3987 days ago
Having been booted off the AIM Cesspit, Norseman Gold is still suspended on the ASX. However an operational update published before the Bank Holiday in Oz gives a glimmer of hope that all may not be entirely lost. But with Norseman, one of my worst share tips ever for which I apologise once again, we have come to expect the worst.
4014 days ago
Norseman Gold (NGL) has been kicked off AIM.
The suspended shares are being de-listed at once. This was a bad tip from me and fits in with the general rule “never tip dual listed Aussie companies on the AIM Cesspit.” Good Australian companies can raise plenty of cash back in the land of high culture. Bad ones tap up folks on the Cesspit. I apologise for getting it wrong – its management including David Steinepreis have an awful lot more to apologise for. The game is not 100% over but I would suggest that if Dave tries to list anything in London ever again you pass on that offer.
The company is now again in control of its assets. But it was told by AIM that it needed to present a business plan and show that it had the working capital to execute it within six months of its suspension or get de-listed. The management asked for a one month extension but did not deliver and so the shares were booted off the Cesspit.
The shares remain listed on the ASX
4060 days ago
Another week and another milestone has been reached for Norseman Gold (LSE:NGL). We are not yet at the point where we can say that the shares will return to AIM but we are getting closer. Let me explain.
As you may well remember Norseman – one of my moist disastrous share tips in a 25 year career – announced last autumn that it was putting its operating subsidiary into the hands of the administrator. This was not the same as the parent company going into administration as I explained in detail to those who assumed this was a write-off HERE
4084 days ago
There were those who wrote AIM and ASX listed gold miner Norseman Gold (LSE:NGL) off as an investment. That may still prove to be accurate. This has been a sorry tale and one which has made many of us, myself included, look like total prats. But we are not at write-off as yet as a statement from the gold mining stock of 20th February made clear.
4147 days ago
Since the shares remain suspended there was no rush to comment on the news from AIM and ASX listed Norseman Gold (LSE:NGL) which came out on Friday 14th December. It does not read well but having spoken to the company’s advisors it is not a write off yet. As I shall explain below.
4176 days ago
AIM and ASX listed gold miner Norseman Gold (NGL) has, as we all know been a total disaster. But as I pointed out October 3rd, although this has been a disastrous tip for me, the game is not over yet. The company issued an update on 16th November and having enjoyed a good chat today with one of the advisory team, this is the latest.
4196 days ago
Shares in AIM and ASX listed Norseman Gold (NGL) remain suspended following it s decision to put its operating unit into administration – something it stated was (hopefully) temporary. Many folk have understandably written the shares off as worthless but they are, quite probably, wrong. Press reports from Australia suggest there is real hope and that the shares could be trading again by Christmas. Let me explain.
4219 days ago
I am bombarded with emails today insisting that Norseman Gold PLC (LSE:NGL) is in administration. It is not. I think I know where the confusion lies, let me explain.
4224 days ago
I am contacted by a couple of angry Norseman Gold (LSE:NGL) shareholders asking if they can sue the company following today’s appalling news. It is bad, there is no getting away from it but the story is not played out in full. So, firstly
4224 days ago
AIM and ASX listed gold Miner Norseman Gold ( NGL) has been a truly disastrous tip from me (37p in July 2009). The shares are now suspended and will remain suspended for a good while as it has just put its operating unit into administration. It sounds as if it is end game but it is not. I cannot say it is good news ( it is bad news) but do not give up the ghost yet. This is why.
4286 days ago
Back in Stratford, Australia has just picked up another gold medal in the “Missing quarterly targets men’s relay event” Barry Cahill held the baton for the first 12 quarters before passing it on to Kevin Maloney who stepped in with a blinding finish to ensure that for 13 quarters in a row the AIM and ASX listed Norseman Gold (NGL) squad has missed its production targets. The question is whether Maloney will do a lap of honour and miss again?
4299 days ago
AIM and ASX listed Norseman Gold (NGL) is rubbing salt in the wounds of the private investors it so likes to screw and who had bought the shares before Wednesday’s placing announcement likely feel by increasing the proposed placing by 25% (to Australian$25 million) “due to strong demand” from “institutional investors”.
For once I do not condemn Norseman’s management. This time it is greedy City brokers who should be strung up from lamp-posts with piano wire. This sort of thing is a stockmarket scandal.
This placing was done via a book build. That is to say the brokers (who trouser 5% of funds raised) call up fund managers and say how much stock to do want at what price. So we thought it was A$12 million (plus $8 million loan conversion) at 2.7p. But it appears there was more demand so they issue more stock at the knockdown price. They could have simply upped the price and raised the original amount (rather than an extra A$5 million) at a higher price. But no.
Greedy brokers will have told the company:
4301 days ago
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.
