Norseman Gold Share Discussion Threads

[skidaddle] 03/5/2013 08:38

Working fine on Firefox.

[p3dr036] 03/5/2013 08:03

richgit
Same here and I am having to scroll across all the time on my C [using IE] and my tablet [using Android software]

Reduction of Tulla logos and re-arrangement of the charts would perhaps help!

[richgit] 02/5/2013 20:25

Noirua

Going dizzy trying to read posts on here.

If this is going to be the main information BB,is there any
chance you can reduce it ?

[atlantic57] 02/5/2013 16:14

p3 thank you for those helpful comments i am feeling very very stupid right now with all the profits i 'made' in the bull era now reduced to nil.

[p3dr036] 02/5/2013 15:33

Have spoken to NGL's NOMAD in London, Northland Capital Partners [NCP].

The shares were de-listed from AIM under AIM rule no.41 which provides for automatic de-listing if a share is suspended for more than 6 months.

As I understand it [and I am no expert!] the situation is as follows:

NGL was suspended on AIM and ASX on 19th September 2012. [But I could not find either announcement on NGL's website though there is a reference to both announcements in the 3rd October announcement.] So the six month period was up on 19th April. NCP said that NGL had asked for a month's extension, which was refused by AIM.

I got the impression that the cost of a future re-listing would be such as to make it unlikely that NGL would be re-listed in London.

I have spoken to my nominee account holder. Unfortunately they do not trade in ASX shares. So I could not trade NGL via them even if NGL were re-quoted on the ASX. However I was told that they are still "CREST-able" but that might not remain the case. So I could pay to transfer the shares from my present nominee account provider and lodge them with another company who has a relationship with the ASX.

That's as I understand the situation - any comments or suggestions [polite ones!] gratefully received.

Peter

[atlantic57] 02/5/2013 14:20

AD1967 You have proved to be a very accurate poster over a long period of time.

I am unclear however on whether aim holders of the stock will have any access to any value that may be realized in the future.

Do you have any knowledge of what will happen please to aim stock holders.

[noirua] 02/5/2013 14:19

No announcements from the ASX as yet or acknowledgement of them in London. It can only be guessed at as to any talks about this quote but the uncertainties remain and suspension is likely to continue for a long while.
The ASX allows trading halts and suspensions far more easily than the AIM market.

Upside is that Tulla have a big holding in Norseman Gold PLC and a Chinese investor has an interest. So that is very favourable.

The value to an ordinary shareholder depends solely on Tulla and the Chinese.

I am trying to work out where the loan that Tulla took over of $25 million sits.
As NGL paid towards finalising DOCA they must surely seize part of the value from the receivers of Norseman Gold Limited.

[ad1967mc] 02/5/2013 10:26

You're right about marginal resources and there's no doubts that Norseman is a marginal resource. Whether the management were good or bad, they made some pretty poor decisions. With hindsight, reopening two old capital intensive mines, whilst the two existing mines were experiencing operational difficulties was a recipe for failure. That OK and North Royal would under perform so catastrophically was a surprise. However the management reaction was slow and they chose to throw money at the problem rather than reconsider their grand "fill the mill" strategy.

Whether there's any value left, depends on how Maloney/Tulla choose to proceed. Recent history is not inspiring, but at the same time they could have taken the assets (as security) and left other shareholders and creditors hanging. The fact that they didn't may leave a glimmer of hope. But whether they can mine profitable ounces without a major new exploration success, remains to be seen?

[hpcg] 02/5/2013 09:01

Once again TW misses the point. The mistake for investors, myself included, was to conclude that the upside this marginal resource had from gold price gearing was more than sufficient to cover for and exceed the operational risk. This could be said of many oil, gas, iron, whatever resource companies who happen to be on AIM. The correlation is not with AIM, simply that junior companies tend to have low quality resources.
My mistake here is that having been initially encouraged by Slater senior as to the merits of NGL, I did not dump at the same time as he did because one of the foundations of my investment case was shot to pieces. In hindsight the multiple failures on the operation before should have been a red flag.
Whilst not a universal view by any stretch, my personal opinion is that blaming poor management for every occurrence is too simplistic. My premise is that the only difference between good management + marginal resource and bad management + marginal resource is the time it takes for the project to fail, not the ultimate outcome. I say my premise, it's really a rehash of what Brent Cook has to say, and he knows an awful lot more about mining than I do.

Yes Atlantic, I would assume no further value. If not then consider that the only time NGL exceeds expectations!

[atlantic57] 02/5/2013 07:55

Would you agree noira that uk holders of ngl stock have effectivley have a worthless investment.?

[noirua] 01/5/2013 11:20

Charges for transferring from an Issuer Sponsored Holding to a Broker Sponsored takes up to 8 weeks and charges vary, up to £150.00. The highest charged by Banks.

