Welcome to the Century Mining Blog.
This blog is open for viewing to the general public, but posting is restricted to Blog Members. If you wish to become a Blog Member send an email request to centurycarib@gmail.com.
Comments by the viewing public has been reinstated.
Check out the Information Links down the right-hand side.
Wega applied to be declassified as an insider as they say they have access to no insider information... and it was granted and they can trade. SJ 43-101 should be out today, tommorrow at the latest. Lamaque update to follow soon.
Good for you Roxy; at least there is one declared optimist among us.
Does anyone know what was the original number of shares held by Wega? And where do their shares trade (if they are a public company)? What they are doing to their "investment" in CMM (and to the rest of us in the process) is a crazy way of conducting business.
Certainly Wega is spending a lot of money to make a point. They have currently sold 437,500 shares today - the most they have ever sold in one day and at a loss of more than $300,000.
They seem to have found some resistance here although they have enough shares to sell this down much lower if they wanted to.
CMM is not in any danger of going bankrupt and a year from now we'll be able and look back and ask why wasn't I buying shares at 16 cents. I think that's because many are afraid that 16 cents won't last and that tomorrow they might be selling for 15 cents or 14 cents or . . .
bigjohn, on Feb 1 Wega owned 25,557,646 shares. I figure they are now down to 23 million. They have sacrificed 2.5 million shares so far at a loss of about $1.5 million.
I agree it is a crazy way to run a public company. Wega shareholders should be demanding an explanation.
If you throw out the 261,000 shares day traded by Anonymous (bought 282k sold 261k), almost all of the selling came from RBC (Wega) who sold 511,000 shares.
Wait until tomorrow around noon. Wega starts dumping at that time. I hope that someone in Wega wakes up and figures out the the current share price is 1/5 the NPV of Lamaque or the NPV of SJ alone.
I guess they must have figured out that they can force the PP price lower and then buy back some at lower/depressed prices. or they just want to get the heck out because of a loss of confidence in CMM's management.
Either way, we are screwed unless a miracle occurs and we get a Poderosa settlement or a Shahuindo offer to buy us out? or we hit paydirt in our exploration drills (we are still exploring Lamaque right?)
6 comments:
PS... I'm a buyer today.
Good for you Roxy; at least there is one declared optimist among us.
Does anyone know what was the original number of shares held by Wega? And where do their shares trade (if they are a public company)? What they are doing to their "investment" in CMM (and to the rest of us in the process) is a crazy way of conducting business.
Certainly Wega is spending a lot of money to make a point. They have currently sold 437,500 shares today - the most they have ever sold in one day and at a loss of more than $300,000.
They seem to have found some resistance here although they have enough shares to sell this down much lower if they wanted to.
CMM is not in any danger of going bankrupt and a year from now we'll be able and look back and ask why wasn't I buying shares at 16 cents. I think that's because many are afraid that 16 cents won't last and that tomorrow they might be selling for 15 cents or 14 cents or . . .
bigjohn, on Feb 1 Wega owned 25,557,646 shares. I figure they are now down to 23 million. They have sacrificed 2.5 million shares so far at a loss of about $1.5 million.
I agree it is a crazy way to run a public company. Wega shareholders should be demanding an explanation.
Todays trades have been posted.
If you throw out the 261,000 shares day traded by Anonymous (bought 282k sold 261k), almost all of the selling came from RBC (Wega) who sold 511,000 shares.
There were 0 trades after the NR.
Wait until tomorrow around noon. Wega starts dumping at that time. I hope that someone in Wega wakes up and figures out the the current share price is 1/5 the NPV of Lamaque or the NPV of SJ alone.
I guess they must have figured out that they can force the PP price lower and then buy back some at lower/depressed prices. or they just want to get the heck out because of a loss of confidence in CMM's management.
Either way, we are screwed unless a miracle occurs and we get a Poderosa settlement or a Shahuindo offer to buy us out? or we hit paydirt in our exploration drills (we are still exploring Lamaque right?)
Carib,
Wega is European-based in Norway. An answer to their illogical selling may lie in this article from 2003. Link is attached:
CEO Succession 2003: The Perils of "Good" Governance
http://www.strategy-business.com/press/16635507/04208
The article makes many excellent points that are applicable today.
Post a Comment