Antiques Of Woodstock
12 Dec 2017
Re: Just The Way It Is: Good morning WigwammerShould PGD turn the corner and hit production targets with the POG rising – don’t forget that at any time Miguens/Concert Party can exercise their right to buy out us PI’s at 1.00 pence per share as this is the highest price that they have paid for a share in the previous 12 months.At best it is somewhat of a precarious position when one is reliant as a Private Investor on the goodwill of Management to put the financial considerations of the minority of shareholders over their own majority shareholding.Whether we like it or not – this is exactly the position in which we find ourselves.Some would suggest that whilst the company stagnates at a market cap of around £21.5 million there is little point in Miguens/Concert Party buying out us PI’s – However if the market cap doubles or dare I suggest it gets anywhere close to the previous share placement price of 4.5 pence – then why wouldn’t they act and buy us out at 1.00 pence per share as they could make an immediate return by selling on what they have bought from us back from us to investors elsewhere at a higher price thus returning them all their initial investment monies?Not a bad deal for them – to end up with the majority shareholding in a company that has cost them nothing at the expense of us PI’s.For balance - others would suggest that morality will take precedence over self interest.Hmmmmmm – I wonder which route will be taken should that time come.Good luck…
wigwammer
08 Dec 2017
Re: Just The Way It Is: A further consideration is the optionality. Circa 220 properties with limited retention cost.If pog rises $500 many of those properties will come into play, and the shares multiply many fold.If pog falls $500 then maintenance remains minimal.At circa £20m market cap, as a play on the gold cycle the risk/reward looks highly attractive.
wigwammer
08 Dec 2017
Re: Just The Way It Is: Are things really that bad? Probably don’t have long to wait to find out: “We remain confident in and committed to the future of Patagonia Gold, with improving operational performance at Cap-Oeste as production ramps up to target levels and a stabilisation in the political and economic environment in Argentina. “Perhaps Miguens is acting in a Machiavellian way, or perhaps the business would have faced complete collapse years ago without his input. Bear in mind, the company is currently indebted to the tune of $28m - it is likely that he is confident of paying that off, or he wouldn’t repeatedly raise his ownership. I suspect also the 20% uptake of the OO is down to the handful of institutions that still have an interest and who will have to have been brought onside to get the funding through.So we will shortly find out what cap oeste has to offer, happy to reserve judgement on it all until then.
Antiques Of Woodstock
08 Dec 2017
Just The Way It Is: Good morning AllSo as expected Carlos Miguens now holds just under 54% of the company and the Concert Party and Carlos combined hold over 60% of the company – this in turn means that the aforementioned can continue to raise their percentage shareholding in the company without having to make an offer for the rest of the company.Private Investors are now in the shareholding minority position whereby collectively we have no voice - so Miguens/Concert Party can do what they like with the company without having to take our views into consideration. What a deal for them – we invested and supported this company through thick and thin times and now we just get squeezed out.From a corporate perspective - borrowing funds from the banks attracts interest charges – the greater the risk the greater the interest charged. The money invested by private investors to keep the company afloat in return for shares was a cheap way of raising funds at that time and having benefited from that – what a fabulous idea by those in control to dilute the value of the shares held by private investors rather than worrying about having to buy out those who no longer have a voice. Like it or lump it – Private Investors can do nothing. Cleverly played out by Miguens and the Concert Party with BH facilitating this before he exited left.Irrelevant of what the future holds for the company one thing is a dead certainty – those of us who are Private Investors will never reap the deserved rewards should success ever come knocking at the company’s door. Not unexpected by me once I realised the game that was being played by past/current management .Whilst I feel sorry for myself and the rest of us long suffering PI’s - I have no idea why anyone other than the Concert Party/Miguens would have participated in the previous share placement at 4.5 pence thinking that it was a good idea at that time.It truly worries me that either I am missing something obvious - or - the motives of those who remained bullish on these bb's at the time of the previous share placement.I note that those who made a strong case for supporting the previous share placement at 4.5 pence now seem to be laying low and have disappeared into the sunset.Unlike others - I am happy to admit that I made a mistake when investing in this company. I based my decision to invest on the 'fundamentals' and on or management's track record. History has shown that the fundamentals were as expected but I made a seriously bad call on our management 's ability to effectively run a PLC. As to the way that BH backed us into a corner with nowhere to go - unbelievable. Behind every glove puppet is the hand that works the puppet - when the glove puppet had no further use it was discarded and now the hand that was hidden is there for all to see - However the hand puppet had a legal duty to protect the interests of all shareholders irrelevant of who was pulling the strings and it is there where I believe the blame and responsibility lies.The entire situation stinks IMO.Good luck all…
optimistic john
29 Nov 2017
RRL Another example of pi's funding directors' salaries benefits etc.
