Bust and in the hands of private equity just one month after announcing commercial production. Deliberately? |
The only things they missed out of the trading statement were fire and brimstone and ten great plagues. It doesn't say much for Betts' management that Yanfolila has a negative value and Kouroussa is a basket case. The votes should go through now!! |
That chance has gone. This is a proper stitch up and thr RNS today is so transparent. Very sorry for the decent folks here. Frog |
2.7p now in deep jeopardy. |
what a trading update! make it sound as bleak as possible! Once in private hands the turnaround will be rapid me thinks! |
goldgeezer. Don't think Kenny is invested here but I guess you are? |
How much are you down here Kenny. It's very upsetting to see your losses all over the boards. Keep quiet if I was you. |
kennyp52 Even worse is Infinity888 who told us all proudly that he holds 2 MILLION shares (post14456) av. 15 p and that quote:-
"I have nicely averaged down in time. You are a psycho."
Guess what Infinity? The psycho was right. |
Plat Hunter’s last post ..
Plat Hunter - 07 Nov 2024 - 10:07:54 - 15434 of 15482 Hummingbird Resources (moderated) - HUM
Taking losses comes with experience chesty. you either have cut or trade your averages down to reduces your losses over time... The latter requires knowing how long you have and sticking to it religiously.
I do hope he is ok … sounds like he kept buying into this mess 🤷a94;️ |
1knocker. I also foolishly held on "in case it came good." This is now under investigation and although the investigators need to "hold their cards close to their chests" things are progressing. I believe the "decent assets" situation to be correct but where the assets were allocated is under now scrutiny. IMO all is not lost. |
 I regard anything i get from this as a bonus, so I am delighted with the takeover. I am barely going to notice the addition to my cash account, but something is better than nothing.
Fortunately, have only a very small holding left. I bought years ago (at 36p, dear god!). That was intended as a starter holding, but happily I never added. The price I got when I sold over half that holding seemed like kick in the teeth at he time, but looks like riches now.
I hung on to a few just in case it came good. There did seem to be decent assets there. A triumph of misplaced hope over experience.
My commiserations to those who have hung on to larger holdings. As for those who have topped up, I think it has been reasonably obvious for a long time that buying was a gamble at very unfavourable odds, so I hope they kept the gamble small.
Anyone who topped up merely to 'average down' deserves all he has suffered. A buy today is neither better nor worse because one bought yesterday at a higher, or lower, price. Every purchase is a separate investment. Nor is there any rule that you have to make back your losses by further purchases of shares in the company on which those losses were made! |
TBTT Exactly!!!!!! |
It is a very interesting question why Coris / Nioko leant so much money to HUM and tolerated Dan Betts' obvious arrogance and incompetence for so long.
If I were the very rich man behind Coris / Nioko I'd be asking if some of my employees hadn't been doing business "under my own roof" (i.e. accepting bribes in return for extending loans). Maybe I lack imagination, but I can't explain Coris's extraordinary toleration of what was clearly business malpractice (at least) for so long. |
sid b In a nutshell, no, they don't. Unfortunately most of the time with these situations disgruntled shareholders try to salvage what they can and accept the lowball offer, rather than identify exactly the reason why this happened. Then they can take the appropriate steps as some are now doing. |
I think you have to vote by 7o'clock. Not much time to cast your vote |
Folks, could you pls share your understanding of Nioko takeover?
Banks are not interested in managing or operating assets. So, their key objective would be to extract value and sell their shares to other institutions or public.
To extract their share of invested sum they will either withdraw dividends or ultimately sell shares at a higher price. In both the situations, the minority shareholders will benefit in the process.
If Nioko is unable to extract the intended value then it could be bcos of 2 reasons - HUM continues it's lacklustre performance under the new leadership or Nioko never intended to extract any value. This whole loan to equity conversion exercise is to show Nioko's shareholders that they are doing something. Then Nioko will simply write off the loans in their books at a later stage. This is not uncommon in African and Asian economies which also is often combined with corruption/bribes paid to top bank officials by crook entrepreneurs.
What in your opinion is happening in Nioko's case. I am interested in the intention of this bank... Do they have any history of orchestrating turnarounds like this?
Thoughts welcome. |
Cinoib From what I hear, the World is changing at last. The case over here about the Ceo of the health insurance company is a good example and the killer is quickly becoming an online folk hero. His actions were in response to a healthcare system that had fallen short. The AIM market is also falling short and recently I read a report "London's AIM market is dying, here's how to fix it."
Just today, I read that Carlos Watson, Ceo and co-founder of Ozy media was sentenced to 10 years in prison for quote:- "securities fraud, defrauding investors and misrepresenting the companies financies." Perhaps in the future investors will be entitled to the protection that they deserve? |
B.T. am pleased I listened too you and bailed out at a loss at 18 or I would be in deep doo doo now. |
And BTW, depending on the outcome, Ceo's and management absolutely can face personal liability in corporate and shareholder derivative litigation. And that isn't just here in the US. |
Cinoib. Through the years, I got into a lot of trouble here for having the balls to ask the questions that everyone else was thinking. I just hope that now the AIM investigation will uncover the truth.
The main question of course, is the fact that (according to the hard evidence trader465 submitted on here) it would appear that over the years, as this was going down, the profits and turnover at Betts Metals in Birmingham were going up. There must be inventory records? But of course there was a fire and everything was destroyed. What a shame. The shareholders would like some answers please AIM? Thank you. |
Bye bye Hum RIP. |
Well, Nioko did make the offer in the end - 2.7p or so it is.
There's still risk here, though less. I reckon 2p tomorrow is "about right". |
16.12.2024 - in order to provide an exit opportunity for Independent Shareholders, ahead of the proposed cancellation, Nioko stated that it would consider announcing a possible offer for the entire issued ordinary share capital of Hummingbird that it does not hold at the Offer Price (the same price as the Debt-to-Equity Conversion).
A real shame to see this go to Nioko when it was so close to the pay day we had waited so long for, but the BOD were unable to turn it around in time, forced into the corner they go into by the mining contractors inability to deliver, time after time and managements inability to get them back on track....
The Group, as of 30.11.2024 has in excess of GBP122.8M of trade and other creditors that are overdue for payment..
Shareholders should be able to exit with their 2.6777 pence a share, better than a full loss, but not at all what we had hoped and invested for.. |
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