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Getting Shafted ….. Roll On The AGM …
Absolute Disgrace ….
Bury It All With A Name Change …
I’m out. Apart from everything else going on, how a company specialising in metals is collapsing in value amid a major European war is beyond me.
Last week's Simon Thompson's Investors chronicles article had XTR as a buy, did everyone who followed his advice check their broker would allow them to hold ASX listed shares?
Some people could still be buying today, not knowing their shares could be sold on the last day of AIM trading, or become untradable with their current broker, brilliant work by all involved, deserves another big bonus.
I had made the Decision to keep my share holding but. After Listening to M.M on the proactive interview today l have now decided to sell at a considerable loss as the interview I considered to be a total disgrace and l now have zero confidence whatsoever in the leadership
I'm inclined to agree Gold....Why would you want to stay invested in a company that will be nothing like the one you originally signed up for, deals in things you don't understand and is run by people you don't trust, not least because this change is being pushed through at such speed that there's nothing you can do about it.
And they've obviously persuaded enough of the major shareholders to go along with it. Perhaps some of them would like to explain to the rest of us what makes them think this is good for the company and us minnows.
I've emailed Charles Hall and I hope left him in no doubt as to how I feel about this change and the Board's conduct. i e disgusted!
What an underwhelming interview; 10 minutes full of fluff... an unconvinced looking MM, not even looking straight at the camera, he's suggesting going through all this sh*t storm to give the company more "flexibility"?? flexibility to do what? flexibility to continue investing in sh*tty penny stocks, to be able to take on more debt and issue more derivatives; all of which have historically led to liquidation by force and at massive losses.
The plan is very simple; change the name to Strata, move to the other end of the world in the hope that people forget Metal Tiger ever existed and keep the pay-checks coming in for management and directors for as long as it takes. Textbook definition of a junior company milking shareholder funds for its own benefit. This is exactly what people warn you about when u first get into the Junior mining investing business.
Im continuing to hold as think its easy to get swept up in sentiment here. Company is no longer on Aim.... don't see that as an issue as its not precious to me and easy to move from HL. Prospects remain the same and has always been a risk as a lot of the nsr potential is based on further exploration success which is never a guarantee. However if you believed in them 2 weeks ago they havent changed since. Company has never said they will distribute dividends from nsrs so at least they have now provided comunication on their approach. Yes there will be some non mining investment but with commodity cycles diversity is not a bad thing. On share options, it does grate but on the other hand want the BOD to be as focused as possible which they will only have by having skin in the game. Not criticising anyone for selling and by no means saying we are in a good place right now, but having held for so long im staying to see what comes of our Botswana exposure rather than selling at (what will hopefully) be a low (before cbr style re-rate).
I also intend to keep my shares for now, however that was quite a list MM had, will the NSR be big enough to pay for it, including employing some new talent? Or are they planning on a collar financing arrangement or similar on the NSR, worked so well on the Sandfire holding, only other option I can see would be a placing.
A new resolution to liquidate XTR and hand back 19.8 pence per share NAV to shareholders. I think at this point in time would pass, but might not suit the board, stops the gravy train.
Actually two things have changed over the past two weeks MrRiker. Firstly MetalTiger now wish to adopt a more active investing approach and you only need to look at its amateurish dealing history over the past year to know that this is a recipe for disaster. I am not looking for dividends but I want mtr to hold onto its price copper assets rather than for mtr’s management to use them to learn how to trade. Hearing Michael McNeilly state that he wants to be able to use derivatives fills me with dread.
Secondly its decision to delist without proper consultation and at the same time replace options to a level only just above the current nav removes any doubt that management are in this to enrich themselves at our expense. (I have always been uncomfortable with Michael McNeilly sitting on the board of companies he is investing our money in).
I will not sell at this price but I will vote against the resolutions put forward.
I would also support a resolution to liquidate the company, this could be put forward at the next AGM which should be due in May. My understanding is that the NSRs are valued conservatively and I reckon they could be sold quite easily to Sandfire or indeed any mining royalty company with a bit of cash.
I’m actually not sure the new approach has been cleared with major share holders. Yes perhaps Rick Rule will be on board - think him and Michael go way back but he only has a couple of percent. There is one hedge fund but no other institutional investors and then there is Michael Joseph, an individual investor with 9%. I cant believe he would be happy with the current state of affairs. Looking at his twitter account @benchpressmike he is also here for the NSR. And of course the directors have negligible share holdings. So there is all to play for and as Simon Thompson says, there is a great arbitrage opportunity here. Buy (or hold) for 9p, then liquidate for double in the next few months.
Interestingly mtr have changed the egm into an ogm - which I think lets them off the hook to organise another AGM in May. Don’t forget to vote against these resolutions!!! We are being shafted here.
I have voted against. Is anyone planning on going to the OGM in person?
It’s in wincanton, Somerset. 3 hours by train or 2.5 hours by car from London. I don’t think they want us there ….
I'm sure they don't. I'm prepared to drive from the Midlands but I don't want to turn up on my own., there needs to be a reasonable number turn up., 20+ if possible to make a bit of noise.
Any keyboard warrior going to confront MM in Somerset? Or are you guys happy hiding behind the screen and attacking anyone who dared say MTR is sh*t for the past 5years?
Is no-one going to go ? As I've said before I'll go but 1 on his own is no good.
I’m afraid I can’t this Monday. Hoping to see resolutions rejected and if so I would be up for some direct action straight after….
Looks like no-one can be bothered to go on Monday, then. Very disappointing . No wonder they can do exactly what they want and get away with it. Apathy rules!
Took the hit and sold out. Don’t trust the management anymore. Shame as the assets were good.
Yet another Disastrous Decision By The Bods …
Screwing Many Loyal British Investors ….
I'm very tempted to go but it is a fair distance. Perhaps I would get something out of asking questions in person though.
NAV aside, it seems that investors are doubting that the company will actually make it to the point of collecting royalties. It's always been down to patience and those who can afford to wait- bigMJ is clearly able and willing to wait. Cashking believes any holders are sadly deluded that it'll ever happen and so far he's been more right than wrong!
The whole thing is irritating as I said. There is value- IC has highlighted it. Is it worth the hassle!? Sigh.
Very irritating. Priced way too low to sell though based on the current assets. Sp at current levels almost seems to be questioning whether there is still a valid company via the new approach which I don't believe to be a correct outlook.
A large part of sells likely due to personal choice on account management (not wanting to hold CDIs or on the ASX, if it was my choice i wouldn't which is why I've invested here rather than SFR or CBR) & some understandably frustrated with the approach of management.
However, I can be patient, keep calm in face of the current drop & wait for value to be realised again the the share price.
Drilling starts at Motheo next month & SFR will be prioritizing T4 - more value not realised - hopefully we wont still be at a 3rd of NAV by then, a long way to go!
I think you're correct on all counts there MrR. I'm not selling at these prices. My most recent concern was whether when H-L transfer the shares they would lose their ISA and SIPP drawdown status. I have just spoken to H-L and been told the holdings will still be within the ISAs and SIPP accounts and they are going to confirm that in writing. I was concerned that the SIPP holding would count as a withdrawal and generate a tax bill. Talk about adding insult to injury (or vice versa!).
This a nightmare of the company's making but I'm sure we'll wake up some time and find the SP has regained some realism
Oh...Keith...HL are saying that holdings can stay in an ISA? That's opposite to what ii have indicated. Very interested in any clarification there.