Tuesday, April 22, 2008
The Poll Results
The online poll is very close to 100 visitors who have voted in favor of Peggy's immediate resignation from Century Mining. Is a prize awarded to the 100th visitor who votes for her to resign? The poll sure indicates that shareholders aren't happy with her. The AGM is only five weeks from now.
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6 comments:
Anyone have the date, time and place of AGM? Did Wega hear something they liked? They seem to have stopped selling.
my thinking is that Wega will add a member to the BOD. I believe it is only a matter of time before Wega makes a takeover offer for CMM. Especially in lieu of the pressure they have put on the SP. Give me a buck/share and I will surrender all of my shares. Anyway, should be an interesting summer for CMM. There will be a lot unvail this summer. Should make for some good trading, IF we do not get taken out.FWIW.
Someone gave me this quote tonight. "A man is born crying, and when he has cried enough, he dies." CMM is definitely making us cry - a lot!
My feeling (hope) is that we are close to learning if WEGA has succeeded in encouraging management changes. That has been their 'hidden' agenda since early February, hasn't it? They didn't burn 2.5 million shares at sub-30 cents out of charity. They haven't made very many friends in the process.
We have a back-log of questions that need answered, and company updates, in no particular order I can list some:
- will Algarmarca agree to defer payments
- what is the hold-up in settling the Poderosa litigation
- Sulliden issues
- Q4/07 financials
- production and operational update from Lamaque
- is there a long-term debt deal coming for Lamaque
- was the private placement fully or partially subscribed and when will it close
- have the BCSC conditions been resolved and when will the MCTO be lifted
- has there been any M&A activity with respect to CMM seeking a merger partner(s) and/or have they been approached to consider a merger
- hedging update
Rhump, like you I'd take a buck/share. We're dreaming in technicolor though if we think we'll get to buck with PK in charge. Negative sentiment will overwhelm any good news that CMM releases as long as PK is around.
Production05 posted that the share price has declined from 1.89 to current levels in only two years.
Give me my 'crying' towel.
All the above is my only my opinion.
Natik,,, I have just sent you your own personalized crying towel. LOL. Another cliche along those lines "We are all born to die". We must enjoy the ride to the end or is it the end? Check out Abraham-Hicks website. PK is certainly making that ride more interesting.
Anyway, by the AGM the path of CMM will become much more clear. Right now it is very clouded. I believe WEGA has stopped selling since PK has decided to come to the Wega table and discuss concerns of their's. I hope her pig headness does not get in the way of the company's progress, otherwise there will be a shareholder revolt and she will be gone. I think Wega wants more involvement with the operation of the company based on their investment in the company. Rightly so! WE could languish for a while until either PK is gone, or Wega is legally eligible to make a TO for the company. Sometime in 2009. Either way, PK's time is limited. Again, live by the sword, die by the sword.
Yes I am a little irritated over the Poderosa litigation. NO news on that front. I hope that comes out with the so called "PERU UPDATE" which I thought would come out with the SJ Tech Report. Oops another missed target.
With what is happening in other SA countries I think the only thing we can put our faith in is Lamaque. That is where I stand. If Peru works out,,,, GREAT.... added bonus.
JMHO!
Only 38,080 shares traded today.
538,500 shares currently on the BID side ($.19 - $.215).
66,500 shares currently on the ASK side ($.23 - $.255).
It means that there is a lot of interest, but people are waiting for news, and are unwillingly to bid up until they see actual positive news. To be blunt, (based the poll results) people are waiting for a news release that states that PK has resigned.
From an operational standpoint, they probably still have a good shot of hitting the 400 tpd target at Lamaque in April. However, given that it's April 23rd today, and they still haven't provided a mid month update for April, chances are slim to none that they will over deliver on the 400 tpd.
The delay in the PP is now starting to concern me from an operation standpoint. They said they needed the cash to aggressively push towards getting to the location of the 1.1M ounces in reserves (which they are not currently mining). Every day the PP gets delayed will delay this initiative.
With failing to complete the PP more rapidly (THANKS TO WEGA DRIVING THE SP DOWN TO $.16, IMO, plus whatever other reasons), is their Q2 tpd target at risk of not being achieved? How on earth are they going to avg 450 in May and then 500 in Jun, if they didn't appear to blow by 400 tpd in April. I hope they could still do it from prior efforts they have made with ramping up recruits, training, mobilizing new u/g trucks and equipment, and continued success in the ore areas they are mining (as they continue to push towards the reserves).
My whole point here, AS IT ALWAYS IS, IMO, is that management continues to be brutal at keeping their shareholders, and the market, up to date with the various areas of their business (shareholders are often in the dark, IMO). As such, shareholders/the market is always in shock when the results are finally issued. For a recent example, just look at how the handled the entire SJ 43-101 situation. That is how a $1.89 share price becomes $.16, during a period when the product price reaches an all time high of $1,030 per ounce.
Lost credibility (and serious lack of trust, and potential preception of deception) pushes away shareholders, potentially forever.
With better communications, even during difficult times, shareholders (IMO) are more understanding (but may still leave), but many will come back once things begin to look up (as they would feel that management was up front with them during the difficult situations).
I don’t know what finally made Wega stop selling but I’m just glad they did. Wega was controlling the share price for way to long, I didn’t notice management or the BCSC come to our rescue, I don’t understand how they can sell 500 shares at a time every two minutes at a time and no one asking them “what the H*LL are you guys doing?” Whatever made them stop we will be the last ones to find out, as usual.
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