Antiques Of Woodstock
28 Nov 2017
Re: 4.5 Pence to 1.0 Pence in 35 Months: Good morning AllNot wishing to point out the obvious - but how can a company raise 1.00 pence per share in a new share placement when the share price is sitting at 0.81 pence?As I stated in my previous post: 'I wonder how long it will be before we are told – that due to a lack of interest from the shareholder base to support the company with the funding that it needs that the Concert Party have decided that it has no option other than to take the company over.'IMO trying to raise money in these markets at that price is doing no more than forcing the issue with the company having few options other than to de-list or be taken over by the Concert Party - most likely both.Does anyone really believe that there will be huge Institutional/existing/new shareholder support to stump up the funds required and pay a 23% premium over the current share price to get involved at this price because this company has such good prospects - exceptional management and a rosy future? Then again there were those who felt that the last share placement at 4.5 pence 35 months ago was good value so maybe I’m wrong.Maybe a ‘rabbit will be pulled from the hat’ - such as a farm out to another company in which members of the Concert Party has a direct involvement? Possible but complicated with the outcome being the same should this occur.Sadly the truth points to the fact that we are fast running out of viable options.Good luck all....
The White Rider
24 Nov 2017
Re: 4.5 Pence to 1.0 Pence in 35 Months: Thanks AoW. Can't argue with anything you've said. In actual fact I dipped in this afternoon when the price went under 1p to spend my allotted funds. Won't help PGD with their fundraising but it's looking after number one now. Truth be told, it's a relatively small amount I've put in. Mentally, I've already written off my main PGD stake. Anything I get back will be a bonus.
Antiques Of Woodstock
24 Nov 2017
Re: 4.5 Pence to 1.0 Pence in 35 Months: Good evening The White RiderI genuinely wish you all the best in subscribing to this latest placement and really hope that the company turns the corner and you reap a decent return – you certainly deserve it for sure – however you are braver than me.From my perspective having been invested for a long time like yourself and having watched the way in which this company has been what I see as being mis-managed – including one of the most worrying aspects of the Concert Party effectively now being in control of the company – as with the last share placement at 4.5 pence just under 3 years ago in which I did not participate for reasons explained at the time – I will not be participating in this latest share placement at 1.0 pence.There are many schools of thought – one being that investors can take the opportunity of ‘averaging down’ with the hope that a future profit can be made on the shares bought at 1.0 pence in this placement which will help offset the losses from shares bought at a higher price including the previous share placement.Alternatively – another school of thought focuses on what the market thinks of the company - and with the market cap siting at an all time low this is indicative that there is not much confidence out there. What I don’t think helped was the statement from BH at the time of the previous share placement who stated in the RNS at that time: “These funds will enable us to now focus on developing the first stage of our flagship Cap-Oeste project and allow us to intensify the exploration activities on the surrounding highly prospective areas aimed at building onto our resources.” Clearly the markets have now had time to judge whether they believe that the funds raised at that time have fulfilled those stated objectives and placed the company in a better position. With the share price falling from 4.5 pence to 1.0 pence this demonstrates the market’s view.Many believed that the previous share placement at 4.5 pence was cheap – and those that bought in at that price are now sadly nursing a 78% loss 35 months later which must be extremely uncomfortable – and I feel really sorry for those who find themselves in this position. There is no gloating from me about making the correct call the last time around – every percentage point the share price drops I too am nursing more losses so I just wish that I was wrong rather than being right. The only faint glimmer of positivity is that I chose not to average down at 4.5 pence during the last placement which by default has meant that I am not nursing even more losses. For those wishing to participate this time around – I really hope that this proves to be a shrewd financial move. If the market cap/share prices rises from this point on – I will be nothing other than delighted for you as I will be for myself as this will reduce my loss here.Good luck….
