Boy, the person (s) behind RBC have completely mastered this. They are extremely efficient now. They have created this whole panic situation where RBC no longer has to sell many of their shares at a significant loss - they can mostly just sit back and watch the panic sellers do the selling, led by a Canaccord investor (s). Of course, our own management is totally supporting the efforts, as usually, naturally - another broken promise, with no financials issued within the stated time period.
Let's hope that the delay in issuance of the financials are due to pending other (more positive) news. Regardless, let's hope that they issue the financials after hours today (and take whatever beating is left), and move on with life already. Goodness!
16 comments:
Brent said auditors were in
Lima today to resolve issues with Rosario write off. Said they should sign off today.
What a fricken nightmare....
Anyone care to guess at where our pps will be at
on Friday's close.
Century really know how to try investor patience...anyway, I have been in many of these year-end close off...under the present circumstances it is better for them to get all the "issues" properly accounted for and appropraitely recorded in the year-end financial statements...just my 2 cents
MD
It sure is a nightmare, Roxy (the never ending kind!!!).
In retrospect, we got an incling what might be in store for us when Al Rosen submitted his report to the BOD of Sulliden last winter. At that time our share price was greater than SUE's. Rosen said:... "the bases of Century's accounting are poorly disclosed, IF AT ALL!!!" Then Rosen goeas on: "The quarterly statements of CMM are conspicuously marked as being unaudited and not having been reviewed by Century's external auditor." What horrific bungling by PK and her "team". She will probably blame this on the departed CFOs!But in the end we, poor shareholders, are left holding the bag.
I stopped communicating with management because all they ever did was put lipstick on this PIG. Brent is a nice guy but is being fed a lot of BS. This management has to go. When the financials are out, this will be the last nail in PK's coffin. She is about to loose her mining career and will be taking her yaht and sailing off to her Hawaiian retreat. The bleeding must stop and she must be gone! period!
Roxy, what next? What issues with the Rosario write-off?
PK is giving it to us bigtime up the Hershey highway. Gentle there, Peggy ... don't be so rough! Use some K-Y jelly!!! ah, that's it, that feels better. NOT!!!
Can PK go to jail in the states for filing false and misleading operating statements that investors and shareholders relied on?
The toothless BCSC won't touch her.
Production. Wouldn't be surprised if Wega was selling through Canacord as well.
Natik...I'm having touble sitting lately too.
Only hanging on here on the hope that the Lamaque 43-101 is ligit since it was backed up by the BSCS.
Don't think anything else coming from this company is worth a grain of salt.
I know the financials will
be horrific but don't care.
Thats behind us.I hope. But dragging it out has just put more focus on it.
And fear into investors.
Guess most of us have reached the point of no return.
Who knows maybe Wega will buy us out for .20. Better
than where we are right now.
Pretty pathetic.
Heads should roll.
roxy14, perhaps Wega has a 2-part strategy. 1. Depress the share price to extremely low levels in the hope that it will lead to PK's firing and then 2. negotiate with someone else a takeover offer.
Posters have raised the question of why there hasn't yet been a takeover bid when the price is so low and the company is so vulnerable.
Hostile lowball takeover bids seldom succeed. The Boards reject them and get an independent valuations done to support their
recommendation. An independent valuation of Lamaque and San Juan would certainly value the assets in excess of $100 million and probably much higher.
Once a lowball bid is on the table, it usually attracts more reasonable bids. Century has lousy management, but valuable assets.
Microsoft failed to negotiate a takeover of Yahoo at a significant premium and wouldn't even attempt making a pitch directly to shareholders.
If Lamaque is legit (and there is no reason why it shouldn't be, providing development capital is available), and CMM comes anywhere close to its 2009 forecasts, then it will have 2009 cash flow that is more than the current market cap. Also since Lamaque has $80 million in tax credits, cash flow is almost the same as earnings.
Wega won't get my shares for 20 cents or multiples of that number.
I don't doubt that the Canaccord selling today is strategic (Wega or an accomplice) - not someone who doesn't believe that CMM is worth as little as $23 million.
