The stock's at 26c, representing a 77.4% drop from the date of publishing. Owl please:
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The stock's at 26c, representing a 77.4% drop from the date of publishing. Owl please:
*tin pot lil american country
"And this I think is what we’re really seeing in the yield curve. Never mind twitches at the very short end — look at the speed with which long-term rates are going down. That’s a sign of pessimism about long-term U.S. growth — an indication that Congressional failure to raise the debt ceiling will hobble the economy for the next decade. Thanks, guys."
READ IT ALL HERE
After today's market action the choice between the shortlisted songs became easier.
Great tune though, still daisyfresh after eighteen (!) years. Spray-paint the vegetables.
Not overtly, but the market is flashing a clear signal of nerves.
1) We take the closing price for SWC for every day since the deal was announced (we use intraday for today July 29th)2) We multiply the SWC share price by 0.08136, the ratio used in the deal.3) We then add the cash component for the deal, of U$1.354) We then do the forex, converting the USD price of SWC into Canadian Dollars (CAD), as that's the currency in which PGM.to trades. We use the closing forex price between the two currencies for every day (intraday for today).5) We now have a number that indicates "fair value" of PGM.to stock if the deal goes ahead.6) We then look at the closing prices every day for PGM.to (intraday for today).7) We subtract one from the other and we arrive at the arbitrage between the two stocks.8) Finally, we put together this little chart:
UPDATE: A few minutes after hitting the publish button on this, the arb moved to 24c (SWC U$15.44, PGM.to CAD$ 2.25). Just sayin'.
Also, let's take a line for Disclosure: No position in either stock and not planning to move into either unless something big happens, but I sold my PGM.to at CAD$2.60 a couple of days after the deal was announced for a near 200% total win and also reco'd to the subs list that they sell at that time.
This is hilarious. Here's the link to the SEC filing, here's the paste-out.
Item 8.01 – Other Events
On July 27, 2011, the Board of Directors unanimously approved a dividend whereby the shareholders or Portage Resources Inc. (the “Company”) will receive a dividend payable as a ten for one (10:1) forward split of the issued and outstanding shares of Common Stock of the Company pursuant to Section 78.215 of the Nevada Revised Statutes. Pursuant to NRS78.215 and consistent with the Company’s Articles of Incorporation there is no shareholder approval required for this action. The Record Date of the Forward Split was set as August 8, 2011 and the Effective Date and Payment Date is set as August 10, 2011. The dividend to be paid to the shareholders of record is payable upon surrender. Therefore, in order to receive the dividend shares the shareholders of record must surrender their existing shares to the transfer agent and will receive 10 new shares of the Company for each 1 share surrendered.
The effective date and the payment date is subject to FINRA approval and the Company will announce the payment date when such approval is received.
Further, as part of this approved action of the Board of Directors, the Company’s Executive Officer, Mr. Paul Luna Belfiore agreed to return a total of 230,000,000 restricted shares to treasury for cancellation prior to the record date, which would leave a total of 445,200,000 shares issued and outstanding as at the record date.
The dividend shares when issued will increase the Company’s issued and outstanding common shares to 4,452,000,000 common shares, all with par value of $0.001.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
PORTAGE RESOURCES INC. Dated: July 28, 2011 By: /s/ Paul Belfiore Name: Paul Belfiore ` Title: Chief Executive Officer
In a shocking turn of events, Reuters reports on the negative reaction amongst anal ysts to Nadagold's (NG) Galore Creek PFS. The title is "Nadagold's Galore Creek study fails to impress", which just about sums things up. And yup, you heard it here first on Wednesday evening but feel free to wait until Friday morning if you need a "real" news service to tell you the bleedin' obvious.
...has just been sent to subscribers. Belt'n'braces here.
Headline of the day: ""England U20 soccer team welcomed to Colombia by dozens of dancing policewomen (video)"
Back in April your humble scribe wrote,
"So anyway, it's now been fixed at $5.25Bn and it's hardly likely to change again from that number, is it? After all, they wouldn't underestimate and then revise upwards later on purpose now, would they?".
Be clear, this sentiment applies equally to the new U$6Bn number.
UPDATE: More details on the Peru mining industry nationalizations here.
IKN Forecast gold sales for 2q11 = 36,000 oz Au
BTO reported sales for 2q11 = 36,030 oz Au
IKN Forecast sales revenues for 2q11 = $55.8m
BTO reported sales revenues for 2q11 = $54.5m
disclosure: no position in ABX DYOfreakinDD dude.
UPDATE: Oh, you wanna link to a real news story about the Humala inauguration? Ok, here's AP's version, chosen at semi-random. They're all the same, really.
...Portage Resources (POTG.pk), last ten trading days.
It's actually pretty easy to choose from all the crunchy goodness offered up in the NR tonight.
It's this bit....
...and then this bit:
"The results of the Prefeasibility Study clearly indicate that Galore Creek is a very valuable asset,” said Rick Van Nieuwenhuyse, President & CEO of NovaGold."
