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Ormonde Mining Investors - ORM

Ormonde Mining Investors - ORM

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Ormonde Mining Plc ORM London Ordinary Share IE00BF0MZF04 ORD EUR0.01 (CDI)
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 1.00 01:00:00
Open Price Low Price High Price Close Price Previous Close
1.00 1.00 1.00 1.00 1.00
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Industry Sector

Top Investor Posts

willir20: Re voting. Since the deadline for receipt of our votes is two days earlier than the EGM/AGM, thus 11.00am on Tues.16th Feb (general meeting 18th Feb), I would urge that investors keen to help move everything forward by participating in the vote now consider ringing their broker if there is no official communication and course of action shown on the respective broker website re the vote. Halifax, Interactive Investor and Equiniti (formerly Selftrade) are displaying nothing about the Ormonde EGM or the vote. Requesting action through a secure message is, I have discovered, not a reliable course of action, as you may encounter a time lag of up to five days before the message is read and passed on. That could mean your voting instructions are not picked up and dealt with in time to be counted. Admittedly, a phone call to your broker may oblige you to hold for while until an adviser is free, but this approach does then guarantee much speedier action, as your voting intentions will be relayed in-house directly to the corporate team during or immediately after the telephone conversation.
willir20: A very good question, Campoamor, which I have also asked. Directors having skin in the game is one the key criteria for me when running a yardstick over a potential investment. We should, however, remember that this is a new BoD and that the Company is no longer the prospective tungsten miner of old. To be fair to the BoD, we may assume there has probably not been much of a window of opportunity for share purchases in the last 12 months where directors have been far enough away from deliberations about the future shape of things (and the price-sensitive inside knowledge that this implies) to invest here without breaking the usual safe distance protocol. Your second question will have to be addressed if the votes cast do not amount to a third of the total number eligible to vote (or if 50% are not in favour, which I think unlikely). I dare say there may be some other route to re-listing but logically the BoD will have taken expert advice and already gone for the simplest and most straightforward solution, trusting that investors will rally to the cause and vote their support in large numbers.
willir20: I got through to Halifax Sharedealing yesterday by telephone after a long wait and arranged for my votes (no charge)in favour of the EGM resolutions to be recorded, naming the chair as my proxy. I also sent off a secure message to Interactive investor with the same request (again no charge). So an additional 1m votes to be logged in favour of the resolutions. An additional, smaller (though still quite chunky) tranche that I hold with EQi (formerly Selftrade) will be dealt with first thing on Monday. (If I recall correctly, also nil charge for this service.) It is crucial that investors realise the importance to the Company and its shareholders of securing a third of the overall total of ORM shares pledged as votes in this meeting, with at least 50% of that number in favour of the resolutions, in order that a re-registration through the Belgian exchange can take place. It follows that we should all make the effort to get our votes sent off in time to arrive by the receipt deadline of 11.00am, 16th February. Anyone wishing to read the fine detail concerning the EGM/AGM and resolutions can find a lengthy document, which explains all, on the Company website. Time is fast elapsing if you have not yet got your voting intentions registered.
gb904150: That was in September when valuation was rather different. Isn't this just a battle between the BOD who want to continue with their comfortable salaries by dangling the prospect of a 'transformational deal' in front of investors. To make that happen they need to be able to issue equity. To do that they need the votes at the EGM. To get the votes they need Thomas Anderson to be supportive. So far, the EGM keeps getting postponed. Which suggests TA doesn't yet support the deal or the terms it's being proposed on. However - whereas this was previously an outstanding value play, trading at below net cash, it then quadrupled. So not quite the bargain it once was. End of June 2020 they had 5.6m € in cash. + La Zarza copper/gold + Spanish gold licences But they burn through 0.8m € per year in admin expenses. So down to about 5m € cash now. It's not exactly the same exceptional value at £9.65m mcap as it was at £2.5m.
gb904150: Resolutions 1-5 all got voted for. But resolutions 6-8 are the ones allowing the board to issue more shares. That is put back 17th December to ensure our activist investor is on board with the proposals. hTTp:// And they suggest that the 'new deal' is dependent on those resolutions. Sounds fine to me. I'm sure our activist investor has got a clearer idea of what is good value for shareholders than our BOD do! So either the new transaction is good and justifies issuing shares to achieve it or it's not good and we start to look at getting assets back to shareholders.
