Australian (ASX) Stock Market Forum

PLA - Platinum Australia

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skc....if PLA goes for a rights issue to raise more money, you will be the last to know !!! The last two rights issues was kept top secret, shareholders had no idea how much was being raised, at what price and who they had been issued to. And retail shareholders were NOT invited to participate.
 
vincent191 said:
skc....if PLA goes for a rights issue to raise more money, you will be the last to know !!! The last two rights issues was kept top secret, shareholders had no idea how much was being raised, at what price and who they had been issued to. And retail shareholders were NOT invited to participate.
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That's good to know they look after the interest of small retail holders!!!
 
vincent191 said:
skc....if PLA goes for a rights issue to raise more money, you will be the last to know !!! The last two rights issues was kept top secret, shareholders had no idea how much was being raised, at what price and who they had been issued to. And retail shareholders were NOT invited to participate.
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In that case they weren't rights issues but "placements".

Sorry to be pedantic, I get upset too when "my" companies don't offer pro-rata entitlements to shareholders when they raise new equity. Occasionally there is a good reason not to but more often than not one is left with a suspicion that it's either too much trouble or else someone is benefitting at shareholders' expense.
 
in the case of my decision to buy into this little storm in a teacup was for once fortuitous, as the news of the mine being handed over to the new management team comes out i would expect some more gains and better returns.

vincent, equally, i totally disagree with all your allegations and criticisms of pla.. the collapse of the plat prices post the gfc and the collapse demand for cc's in the auto has had impacts on the pla price.. just be cautious of investing in resources and not being mindful of global impacts and the price of the metal itself.. i recall on many shares that i have held, where you get the usual suspects only blaming others for their investment seemingly going backwards..


if you invest long term, then imho dont worry about the short term drops like your seeing now.. your long term goal may be achievable still.. imho harden up and forget the share, drop in the bottom draw and perhaps look at it in 5 years when your long term goal post is passed.. all these day to day things.. just small stuff on the long term scale,, you'll do your head in being an arm chair critic.. anyone can do that..

i'll just trade in these pockets of opportunity, and enjoy the rewards when it goes right..

even with a tiny amount of capital, you could easily have bought some pla, which would have averaged down your holding and made you a nice gain.. and no doubt put a smile on your face like i have:):)


best of luck
 
Well we are back above 70c now - well done to anyone who had the balls to buy at 50c a few weeks back! Things can turn around quickly!

80c may prove a tricky resistance level as it has failed at that level several times in the last few months.
 
eddyeagle said:
Well we are back above 70c now - well done to anyone who had the balls to buy at 50c a few weeks back! Things can turn around quickly!

80c may prove a tricky resistance level as it has failed at that level several times in the last few months.
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eddy

i rode the pla from .11 to $3

i loved the share and watched its progression down to its recent levels..

and i dont think anyone selling to me could have been more generous

totally enjoyed the .50's again and anyone selling to me, big ups.. great selling.. cheers

enjoying the ride atm..

and those who sold cdu to me at $1.60's.. equally,, big ups guys!!
 
Agentm said:
eddy

i rode the pla from .11 to $3

i loved the share and watched its progression down to its recent levels..

and i dont think anyone selling to me could have been more generous

totally enjoyed the .50's again and anyone selling to me, big ups.. great selling.. cheers

enjoying the ride atm..

and those who sold cdu to me at $1.60's.. equally,, big ups guys!!
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The key is where does Platinum come from outside of SA or Zimbabwe? Where????
 
Equity Raising announced today.

We can get 1 for 7 at 56c.




Equity Raising Details
Placement
Rights Issue
*Theoretical ex‐rights price calculated excluding the Placement
• Approximately $15 million
• Fully underwritten by UBS AG Australia Branch and RBC Capital Markets
• Fixed price of $0.59 per new share
– represents a discount of 10.6% to the last closing price of Platinum Australia on
Wednesday 10 November 2010
• Approximately $26 million
• Fully underwritten by UBS AG Australia Branch and RBC Capital Markets
• Accelerated non‐renounceable offer
• 1 new share for every 7 shares held by Eligible Shareholders
• Issued at a price of $0.56 per new share
– represents a discount of 15.2% to the last closing price of Platinum Australia on
Wednesday 10 November 2010
– represents a discount of 13.5% to the theoretical ex‐rights price*
 
I don't see why I should take up my rights issue because you can buy them in the open market for 56 cents. I wish I had sold them off at 70 cents.
 
vincent191 said:
I don't see why I should take up my rights issue because you can buy them in the open market for 56 cents. I wish I had sold them off at 70 cents.
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Agree, closed at 55c on Friday, cheaper than the issue price...

What are other holders doing? Waiting to see where it's at on thursday?

I don't hold a huge amount so I think i'll accept it anyway (at least don't have to pay brokerage).

Side question - whats the effect on the institutional placement (priced at 59 cents)? Will it hurt PLA if share price doesn't increase?
 
Well looks like the underwriters will end up with a lot of PLA shares. No way will retail investors take up all their rights issue at 56 cents when you can buy them for <52 cents. The current arrogant PLA management team will have to go before we see any improvements. Why weren't we been told of the industrial action long ago.

