has closed at $.60 or above over the past 5 trading days (with elevated levels of volume).
Either something firm is actually brewing behind the scenes or at least a substantial number of investors believe there is something brewing.
Adding fuel to the fire is the mysterious reduction of shares/warrants by Finskiy and Scola over the past week. A further mystery is the use of the word ``Other``, as the transaction tag.
It`s not exactly clear what Finskiy and Scola did with their shares/warrants. I`m not exactly sure what the detailed disclosure rules are either.
If they still own the shares, directly or indirectly (elsewhere, say, in another account) then those shares should still show up in their Century SEDI respective insider account (but they are no longer there).
If they plan of posting a new account on SEDI with those shares then they will likely have about 10 days to do so, from the original transaction date.
It is entirely possible that a reduction is simply that, a reduction, and they no longer have those shares (due to transfer to another party or whatever).
Again, as a result of all the unusual activity highlighted above, it is clear that something extraordinary is taking place.
I don`t think it is all just hype or even sudden overwhelming (not already disclosed) business improvements. I think there is trigger in the centre of all this.
It could all fizzle out as quickly as it started. But, the mystery of the missing insider shares will have to be revealed before the picture becomes fully clear.
I guess we will see what transpires.
Whatever happens, all Century shareholders need to be treated fairly (by fairly, I don`t mean what a so-called independent analyst says is fair - in a back scratching pretend evaluation (we all know how the game works)). If anyone is eyeing the company (for one reason or another) then they need to keep this in mind. In Canada, it takes ownership of 90% of the shares to reach a squeeze out situation. There are a lot of large retail Century shareholders that have stuck around here for a while, through the thick and thin. There are likely more than enough of those shares to block a squeeze situation for a long time (and likely retain a decent size percentage of the company). Folks are not going to be taken advantaged of, if an opportunistic offer comes along.
Everyone invested in a high upside company like Century Mining knows that the gold price is going to the US$1,500 - 2,000 range (or even beyond). Century shareholders haven`t even participated in the gold bull market as yet (over the past 7.5 years since the existence of the company). They are not going to walk away from the farm (at this point, just as the farm is starting produce) without unbelieavable compensation.
17 comments:
Hi Prod05
I am not quite well versed with this SEDI disclosure matter n what is showing up in the records of insiders but I sense something must have come across to you as not normal. I am glad U had put up this alert so that all investors who read this blog will train their senses on the look out n plug up. It would be fine if things are played by the rules n shareholders are treated fairly.
Hi Prod05,
Thanks for (yet another) insightful post. It gives us minority shareholders a lot of food for thought. At this point Century only has two independent directors (i.e. independent of the controlling shareholders; e.g. Messrs. Sheridan & Campoy). That is why the appointment of a highly respected independent Chairman should be a high priority.
I just read the Company's Code of Ethics. If they are adhered to by Management, we have nothing to fear. Our current situation points out why timely disclosure laws are of vital interest to all (but especisally to minority shareholders). Let's hope for the best.
Hmmmmmm,decent post production.
I also must agree with you that this is our 5th day in the 60 cent range. On a technical side of things this shows great support for the share price. Also, we are just having a bullish crossover of the 50/200 DMA. With that being said we are also faced with a few black candles which after a run are bearish in nature but the question is which has more technical force!
On the same token sideways motion is never a bad thing in most case's (consolidation). Looking at our model we could drop to .55 and still be on our up trend in making higher lows as we have over the past 6 months. I still think there "may" be something brewing behind the scenes but I think it will be a little more clear for retail investors in the next 2 weeks or so. So long as share price is under .70 we will countinue to buy shares for the run in the coming weeks. There is def something going on behind the scene at this point in the game and that my friends will become much more transparent in the coming weeks.....hold on folks!! The ride is going to be fun. If the info I have is semi accurate we should see some awesome movement in shareprice.
Cheers
-mrstormpay
Not saying we will have a take over or anything but I guess anything is possible....right?
