Hummingbird Resources Share Discussion Threads

[tigerbythetail] 07/2/2023 14:27

Hi Trader!
I kind of new that the directors here were grossly, obscenely overpaid. But to see it in black and white like that is still shocking.

[amaretto1] 07/2/2023 14:13

Stick to them Welsh hills dummie!!

[trader465] 07/2/2023 14:04

The dilution was to ensure there’s plenty of cash and shares available for the lads

ANNUAL BONUS
Under the policy, Executive Directors participate in the annual discretionary bonus plan with a maximum potential opportunity of 125% of salary payable in cash 50% in Q1 2023, 25% in December 2023 and 25% in December 2024 (subject to continuous employment and malus provision). Half of the bonus will be based on Company performance including production, AISC / Free Cash flow, Strategic growth, Kouroussa project, ESG / Safety. Half of the bonus will be based on personal targets.

[borderterrier1] 07/2/2023 13:51

Temujiin What did I tell you? Sugar coat the 1st RNS to soften the blow then follow it with another, more accurate one? These guys are spectacularly incompetent.

[trader465] 07/2/2023 13:51

The last full year accounts show HUM shareholders have funded Betts Investments Ltd to the tune of $198,000, shareholders also provide Betts Investments Ltd with marketing support and treasury services.

And….

“During the year Stephen Betts & Sons Limited charged the Company $84,000 (2020: $79,000) under a contract for the provision of staff, office equipment and warehouse space”

Well done Dan keep it in the family son.

[charlieeee] 07/2/2023 13:41

So, they withheld sensitive information from the market, the good Q4 results, causing increasing negativity in a time of rising gold prices to get a better rate for the mates.

Against that, it has to be said, if the mates had been aggressive, they could probably have taken the whole company using the Coris lever.

All because we have a trust fund baby playing at CEO, instead of management with mining experience. No matter how good the company prospects, management is always key and I should have heeded that received wisdom.

GLA

[dickbush] 07/2/2023 13:35

TBT Give us some names of producing companies where Directors don't have zero or 1p share options and have an uptrend in gold production only interrupted in 2020 by covid.

[temujiin] 07/2/2023 13:25

I'll probably use my 280k to vote against the deal too Platt.

[tigerbythetail] 07/2/2023 13:25

Plathunter...

You said it yourself!!!

"Unless there's something they're not telling us then this is not required unless CIG are your mates."

My best guess is the somethings you're not being told are that they've mercilessly high-graded Yanfolila to get one good quarter, and that Kouroussa is running over budget.

You know, there are other gold miners out there. Some of them are even well-run...

[creditcrunchies] 07/2/2023 12:38

It reminds of that line of I'm got good news and some bad news. The good news was yesterday the bad news for shareholders is today. Trust is the issue

[jbravo2] 07/2/2023 12:36

It’s a poor deal and obv one they didn’t want to take.
They’ve tried to make sure they won’t be “dictated to” with the various terms but they’re not worth the paper they’re written on and Betts can see the writing is now on the wall for a non-delivering CEO.

[plat hunter] 07/2/2023 12:25

All shareholders should vote against the second tranche.

The second tranche will be locked away until the vote is passed at the AGM in June. Imo the need to shore up the cash, should be behind us come the summer.

Unless there's something they're not telling us then this is not required unless CIG are your mates.

[temujiin] 07/2/2023 12:13

OK, redid maths with a calc, including Cassidy its 46% extra shares resulting in a 32% dilution, for $15mill. Not great but not the end of the story.

Add this to Q4 profit, and they have obv relieved liquidity issues for hopefully long enough to get Kouroussa producing.

Annoying as it shld have been avoided, but just about livable.

[kinbasket] 07/2/2023 11:44

"CIG is controlled by the same principal as the Company's primary lending bank."

Combined with pre-emption rights this is a proper red flag.

The lender can chose to not extend further money (i.e. any covenant breach or funding shortfall, no matter how small) and pick up shares via CIG for buttons.

Coris definitely believe in the project and are likely to end up owning it.

[laurence llewelyn binliner] 07/2/2023 11:36

CIG is controlled by the same principal as the Companies primary lending bank (Coris)

A strategic investor, which could be an asset as we look to move forward with Dugbe..?, always disappointed with dilution and no exception this time, but does it help unlock future value for us all..?, yes it does, it secures Kouroussa, and could help elsewhere too..

[trader465] 07/2/2023 11:22

Hey Prat what time is your bus to the job centre? It may go past the sunseeker dealer, you can look out the bus window and remember the warnings from myself and bt

[dickbush] 07/2/2023 11:02

"Additionally, it endorses the Company's strategy for growth with a strategic partner to underpin that ambition - both in the West African region and beyond."

and beyond?

LOL.

[dickbush] 07/2/2023 10:55

There have been numerous comments over the past few years that while Betts has failed to get the gold out of the ground, he has been great at doing deals. I reject that right now. The Cassidy deal aside, he has increased the shares outstanding by 40% for $15 mil. Not much in the context of HUM's debt load. Why not do a rights issue, say 1 for 1 at 6p to raise $20+mil? I would guess we would all go for it. My answer: Betts doesn't like rights issues. He has to actually cough up his own money or see his holding diluted.

Just when it seems we are back to onwards and upwards, Betts finds a way to cap the upside. Knowing this BoD, Betts will probably have his bonus enhanced by "achieving" this deal.

The only good news is that CIG will have the votes to kick out Betts and Co in 2024.

[tigerbythetail] 07/2/2023 10:47

Yes, it does occur to me that a shareholder rebellion might not be out of the question here...
Still, management can normally rely on the shareholders not being able to get their act together.

[polaris] 07/2/2023 10:47

On completion of the share issue the total number of shares will be near 600 M. EV will be approaching $170 M. CIG get a good deal, but that doesn't surprise me at all. Kouroussa funding now all there. Expectation of Yanfolila continuing to be cash positive after remedial work. share price progress looking forward all down to debt reduction once second mine in production. At 200 k oz run rate at FY23, constant EV gives a share price increase of 1 p per month or 25 p expected share price by time dent paid down. Still a lot in it for the patient shareholder.