Australian (ASX) Stock Market Forum

KMN - Kings Minerals

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kennas said:
Golly, 30 could really be on the cards here. Seen a couple of big sells go through recently, one today pushing it down. Must be either people not believing, or needing cash, or expecting other opportunites. Or, maybe just a flight to safety with the speculative end of the markets caving in...

I'd have to revisit this around 30....:eek:
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:eek: Hooley dooley, the MC to oz au comparison here must be getting pretty damn low for a developer. They wouldn't want to get an analyst or 2 over to Mexico and check out San Anton though. No siree! No need for an analyst report on almost 11m oz au sitting inside a hill waiting to be dug out. I can only assume that there's some problems with the metallurgy that warrant a further scoping study on top of the other studies before going to pre feasablility and then perhaps another scope or 2...:confused: Hey KMN!!!! Au and Ag are at record prices!!! Move on!! And Cu is worth a bob or 2 as well..... :confused:

If it's not economical now, then start pegging another old mining region. :2twocents

(end rant)
 

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This company has been led about by some of the most incompetent criminals on the planet!!!

Opes Client A's missing millions

Michael West
April 12, 2008 - 10:52AM

There's an old City saying that the stockmarket goes up by the stairs and down by the lift. The metaphor turned reality on Friday as the implosion of margin lender Lift Capital smacked an even larger client base than has Opes Prime.

The attention of clients and their lawyers will soon turn to referrals, that is, the liability of financial planners and brokers who advised their clients to borrow from Lift, and sign over their shares in the process.

Before we get to the latest on Lift though, there are some rather stunning developments breaking in the Opes saga.

It appears that mining entrepreneur Norm Seckold set in train the demise of the prime broker on March 10 when he called for his $100 million of stock back - and Opes couldn't deliver.

Where is it? Seckold hasn't got a clue. The director of Bolnisi Gold, King's Minerals, Cockatoo and Planet Gas had become nervous in early March as Tricom was toppling and tried to get out of Opes.

He still has $15 million of stock missing. It seems Seckold is the mysterious "Client A'' mentioned in Melbourne Federal Court documents whose assets were transfered to the British Virgin Islands company.
Click to expand...

No wonder us mug punters, investing on misinformation, have NO hope.

It's perhaps why the sp has been heading south for a year too!!!

:banghead:
 
kennas said:
This company has been led about by some of the most incompetent criminals on the planet!!!



No wonder us mug punters, investing on misinformation, have NO hope.

It's perhaps why the sp has been heading south for a year too!!!

:banghead:
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Good find Kennas

I can only hope that the $15mm worth of stock contained no King shares or i'd have to contemplate that Norm isn't working in the best interests of the company.

It will be real interesting to hear what stocks make up the $15mm :confused:
 
kennas said:
This company has been led about by some of the most incompetent criminals on the planet!!!

No wonder us mug punters, investing on misinformation, have NO hope.

It's perhaps why the sp has been heading south for a year too!!!

:banghead:
Click to expand...

On the other hand, if Seckhold had so much with Opes and got nervous and got out, it actually shows a bit of sense.

KMN thought it seems were held by many other Opes holders, and so has been sold down pretty relentlessly.
 
It's hard to imagine that ASX listed company shares can "go missing", this would seem to indicate that the industry is under-regulated and I agree that Norm has shown some nous to get out, however he must have been a bit dumb to get involved in the first place, just shows that the exec's are driven by greed. A good rule is never give more than 10% of your investments to anyone else to look after/manage. Once you have built up a portfolio of shares a 10% rule is a good one too. I have a little over 15% of my shares in KMN which is rather annoying because it has left me exposed but I'll grin and bare it for the moment. KMN is still fundamentally sound. Maybe new directors are required at the next AGM? remember if you hold shares your vote counts! Question - If the shares are missing can the holders still vote at the AGM and would that help locate them??? Do we need a special general meeting???
 
doogie_goes_off said:
Once you have built up a portfolio of shares a 10% rule is a good one too. I have a little over 15% of my shares in KMN which is rather annoying because it has left me exposed but I'll grin and bare it for the moment.
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If thats 15% of your portfolio now is KMN, was it 40% before?? Or if it was 15%, at least now surely its under 10%:)

(I have a small amt too):(
 
When its written that $15mm of stock goes missing what does that really mean?
I thought all the holdings are kept on a computerized register, the holder is either sponsored by the company itself (SRN) or sponsored by the broker (HIN).
Its not like you can get a paper certificate and hide it under your bed with no one knowing about it - can you?
 
refined silver said:
The $15m "lost" shares, are 3.5m CXC shares that weren't returned to Seckhold after he paid out his margin loan before Opes went bust. Hence Seckhold is suing as he's not unsecured creditor with no title to the shares, they should have been returned.

http://www.theaustralian.news.com.au/story/0,25197,23534545-601,00.html
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Well, I take it back about the 'criminal' comment. My reading of this is that Norm has pretty much done the right thing, apart from not paying the orignal load back in a more timely manner. Although, you could say that he was trying to take a shortcut to converting the options and shouldn't have put himself in the position in the first place. Just how those shares were 'lost' though must make you wonder. :confused:
 
Glad to hear my dark suspicions that Norm was loaning his shares out proved to be wrong in light of the facts :eek:

Now hoping my top up @ 0.30 of a week ago is close to the low.
 
GoHardHomie said:
Glad to hear my dark suspicions that Norm was loaning his shares out proved to be wrong in light of the facts :eek:

Now hoping my top up @ 0.30 of a week ago is close to the low.
Click to expand...
If TA and S&R has any merits then you'd expect 30 to be close to the bottom, maybe 20. See chart above, not much has changed. However, perhaps in this environment, 'probabilities' count for zip.

Back to levels not seen since prior to Kalman was dicovered and the initial resource at San Anton. Both still expanding and anticipated production in 10/11**.

Just how they have turned this sp upside down I do not know. Of course, it's the general market. :rolleyes:

(**that means 2110/11 for those not accustomed to KMNs ability to get results out on schedule).
 
OK, it would seem from the media that Norm's no dummy (apologies Norm). I don't like to believe everything that's in the media but my suspicion is that the ANZ are the ones in the wrong, I'll happily give Norm another go if his mode of operation is as forthright and proactive as his (presumably correctly quoted) interview with the Australian. I'll still be holding while there are resources in the ground of the known dimensions, the fundamental look good to me.
 
Hooly dooly, touched .23! eeeeek!

What are these goose ´s doing?

Maybe just too much negative sentiment for them to break the drought.

Crap initial JORC on Kalman, Norm losing (literally) gazillions through the Opies thingo, and God knows what SNN are doing with San Anton. I mean, how long does it take to do yet another scoping study, on another scoping study to go to God knows where?

Potential bottom at .20 looming....
 
Bit of a downward roller coaster kennas, I sold my KMN off at $1 even. So at the current price it's starting to look an interesting proposition again :)
 
Jeez, does anyone know what went on today with Kings. Was sitting on -4% and right on the bell went up to +4% and vol was 14,498,208. I was thinking KMN might bottom at 0.20 but it looks as if support was found sooner... Oh well strap in and hold tight :D
 
That's about the amount Opes Prime was still left holding, not certain but I guess ANZ has finally sold their remaining 13 million stake in KMN.
 
Always a good sign to see directors making on market purchases of their own company shares ( so long as its with their own money ) But I don't see this as a reason for a 40% jump over 2 trading days and over 18 mill vol. Ah well ignorance is bliss :cool:
 
Any clues on that jump. No insider info from Angel Falls. he, he :)

Have to assume some good drilling results, or someone taking a strategic stake you think?

:confused:
 

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