Guitarsolo
15 Sep 2015
What did they do with that £500k In mid-June PRG announced that it has £500k of unsecured financing that could be used, inter alia, for a share buyback programme. I do hope they have taken advantage of the recently low share price (sub 5p!) to buy back some of the shares. I did a quick search of PRG's own website and others but couldn't find any details whether they have and, if they have, whether these are being held in Treasury (I bet they would award themselves with them!) or better still cancelling them to support the share price. Perhaps it is just me, but time seems to be ticking very slowly until we reach production in Q1 2016! I am just impatient for the mining to start and some data to boost the share price. Guitarsolo - the boy has no patience! PS. If I didn't already have more shares than I should (for a balanced portfolio) I would be buying more at this price so here's another STRONG BUY from me.
luciano uk
15 Sep 2015
Re: Sale of Diamonds Thank you PBhave emailed the company with no success.The question to ask is simple:How much revenue was realized from the sale of the diamond parcel sample, in November 2014?How many Carats were sold and at what price, and which financial account period are showing this income?====This information is vital for the business modelling of the future mine and it should be every shareholder interest to know those information.Understandably much less interest for a short term investors, but also in the name of transparency this should be public domain...Maybe one of you will have better luck that me.Does any of you have the email address of PM ?Regards
Guitarsolo
28 Aug 2015
Keep the faith Well, I guess the recent market turmoil was always going to take its toll on miners, even ones that aren't mining yet! But to my mind there is little point writing down the value to PRG for the same reasons that it won't be written up until there are tangible mining results - which we don't expect until probably December 2015 or even Q1 of next year. As long as there has been no adverse impact for P. Manduca to arrange finance to get those two mines ready to go then it is all "as you were", except buying now is 10-20% cheaper than a month or two back. Keep the faith everyone! If you're in this one then the only sensible course is to hold out for the news that they have found lots of lovely diamonds! I've too many of these for my portfolio as it is but, if I didn't, I would be adding at these prices. Bon chance/ suerte. Guitarsolo
scholomo
19 Aug 2015
price of diamonds Gem Diamonds reported that the price of large stones are remaining firm.These large ones are the ones we have to find
Pharma Brown
19 Aug 2015
Re: Sale of Diamonds Luciano, Philip Manduca has a good record of responding to individual shareholder emails (there have been several email exchanges reported on this bb). May I suggest that you formulate a few specific questions to ask, then email him?
luciano uk
18 Aug 2015
Sale of Diamonds Sorry about my paranoia but I was reading from 2014 Financials the following:========== ======Notably in November 2014, a sale of diamonds taken fromthe 2012/2013 bulk sample programme was undertaken asan exercise to test market demand for diamonds recoveredat Lemphane, ahead of Stage 1 production. The diamondssold include fancy yellow stones which achieved values ashigh as US$2,500 per carat. (Chairman Statement)========== =======This is confirmed by more detailed news on the 17th Nov. 2014The thing is that in both statement it is not indicated the quantity and amount that this sale have achieved.More over I have not managed to find this income, on any financing statement.It is very normal practice the state how many carats and the amount achieved at diamond sale auctions.Further more I read the below from Accounting Policies of 2014 Financials:========== ========== ====REVENUE RECOGNITIONRevenue from the sale of diamonds is recognised when all the following conditions are satisfied:• the Group has transferred to the buyer the significant risks and rewards of ownership of the goods;• the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effectivecontrol over the goods sold;• the amount of revenue can be measured reliably;• it is probable that the economic benefits associated with the transaction will flow to the Group; and• the costs incurred in respect of the transaction can be measured reliably.Finance income is recognised when it is probable that the economic benefits will flow to the Group and the amount ofrevenue can be measured reliably. Interest is accrued on a time basis, by reference to the principal outstanding and at theeffective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts over the expected lifeof the financial asset to that asset’s net carrying amount on initial recognition.========== ========== =====The above wordings make me believe that we shareholders, will never see or know, how many Carats diamond were sole and for how much.Still some hared asset not accounted for has gone from our company.It looks like this is a matter for the Financial Authority.In which case it wold be wise if we shareholder get together, to start the ball rolling.
luciano uk
18 Aug 2015
News flow Given all the past shenanigans from our Chairman Philip Falzon Sant Manduca, news of conclusion of fundraising for both project should catapult the sp to new levels.I am also expecting news on drilling results from Lemphane project, for reserve upgrade and mining delineation.We have to take with a pinch of salt what Philip says, the guy is a financier not a geologist and although with the recent acquisition of Mothae, he has ensured a future to PRG existence, for what concerns timing of development and logistics, he has shown to know very little.I would much prefer that Mothae was developed first, given the existent infrastructures, to provide some cash flow for expansion and for the Lemphane Project.One thing is for sure and that is that once the financing is concluded, (summer holiday permitting) here should be lots of news flow on development.About further developments and expansion I am more positive because of the high value of the diamonds at both projects, and possibly potential for resources upgrade by further exploration.
