I see thnaks boderterrier1; I haven't really been monitoring things as I have a small investment only.
So if i DON'T elect to take the cash for the time-being - and the deal goes through etc. - I suppose the end result would be the same. |
What is FSA, Food Standards Agency?
Due to the perceived regulatory failure of the banks after the financial crisis of 2007–2008, the UK government decided to abolish the FSA in 2013. Financial regulation was restructured and regulatory authority was divided into the Financial Conduct Authority and the Prudential Regulation Authority
As a mining company focusing on gold exploration and production, Hummingbird Resources PLC is not engaged in financial services or regulated activities that would require direct registration with the Financial Conduct Authority (FCA). |
I accept that this has been a complete rip-off as BorderTerrier says and it shouldn't be allowed and AIM is a casino etc etc.
However - with only a few hundred quids' worth left at 2.6777p, surely it's better to take the cash and call it a hard lesson learnt? |
One of my brokers IG accepted the offer with out consulting me. The actual decision was wafer thin and if they did it for all their clients without consulting them, they may just have triggered the 90% acceptance. I will be writing to the FSA because even thou IG replaced the shares, my shareholding would be registered as accepting the offer. I know a lot of people accepted the offer to preserve some cash, but at the very least on principle we should all be taking this up with the FSA. Otherwise you will NEVER be able to invest in small companies in AIM safely as we will be open to all and any corporate malfise, as the FSA is currently totally toothless. Its like an old boys club, getting paid at the expense of small shareholders. |
p@ You could, but I would speculate it wouldn't do any good. That's why often the vigilante option is the only way forward for some. Remember what happened to Bernie Madoff's relations? |
Can we ask the court to bypass the 90% acceptance rule,like they bypassed the aim takeover code? |
 Notes to Editors:
Hummingbird Resources plc (AIM: HUM) is a leading multi-asset, multi-jurisdiction gold producing company, member of the World Gold Council and founding member of Single Mine Origin (www.singlemineorigin.com). The Company currently has two core gold projects, the operational Yanfolila Gold Mine in Mali, and the Kouroussa Gold Mine in Guinea. Furthermore, the Company has a controlling interest in the Dugbe Gold Project in Liberia that is being developed by joint venture partners, Pasofino Gold Limited. The final feasibility results on Dugbe showcase 2.76Moz in Reserves and strong economics such as a 3.5-year capex payback period once in production, and a 14-year life of mine at a low AISC profile. Our vision is to continue to grow our asset base, producing profitable ounces, while central to all we do being our Environmental, Social & Governance ("ESG") policies and practices.
For further information, please visit hummingbirdresources.co.uk or contact:
Geoff Eyre, Interim CEO
Thomas Hill, FD
Edward Montgomery, CD
Hummingbird Resources plc
Tel: +44 (0) 20 7409 6660
James Spinney
Ritchie Balmer
Strand Hanson Limited
Nominated Adviser
Tel: +44 (0) 20 7409 3494
James Asensio
Charlie Hammond
Canaccord Genuity Limited
Broker
Tel: +44 (0) 20 7523 8000
Bobby Morse
Oonagh Reidy
George Pope
Buchanan
Financial PR/IR
Tel: +44 (0) 20 7466 5000
Email: HUM@buchanan.uk.com |
It gets worse- |
P@ Thanks for the link. Rather than taking the time to read it, perhaps the "de-listing and squeeze out" section 14 at the bottom of page 19 should actually read :- "4 cough and get lost, suckers?" |
There are some big changes to the Betts Metals web. site now I see? I wonder why? |
AT LAST!!!! Someone actually has the balls to tell it as it is. It is absolutely OUTRAGEOUS that this has been allowed to continue for so long. All management here should be made to pay for what has been an absolute rip off. Start with the Hummingbird Pied Piper, fsjamescampbell who enticed so many.
The e mail address to send complaints to is :- whistle@fca.org.uk Just for the record, I contacted them on 13/10/2024 and know for a fact that others in the UK also did at that time. |
Emma, I believe you are the minister , responsible for the FSA and they are responsible for regulating AIM.
I have recently written to the FSA, complaining about the BOD and the Non EXEC directors of Humming Bird, who at the very least have been negligent in their duties to the small shareholders who have invested their pension savings into this company.
I think most small shareholders are aware of the risk in investing in any company but they expect to treated by the BOD & Non Exec directors in the same way as large dominant shareholders.
The BOD brought on board a large investor and asked AIM for a wavier of AIM rules to allow the shareholder to buy into the company, to a level at which they should have made a full takeover bid.
The was given provided the company ONLY came back with an offer of 11.5p per share within a time frame which I believe extended to january 2025.
They presented at beaver Creek in the Americas in Sept , the presentation is all sweetness and light and shows no sign of concern.
The announced in Sept, they had signed an exclusive deal to potential sell Pasifino for $75m of which Humming Bird had a 53% stake holding.
Humming Bird have had troubles with their contractors, in Mali wither these could have been avoided or not should have been an issue picked up by the non execs' ensuring the BOD were held to account.
My major concern is that the contractors, the finance banks, and the major shareholder all have links and close relationships, which IMVHO leads to a conflict of interest. The share bought by one company where then transferred to another holding company.