The unions would have lodge their statement of claims when the original contractors were sacked. The unions have now resorted to strike action because of non payment of money owed to them by the outgoing contractor. Surely PLA management would have known about this dispute before the capital raising. Many investors have losted confidence in JL, just look at the number of votes against his incentive awards.
 
The situation in South Africa sounds like an absolute farce! Although the market seemed to like this annoucement with an 11% jump today.




SMOKEY HILLS MINE - OPERATIONS UPDATE
Industrial Action
Platinum Australia Limited (ASX:pLA) advises that the mining contractor, JIC Mining Services (Pty) Limited (“JIC”), obtained an interdict requiring all employees engaging in unprotected industrial action to return to work or face dismissal. The employees did not return to work and as a result approximately 85% of the JIC workforce, numbering approximately 680 persons, has been dismissed.
JIC has commenced the process of re-employing some of the workforce, however it is anticipated that a significant number will not be re-employed as the number of employees which were taken over by JIC from the previous mining contractor, Redpath Mining (South Africa) (Pty) Ltd, exceeds that required by JIC. A number of new skilled workers will also be recruited as part of this process.
Mining
Limited underground mining continued during the industrial action, using those JIC employees who did not participate in the industrial action. It is anticipated that production from underground will ramp up to previous levels over the next few weeks as JIC re-employs some of the previous workforce and employs new workers to replace some of those not re-employed.
Processing Plant
The processing plant has not been affected by the industrial action of the JIC employees and continued to treat chrome tailings over the last week. During November over 31,000 tonnes of chrome tailings were treated at a grade of approximately 6 g/t 3E PGM. It is anticipated that a further 25 -30,000 tonnes of chrome tailings will be treated in December together with 25 – 30,000 tonnes of underground ore.
PGM Production
At this point it is anticipated that the industrial action will not have any material effect on PGM production or on the financial performance of Smokey Hills in the December or March Quarters.
In the December month revenue should be at or above forecast due to the treatment of chrome tailings providing additional PGM production, while operating costs are expected to be lower than forecast due to the industrial action which has reduced underground mining costs.
 
It certainly appear management need to get a handle on worker relations. Sack a company because the troops are revolting and then the troops are revolting with the new company. The company really needs to focus on increased output not just treading water. The only upside is they are a producer, no matter how small the output.
 
vincent191 said:
Well looks like the underwriters will end up with a lot of PLA shares. No way will retail investors take up all their rights issue at 56 cents when you can buy them for <52 cents. The current arrogant PLA management team will have to go before we see any improvements. Why weren't we been told of the industrial action long ago.

The unions would have lodge their statement of claims when the original contractors were sacked. The unions have now resorted to strike action because of non payment of money owed to them by the outgoing contractor. Surely PLA management would have known about this dispute before the capital raising. Many investors have losted confidence in JL, just look at the number of votes against his incentive awards.
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ASX Release

Platinum Australia successfully closes the retail component of its equity raising

8 December 2010

Platinum Australia Limited (“Platinum Australia” or the “Company”) is pleased to announce that it has closed the retail component of its underwritten 1 for 7 accelerated non-renounceable pro-rata entitlement offer (“Retail Entitlement Offer”). This follows the successful completion of the underwritten institutional entitlement offer and institutional placement which raised approximately A$27.7 million.
Platinum Australia accepted applications for approximately A$3.4 million under the Retail Entitlement Offer, representing 25% of the shares offered under the Retail Entitlement Offer.
As the Retail Entitlement Offer is fully underwritten, the remaining approximately 18.2M new shares available under the Retail Entitlement Offer will be allotted in accordance with the terms of the underwriting agreement.
The total amount to be raised under the Retail Entitlement Offer is approximately A$13.6 million.
The allotment of new shares is expected to occur Monday, 13 December 2010 with new shares commencing trading on ASX on Tuesday, 14 December 2010.
 
Anyone know what was behind the 11% jump yesterday? Volume was decent too with 13M shares traded? Could something be up? I would really like to see this get back to the $1 mark!
 
eddyeagle said:
Anyone know what was behind the 11% jump yesterday? Volume was decent too with 13M shares traded? Could something be up? I would really like to see this get back to the $1 mark!
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Have to wait and see. If there is no such thing as insider trading then the recent jump in sp is just random for no apparent reason.
 
Up another 14% today! Wow! Another strong day of volume and we have broken through the 200day MA. Hopefully that is the end of that rotten downtrend!

I have heard there was some article in the Fin Review stating that platinum metal would be a big performer this year and it listed several stocks including PLA...
 
eddyeagle said:
Up another 14% today! Wow! Another strong day of volume and we have broken through the 200day MA. Hopefully that is the end of that rotten downtrend!

I have heard there was some article in the Fin Review stating that platinum metal would be a big performer this year and it listed several stocks including PLA...
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The last 30 days or so of PLA correlates very strongly with the recent platinum prices over the same period. If you look at the following more trends more closely ...

http://www.kitco.com/charts/liveplatinum.html

...you could be forgiven for expecting a bullish behaviour on platinum....maybe recent buyers are expecting this will happen.

My personal feeling is that it will either go up very soon to break through recent technical resistance, or if it drops back a bit, this STILL represents good buying as platinum will almost certainly pull ahead in near future. In short, I see it as WIN-WIN.

I'm putting my money where my mouth is and disclose I have shares in both PLA and AQP.
 
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