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FMJ - Fortis Mining

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very hard to say ... as you suggest the market at the moment is very much buy the rumour sell the fact .. it will all dependent on the size of the resource and the the arrangement for the purchase .. If it is Satimola which is the biggest resource in the region 8.5BT resource then this is a few time bigger than STB .. If it is anything of similar size then the market should go bonkers.. but at the same time it could be already over hyped and not have much effect .. I obviously am factoring on a mega resource and the market going bonkers, and a tight registry, thus why I am throwing my money in it .. I would have much preferred to be doing this in a week without potential financial crisis..
 
TRADING HALT ..

Pending announcement regarding acquisition of two potash mine asetts..

Now just waiting to see annoncement and market reaction..
 
Request for securities to be suspended from official quotation
Further to the Company’s request for a trading halt dated 21 March 2011, the Company has submitted to the ASX a proposed announcement which will release details to the market of the proposed acquisition of potash assets in West-Kazakhstan.
I note that you have advised that the ASX will not be in a position to consider and respond to the Company’s proposed announcement before the market re-opens at 10am on Wednesday 24 March 2011. As such, the Company will be unable to release the foreshadowed announcement until after the ASX has considered and responded.
In these circumstances we request that the Company’s securities be suspended from Official Quotation pending the finalisation of the ASX’s determination that the proposed
announcement meets the requirements of the ASX Listing Rules, including Chapter 5.
Any queries may be addressed to the writer.
 
adobee said:
Request for securities to be suspended from official quotation
Further to the Company’s request for a trading halt dated 21 March 2011, the Company has submitted to the ASX a proposed announcement which will release details to the market of the proposed acquisition of potash assets in West-Kazakhstan.
I note that you have advised that the ASX will not be in a position to consider and respond to the Company’s proposed announcement before the market re-opens at 10am on Wednesday 24 March 2011. As such, the Company will be unable to release the foreshadowed announcement until after the ASX has considered and responded.
In these circumstances we request that the Company’s securities be suspended from Official Quotation pending the finalisation of the ASX’s determination that the proposed
announcement meets the requirements of the ASX Listing Rules, including Chapter 5.
Any queries may be addressed to the writer.
Click to expand...

Hi Adobee,

Whats your view on where the SP could get to today assuming a positive announcement?
 
Ive got no idea ... Its pretty tightly held with little amount of shares on issue ... If news is good and it goes bonkers it could be $5 but at the same time it could open lower as everyone who held in advance tries to sell on the news ..
 
total noob question.....but is there anyway to tell when it will reopen?

will it always be on the start of a trading day? or could it reopen in the afternoon etc ?:confused:
 
adobee said:
Ive got no idea ... Its pretty tightly held with little amount of shares on issue ... If news is good and it goes bonkers it could be $5 but at the same time it could open lower as everyone who held in advance tries to sell on the news ..
Click to expand...
Thanks for the reply. It seems we share the same view then!! I'm finding it difficult to call this one, hence the original question.

However, from what I've heard, this is definitely one stock to be invested in at the moment.

GLA,

Chorlton
 
My understanding of the equitiy facility is that it will issue shares at 15% disc to instos. Once those instos sell, if they sell at a loss (ie prices go down); More shares will be issued at 15% disc to the new price ad infitium

Its all sunshines and rainbows if the price doesnt go down but if it does? Feels like a vicious spiral to me.
 
skyQuake said:
My understanding of the equitiy facility is that it will issue shares at 15% disc to instos. Once those instos sell, if they sell at a loss (ie prices go down); More shares will be issued at 15% disc to the new price ad infitium

Its all sunshines and rainbows if the price doesnt go down but if it does? Feels like a vicious spiral to me.
Click to expand...

I understand (and could be wrong)
Shares are issued when the company draws down.. the insto doesnt have to immediately sell.. but often will.. this is a pretty common facility.. shares are pretty tight so if the company draws down when the shares are high this is pretty benneficial..
 
also doesnt stop the company from going to the shareholders for money if they prefer but gives them an option .. looks like tomorrow will be the day at the stage ..
 
sparkie said:
total noob question.....but is there anyway to tell when it will reopen?

will it always be on the start of a trading day? or could it reopen in the afternoon etc ?:confused:
Click to expand...

Not sure.. I dont know enough either..
My understanding is that it would go into pre open when the announcement comes out.. thus there would be a bit of time between the announcement and the re-open..
but when you see the announcement it will either be very quickly after or advise in it re open on ... ..
 
A Trading Halt has a time limit of two working days. If the clarifying announcement cannot be released within that time, the company's shares (and options, if any) are automatically suspended.
The difference between the two is only little more than semantics:

  • During a trading halt, any orders that were sitting on the board ("market depth screen") are frozen until ten minutes before the trading halt is lifted.
  • When a suspension takes effect, all bets are off; the slate is wiped clean and orders must be placed anew once the announcement has been released and the time for resumption of trading set.
In FMJ's case, I read between the lines that there appears to be a dispute between FMJ and the ASX whether the text of the announcement (which deals with the acquisition of a couple of mines in Kazakhstan) complies with applicable ASX rules or not. Sounds as if the ASX thinks some details are lacking that it considers necessary for investors to make a sufficiently "informed" decision.
 
would be nice if something happens soon.. markets pretty boring when your monies locked up and nothings happening ..
 
adobee said:
would be nice if something happens soon.. markets pretty boring when your monies locked up and nothings happening ..
Click to expand...

either the money is gone completely or the ASX is trying to work out a way that this news is not going to melt the whole show down and prevent them selling out to singapore!

COME ON TELL US THE NEWS !
 
some news out ...

people expecting the market to be able to read this and buy there shares at a massive premium immediately.. will take some time..

Looks like
Two mines
4.4bt at 8%
1.5bt 30%
 
dropped out at 2.60 then 2.30..
momentum isnt too good at the moment and people want more details..
will be keeping my eye on it though ..
 
adobee said:
dropped out at 2.60 then 2.30..
momentum isnt too good at the moment and people want more details..
will be keeping my eye on it though ..
Click to expand...

do you still keep an eye on this one?

spiked up a bit today with no announcement, some pretty interesting chit chat on HC
looks kinda messy!
 
sparkie said:
do you still keep an eye on this one?

spiked up a bit today with no announcement, some pretty interesting chit chat on HC
looks kinda messy!
Click to expand...

If anyone out there has some divine insight as to why this stock has nosedived in the last 2 months it would be gratefully appreciated as i bought into this after looking though what i thought were decent fundamentals:banghead::banghead::banghead:

im around 25% down since buying in and whilst tempted to put some more in at this point i can see they have been as low as $1.42 recently..

advice and benefit of your wisdom appreciated!
 
I think you need to look at the six months chart rather than the last two months.. this stock has run from 20c.. at the moment it is very difficult for a valuation to be put on the project.. they have secure some pretty major finance though.. Directors of this FMJ have just taken over GTE looks to be a similar story..
 
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