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NCZ, NEW CENTURY RESOURCES LIMITED
blacksheep
post Posted: Aug 1 2019, 10:51 AM
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In Reply To: blacksheep's post @ Aug 1 2019, 10:05 AM

Odd the company announcement did not mention Credit Suisse was doing the CR (unless I missed it). AFR reporting - Credit Suisse raising for zinc play New Century Resources https://www.afr.com/content/afr/street-talk/

Credit Suisse ceased to be a subholder notice yesterday - lots of stock returned, some borrowed, a few buys & sells - one large "disposed on market" 26 July 2019 for 5 mil shares



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 1 2019, 10:05 AM
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In Reply To: blacksheep's post @ Jul 31 2019, 08:53 PM

Wonder who was in the know this was coming?

QUOTE
New Century to launch A$42.5 million capital raising by way of fully underwritten Placement
Highlights
• Placement to institutional and sophisticated investors to raise A$42.5 million
• Placement is fully underwritten
• Placement to be completed over two tranches, with shares under Tranche 2 to be
issued subject to shareholder approval (EGM to be held in September 2019)
• The Company also intends to offer a Share Purchase Plan (SPP) to eligible existing
shareholders to raise up to A$5 million
Proceeds will be used to fund continued refurbishment and ramp up process to
double plant capacity to 12Mtpa at the Century Zinc Mine

New Century Resources Limited (New Century or the Company) (ASX:NCZ) is pleased to announce
it is conducting a fully underwritten institutional placement to raise approximately A$42.5 million
(Placement). The issue price of shares under the Placement (New Shares) will be A$0.33 (Issue
Price), representing a 17.9% discount to the 5-day Volume Weighted Average Price (VWAP) of the
Company's shares.
Following settlement of Tranche 1 of the Placement, the Company also plans to conduct a Share
Purchase Plan (SPP) to eligible existing shareholders.


I thought they we going to fund ramp up from cash flow - as per their website - Restart Feasibility Study - https://www.newcenturyresources.com/century...sibility-study/
QUOTE
The forecast start-up capital estimate is A$50 million (including A$2.8 million contingency) to first production (expected by July 2018) at an initial throughput rate of 8Mpta. Once in production, further ramp up capital of A$63 million will be invested over a 15 month period (for a total capital requirement of A$113 million) to bring the operation into full production at 15Mtpa. Ramp up capital is proposed to be funded from operational cash flow.


and the real reason for CR appears to be....
QUOTE
The Company had initially anticipated drawing on an existing conditional A$40 million junior debt
facility, through debt provider Varde Partners, to complete the proposed works. Whilst the junior
facility remains available, the Company has not yet achieved the conditions required to draw the
facility (which are required to be met by 30 August 2019, unless otherwise extended) and
accordingly is not presently in a position to draw down on the junior facility to continue with the
refurbishment and ramp up process
. There is no certainty that the conditions to draw down will be
satisfied or that the date to achieve the conditions will be extended, and therefore the Placement
provides the liquidity to allow the Company’s ramp up process at the Century Mine to continue
unabated.



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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 31 2019, 08:53 PM
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Not sure what, if any, impact this will have
QLD puts FIFO ban on eight more large projects
July 26, 2019News Vanessa Zhou
QUOTE
The Queensland Government has added another eight large resources projects to its ban on fly-in, fly-out (FIFO) recruitment in support of jobs for local communities.

The eight projects are Baralaba North (Baralaba Coal Company), Barbara (Round Oak Minerals), Bauxite Hills (Metro Mining), Century zinc (New Century Resources), Cook Colliery (Bounty Mining), Mount Colin (Round Oak Minerals), Mungana (Auctus Resources) and Olive Downs (Pembroke Resources).

These declarations represent the third addition to the Coordinator-General’s published list of large resource projects that are prohibited from employing a 100 per cent FIFO workforce.

https://www.australianmining.com.au/news/ql...large-projects/

Haven't had time to read quarterly but a quick glance at the cash flow suggests there are "issues"

Short positions are climbing - as at 25th July, 2019 - 5.42%
https://www.shortman.com.au/stock?q=ncz
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 25 2019, 08:17 PM
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In Reply To: blacksheep's post @ Jul 17 2019, 08:34 PM

QUOTE
Tolga Kumova@KumovaTolga
Today I retired from my directorship at New Century Resources. My role was to finance the project which was done with $98m equity and $100m in debt. I even invested over $3m of my own money at different levels


Wonder if TK cashed in? Late Crossed,Special Crossing >= T3 < T2 for 16mil shares

QUOTE
1 695 4:27:32 pm 42 16,000,000 $6,720,000 Crossed,Special Crossing >= T3 < T2


According to TK final directors holding disclosure he held 16,666,666 shares in Kitara Investments (family a/c). If he did, he's made a $3.7mil thus far on the $3mil of his own money

