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Norseman- Private Investors Treated with the Usual Contempt But not a Reason to Sell

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- Tom Winnifrith

AIM and ASX listed gold miner Norseman Gold (NGL) may change its management but its traditional contempt for UK private investors is a habit it seems to find harder to kick. And so having done the rounds of press meetings etc last week and created glowing copy and heavy private investor buying, comes news that it is raising A$12 million (£7.9 million) in a placing with institutional investors at c2.7p. For those penny share punters who bought at 3.5p after the puff this must come as a blow. How would John Terry put it? Norseman Gold are a bunch of “fucking knobheads.”

That might be a bit harsh but had I bought in the market yesterday I think I would have felt pretty cheesed off. I feel a bit cheesed off myself for believng that this time it would be different with Norseman. But does that make Norseman a sell? No.

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