Still selling at 1/4 to 1/3 value of its peer group
From Jim Puplava's financial sense newshour 3/1/2008 (interview with Mark Bailey, MFN CEO):
"JIM: It's just amazing, as I mentioned, these analysts, including our own internal analysis of your project, are selling at about 25% of its value or a third of its value depending on what assumptions you make. But even that, if you just look at something that is just straight forward type of analysis that John Doody does where he takes the market cap per ounce of proven and probable reserves, I mean your gold going into production is selling at $130 an ounce at a time that gold is selling at $950 an ounce. I look at other producers. They are selling at 5 and $600, $700. I've even seen here one of $800 or more. I mean what an incredible, incredible undervalued situation that you have." http://www.financialsense.com/fsn/BP/2008/0301.html#MarkBailey
> Are you saying that they sold him shares at $1.12 a share, 90% under the market price, and now as payback he's pumping the stock? If true, that is disturbing.
No of course not. They bought 640,300 MFN shares in Q1 2008 for a total of 717,250 SHARES. PFS already owned 76,950 shares.
> Obviously, they should have disclosed thier financial interest in this company before the extra positive pumping.
On Financial sense they rarely mention any stock names due to sec rules and conflict of interest. But they do interview mining company CEO's occasionally, especially juniors. That's where this snippet comes from. Though it's never stated, my impression is that only companies that Jim has a positive opinion of are profiled. Also, usually the questions are quite neutral letting the CEOs speak for themselves. This here is the rare occurrence where JP lets his opinion slip out a bit in the question. Combined with the 13f-hr release, I thought it worth posting, but I would hardly call this pumping.
Nice research! As much as I enjoy Financial sense, their articles and radio broadcast, this took me by surprise. Obviously, they should have disclosed thier financial interest in this company before the extra positive pumping.