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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Hummingbird Resources Plc | HUM | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.025 | 1.15% | 2.20 | 16:35:17 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2.175 | 2.15 | 2.175 | 2.20 | 2.175 |
| Industry Sector |
|---|
| MINING |
| Top Posts |
|---|
Posted at 06/12/2024 15:45 by tigerbythetail In other news, Mail have issued an arrest warrant for Mark Bristow, CEO of Barrick Gold (who have mines in Mali). The shakedown of Western miners in Mali is getting more and more intense.I wonder how much the Mali junta want in "back taxes" from Hummingbird. It's almost certainly more than the mine (Yanfolila) is worth. The Mali military took Resolute for $160m - so I reckon they'll want $50m or so from HUM (HUM mine is much smaller). How this ends? Kouroussa gets sold for about $50m, Coris pocket the cash. Dugbe goes unsold or gets sold for peanuts, Yanfolila gets nationalised. Coris lose over $100m. All HUM's suppliers (esp. Corica) lose a huge amount, many go bust. Equity gets nothing. |
Posted at 05/12/2024 10:06 by tigerbythetail I don't think this saga has much longer to run.Coris have had enough time to complete due diligence already. (It's not as if they don't know HUM well!). So, I don't think Coris are ready to pay $20m to buy out the shares of the minority shareholders. Instead, my guess is that they are looking for a buyer for parts of HUM, and they want to keep it as a going concern whilst those negotiations complete. Hence the PUSU extension. If a buyer fails to emerge this month, then I expect administration in the New Year. Coris have security over the assets, so they'll get a fair proportion of their loans back. It will be really hard on HUM's suppliers. And equity, of course. BT - I'm not sure you can sue directors for simple incompetence. Breach of fiduciary duties, yes. |
Posted at 29/11/2024 09:41 by tigerbythetail Resolute (RSG) RNS out. They've now paid $130m of the $160m shakedown imposed on them by the Mali military junta. They're also being forced to transfer to the much less favourable new mining code for the future - so much for the "stability" agreements that all Western miners signed in Mali!Yanfolila (a smaller operation and nearly worked out), I'm sure, is now a negative liability rather than a positive asset for Hummingbird. Probably the best thing HUM can do is sell it for next to nothing to a local operator in favour with the junta and get out. All told, I wonder if Mali's actions won't set off a wave of resource nationalism in West Africa and other governments won't follow suit. Gold mining makes up a huge proportion of the exports of some of these countries (e.g. Mail - 50%), so it must be a tempting target. On reflection, I'm not at all convinced that HUM will pass Coris's due diligence, and the 2.6p offer will ever be formally made. I think administration. |
Posted at 02/11/2024 18:38 by tigerbythetail Infinity, so you're looking at losses of £120K from here, which are quite likely to crystallise in the next couple of weeks, on top of the losses you presumably have already racked up. Wow! No wonder you're desperate and resort to lies so freely.Don't you get it yet? Your investment is entirely dependent on Coris Bank doing what no bank ever does, and that is make nice to equity when the principal of a loan is in default and at risk. Three side notes: 1. In all these pseudo-calculations about bank debt, people keep neglecting the money that HUM owe to Corica and all their other suppliers. HUM's total liabilities are in fact huge - and basically unpayable. It's carve up time, and Coris have the huge advantage of first charge over the assets. And equity, as always, is at the very end of the queue. 2. Assuming the US election ends with a clear victor, the price of gold can be expected to fall back in the short term. (Not that it really matters to HUM, as they are hedged at a much lower level anyway.) 3. I think there is a misunderstanding about the FCA. HUM shares are traded on AIM. But they are not a "regulated company" as such - that refers to stockbrokers, banks, NOMADs, and other professional bodies connected to the stock market. At least, I think that's right. |
Posted at 01/11/2024 23:51 by trader465 BT a holder here sent me this reply she received from an alleged acquaintance at FCAI've been unable to locate a firm called HUM plc (or Hummingbird Resources Limited), which means they're not authorised by the FCA. If they’re offering particular products or services (known as regulated activities), they would need our authorisation to do so. I’ve also been unable to find an entry on our Official List for HUM plc or Hummingbird Resources Limited. The Official List is a public record of whether a company’s securities are officially listed in the UK Please be aware that if you deal with a firm who aren’t authorised by the FCA, you wouldn’t have any protection in place from the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS) if something went wrong or if this was a scam. We’ll