An 'Issuer Sponsored' certificate is only usually provided if your broker isn't able to transfer the shares via the company because the ASX quote ceases as well. Some brokers are great on this and others hopeless. [problems if your broker doesn't deal Aussie stocks and brokers like Barclays Bank come under hopeless, only in this regard however. TD, NatWest and a few others should be fine]

The ASX has a rule allowing a company to sell a holding if it is valued under A$500.00. Happens automatically unless you object. ASX companies are ceasing sending out cheques shortly and only transfers will be made to UK banks -- Aussie companies and Banks are very efficient, I've found in the past.

I hold just one 'Issuer Sponsored' holding, held since 2002 when the new Aussie Chess system came in. Taken over at last and I expect a payment to arrive this month.

If NGL move to Australia and become a private company. Then your holding is frozen without limit of time and no transfers are usually allowed. Even frozen on your demise I believe.

[noirua] 01/5/2013 11:01

thomas_uk, South Africa is bad news on strikes and falling currency. Coal is bad news and especially thermal and many PCI coal producers are dumping this superior coal, with semi-soft coke, as thermal. Tread with care!

[crossfirecssf] 01/5/2013 10:45

My broker has told me that they may not be able to trade my shares on ASX, in which case they will contact the company and ask them to provide a share certificate and have it posted to me. The certificate I will then place in a drawer and dig out in a couple of years, at which point it may be economically viable to apply to have my shares transferred to wherever they're trading.

Nothing else for it. Forget about it and come back in a few years.

[richgit] 01/5/2013 10:38

Noirua

Are you Australian or have connections ?

Maybe someone can keep a thread going with updates on progressions
stock dilution,and the way forward at some point for those holding stock.

I dont have sufficient Capital involved to be to really keep abreast with it all,yet I am sure many would be thankful for updates.

[thomas_uk] 01/5/2013 09:14

guys - rerating this week!!

check out COOL (continental coal) - excellent RNS today - production up 35%! and waiting for approval of equity investment at premium at 5.5p to be confirmed this week. COOL (15market cap) is much more undervalued than BHR (48m market cap). COOL share price now only 3.2p


Awaiting news: RNS of the following will come anytime soon:
approval of 5.5p equity investment by VMR - expecting this week
De Wittekrans Coal Project - strategic partnership with Indian (possibly Jindal? see below)
Botswana Coal Projects - joint ventures
VMR increasing their stake to 19.9%

note
The Company anticipates finalisation of one of the joint venture agreements on
its Botswana Coal Projects to be completed in the current quarter.

The Company continued with its discussions with a number of Indian based coal
and power utility companies and major global commodity trading groups that have
expressed interest in the Company's South African thermal coal business and in
a potential long-term off-take agreement, strategic partnership and funding and
/or joint venture arrangement on the De Wittekrans Coal Project.

[noirua] 01/5/2013 09:04

P3dr036, you must be using Internet Explorer IE. I use IE with Maxthon Cloud which automatically adjusts to width. Works OK on about 8 other browsers.
ADVFN do advise using IE but this browser is old and wont automatically adjust.

[p3dr036] 01/5/2013 08:59

Awaiting a call from NGL's NOMAD to clarify what will happen to NGL shares quoted on AIM and held in a nominee account.

[p3dr036] 01/5/2013 08:53

Noirua
Any chance you can reduce the width of the header by cutting out a few "Tulla"s as the text of posts rolls over the whole screen.

TVM

[p3dr036] 01/5/2013 08:50

Noirua - I'm waiting on a call back from the NOMAD and I have also asked Selftrade [the on-line broker with whom my NGL shares are held], what the position is likely to be.

[noirua] 01/5/2013 08:43

No mention so far of events happening here, on the ASX.

I did own shares in a company that became unquoted in Australia. The problem was that shares could not be traded and what's more, it was not possible to transfer holdings - even held frozen in the event of the holders demise. [however, NGL have not made any announcements about their ASX quote as yet]

We need to wait now and see how the administrator disperses the assets. This may not take all that long.

I'm unsure about the position of Tulla Group in all this or the exact shareholdings of Tulla or a Chinese investor. Tulla were paying the administrators costs and this was not a charity exercise, it must have been to insure they get all or most of their money back. Tulla have a large loan they had transferred to them in an early agreement - $25m, from memory.

[shwetal] 30/4/2013 20:16

So, in a nutshell, the shareholders w.r.t. AIM, are not going to loose their investment if the company is going to resume trading on ASX - is that correct to assume for now !!!

[peawacks] 30/4/2013 17:35

Thanks Noirua !

[noirua] 30/4/2013 16:19

Header is being made more simple to allow easier understanding of the company's position going forward.