We therefore have a company which had a value of 50m+ and potential to considerably grow had it been managed through the period.
Due to the situation the small shareholders are receiving a derisory offer on the investment of 2.7p whilst the ex CEO & chairman Dan betts is walking away with a 4m payout.
With other payments to the BOD they will get far more than the small shareholders.
I as a small shareholder can do nothing, but I have no confidence in AIM or the FSA to even investigate this properly, as they will not have the resources and want to prioritise it in any way.
It will all be done behind the curtain, further eroding confidence in AIM.
Is it any wonder the UK is struggling to grow, as we continue to allow small shareholders to be left short changes, as the big boys walk away with the spoils.
I realise you are all busy, and again will probably say BUYER BEWARE, but if you do not protect a level playing field, all your left with is spivs and hustlers and you won't get much growth out of that.
I and all the small shareholders expect the cursory brushoff from the FSA, because quite frankly they have bigger more important matter to deal with.
I do hope you consider my email, it may not be well, written, it may not be 100% accurate but I am sure it would strike a chord with so many of the other small shareholders, who have probably just given up.
You have no idea just now much faith is being lost in government and all the institutions, no matter which party is in power. You all collectively, not individually are squeezing the very hope out of the people of this country.
Yours disappointing. Robert
PS I know how many emails, you all get and I know that the bulk are read by your helpers and the bulk you will never even see, but I have taken the time to write to you, in the forlorn hope that someone still listens. |
1knocker Once again I agree. And the guy that was instrumental in spinning that quote:-"convincing and economically attractive story around a mining project" was without a doubt, fsjamescampell AKA Frank Smith. Many invested here as a direct result of that well prepared 72 page dossier. IMO, he should also be held accountable. |
I too would certainly like to see the management held to account.
In fact, a little light shone on the whole junior mining industry would do a bit of good.
I have learned
1. that there is nothing easier to spin a superficially convincing and economically attractive story around than a mining project
2. that even if (perhaps especially if!)the resource is there and the project is economically attractive, the capital structure will be such that the big players and insiders wil scoop the pool with convertible loans, warrants, options and picking up share placements while the ordinary shareholders are diluted, taking the biggest hit if the project fails and comparatively little if it is a winner.
3, that across the whole sector, the aggregate of all junior m=niners are a loss making investment.
Add to all that political and jurisdictional risk, and it seems to me to be a sector best avoided by non-industry PIs, or only dabbled in with a small amount of 'fun money', not as significant portfolio holdings. I don't like to hold large positions even in profitable, producing, small miners. No mining company ever seems to be more than a step away from some disaster - even the heavyweights suffer catastrophic mine and dam collapses, expropriations, and other unforeseen left field events, but they are sufficiently diversified to survive such events. |
1knocker I'm down a few pub lunches, about $50,000. I had a friend in Baku, Azerbaijan that was down 10 X that amount. He was also friendly with the owners of Anglo Asian mining but I have lost contact with him through the years. |
bordert, the price of the pub lunch is what I stand to get, not what I invested!
True, my losses are not large, in the grand oder of things, so it is easier for me to be philosophical than it is for others who have lost more.
The fact remains though that a lot of us have ridden this down, watching our losses increase, rather than taking a more rational decision and selling and cutting our losses long ago, when they were smaller.
I blame myself for that. What was I doing hanging on to shares in a company whose management I had concluded were incompetent, and with no reason to expect a change of management? For those, like you, who had come to the conclusion that the management was not only incompetent but dishonest, hanging on was even more irrational.
Surely you did not do so in the expectation that the management would be brought to book and your losses flowing from their incompetence and dishonesty would be made good?
We have to be honest with ourselves. Most of us held on for one or both of two reasons:-
1. There might be a miracle and against the odds HUM might prosper and the share price rise despite management incompetence and/or dishonesty.
2. We could not bring ourselves to sell and crystalize a loss.
Both were bad, irrational, reasons. The rational course of action was to have taken the hit, got what remained of our money out, and put that money into something where we saw better prospects. Had we done so, we would have recovered more money, and put it to work with better prospects of profit much sooner than will now be the case.
A few here believed that the management had 'learned from its mistakes', that Hum had 'turned the corner' and had good prospects, and was therefore a good investment at the then current price. Their decisions to hold and even add were therefore rational, but unfortunately have proved to be ill-judged and wrong.
There is no rule in the investment handbook which says we have to try to recover our losses through holding on to (still less buying more) shares in the same company as our losses were made.
Having paid a high price for the tuition, it behoves us to make sure we understand the lesson we have been taught, and to remember and apply it in future. |
bartybarty I agree 100% with what you say here. I rejected the offer, so did others I know. For years, I tried to open peoples eyes with this, so did TBTT and trader465. If you haven't done so, please read some of trader465's well documented evidence on here.
To me (and many others now), it would seem to be abundantly clear what has been going on and if that is proven to be the case, it is absolutely outrageous. As you say, regulatory intervention is of paramount importance here.
Iknocker. I agree. But don't forget many of us lost a helluva lot more than a pub lunch. I too would love to see some resolution here but the Bod and especially the Ceo should be held accountable. |
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