RNS

[Redirons]

Glad I was right in last night’s post that the equity raising had to occur to smooth the Banks requirements on their debt financing. This explains Shaun’s actions for me, but like the way he used it to get Tribecca and other II’s onboard as well as showing his and Chris Toon’s money is where their mouths are. All in all, Shaun continues to guide us through the complexities of becoming a miner working with huge JV Partners and yet still “scoring points” along the way. Looks a genuine one step backwards to move two steps (at least!!) forwards and my money is truly on Shaun doing what he’s done before at Northern Star for the benefit of all GGP Shareholders. Loads of positives from this last week and the SP just needs to catch up with them imho!!!

[Frolinde]

Hi All,

First post here. Long time lurker though.

I have been a GGP fanboy for a long time, but find it hard to maintain the firm belief i once had. Main reason being that "the big boys" keep the company in a stranglehold and i haven't seen a succesfull escape attempt from Shaun Day. The stranglehold results in reactions instead of a more pro-active approach from the company. Sure, in hindsight it is easy to determine the strategy that would have worked, but the lack of boldness in how Shaun Day addresses the challenges makes one wonder. Me at least. First some observations / thoughts;

* The share price is obviously totally controlled by one or a few big stakeholders;
* Every upward price action in the last 18 months or so has been met by controlled selling;
* I always thought this was done by (affiliates of) NCM to deprive GGP of funding possibilities and scoop up the 5% on the cheap;
* But now also see a scenario where NCM, perhaps with others (Tribeca, Sprott?), try to squeeze further and try to achieve a low takeover offer;
* The fact that NCM has not bought the 5% ("we will get full ownership later anyway") and that this dilution only increases holdings of institutions point towards such a scenario;
* Rest assure that the bigger players have other strategies in mind than ours (selling GGP shares at 50 pence or above);
* If share holdings of the bigger institutions will breach certain thresholds they will increasingly have more power to steer GGP in their desired direction;
* Sprott has correctly pointed out in one of their GGP updates that the significant private investor holding in GGP is troublesome for a NCM takeover;
* In my opinion NCM already tried (and failed) to takeover GGP once (this was the run-up to 35 pence) and are now deploying a different approach;
* Driving the share price lower is one tactic, as is the seemingly organised FUD and the complete downplaying of Havieron to scare off more private investors.
* I would not be surprised if NCM would drive up the costs to make sure GGP needs another dilution. They want ore at Telfer as soon as possible, but perhaps will squeeze GGP for a bit longer if they can scoop-up another 10% of GGP votes.
* I would be truly disappointed if, despite Shaun Day plenty mentioning "long term shareholder value", a low ball offer (15-20 pence) of NCM would be accepted in the coming months.


Is there something we can do to make sure GGP is not sold for a bargain price? And do we have (or can we get) all the info to asses the likeliness of such a scenario?

Some questions;

* How is governance arranged within GGP? Has anybody seen the articles of association?
* Is there anybody that has access to a good source (Bloomberg terminal?) of GGP holdings?
* Is there somebody with more knowledge on the dealings of the bigger shareholders? How tightly is Sprott connected to NCM? Can they be trusted despite their recent negative comments? Is Tribeca connected to NCM? Others?
* Shaun Day seems trustworthy, but is he? There is very little skin in the game for him and for example an offer to replace Sandeep at NCM would be very tempting. Any comments on this?

So a pretty long post and maybe not pointy enough to get my concerns across. Your feedback is highly appreciated and i would for one be a proponent of having a formal section on this beautiful forum that gives acces to holding reports, articles of association, etc. Many thanks to all that have helped to get this site up and running. Hopefully we can be a bit more upbeat in the near future on our investment in GGP.

[wildbill99]

Hi All,

First post here. Long time lurker though.

I have been a GGP fanboy for a long time, but find it hard to maintain the firm belief i once had. Main reason being that "the big boys" keep the company in a stranglehold and i haven't seen a succesfull escape attempt from Shaun Day. The stranglehold results in reactions instead of a more pro-active approach from the company. Sure, in hindsight it is easy to determine the strategy that would have worked, but the lack of boldness in how Shaun Day addresses the challenges makes one wonder. Me at least. First some observations / thoughts;

* The share price is obviously totally controlled by one or a few big stakeholders;
* Every upward price action in the last 18 months or so has been met by controlled selling;
* I always thought this was done by (affiliates of) NCM to deprive GGP of funding possibilities and scoop up the 5% on the cheap;
* But now also see a scenario where NCM, perhaps with others (Tribeca, Sprott?), try to squeeze further and try to achieve a low takeover offer;
* The fact that NCM has not bought the 5% ("we will get full ownership later anyway") and that this dilution only increases holdings of institutions point towards such a scenario;
* Rest assure that the bigger players have other strategies in mind than ours (selling GGP shares at 50 pence or above);
* If share holdings of the bigger institutions will breach certain thresholds they will increasingly have more power to steer GGP in their desired direction;
* Sprott has correctly pointed out in one of their GGP updates that the significant private investor holding in GGP is troublesome for a NCM takeover;
* In my opinion NCM already tried (and failed) to takeover GGP once (this was the run-up to 35 pence) and are now deploying a different approach;
* Driving the share price lower is one tactic, as is the seemingly organised FUD and the complete downplaying of Havieron to scare off more private investors.
* I would not be surprised if NCM would drive up the costs to make sure GGP needs another dilution. They want ore at Telfer as soon as possible, but perhaps will squeeze GGP for a bit longer if they can scoop-up another 10% of GGP votes.
* I would be truly disappointed if, despite Shaun Day plenty mentioning "long term shareholder value", a low ball offer (15-20 pence) of NCM would be accepted in the coming months.