HPC Follower
12 Aug 2015
Re: Government approval received I am sure that Paragon will get to the first stage of low/medium scale mining to prove the worth of the assets; large scale mining to greater depths will need x5 or more times the investment for ground work, plant, crushers, X-ray machinery, etc. and, given the relatively small size of the two kimberlites (e.g. compared to FDI's Liquobong Main Pipe, Gem Diamonds mine, etc.), the large gem stone content (and revenue/profit levels) will need to be pretty high to justify this based on NPV figures. I wonder if the company might seek to sell it's interests to companies with much more cash at some point... time will tell...
luciano uk
11 Aug 2015
Re: Government approval received Pharma Brown thanks..... Beside the ambiguous wording of these announcement, I am sure PRG will find the cash to start these projects.I doubt that anticipated production dates will be respected, but hopefully this will be to the benefit of productivity.It will be interesting to ear about any project manager joining the company,I wonder if you are aware of any of the current BoD, been able to bring any mining project to fruition PB.Anyway time will tell.
Pharma Brown
11 Aug 2015
Re: Government approval received Hi Luciano,(I wish my Italian was even fractionally approaching your ability with English!!)My reading of that statement is that the MOU with Lucara to make the Mothae acquisition was subject to a list of requirements being fulfilled. To edit the statement slightly it might better read:'The Acquisition is subject to (1) approval from the Government of Lesotho; (2) a binding share purchase agreement; (3) contracted albeit agreed funding, and (4) certain other regulatory approvals.'Condition (2) - share purchase contract - has been signed with Lucara and announced 14th July; condition (1) was satisfied and the approval announced on 7th August; and fulfilment of condition (3) is hopefully the subject of the next expected piece of news after one of several on-going discussions with potentially interested parties (mentioned in chairman's statement 7th August) is concluded.I hope that helps. Good luck, and best wishes.
luciano uk
11 Aug 2015
Re: Government approval received Wait a minute, wasn't fund already available?This is the original text on the 5th of May:======= The Acquisition is subject to approval from the Government of Lesotho, a binding share purchase agreement, contracted albeit agreed funding and certain other regulatory approvals.========English is not my firs language, so apologies if misinterpreting the above text, but I was under the impression that funds were already agreed/available?
Pharma Brown
07 Aug 2015
Re: Movement Couldn't agree more! There aren't many AIM-listed companies which are as well led as this one. Our market cap is currently only £15m. After 2 years (ie 2017) with Stage 1 revenues as currently forecast and our investment gem diamond grades well established I would hope to see something nearer £50m as the baseline, ranging up to double that (?2018) as we ramp up to full-scale Stage 2 production. And there is always a chance of a jackpot spike if in the meantime (especially the coming year) we find a significant ultra-large stone!
ukmetman
07 Aug 2015
Re: Movement An interesting insight into trader mentality. Traders come and traders go, and good luck to them collecting a few percentage points here and a few percentage points there. Me, I'm holding for the big diamonds so 5% up or down today doesn't concern me much.
Pharma Brown
07 Aug 2015
Re: Movement We cannot escape the fact that this is the AIM market, frequented almost exclusively by 'punters' who will follow the chart and 'buy the rumour, sell the fact'. My take regarding the early morning trading is that someone decided to 'sell the fact', quite regardless of what the significance of the news for the longer term might be. Also, if you look at the 6-month chart there has been a steady decline in share price. The 50-day moving average has been in a downward direction for a long time, and the 20 day moving average has been below it. These matter to some punters, and a 'buy' signal can be generated when that pattern changes, and the 20-day moving average crosses upwards over the 50-day average, which then levels and starts curving upwards again. Close inspection of the last few days shows that a buy signal is now being generated for the first time for quite a while - so, fingers crossed, but punters who use that system may now move in and buy.
loosemoose
07 Aug 2015
Movement I've been a holder for a few months now and feel this has great prospects. Can anyone share any insight as to why there has been v. little reaction to this morning's RNS? Low volume and drop in sp....?