QUOTE
Kitara Investments Pty Ltd <Kumova Family A/C> - Mr Kumova is a director.
16,666,666 shares
7,500,000 unquoted options exercisable at $0.25
each on or before 13 July 2021
7,500,000 unquoted options exercisable at $0.50
each on or before 13 July 2021
7,500,000 unquoted options exercisable at $0.75
each on or before 13 July 2021
7,500,000 unquoted options exercisable at $1.00
each on or before 13 July 2021

Gondwana Investment Group Pty Ltd <Kumova Family Super Fund A/C> - Mr Kumova is a director.
1,250,000 shares


"The formula for making money is to buy low sell high." - he said in recent tweet - however he certainly didn't "sell high" - https://twitter.com/KumovaTolga/status/1153956860808105984
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 17 2019, 11:05 PM
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In Reply To: blacksheep's post @ Jul 17 2019, 08:34 PM

Edit post below - Cranston stepping down from Non-Exec Chairman into NOD role. Kumova "retiring"





--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 17 2019, 08:34 PM
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In Reply To: blacksheep's post @ Jul 9 2019, 12:21 PM

Interesting developments. Ann out today Evan Cranston and Tolga Kumova "retire"

QUOTE
Tolga Kumova@KumovaTolga
Today I retired from my directorship at New Century Resources. My role was to finance the project which was done with $98m equity and $100m in debt. I even invested over $3m of my own money at different levels
.

I thought the objective was to create - "One big cash register by time we're done with it" - https://twitter.com/KumovaTolga/status/911797822680219648 - are we there yet?

On 25 June 2019 Evan Cranston posted Credit Suisse research note - SP was 47c - CS target was $1.53 from their previous target of $2.10. Rating remained OUTPERFORM. Patersons also put out a note on the the same day with a target of $1.54, also posted by Cranston

Looking at Credit Suisse change to substantial holding notice today, on the 25 June 2019 Credit Suisse borrowed 164K stock - returned same amount of 27 June then borrowed another 317k on 4 July 2019 - party to lending agreement seems to be mainly Regal Funds Management through their Tasman Market Neutral and Atlantic Absolute Return Funds. So CS seem to be short NCZ while slapping a OUTPERFORM $1.53 tp? https://www.asx.com.au/asxpdf/20190717/pdf/...pcl1v7cnr07.pdf

Timing of the directors retirement seems to come a couple of days after the release from escrow (TODAY) of unquoted options the majority (30m) to Kumova exercisable @ 25c.

Meanwhile the SP finished down 5.33% @ 35.5c - that's an all time low - if I recall the company commenced trading in the 40c mark

Shorts are up @ 4.05% as at 11 July 2019. Will be interesting to see who was selling today
https://www.shortman.com.au/stock?q=ncz

Hopefully the Quarterly report comes up with some good news. At least they seem to have appointed a new chairman with some previous knowledge of the project. Wonder if he's on twitter and instagram?

QUOTE
Since retiring from Rothschild a decade ago, Mr McDonald has continued as a trusted investment
banking advisor to a selected group of major international mining and investment companies,
including acting as a senior advisor to China Minmetals (whose subsidiary, MMG Ltd, was the previous
owner of the Century Zinc Mine).

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 

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blacksheep
post Posted: Jul 9 2019, 03:05 PM
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In Reply To: alonso's post @ Jul 9 2019, 02:58 PM

Especially those that are hyped up to unrealistic levels too early



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
alonso
post Posted: Jul 9 2019, 02:58 PM
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In Reply To: blacksheep's post @ Jul 9 2019, 12:21 PM

Yes, the chart tells an all too familiar story on startup miners.



--------------------
"The optimist proclaims that we live in the best of all possible worlds. The pessimist fears this is true"

"What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom." Adam Smith
 
blacksheep
post Posted: Jul 9 2019, 12:21 PM
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In Reply To: alonso's post @ Jul 4 2019, 10:20 AM

Depends on whether they are exercised. 30mil of those options were awarded to Tolga Kumova, if I recall - will he exercise @ 25c? The others still in the money (25c) only total 13.5mil

There seem to be bigger issues than the options at play here. The company came out with another update this morning - CONTINUED RECORD ZINC PRODUCTION FROM CENTURY OPERATIONS - yet I see the
SP is down currently 10.39% @ 34.5c - not looking good. Might get a please explain if this trend continues
https://www.shortman.com.au/stock?q=ncz
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
alonso
post Posted: Jul 4 2019, 10:20 AM
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In Reply To: blacksheep's post @ Jul 3 2019, 09:08 PM

What is your estimate of theimpact on sp?




--------------------
"The optimist proclaims that we live in the best of all possible worlds. The pessimist fears this is true"

"What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom." Adam Smith
 
 


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