Is there something we can do to make sure GGP is not sold for a bargain price? And do we have (or can we get) all the info to asses the likeliness of such a scenario?

Some questions;

* How is governance arranged within GGP? Has anybody seen the articles of association?
* Is there anybody that has access to a good source (Bloomberg terminal?) of GGP holdings?
* Is there somebody with more knowledge on the dealings of the bigger shareholders? How tightly is Sprott connected to NCM? Can they be trusted despite their recent negative comments? Is Tribeca connected to NCM? Others?
* Shaun Day seems trustworthy, but is he? There is very little skin in the game for him and for example an offer to replace Sandeep at NCM would be very tempting. Any comments on this?

So a pretty long post and maybe not pointy enough to get my concerns across. Your feedback is highly appreciated and i would for one be a proponent of having a formal section on this beautiful forum that gives acces to holding reports, articles of association, etc. Many thanks to all that have helped to get this site up and running. Hopefully we can be a bit more upbeat in the near future on our investment in GGP.

https://greatlandgold.com/investors/aim-rule-26/

This page has a link to the articles which are here:
https://greatlandgold.com/wp-content/up ... 2.2009.pdf

Is there something we can do to make sure GGP is not sold for a bargain price?
The only thing you can do is use your shares to vote against any motions you don't like. If you want more power, buy more shares.

I can't answer the questions on trust - trust is a very subjective. So I'll throw that back at you - Do you trust all those companies? Do you trust Shaun Day?
If you don't trust anyone involved is it wise to stay invested?

SD has just gone from 375,000 shares to 1,089,000. How much skin would you like to see? Why is your threshold of skin set wherever it is?

Is Sandeep leaving? Seems like some weird arbitrary exercise - on the same level does SD play the lottery? If he won the jackpot would he still work?

I realise this may come across argumentative, I don't mean it to be. Just trying to finish my post quick while on lunch

[Frolinde]

Hi wildbill99,

Thank you for your reply.

Not to worry. The tone in your post is fine. Will go through the info provided and come with a more elaborative reply.

Hope your lunch was good!

Frolinde

[poniexpress]

Hi Frolinde, Long term lurker,
I am continually surprised when I come across unexpected posts on this excellent forum where the poster explains their concerns so succinctly. I congratulate you and welcome your input as I am just an ordinary investor struggling to fully understand all that is going on relating to GGP. Your comments highlight several of the issues I have been struggling with in order to try and determine the end game or future for GGP.
I can only respond to a couple of your points,
With reference to can we trust Shaun Day? - Yes, I do trust him fully. He has already been there and done it in previous jobs and this is a new challenge for him to convert a junior into a fully fledged miner. Success will mean a lot more to him than any plum job like replacing Sandeep Biswas at Newcrest, an already established miner. Deceit would destroy his reputation which is a NO-No for him IMO.
I also don't think he would entertain Tribeca if he had any doubts about their integrity.
Being very pro GGP since 2016 I feel I have much more to learn and your other concerns help along that trail., Oh and keep posting.

[Bamps21]

Hi Frolinde
Your views seem to be too one sided on an NCM takeover.
I don’t believe it will happen but who knows.
Here is one of my posts from LSE
“Telfer is practically exhausted it’s AISC costs are extremely high, if it hadn’t been for the increase in metal prices and waiting for Havieron ore it would have been mothballed.

NCM have been in a downward trajectory recently waiting for new projects to come on stream.
Cadia is in a transition from one zone to open up a new zone. Works to increase milling capacity has been taking place this year. Full production not due to happen for at least 12 months and now they have had trouble with their ventilation shaft.
Lihir problems with the clay content in the ore, new faces of the mine had to be opened up not yet back up to speed
Walfi permission to mine not yet granted
Telfer running down
Antipa jv no positive finds at this moment

That’s why they have been spending $millions on acquiring other fields.
Red Chris and Brucejack they’ve paid millions and are funding heavily in exploration and mining new zones to increase the companies reserves and output.
This is where NCM dollars are needed now otherwise another fall in profits and reserves.
This is why the 5% hasn’t happened, the $60m gets a better return at Brucejack.
Just look at the annual results it’s all about Brucejack.
5 years time it will all be about Havieron.”

The longer they take to acquire Ggp share of Havieron the more costly it will be for them .
At the moment they are working very well together , they’re other joint ventures would surely be bought out first especially Red Chris which may have exhausted a lot of its ore prior to Havieron block cave commencing.
I believe this joint venture will stand the test of time.

[Frolinde]

Hi Ponie & Bamps,

Thanks for reacting. Will get back to you!

Fro