12vic: The share price is at cash it applies no value to the other assets or the value of the previous losses going forward. La Zarza as a package previously went to due diligence with a sale price of circa 5 Mill but did not complete. Even if they were to dispose at a lower price, there would be a significant increase in cash. The huge potential is that we are cash rich in a sector where other similar companies sit with good projects but struggle to raise money. This is ripe for a deal be it take over or some kind of jv equity arrangement. We also have a single investor with access to the board and confident enough to continue building their holding, Hopefully the Agm provides some direction.
cjohn: ALL companies want to create substantial value for shareholders. That is what a company is for. But just saying it doesn't bring it any closer. Take a look at ORM's balance sheet, at the item for Retained Losses: which currently stand at 36 million euros. That tells the real story: ORM has been an outstanding value-destruction machine over the last few years. The handling of the tungsten mine demonstrated serious operational flaws and lack of ability. Most of the board from a few months ago are still in place. As a 5 bagger, ORM would have a market cap of 35 million sterling. The chances of ORM supporting that market cap with operational success is very slight indeed. That is not to say that hype on twitter and novice or naive investors won't bid this up to absurd levels completely unjustified by any economic reality. I shall be delighted if they do.
cjohn: jbe8112 Oct '20 - 09:50 - 2825 of 2828 Cjohn, can’t knock a profit, you did well to get such a large holding a such a low level. Thank you, jbe81, I appreciate all your posts. In reality, the share price was at depressed levels on and off for months after the tungsten mine disposal. So on this occasion, picking up a large holding at a depressed average price doesn't reflect any particular short-term trading skill on my part. Really post the mine disposal, this has been a blindingly obvious investment, trading at such a discount to assets. The past failures and shenanigans of the directors have put off many investors; but to my mind that's all priced in. It's a pity nothing came off our efforts to put pressure on the board for a winding up, as this would still be the best option in my view, for minority shareholders.
cjohn: sportbilly197612 Oct '20 - 09:59 - 2826 of 2827 CJohn, 1mln at 1.444p 2mln at 1.55p Yes, there's been decent liquidity at moments this morning. At other moments, nothing. The share price has fallen back a way and I'm not selling any more for the moment. There are two broad possibilities behind the sharp upward share price movement of the past few sessions: 1. There IS pending news which someone has got wind of. 2. There is NO pending news. This is entirely possible; quite small upwards share price movements feed off each other in a thinly traded stock like this one. And below 1p, there was crystal clear value. It was a buy without any obvious catalyst to release value. In the case of point 1, It's ironic that the corporate action most likely to destroy shareholder value - an acquisition - is also the element of excitement that might attract in many new momentum investors.
hedgehog 100: In a gold mining sector bull market, I wouldn't expect ORM to stay at way below cash for long: EGM approval tomorrow, followed by receipt of over £5M. cash the day after, should provide the initial rerating catalysts. "JEFF PRESTRIDGE: After a truly golden 2019, experts are forecasting more big gains for bullion this year ... Here’s how YOU could STRIKE GOLD in 2020 By JEFF PRESTRIDGE FOR THE MAIL ON SUNDAY PUBLISHED: 23:01, 4 January 2020 | UPDATED: 10:38, 6 January 2020 Gold had a good year in 2019. A very good year as Frank Sinatra once sang. In dollar terms, it was up in price 19 per cent. Priced in pounds, it rose by 15 per cent, finishing the year at a tad over £1,157 an ounce. It’s the fourth consecutive year that gold prices in sterling terms have risen. Yet, according to investors and some financial experts, gold has further to go – much further, even. They believe 2020 should be another excellent year for an asset that many consider a safe haven – in both calm and stormy times. An asset that most experts insist should always be considered by investors looking to build a broadly diversified investment portfolio, sitting alongside other long-term investments such as equities, bonds and property. This is despite the fact that, unlike other assets, gold is non-income producing. It’s all about the price with gold – it rises and you win, it falls and you lose. The latest poll conducted by precious metals dealer BullionVault suggests that confidence to deliver strong price gains this year remains sky high. Nearly four in five of BullionVault’s clients believe that gold prices will rise by more than 10 per cent in 2020 – the most bullish its investors have been about gold for three years. Indeed, one in six investors are even more exuberant about the prospects for gold, predicting gains of 30 per cent in the next 12 months. ..."
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