The White Rider
24 Nov 2017
Re: 4.5 Pence to 1.0 Pence in 35 Months: AoW- good to hear from you. This board has been very quiet for a long while.Have to agree that as an exercise in value destruction PGD is pretty hard to beat. The impression I get is that the Board are hopping from one project to another and there doesn't really seem to have been a coherent strategy over the last few years, other than to become a small scale miner in order to fund further exploration. There was a time when there would be regular drilling updates and an encouragement that we were sitting on an ever growing resource.That said, and with a heavy heart, I've decided to subscribe to the latest placement. My logic is that I'm hoping that we really have reached the bottom. Funny how the price fell rapidly in the month before the announcement. Hopefully there will be some modest rise over the next 12-18 months, I'll make a profit on at least part of my shareholding but overall will make a loss which potentially I can offset elsewhere. It would need something spectacular to convince me to take part in any future placing ( bonanza indicated drilling grades perhaps?).Overall, a salutory lesson on the risks of being a shareholder.What are others intending to do?
Antiques Of Woodstock
23 Nov 2017
4.5 Pence to 1.0 Pence in 35 Months: Good afternoon AllA reminder of facts: RNS Monday 8th December 2014 Patagonia Gold announced proposals to raise up to approximately £8.73m, gross, by way of an issue of up to 193,963,930 new shares at 4.5p apiece on 18 November.The fundraising, comprising a subscription of 107,572,541 shares and an open offer of up to 86,391,389 shares, was conditional upon the passing of the resolutions at a general meeting.Managing director Bill Humphries said: "The directors of Patagonia Gold are delighted with the overwhelming support received from our existing shareholders and new subscribers for this fundraising of US$12.91m. This result is a significant endorsement in these very challenging capital markets for junior resource companies. These funds will enable us to now focus on developing the first stage of our flagship Cap-Oeste project and allow us to intensify the exploration activities on the surrounding highly prospective areas aimed at building onto our resources.”RNS 21st November 2017"Patagonia Gold Plc (AIM: PGD), the mining company with gold and silver projects in the southern Patagonia region of Argentina, Chile and Uruguay, is pleased to announce proposals to raise £7.76 million (gross) (approximately US$10.24 million) by way of the issue of, in aggregate, 775,725,279 New Shares at a price of 1 pence per New Share for the purposes of funding the exercise of the Calcatreu Option, which would allow the Company to purchase the Calcatreu gold-silver project located in the Rio Negro province of Argentina.”35 months between both share placements with the share price falling from 4.5 pence to 1.0 pence.The Concert Party looking to take up more share in this placement which in turn means that an offer has to be made for the company by the Concert Party for the highest amount paid for a share by the Concert Party in the preceding 12 months and that will be at 1.0 pence per share. Of course the shareholding majority can block that bid if the shareholding majority have enough faith in the company to do so.I wonder how long it will be before we are told – that due to a lack of interest from the shareholder base to support the company with the funding that it needs that the Concert Party have decided that it has no option other than to take the company over.The writing is on the wall – just a matter of when IMO.I am sure others will disagree and come up with all manner of reasons why I am wrong. I would be nothing other than delighted to be proven to be wrong as I along with many other have watched the market cap of this company become decimated over the past half dozen or so years which does none of us any favours.BH engineered this – backed us into a corned then exited left.Not impressed.Good luck all…
chutes
04 Nov 2017
update on Prod good update
The White Rider
19 Oct 2017
Declining Share Price Didn't think I would ever see the day when the share price was below the level when PGD was spun out of HPD. From memory, shares were offered at 1p each back in, was it, 2003?I continue to drip feed a very modest amount in to average down what is now a pretty hefty loss. No point is selling but I do wonder if I am putting good money after bad. My only consolation is that it must be hurting the Miguens family even more.Oh well, one day there might be a pleasant surprise.
Antiques Of Woodstock
09 Sep 2017
POG Creeping Up: Good morning AllPOG currently trading at $1,346 oz.Other things aside - this has to be seen as being better news and interesting to note over 4 million shares changed hands on Friday with the share price marginally up.Relevant or not? Who knows...Good luck all...
Mat_he_has_no_cat
12 Jun 2017
not looking good... how does a company go from 75p 7-8 years ago to 1.5p today... ? Whilst gold has dobe reasonably well.I cant believe its market forces... surely mismanagement is the cause of this self destruction...Is there any hope ?Starting to look like a decent punt...M
kooiker
05 Jun 2017
Re: Realities Of Funding: I'm as bad - been in Landore since 2007 so forgot where I was !
