes buying GPSS at 10p, for those who have the cash to pay up 46.14p/share on 30 Nov, a pretty safe and potentially quite exciting trade.

Odds seem in favour of a Biden election victory, so fiscal stimulus will quickly follow and the expectation of future inflation will increase.
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Posted at 10/10/2020 03:45 by steve73
Providing GPM is above 46.14p on 30th Nov, then the GPSS should all convert, either directly by the holder, or the trustee. In this case there will be just under a 50% dilution in the number of shares. (Just a little less since some of the SS had already converted at one of the previous conversion dates - even though they were "out-of-the-money".)

A full conversion will raise some GBP 12.8 Million for GPM to invest.

On the basis that all the GPM convert, the appropriate NAV to use for GPM is the diluted figures, called GPSS NAV in the daily updates (although it is not actually the NAV of the GPSS).

To get the "NAV" of the GPSS, you need to deduct the cost of conversion from the reported diluted NAV figure.

Friday reported the Thursday NAV (diluted) at 62.69p. GPM closed yesterday at 58p (to buy) which represent a 7.5% discount to the NAV. With GPSS closing at 11p (to buy), it was an even greater discount of 9%.

On Friday most of our stocks on TSX closed significantly higher again, and I estimate that the NAV that will get reported on Monday will be around 64.5p.

If GPM opens on Monday where it closed on Friday this will represent a 10% discount.

If GPSS opens the same, it will be at a 12% discount.

Obviously the NAV is determined by the share price of the companies held, and these will be heavily influenced bu the Gold Price (and the expected futures price).

As others have said as the date for conversion approaches there may be a selling pressure on holders of GPSS who don't have the funds to convert, and with it pressure on GPM also, but with the discount increasing further and the expectation of a sizeable upward move in Gold and Silver prices following the US election (irrespective of who wins) I think the present time represents a ideal buying opportunity (for either GPM or the SS - providing you intend to convert).

I am expecting the MM's to widen the spread of the GPSS a little (already at a large 20%), to discourage selling, but as the conversion date gets closer I doubt they would want to end up short (if there is good money to be made by being long), and will probably need to try to balance their books.
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Posted at 11/8/2020 12:27 by greenrichard
NAV not too bad considering although it won't take into account today's potential losses. Even if 5% off NAV that would still be diluted NAV of 60.75p

So GPSS share price of 15p mid is about fair value atm.

Looking to buy more once the gold and silver price settles and looks like moving back up.
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Posted at 13/7/2020 08:51 by 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.
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Posted at 28/6/2020 13:42 by 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:-

https://ncim.co.uk/wp/wp-content/uploads/2017/11/Listing-Document-GPM-Final-28-11-17.pdf

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.
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Posted at 05/6/2020 15:09 by papillon
I don't know what is holding the GPSS share price up at the current 5.75p, but the gold price is currently falling off a cliff. Highly Geared must be a worried man, unless he's already sold!
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