Hi bigjohn37,
For the record, I agree with everything everyone is saying. There is no debating that it is a complete nightmare, and someone has to pay the price. However, I also want to give my view with regards to Rosen. IMO, he was a hired gun for Sulliden, with an already established objective. Clearly, PK has committed many sins (and deserves all the criticisms). Nevertheless, I feel that it is important to clarify the situation, based on my own understanding of auditing and accounting. As best I can recall, I have never seen a situation where quarterly (Q1, Q2 and Q3) financials required auditing by external auditors. Some companies maintain (in-house) internal auditors (employees) to help them with processes and procedures throughout the year, but they do not audit quarterly statements either (and are not authorized to do so, best I know). I have absolutely no idea why Rosen feels that Century needs to have their financials audited on a quarterly basis when no other company does this (best I know) and is not a requirement for publicly traded companies (best I know).
Production05
For anyone out there that is close to throwing in the towel. Wait. I know it hurts (I am down quite a bundle too), however, this is exactly the situation the big boys want. Retail panic, capitulation - I saw a bit of this today, maybe more tomorrow. Then we will see a large cross by RBC or Canaccord and hopefully recovery after the retail guys are wiped clean..... usually the case of the juniors... unfortuntely.
Just to put things into perspective, today's trade value is only $70K.... that's a small drop for the big boys.
In the trading pattern today, some people have given up.
Rosen knows that the quarterlies don't have to audited but don't forget his agenda at the time he said what he said.
Is Brent being told to lie to shareholders about the release of the financials? Poor guy. What a way to run a company.
Why wouldn't they be interested in keeping records for the purpose of updating shareholders on any progress within the company? W
Why would the process take so long with th financials and the updates?
Shows a management that does not care. No matter how low I buy Century, it goes lower!
Lt us pray some more and act by June 27th!
Sorry I signed up but can't remember my blogger ID. It's really me and not that ubiquitous girl saddy.
Production I saw your email dated June 4th. Allbent
I'm not panicking. They're not getting my shares. I worked too hard for my money to let them hoodwink me, compliments of Peggy. Had she cared about this ship enough, they would not have in the position to do what they're doing. It all has to lie squarely on the CEO.
Allbent. (He wouldn't dare impersonate me here cause I can go to SH with this same ID and do what's necessary).
Welcome to the blog allbent. If you'd like posting privleges, send me an email at caribcentury@gmail.com or you can inbox me at SH (caribcentury).
If you've lost your login info for Google, you can always forget that one and create a new one.
My take on the financials delay is that PK was trying to offset the bad news with some positive news and was hoping the positive news would be deferral of both Rosario and Shahuindo payments to remove that cloud of uncertainty and keep our option for Shahuindo. Her lack of negotiating power led to stonewalling by Algamarca and the BoD forced her to give it up and focus on Lamaque and SJ.
That meant more work was needed for the financials, especially with the BCSC looking over their shoulder. They'd hoped to get them out last week, but apparently according to roxy, had to send the auditors to Lima to sign off some items relating to the writeoffs.
It's a bit of a Murphy's Law thing now.
Allbent, good one ... you are the imposter! lol Prove that you're not.
Carib,
"roxy14, perhaps Wega has a 2-part strategy. 1. Depress the share price to extremely low levels in the hope that it will lead to PK's firing and then 2. negotiate with someone else a takeover offer."
I have been thinking the same, therefore i agree with production5 about, that we must know what we risk if PK get fired.
"Once a lowball bid is on the table, it usually attracts more reasonable bids. Century has lousy management, but valuable assets."
Ok, good to know, hope so too
"Wega won't get my shares for 20 cents or multiples of that number."
But if they woun't, why isn't anybody buying up more shares? that's my concern
I can't come up with what i am missing here, probably alot, but it may be something big also like a lawsuit or late rejection of the Rosario deal or such.
"I don't doubt that the Canaccord selling today is strategic (Wega or an accomplice) - not someone who doesn't believe that CMM is worth as little as $23 million."
I was very disapointed when i saw Canaccord's name as a seller yesterday
Roxy14
Brent said auditors were in
Lima today to resolve issues with Rosario write off.
Brent seems to have gotten quite an imagination lately.
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