...surely that should say "vulnerable asset"? DYODD, dudettes & dudes.
"A June poll in Nicaragua indicates that Daniel Ortega will win a first round victory in November's scheduled presidential elections. Fifty-seven per cent of those polled claimed that they would vote for Ortega...""Ortega’s definitely not perfect and his run at re-election doesn’t appear to be legal, but there’s no denying his support within the country."
LIMA (Reuters) – Peru’s leftist President-elect Ollanta Humala, who takes office on Thursday, has dared to move further toward the center, if not the right, than the man he emulated during his campaign — Brazil’s former President Luiz Inacio Lula da Silva. Humala, a former army commander who used to scare investors with fiery rhetoric, won office in June after promising to govern as a business-friendly leftist like Lula.
But the cabinet Humala has assembled, by nearly every measure, is more conservative than the one Lula put together when he took office in Brazil in 2003. That suggests Humala will keep the existing economic model intact while intensifying the fight against poverty that afflicts a third of Peruvians.
PS: Looks like Iwnattos at Market Narrative called the dumpage on BCM.v well and bailed just before the worst damage. I've always admired trader-y types, those with a better sense of the very-short-term than I, but I'm not a jealous guy either. It's just a case knowing what I'm no good at and avoiding it. Kudos, Iwnattos.
I just knew I was covering my short too early at 83c:
...gold, long term chart, in various currencies.
UPDATE: Oh, too much fun. BYV.v replies in an NR. Handbags at dawn, ladies.
Here's a great line from the world of dismal science today:
"Economists see 20 percent chance of new recession in the next year -- Reuters poll."
Or is the July 2011 Casey Research advice still good? After all you did say that:
"We believe the first pass resource will grow rapidly and continue to see the recent sell-off as an opportunity."
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 26, 2011) - East Asia Minerals Corporation (TSX VENTURE:EAS - News) announces changes to its management structure, effective immediately. Michael Hawkins has resigned as CEO-President-Director of East Asia, and is replaced by yada yada continues here
Tuesday, July 26th 2011 - 13:29 UTC
Petrobras plans to double oil output by 2015 and exit debt market in 10 years
Brazil’s government managed Petrobras said its plan to more than double oil output will boost cash flow and eliminate the need to tap debt markets after about 10 years. Profits from oil sales will be enough to cover operating and debt costs starting in about 10 years, said Chief Financial Officer Almir Barbassa.
"It's at this point the plain, boring, simple fact that Petrobras is a state run company needs emphasizing. Bottom line results are not the be-all-and-end-all of PBR's corporate philosophy. Never have been and never will be. Do you honestly believe that the company will continue to pay enormous dividends to foreign shareholders while at the same time taking out massive debt lines to pay for the capex? If so, you are in for a rude awakening.
"So I'm still neutral on Petrobras stock. I'm reasonably bullish on the company and what it will do for Brazil in the long term future, but because shareholders are not the raison d'etre of PBR there's no reason why you or I should prefer it over CVX, COP, XOM or whatever other big oil strikes your fancy."
- Prime Minister: Salomón Lerner Ghitis
- Finance Minister: Miguel Castilla Rubio
- Interior Minister/Home Secretary: Oscar Valdés Dancuart
- Production Minister: Kurt Burneo Farfán
- Minister for Overseas Relations: Rafael Roncagliolo
- Foreign and Tourism Minister: José Luis Silva Martinot
- Defense Minister: Daniel Mora Ballón
- Justice Minister: Francisco Eguiguren Praelli
- Health Minister: Alberto Tejada Noriega
- Education Minister: Patricia Salas O'Brien
- Mining & Energy Minister: Carlos Herrera Descalzi
- Transport & Communictaions Minister: Carlos Paredes Rodríguez
- Women's Minister: Aída García Naranjo
- Environment Minister: Ricardo Geisecke Sara Lafosse
- Culture Minister: Susana Baca de la Colina
- Employment Minister: Rudecindo Vega Carreazo
- Agriculture Minister: Miguel Caillaux Zazzali
- Housing, Construction and Sanitary Services Minister: René Cornejo Diaz
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- The rumored 3m oz Au resource count is correct (we'll find out soon enough, but that's the word form Brisbane anyway).
- Current shares outstanding count of 107.3m
- Tonight's closing price of CAD$7.53, as well as other prices up and down the scale for comparative purposes
- U$1 = CAD$0.95
PS: Oh yeah, best to disclose in this post: No position in CNL.to.
...and told everyone that it was "the next Ventana Gold" without even understanding the first thing about the drill results it published back then?
...yawn how boring, another record for gold.
And this, too:"Isn't it true that you start your life a sweet child, believing in everything under your father's roof? Then comes the day of the Laodiceans, when you know you are wretched and miserable and poor and blind and naked, and with the visage of a gruesome, grieving ghost you go shuddering through nightmare life."
Well....told you so, didn't I?