Griffin Mining Share Discussion Threads

[sageman] 05/7/2018 21:13

Cv - Hmm - Chartered Financial planner. Discretionary wealth manager. You send details of your shareholding to Roger. I will send him mine. He can advise who has more. But what do i know I have been trading for over 40 years.

[roguetreader] 05/7/2018 20:13

UJALB, agreed.

[phillis] 05/7/2018 20:03

Enough Sage

[up just a little bit] 05/7/2018 19:28

Too much muck being slung around. This has the making of a really good BB with the demise of ii i and a plethera of new posters so it's in all our interests to keep it civil. There has been a steady stream of information from many share holders we should try and keep it that way.

[sageman] 05/7/2018 19:27

Phillis,I am Sageman!I am one of the most well known posters on this share over the last decade. The III board is essentially closed. I posted there for over a decade. I hold circa 500,000 shares. The III board was "the" board for this share. The more I read your posts the more I realise that you know little about this company and its' culture which is primarily determined by both the geographic and economic environment in which it operates operates. Actually the more I read your posts the more I realise that you have not got a clue how any business operates!You have yet to pick up on $ and £ differentials and the relevance.

[alangrifbang] 05/7/2018 19:15

Never mind phillis you can call him a liar as you did me!

[alangrifbang] 05/7/2018 19:15

Never mind phillis you can call him a liar as you did me!

[phillis] 05/7/2018 19:04

Roger is a fine fellow but he is but one member of the Board and the Board has yet to meet on the subject of dividends
How come you are so pally with Roger - you only joined on 22 June?

[opodio] 05/7/2018 18:13

not one to hold with tesla under fire

will go under 90p

shoorts incrreaseing

[sageman] 05/7/2018 17:58

Phill,I am not prepared to argue with you. Please ring Roger and thereafter post his comments. I am sorry to say that your suggestion is frankly laughable.

[phillis] 05/7/2018 17:47

We are not talking at cross purposes as far as how the numbers are derived

The cash at Dec 31st is enough on which to run the business
They were so doing with an o/d of 40 million 18 months ago!!!! ( I didn't check the exact number)

Should a dividend be declared in Augut it wouldn't get paid til Sept/Oct
How much cash do you think they will generate in 9 months
The balance sheet needs to work a lot harder whatever the inmate conservatism of the Board


Maybe Usdan will bring some new pressure

[sageman] 05/7/2018 17:38

I think that we are talking at cross purposes. I am very aware how dividends are paid being the MD of a LTD co. GFM operate in an arena of volatile commodity prices. It is very clear from the balance sheet that the net dollar increase in cash was partly from restructuring liabilities. I actually pointed this out to Roger some months back. dollars and pounds are not the same . There is not a cat in hells chance of a £50m dividend pay out in August. GFM will want to give themselves a decent cash cushion just in case of mine accident, Zinc tanking, to pay tax,for mine development, for financial security, to self fund projects.....the list is endless. If you disagree please ring Roger and ask him!

[podgyted] 05/7/2018 17:32

"The management hold more shares than probably any poster here (Roger has just under 1m) and their sole aim is long term shareholder value." (? Wonder how they got them)

I will find this very hard to agree with if no dividends are mentioned with the interim's. At that point it will definitively become a lifestyle company for the directors and all investors should exit.

[sageman] 05/7/2018 16:16

Phill, with respect you need to analyse the accounts more. You need to look at the accounts at 30/6/17. In the first 6 months of last year they made 15.8m net. Also in term of liabilities at 30th June 2017 they had 26m in trade and other payables vs 52m at the end of 2017. I think that the increase in liabilities matches the 26m cash balance!They made a $43m net profit for the whole of last year but you expect a £50m special dividend. If they made a $35m profit in the first half of 2018 (more than double what they made in the same period of last year) you still wouldn't have a hope of a £50m special dividend. GFM are a cash cow but you need to be realistic. This share needs no ramping.

[phillis] 05/7/2018 15:56

they generated $45m cash in the second half and finished with net cash of $26m
yes they have tax to pay in 1st half but they could - if they were to follow CEY's example - distribute all their first half cash generation
All numbers in $US BTW

[sageman] 05/7/2018 15:19

Phill, They eliminated 38m debt in just under 6 months resulting in the December 2017 RNS. They have tax to pay and a JV partner. We are talking June 30th figures. If you are looking for a 50m distribution you will be very disappointed especially since you are talking £ not $!

[phillis] 05/7/2018 14:14

well i think the level of cash build will surprise all
perhaps not the level of distribution...
:-)

[sageman] 05/7/2018 11:44

Phillis, they would never pay a £50m special divi. They will keep the bulk of the cash as a buffer. I don't expect more than £10m divi for the full year which would be circa 5.5p and very attractive to institutions seeking income. Perhaps 2 p now, just a guess.

[phillis] 05/7/2018 11:08

a $50m special divi would be worth more than 25c ps

[sageman] 05/7/2018 10:23

Hi Phill and Cd, you are completely right Phill and GFM did used to have the AGM in the UK. They no longer do so for the reasons that I stated regarding PI's that were sometimes somewhat rude with little understanding of commodity markets and how business operates.

[neville1940] 05/7/2018 10:07

Hi Sageman
Sorry about the confusion Neville is in fact CD from the iii site miss you all so much
Neville/CD

[phillis] 05/7/2018 10:06

sage
the tax issue relates to where the business is run from so Board meetings do not/cannot take place in the UK

[roguetreader] 05/7/2018 09:59

'Visibility' - I'll believe it when I see it, but do not have high hopes. However, will settle for a divi :)

[sageman] 05/7/2018 09:05

Hi Rose, you are correct in what you say. However, at this present time the BOD have different fish to fry including hopefully a dividend payment. I would not expect buy backs until post results . Hi Neville , thanks for your comments. I too miss the likes of CD . I hope he will show up either here or on LSE. I have given up on iii - hopeless. Hi Mad, I agree with you on all counts. I think though that the BOD do the Bermuda meetings to preserve tax status and actually avoid PI's where possible. They took a lot of flack when the share price tanked. PI's couldn't understand that the mine was fine and everything was being developed per expectations but that the BOD can't control world zinc prices! I think though that now we are debt free the BOD have greater confidence at every level. Hopefully we will see greater visibility in future but do not expect an RNS every 5 mins , it will never happen