I know that being classified as an insider, Wega Mining is supposed to be operating under a Management Cease Trade Order (MCTO), but today's selling by RBC (the same house that Wega has used to buy/sell CMM shares in the past) and the similar programmed selling looks suspiciously like Wega's modus operandi.
However the selling by RBC on the last day before the CTO on March 14 appeared to be Wega selling as well, but when Wega filed its last insider trading reports, they only filed sales up to March 13.
Today's trades can be seen by clicking on the "Today's Trades" link on the right. There is also a link to the latest insider filings.
7 comments:
Wega is definitely defying the MCTO. I guess BCSC has to prove it. No doubt in my mind that Wega is playing both sides of the Shahuindo deposit. Selling CMM and buying SUE. Since PK doesn't have the quarterly payments may be Wega will step up to the plate and purchase Algamarca's litigation and then negotiate with SUE to acquire the property.
Hey rhump, did you notice the trading on SUE today? BMO selling 500 shares at a time, CMM went through that. There as been some strange trading going on for both companies. We now have CSM in the picture.
By the way great job on whoever set this blog.
No RBC selling of CMM shares today. Today's trades have been posted.
I think Wega just wants a change at the top, as do the majority who have voted in this poll, and are willing to "spend a few shares" to force a change.
Hey Carib,
Thanks for adding the “Today’s Trades” link. It might be just my computer, but the link doesn’t seem to work today (for April 9th).
Hi Nino,
Welcome to the blog. Carib is the person we should thank. I believe Carib designed the blog to be a portal to provide easy access to info on Century Mining, as well as to provide an avenue for investors (and potential investors) to objectively discuss anything associated with Century Mining (including the topic of gold investment itself), while being respectful to others. I’m pretty sure that Carib would welcome ideas on how to improve the blog, especially with regards to what other types of info links people would like to see on the blog. Also, perhaps people can make suggestions for future pole questions. I think PK’s survival with Century is the burning topic right now. I think also that April is the first of a couple of pivotal months for Century, and PK. As posted, there are a number of key NRs that are due out in April. If Century (PK) fails to deliver positive results in April then sentiments could become even more dramatic than they are right now. It might be interesting to ask the same pole question again at the end of April (and start a new tally) and then compare the results from the second pole versus results from the first pole. This might be good info to see, leading into the AGM on May 29th. If PK fails to deliver in April (keep in mind that there is no room for failure in April - BCSC, deferred payments, PP close off, etc.) then we will probably see the “Yes, immediately” selection being even much higher than 56%. It might be tricky having the same pole question (even if it’s accompanied by a note), as people might not vote a second time (thinking it’s the same question, and thinking they have already voted for this question). Anyway, readers should start thinking about what they want to see as the next pole question, and make suggestions to Carib (either via the blog or e-mail). Carib, sorry if I am suggesting too much here.
Hi rhump,
I think both you and Carib make a good point. It’s possible that Wega has been trying to shake the tree real hard, either to intimidate PK or to encourage a management change at the top. Aside from their investment being devalued over the months, they could also be upset with PK for not securing Shahuindo by now. Also, they could be upset that PK limited their ownership to 20% (to prevent easy takeover opportunities) while they see PK hedge Century’s gold ounces for emergency cash and dilute their ownership with numerous cheap financings.
It is also possible that Wega has its own agenda. After all, it is clear (to me anyway) that Wega is an aggressive growth company – they want to get big and they want to do it fast (IMO). Century happens to have the cheapest valued 4.6M (hopefully soon to be well over 5M) ounces in the ground on the entire planet.
There are a lot of sharks circling in the water right now. It’s hard to keep track of all the various scenarios. Management needs to start showing some tangible and positive NRs to the market real soon. The best way to hold back the sharks is through a higher share price - $.215 just doesn’t cut it, rather, it continues to be a complete embarrassment and a totally frustrating situation.
Production05
Hi folks. Interesting dialogue. Production, your assessment about the 'embarassing' share price is right on (i.e. embarassing to CMM's management, and painful for shareholders!). The market is saying that all that gold in the ground is not worth much unless and until CMM's management can figure out how to get it out of the ground and sell it at a profit (which should not be all that hard at $900+ gold). The market is also saying that CMM's management failed abysmally (using such indicators as the company's financial mess, incredible turnover of CFOs, problems with regulators, unending share dilution, the string of unkept promises [e.g. "TSX listing is just a couple of months away", made at the AGM in 2006!], etc). No wonder the majority of votes on this Blog wants PK's immediate dismissal.
Personally. I think she deserves a last chance (after all, it's not ALL her fault). Hopefully, she has the capacity (& the humility?!?) to learn from her mistakes. If not: bye-bye Peggy.
JMHO, bigjohn37
Hi Production,
By all means, any suggestions for improvements or additions to the blog are welcomed.
The link to "Today's Trades" was broken, but has now been fixed. Trading has been very light the past few days and therefore there have not been many trades to show. When the volume picks up, I'll post a daily summary.
As bigjohn37 correctly points out, management has made so many mistakes that it is not surprising that a majority of those who have voted in the poll have voted for immediate dismissal.
I'm in the camp that is willing to give PK a final chance for redemption, but every day that goes by without some positive news, my patience wears thinner. If PK fails to secure an agreement with Algamarca for deferral of Rosario and Shahuindo payments that she has alluded to in a recent NR, then I will change my vote to "Yes, immediately". (You can do that on the poll.)
I don't think there is any way we can retain ownership of Rosario if there is not an agreement to defer the $13.5 million payment due in June. It is hard enough to get financing for Lamaque with its robust economics, but no one will lend us $13.5 million for Rosario. And although there is probably only 8,000 - 10,000 ozs from Rosario included in the 2008 forecast of 55,000 oz, the loss of Rosario will mean another downgrade in forecast production.
We are only one week away from the deadline for the Peru update that includes the SJ 43-101. This is one deadline that must be met.
Carib you said ,,,,,,,We are only one week away from the deadline for the Peru update that includes the SJ 43-101. This is one deadline that must be met.
BINGO! That is how long I give PK to continue existing as CEO/President. 1 week. If she does not meet this deadline, then she must resign or we throw her out at the AGM. BTW, the many CFO's left for good reason. They didn't screw up CMM's books, someone else did. That person lies at the top of the heap. Sorry, I have given PK too long and too much string on her leash. Look what she has done to shareholders. 1 week and then NO more chances. I guess you know which category I cast my vote. LOL
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