Well, someone thinks the gold is still there, cant sell unless there are buyers - maybe we see name change soon? Jonu Gold Mines Ltd!
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Well, someone thinks the gold is still there, cant sell unless there are buyers - maybe we see name change soon? Jonu Gold Mines Ltd!
Matty may be using the company credit card to mop up a few, as a window dressing exercise, or spite, he doesnt want me to get my .1c order filled.
The frightening part of a sub-penny dreadful SP going down is the diametric opposite of what investors had hoped for, i.e. % of invested capital lost by tiny movements in SP.
0.006 to 0.005 = 16.7% loss of capital
0.005 to 0.004 = another 20% loss, for only 1/10th of one cent decline!
0.004 to 0.003 = a further 25% loss !
0.003 to 0.002 = and then a 33% loss !!
0.002 to 0.001 = then halve whatever is left with a 50% loss !!!
And all of those losses are generated by only 5/10th's of one cent adverse movement in the share price. :scared:
Scary stuff for holders of a 20+ year recidivist under-performer propped up by endless optimism of shareholder speculators.
One day it might dig up some gold and reverse the declining fortunes, but if or when that happens is no better than a guess.
So if the Hill family have 75 million shares every time the SP ticks down it costs them $75K.Eo when the SP was close to 3 cents and they then destroyed the SP by a capital raise,the Hill family have lost the best part of $2m.Thats if they had close to that number of shares a couple of years ago.
I know its only on paper but you do have to ask if pulling $400k a year is worth the loss.So who is buying and why? 38m shares changed hands today.Someone could well be shaking out some cheap shares,so a timely reminder that insider trading is illegal,but with a $30k max fine one has to ask if the risk is worth it.
I suppose that one possible scenario is that the share price will be driven down and then the company ultimately taken private. With a rehabilitated mine and gold presumably ready for extraction this could be a very lucrative option for somebody with industry knowledge.
Whats the trigger point requiring notification of change in holding? 1% of shares traded yesterday - I assume that it was 1 person buying the majority yesterday (could be very wrong on that). If so, enough to trigger an announcement?
The threshold is 5%.and only 1 s/h is above that, so no ann. expected, from the seller anyway, unless its that 1 s/h.
TBH I havn't heard anything.
Its just an observation, of perverse actions/inaction by management
Meanwhile, back at the ping pong, the top 3 rungs on the sell side are unmercifully slamming $727K, while the defenders of the faith, on the buy side have only been able to muster up $33K, to clean out even the .2c exponents.
This could get ugly, some bolters are desperately required.
Definitely ... things are a bit stubborn ATM on reaching down to the 0.004 rung of the ladder, surprisingly ..
I was hoping Getty may have looked favourably at quitting one of his 'Getty Shares' just say things reached that low point .. ;)