This is proven to be more and more a scam. Your numbers look pretty but investors know better. The real risk is that 3 months from now, 6 months from now they come up with yet a new brilliant excuse thoroughly thought through by which Magoya cannot deliver. They are keeping investors' money. That is the real issue.
Still making a profit and shorting a few more now.
You too can steal coin from Banro.
Sentiment: Strong Sell
Well, I shorted at 34c. So I am making coin here. FOR ONCE!
Try it. It is easy. And once you unbelievably start making money out of Banro you will too see the light.
If your gain from your short it only means this stock is #$%$.
Sentiment: Strong Sell
If you want to make some of the money you lost take advantage of this little spurious run and sell what you still have. Then turn and short to the ground. This barkless dog has only one way to go. And you all know it.
Sentiment: Strong Sell
And let me add some more... They are not going for a bankruptcy. NO way.
These scamholders are more sophisticated than that. In a bankruptcy they most likely will also face lawsuits. Even when shareholders won't make a dime out of lawsuits, lawyers will and this will represent an expense to the company. Which means less money for the crooks.
So they will keep this one alive, muddling along, as a vehicle to continue squeezing money out of idiots like you and I and apparently intelligent investors like fund managers. The pool of idiots they can fool has no end and every year a new sucker is born. So from their perspective this game can continue indefinitely and since there is no crime to report and since they act in a "lawful" way that leaves no recourse to angry shareholders/investors who will continue to buy high and sell low guaranteeing profit to shortsellers. These crooks will continue milking the cow until your butt and mine becomes sparkling white.
That's not the way it works. You are getting it all wrong.
Management is in cahoots with hedgies and other investors. Who knows what they have promised. To make it shortable to the ground so that *they* make money? A piece of the "unreported" gold production? Remember, the money that funds this operation does not come straight from investment bankers' pockets but from other larger investors (pension funds, etc.) who may not know the whole story or may be as naive as we are believing the glossy brochures. So the investment bankers have no problem throwing away OPM. Here, management makes money (bonuses, stock options, etc). Operational on-the-ground crew makes money (theft) and close contact investors (hedge funds, Gramcery, etc.) too make money (shortsellers, preferred holders, holders of secured debt, etc.). These groups are ALL happy.
The ones not happy: fund managers who have been bailing out realizing the scam and idiots like you and I.
Run for the hills. There is no recourse writing the SEC as this is a Canadian company. Too bad I lost 30K here.
My biggest regret is not the money I lost. But the opportunity I lost. On a very large breakout for physical gold this piece of garbage craters. The moment we have been waiting for for a very long time, the price of gold strongly spiking, and this garbage -the same day- announces the #$%$ they have known for a while.
Believe me. Management and all associated crooks must have been laughing their #$%$ off.
Well, it was much worse than that I am afraid. I don't think this will BK. BKs are about clearing deck for new equity. Here, equity is worse than mud and it is being used as an excuse to squeeze money out of naive shareholders that believe in their glossy printed brochures. What will happen is probably more dilution, reverse split to continue shorting and attracting naive investors, more bonuses and when in dire need of money convertible bonds with stringent conditions or accumulative preferred issuance. In the meantime, local management will continue to literally steal physical gold while reporting 1% increases in production. Run for the hills!
You got it coming. Did you vote BLUE?
Here we go. These scammers now back in control have no problem reporting really bad news. How bad? The promise commercial output for Namoya will not happen in 3Q. AND when it happens it will be a meager output far from what was promised. Wait, there's more.
In order to achieve a massively disappointing output they will have to SPEND A LOT OF MONEY!
Did you vote BLUE?
Here are the good news. Company will continue scamming shareholders into buying their #$%$ shares when there is a coming secondary to fund their theft. If you think production can twazinga can jump from 19k to 21k when milling went up 40% ask yourself who is keeping the rest of the gold. You know the answer. That is how they steal.
Fund managers and hedges do not care. Some get the accumulative preferred sweet deal. Others sell short. Oh wait. That is only good news FOR THEM! lololol
Sentiment: Strong Sell
Now that blues secure their BOD seats they will go back to not giving a dam. Thursday, they will probably announce a delay into 4Q for Namoya commercial output.
The current BOD/mgt cut the deal with the preferred holders who see money every quarter leaving commons to the cleaners. What else there is to know?
No matter how good and pro their PRs are they are not your friend.
The main thing the BLUE guys did was destroy shareholders' value. Mkt cap a paltry 120 mill. Pathetic!
You are correct. There are red flags with the Green list. But with the statu quo there are no more red flags in place. It has become pitchy black. No future. Nada. Zero. So the odds of a gamble are worth it. If not to tell management to f*c off.
Of course I did. It is online in their letter to shareholders. No, it is not a 300 page document but just a simple guideline that serves its purpose.
You may dislike all you want that there is revolt. But they brought this unto themselves. The share price is completely and absolutely indicative that management and the board are not aligned with shareholders' interests. Period. Repeat. Period. So ANY change is good change. Because we could not have had it worst.
I called my broker (etrade) and talked to corporate issues. Requested the control number for the opposition list. Then, went to proxyvote online with the new control number (not the default that they emailed me) and voted with "opposition" recommendation. That is the GREEN list of directors. The rest of the vote is the same. Same auditors, etc.
TDameritrade was a bit more difficult but in the end they new what to do. You have to ask for corporate issues to vote your shares.
I did what the op suggested. I abstained. There is no choice for green list. I called the first 800 numbers and was a bunch of #$%$. Question still is, how do you vote for the green list? I increased my stake to 240k shares and I wan to vote the incumbents OUT!
As long as you have your control number no problems at all.
Vote the incumbents OUT! They have been stealing from us, shareholders.