Stormy
Hi Prod05
To my mind,normal takeovers or rumours of takeovers always cause run ups in sp(suppose retail shareholders should have no objection to such run ups). Like to know in what ways things might be curtailed/supressed to the detriment of retail shareholders.
What do CMM and Poluys Gold have in common:
Maxim V. Finskiy!
He owns over 30% of our company and is a director at Polyus:
http://www.polyusgold.com/eng/about/company/boardofdirectors/finsky/
Polyus is trying to get a premium listing on the London Stock Exchange but:
Moscow, Feb 09, 2011 (RosBusinessConsulting via COMTEX) -- Major Russiangold producer Polyus Gold expects to obtain a premium listing on the London Stock Exchange (LSE) sometime in June-August of this year, the company's co-owner and CEO Mikhail Prokhorov announced today. In order to get the premium listing, Polyus Gold has to increase its free float to 25 percent, from around 17 percent currently, Prokhorov said. He explained that this would be done through the sale of 5.6 percent of the company's quasi-treasury shares. After it gets the premium listing, Polyus Gold plans to merge with one of the top five global goldmining companies, Prokhorov said, without specifying the company's name.
By buying us out, that would help their free trading float if they did a paper offer for us...
Maxim is well positionned to fill in the blanks for them and he would stand to make good money on the take out and then with Polyus having access to our assets...which really are minuscule next to theirs but still not negligeable.
Glorieux
If such a takeout occurred, the questions is - what is fair value for our company now? What premium would we get for our shares? This is tricky since our share value now vs 1 year from now will have changed substantially. If Century were not poised for such a leap in production you might expect 35-40% (85 cent share price). However, I think it should be worth a lot more than this if we hit 100,000oz total production this year. I think the share price should be closer to 2 bucks with a premium at $2.5. So, under such a takeover bid scenario in the next 6 months what are we valued at?
A takeover bid now would prob get us about 1.10 to 1.25 per share. We're worth much less now that we will be in a year so it's the perfect time to be bought out right? 550million vs a billion buy out in say 7 months.
Cheers
Stormy
Let's here your prophecy then :-)
You don't need to speak to the source of rumor...
Perhaps Carib can do a poll?
Ask me a clear question and I may be willing to answer the question for you. I don't tell "prophecies" I say it as I hear it. The street is always smarter than the guy at home at the kitchen table making a Lego model of the mine and then making outrageous speculations of what is to come. I have seen many prophecies being made in the past many on this board but that’s beside the point. Institutions make the decision on fair value not people taking stabs in the dark on Bull Boards. It’s just part of the game.
Cheers
Stormy
Mrstormpay’s membership on this blog has been terminated. I simply became weary of his subtle and not-so-subtle personal attacks on one of the blog founders and most valuable contributor. We don’t have many rules on this blog, but respect for the views of other members is the most important. Differing viewpoints are welcomed, but personal attacks are not tolerated.
As for differing viewpoints, there is not much that has been posted by Mrstormpay that I would agree with. Institutional ownership in Century is somewhere between insignificant to minor. Most institutions won’t touch us until we can demonstrate that Lamaque can be a profitable organization. This was confirmed to me by the previous IR Manager and Peggy has stated the same on a previous conference call. Although the data on Stockwatch is not up to date, it lists the largest institutional shareholder as owning 0.3% of the outstanding shares. I know retail shareholders that own more than that.
Although Finsiky and Scola hold a large percentage of Century shares, they do not have controlling ownership. There has been some speculation about a potential buyout offer from Polyrus or WTG or ICG and often these speculations don’t amount to much, but if an offer does come, retail investors will have a large say as to whether any buyout offer will succeed. Personally I’m not interested in any offers at this time. Our biggest upside will come from the share price appreciation that will result when we become a 100,000 oz producer and that day may not be far away.