be unable to provide any assistance in recovering your money from an unauthorised firm. I’ve today referred the information you’ve provided to the appropriate teams for their consideration. If they require any further information from you about this, they’ll ask me to contact you again. I hope you will understand that it is often not possible for us to tell people about the outcome of any action we may have taken in response to the information they have provided to us. This is because much of the work we do with firms is covered by legal and policy restrictions on what we can disclose. Your next steps From the information provided , it appears that HUM is listed on the Alternative Investment Market (AIM) at the London Stock Exchange, you may wish to report your concerns to the AIM Regulation Team. I’ve listed their contact details below. Phone: +44 (0)20 7797 4154 Email: aimregulation@london |
Posted at 01/11/2024 22:25 by temujiin RNS 24 Sep 2024 the Group had net debt ofTotal $153.5m Todays RNS end of Q3-2024, Hummingbird held a net bank debt of approximately US$135 million ....in addition, the Company has approximately US$20 million of unsecured debt Total US$155m So HUM have essentially become commercially break evens during Q3, which is the rainy season. This is both a positive and a negative, negative because POG is so high we should have been canning the debt by now, but positive that despite their gold hedge and the rainy season, HUM have stabilised their financial incontinence . Also given Coris and HUM have 'an agreement on the wider restructuring being concluded on or before 6 November 2024', then imo, HUM have 'probably' reached a turning point. It could finally be the right time to buy. |
Posted at 11/10/2024 14:06 by tigerbythetail If Coris want HUM all they need to do is call in the debt, not buy out existing shareholders. HUM are hopelessly insolvent.I suspect that the only reason Coris have not done this yet is because they are tring to sell off the three assets (Dugbe, Kouroussa, and Yafolila) to separate buyers. Either way, they'll never raise enough money from those sales to cover all HUM's liabilities PLUS leave something for the shareholders here. The truth is 6p is a high price for these shares, not a low one. In the cold light of day equity is highly likely worthless here. HUM is BUST. |
Posted at 27/9/2024 14:01 by tigerbythetail The rumour I'd expect to hear is that HUM is being marketed - either entire, or its assets (all of them!) separately.A sales process is the quickest way for Coris to get back most of the money that have loaned to HUM. (Of course shareholders will get nothing - HUM will be sold for less than the total value of its debts. We know the price for Dugbe (c. $35m to HUM), and given political risk in Mali, Yanfolia will go for very little ($20m?). That leaves Kouroussa, whose value is highly questionable, given its troubles so far. The change in management will be to dress up the assets for sale. As said, HUM's debts have some value - I'd reckon 50p in the pound. Its equity doesn't. It's over. I only wonder how long will it take PIs to realise this? |
Posted at 17/9/2024 10:38 by tigerbythetail It's delusional to think the buyer is HUM. Or that Coris Bank are ready to extend them new money when they have already cut them off from increased funding.Remember, HUM are facing a deadline of 30th September for repayment of the "extra" loan taken out earlier this year. And how hard Corica are paroling given the massive debt HUM owe them is an open question. All that said, I'll admit to being mystified by the placing over at Pasofino. I can only assume that it is to allow insiders to somehow enrich themselves at the expense of outsiders / ordinary shareholders. As for HUM, its take from the sale will likely be around $35m when all deal expenses are paid, with payment sometime in the first half of next year, if all goes well, and the buyer doesn't back out for some reason. This is not bad news for HUM, but it doesn't solve their immediate pressing need for working capital. |
Posted at 16/9/2024 18:02 by tigerbythetail Pasofino sign provisional sale agreement for Dugbe (subject to further due diligence) for $75m to unnamed bidder.The deal won't be completed until end of year, maybe early next year, so it doesn't provide relief from the current cash crisis at HUM. And it's not clear how the money (53%) will flow back from Pasofino to HUM yet, either, or the tax situation. Also, I'm puzzled why Pasofino are releasing this info now in order that a placing may take place over there - it seems a bit odd. The deal is for a bit more than I expected, but multiples less than the rampers were pitching (of course). Still, it is mildly good news for HUM and Coris Bank will be pleased. I still think HUM will need a placing of their own by the end of the month (Coris Bank deadline). This news should help to get that away. Should I point out that HUM spent far more than $75m on Dugbe, without even considering the lost opportunity cost of the money? Nah... |
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