The support at 4 cents is coming from Wolverton who has bought over 700,000 shares since Friday.
In the past, Peggy and Ross did their insider buying through Wolverton. We'll have to wait for a few days until the insider reports are filed to see if this is more insider buying, but I'd say that there is a good chance that this is insider buying.
9 comments:
Guys, you have to write/call the company and Board (email addresses are in Carib's letter). Insider buying, you say... Well, Peggy just granted herself 8 million options for a guaranteed loan that will be paid back in a few weeks. It's disgusting.
The Board says, no one else would advance the money... but did they have to rollover and agree to such egregious terms at our expense? To the person who brought us here in the first place?
Actually the $200k does not have to be paid back in a few weeks. PK can collect 15% interest for 18 months and then convert the $200k into 5-cent shares.
It sounds like the Board was blackmailed into giving PK this sweet deal. PK's reputation as a great negotiator now only applies for personal gain. As soon as the Fortis financing is secured, there is no further reason to keep her around.
PK had an opportunity here to show some leadership and consideration for company shareholders. She could have done this by providing the $200k on the same terms as negotiated with Trafalgar, i.e. 12% interest, convertible after 4 months and 1 million free shares. When the loan was repaid in 4 months or less the proceeds should then have been used to purchase shares in the open market.
This would have restored some modicum of respect for the CEO; instead with gold over $900, we remain stuck at the 4 to 4.5 cent level and have over 3 million shares for sale at 6.5 cents or less.
The Fortis technical report was planned to be completed last week. If the Wolverton buying turns out to be by PK and RB then the chances are good that it is due to a positive Fortis tech rpt. Only time will tell though.
Carib, I agree with everything you wrote. Is PK's 8,000,000 options + warrants a total done deal or can we circulate a petition, send to the Board, and perhaps reverse some of these terms?
If Fortis goes through, PK is out and Tim Gooch is taking over. Right now, no one would sign up to be Century's CEO and not take a salary. (Unless, of course, we offered that person - I don't know - say 8,000,000 options at an average strike price of $0.06, but I digress.)
So, it looks like we're stuck with PK for now, and it looks like she just took care of herself at our expense. She should be ready to exit stage left and hand over the reigns to Tim Gooch now that she will own 3M+8M shares.
But back to my original point: Can we organize and send a petition to this know-nothing Board? I called William Sheridan at Lang Michener today... he maintains that the Board debated her part of the financing at length and this is what they came up with. He acts as if Peggy wouldn't have lent the $200k without these terms - hogwash! He also said, "I thought it was only a half-warrant coverage." Way to stay on top of things William.
These guys don't want to be getting our calls/emails. Conclusion: We need to call and email these guys. I'm eager to quickly circulate and submit a petition.
Lastly, to production05's point: if they know the results of the Fortis tech report and are buying shares now - it's insider trading.
Go Fortis!
Peggy, I don't think there is much hope of the Board overturning the deal that PK negotiated with them. If you are correct about Sheriden not realizing that PK was getting a full warrant at 7 cents rather than one-half warrant, then it is just shows how incompetent this Board really is.
This was blackmail - pure and simple and demonstrates once again that PK's interests are not aligned with shareholders' interests. The one thing that we as shareholders must demand (again) is that PK not be allowed to continue to serve as Chairman, CEO and President once the Fortis financing is secured.
With Fortis financing, PK out of the picture, a strong gold price, and almost 5 million ounces of gold in the ground that Fortis has certified to be profitable, our share price should be at least a 10-bagger from here in the short to intermediate term.
Anyone know the status of SCION CMM holdings? I suspect they have gone the way of WEGA. Comments?
I sent PK and the Board my critical thoughts about the armed robbery that just occurred. PK and this Board are an embarrassment to the junior mining industry and epitmize the worst traits in CEO and Board leadership. Sheridan is a Royal Oak alumni and his firm has fared immensely through their association with PK.
I'm really glad that you (Optimusprime) sent that email to Peggy and the Board. I sent Peggy another email today and expressed my outrage again.
Carib, can we draft a brief letter to Peggy and the Board and post it with a poll question: all those who support the bullet point contents of this letter - including urging the Board to reverse the warrant coverage granted to PK - vote in favour of sending the letter to PK and the Board. We can even include the # of shares we each own (within specified ranges if necessary) to show # of shareholders outraged and # of shares o/s this represents (if the latter is necessary). Unfortunately, we now own a smaller percentage of this company with PK owning ~5% more.
(PS: I still can't get over Sheriden's assertion to me: the independent directors of Century said this is what we're going to do vis-a-vis the terms of PK's $200k investment. AS IF she wouldn't have ponnied up $200k for 15% + security guarantees for her principal.)
This is the letter I recently sent to Brent Jones and the Audit Committee. I don't expect any response, and it is all the more infuriating that the company is leagally allowed to take advantage of my investment in this way.
Hi Brent, The following is meant to be read by your eyes and those of the auditing committee only, and expresses my concern over management's recent actions. As a long term and current shareholder, I am quite shocked by Century's recent financings as described in your news release of September 17th, 2008. Specifically, I am concerned that the convertible note in the amount of $200,000 issued to one of Century's directors is a blatant conflict of interests and exploitive of insider information of which that director is privy to. The Director in question negotiated terms for the note which are unreasonable and unduly exploitive and destructive to the company and its shareholders, and which I believe were negotiated with information (namely the company's financial duress) that other investors are not privy to. Those terms were markedly different from those of the accompanying bridge financing, and certainly more exploitive of Century's financial condition. Further, the note is secured against "a package of exploration properties", which in my view is a conflict of interests, and vague enough that I am concerned about the possibility that my investment in Century is being taken advantage of. I understand that Century, especialy in the current market, is in dire need of capital, and that the aforementioned director is risking their own money by putting up this secured note. Nevertheless, the extent of the financing is opportunistic and destructive to shareholder value. Combined with the terrible performance of the company, and the unreliablity of any information disseminated by the company, I find myself wondering what the company's motives are, or what sort of competance exists amongst its management. Is it shareholder value Century is attempting to create, or is it picking clean the remnants of a company whose once-great aspirations are now reduced to avoiding bankruptcy? It is difficult to tell from an investor standpoint. I see a stock that was once in the $1.50 + range now in the $0.04-0.05 range, strapped for cash, securing financings to their own directors against company assets at exhorbitant cost to the company. Regards,
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