If there is any truth in a take over, it will show up in the sp movement soon. Anyway, an offer at this stage, even if at $1.50, is not such a big deal as we are getting near to our 100K oz producing rate and possibly producing 100K oz solid gold by this year. In fact, with our 6mil potentially going to more mil oz in the ground, our compelling land positions in Lamarque, San Juan, NWT and Alaska in addition to an up trending price of gold, we should be the one doing the take over(s). Hope to see tha day CMM use its sp as currency n bag a nice producer to its stable
It is said that a small gold miner with a single mine trades at about half of its NAV whereas a mid-tier producer with several mines in operation trades at or above its NAV. As such, aggregating several smaller producing mines can double the value for investors even before the benefits of financial and operational improvements are taken into consideration.
Hi Wingfong,
Speaking of exploration properties. I noticed the VP xploration, H. Andrew Daniels, was left off the Corporate Presentation effective November. I believe the last one he was included on was September (there was no presentation issued for October).
He is also no longer listed on the company`s website.
I noticed another company`s NR where he did some side geo consulting work for a company called North Atlantic Resources. It was dated August 4, 2010. It looks like he might be now permanently hired by North Atlantic (assuming he is the same H. Andrew Daniels). That company issued an NR on Jan. 20`11.
Here is the NR:
``Jan 20, 2011 17:47 ET
North Atlantic Appoints Manager, Project Development and Issues Incentive Stock Options
TORONTO, ONTARIO--(Marketwire - Jan. 20, 2011) - North Atlantic Resources Ltd. (TSX VENTURE:NAC) ("North Atlantic" or the "Company") is pleased to announce the appointment of H. Andrew Daniels, P. Geo. as North Atlantic's Manager, Project Development.
Mr. Daniels obtained his B. Sc. from Acadia University in 1985. Since 1985 Mr. Daniels has worked with industry leaders such as Western Mining Corp., Senior Geologist, Kilborn SNC, Senior Geologist Mining and Metallurgy Division, Minorco Services BV/Anglo American plc, as Senior Project Geologist and Exploration Manager. Mr. Daniels' expertise with resource evaluation and mineral exploration in lateritic terrain are particularly welcomed by North Atlantic.
The Company has granted an incentive stock option in respect of 150,000 common shares to Mr. Daniels. The option was granted pursuant to the Company's existing Stock Option Plan, is exercisable at $0.57 per share (being the closing price of the Company's common shares on January 19, 2011), and has a five year term expiring January 19, 2016.
North Atlantic has 57,726,124 common shares issued and outstanding (83,668,018 shares on a fully diluted basis).``
I guess we`ll see if anything comes about with the takeover rumours. It could all fizzle just as quickly. You just never know with takeover rumours. As Carib mentioned, it is very common for takeover rumours to not come to fruition.
There are potentially now 2 very important senior positions to be filled - (prominent Canadian, if the company wants to establish better balance, at the very least perception wise) Chairman and VP Exploration.
If Century gets taken over then I suppose no need to fill those positions. Although, how nice would it be to have that Canadian Chairman in place right now and a 50/50 (3 and 3) BoD (with takeover rumours and all). But, as Carib highlighted, shareholders will have the final say (if anything ever develops to that stage).
If Century continues in current form then the new CEO and the BoD will likely need to fill those 2 key positions.
As we all mentioned before, first impressions of the new CEO is very positive. He comes across as someone that can take this company to the next level. Hopefully he also has the connections to attract good people for the open positions.
It looks like the VP for exploration had gone on to other turfs.Thk a new exploration VP is needed to push the exploration fronts n upgrading of current resources. We sure miss the news flow on resource development n looks like the expected updating of the NI43-101 report will have to be pushed back for a while.
Wingfong,
I was told by Peter Ball last September that an updated 43-101 report must be filed not later than the issuance of the 2010 Annual Report. The deadline for that is April 30.
The current resources do not include the Bedard Dyke and data compilation from old drill results has been going on for years which is expected to add significant resources.
Carib
Tks for the info. really like to see the co adds substantial oz to he resource/reserve count come April n more so, shows the folks she is moving quitely towards her 10million oz in all catagories resource count. Hope the coming release will be a positive catalyst for the sp too
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