Hummingbird Resources Share Discussion Threads

[farrugia] 06/11/2024 20:54

"Infinity8882 Nov '24 - 18:24 - 14452 of 14467
0 0 0
Sorry but have over 2M shares and as well share only facts we get"

Man you are insane to risk so much on one single very high risk punt but I am genuinely sorry for your loss. Dan has destroyed the company.

[farrugia] 06/11/2024 20:41

yes it sucks doesn't it but we saw it coming :(

Nioko are no idiots - they lent money to the company so that eventually they would dictate terms of the wound up - it is a bit like what Mike Ashley does. The debt being converted at 2.6777 pence per Ordinary share!! The person most responsible for Hum's failure is Dan Betts who has totally destroyed shareholders equity.

[kinwah] 06/11/2024 20:30

To get the de-listing resolution and the Rule 9 waiver through there are likely to be some dramatic warnings about the likelihood of insolvency if they are not approved. I feel for shareholders as they are between a rock and a hard place.

[laurence llewelyn binliner] 06/11/2024 19:37

#JB2 the flags were there and getting louder, the risks increased as time and updates passed by, I just made the decision here to ride this 1 to the end and see it through to let them either sort themselves out and 10 bag or go the other way, disappointing of course, but brush it off and move on tomorrow, there should be 2.6777 pence to come back so not a full loss.. :o)

[jbravo2] 06/11/2024 19:25

NOW LLB says it was always a risk
:D
Shockingly poor analysis here for months/years

[jbravo2] 06/11/2024 19:20

Guess no one will ever hear from Infinity888 ever again. No loss.

The shocking lack of ability of several frequent “well known” posters over the years to see where this was headed speaks volumes for their analytical skills.
Right to the end some of them just couldn’t see the wood for the trees.

[dangersimpson2] 06/11/2024 18:59

Coris lose patience with Betts & Co and dilute away other holders with a debt-for-equity swap, as is their right when the company cannot make payment on time.

I still think this was worth a punt, as it was by far and away the most geared play on the gold price out there. If they had managed to meet the mine plan this would have 5-10x versus what looks to be a 60% drop from here. Management simply couldn't deliver operationally.

I'm not sure Coris really want to be running the mine, but they do want their money back and to get all of the upside for taking that risk that they have so far. Betts is still Exec Chair, and I'd imagine that he is holding out for some cash-rich white knight to arrive and rescue him from the castle of his own making. Realistically, the 2.6777p offer is probably the only rescuer willing to make the arduous journey.

At least the offer has to be made if the debt-for-equity goes ahead:

The Offer would be subject, among other things, to Independent Shareholders approving the Rule 9 Waiver Resolution for the Debt-to-Equity Conversion. The Debt-to-Equity Conversion and subscription agreement would be conditional upon the Offer being made and such condition shall not be capable of waiver by Nioko. It is intended that, once the Debt-for-Equity Conversion has become unconditional, there would be no further regulatory conditions to the Offer and no acceptance condition.

[borderterrier1] 06/11/2024 18:39

Infinity888 We did try to warn you.

[jaknife] 06/11/2024 18:28

^^ Debt for equity swap at 2.6777p with a bid to follow at 2.6777p

[lovewinshatelosses] 06/11/2024 17:51

Never got into this one, thankfully. Never did quite rate the management. Not that I have not had plenty of my own failed investments, so not gloating either. My sympathies to holders. 2.6p by the looks of things. Hopefully another party or two might come along and offer more, but no idea if that is likely or otherwise. GLA.

[tigerbythetail] 05/11/2024 15:22

A placing at 5p is far from the worst outcome for shareholders here.
The question shareholders should be asking, is why do Coris feel they have to share with them? They could simply take the lot.

[plat hunter] 05/11/2024 14:35

Huge trade gone through

[borderterrier1] 05/11/2024 14:17

Illusory888 I see this has now started its "nice ride back over 20p" by going backwards?

[trader465] 05/11/2024 13:14

A huge placing at 5p tomorrow?

[plat hunter] 05/11/2024 12:51

On or before the 6th, so we find out everything by no later than Thursday morning.

[laurence llewelyn binliner] 05/11/2024 10:32

#Jedi K, exactly that, we are soooo close now to turning the table on the debt, and reducing not expanding..

Coris/Nioko at c40% are influential and there will be changes, but they will be for the better, they want their money back and the 10/12% on top, management need a shake up and that will result in changes, but what is good for Coris as a shareholder is good for us too..

They could pull the rug and call the debt in, but that would be a poor decision IMO as we are finally in the position of being able to smash it down, make operational improvements and leadership changes as needed and let the company get on with it..

The dark horse is still Dugbe, who is the buyer, DB quoted the derisory valuation of USD75M, our 53% might go up yet as it plays out.. :o)

[jedi k] 05/11/2024 09:35

If Hum can produce 40k Ozs in this Q4, at POG at 2740 and an AiSc of 1500, than can produce free cash of 50m dollars.

[desha] 05/11/2024 09:22

Thanks LLB. Agree about dilution - I'm concerned there is a small risk that Coris call the shots now and they may decide to force a dilution and sell up. It's hard to read between the lines here ...

Anyway I'm hoping that Dan has bought at least 3 months grace to get cashflow positive.

[desha] 05/11/2024 08:43

LLB what about debt for equity conversion as well?....

[laurence llewelyn binliner] 05/11/2024 08:30

01.11.2024 - the company is in advanced discussions with Coris to partially restructure its outstanding debt and to reschedule payments due under its agreements with Coris. Following progress made in these discussions to date Coris has agreed to defer payments totalling cUSD30M(including accrued interest) due on 31 October 2024, pending agreement on the wider restructuring being concluded on or before 6 November 2024.

Sets us up for news Wednesday/Thursday, but I am thinking wider restructuring could include BOD leadership and key people and not just the debt package..?

[dickbush] 05/11/2024 08:21

Pursuant to the Rights Plan, one right (the "Right") attaches to each issued and outstanding common share of Pasofino. Subject to the terms of the Rights Plan, the Rights become exercisable in the event that any person, (together with any affiliates, associates and persons acting in concert, as applicable (the "Related Parties") becomes a beneficial holder of 20% or more of Pasofino's outstanding common shares without complying with the "Permitted Bid" provisions pursuant to the Rights Plan. In such circumstances holders of the Rights (other than the acquiring person and its Related Parties) will be permitted to exercise their Rights and purchase additional common shares of the Company at a substantial discount to the then market price of the Company's shares. The Rights Plan does not prohibit interested parties from proceeding with an unsolicited take-over bid in accordance with applicable Canadian securities laws.

The way I read this is.

Should anyone try to bid higher than $75 mil for Pasofino and disturb our cosy agreement with an unnamed bidder, current shareholders will be allowed to buy huge amounts of shares at a substantial discount. So, don't bother bidding.

Have I got that wrong? What are Permitted Bid Provisions? Where can we see them?

[trader465] 04/11/2024 21:00

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: [phone]

Email: [e-mail]