Thursday 23 May 2013

EMED, bugger


Chart forFTSE 100 (^FTSE)

Never can I recall owning a share like EMED mining where the event driven news was moved forward by one quarter, every quarter. This is now going on for 4 years, so that is 16 postponements of opening the mine in my book.

Unsurprisingly the share price is down again to and now at almost 5 year lows. Sigh, my investment nous has long since departed and my share portfolio seems to ride around every year and somehow or other end up with a zero increase or decrease overall. Very exciting, boring and unrewarding all at the same time.

What a day for EMED to release news though on the first real big day of market sell off that we have had for months. As they say, timing is everything!

15 comments:

Anonymous said...

But Mr Angostura says how pleased he is! I assume he could say no other.

Apart from postponement, is there any other bad news in the release? Is the 13% hit just on delay, or something else?

I gather the dam (which I assume holds the tailings) can't be any higher and the tailings need to heve less water in them. Is that particularly bad?

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CityUnslicker said...

argghhhh...spam.

My week can get no worse.

CityUnslicker said...

Anon - I doubt it but it causes another delay, in something which is about 65 weeks pregnant...

Timbo614 said...

Sympathise a bit ... now moving into long term hold mode with one of my Divi Shares (MRW) they have not been hammered but selling now wipes out the divi and a bit more :(


Anonymous said...

I hate to say it because I've been a fan since they only had a few Bradford stores, but I'm worried that Dalton Phillips is the George Simpson to Sir Ken's Arnold Weinstock.

Laban

Pogo said...

I'm tempted to suggest that some of the drop in share price could be due to the fact that now isn't exactly the ideal time for the board to announce (in the "meeting document" I think it's called) the various ways that they plan to award themselves massive share options and the ability to further dilute shareholdings without requiring a mandate from the shareholders at the next AGM. One also wonders who in the Andalucian "government" they've failed to "bung"... Normally even Spanish bureaucracy isn't this slow.

I suppose that I should declare that I'm a, fairly substantial, shareholder in EMED, who's at present showing about a 35% loss on the average share value of my holding - and is thus a tad p*ssed-off. Mind you, I reckon that Red Kite must be bloody livid that they bought in at 14.8p/share not long ago!

Budgie said...

Yes I am heavily into EMED too - at 11p, so not as bad as 14.8p but still awful compared to 7p today.

The problem is that even though the FTSE 100 has powered ahead, and I expected it to, I cannot see what is holding it up. Apart that is from inflation since money is worth only about half of what it was in 1997 (good on yer Blair-Brown-Cameron).

With call-me-dave at the helm, and no one better in prospect, we are in for more of the same for years. And of course the europhiles haven't given up their dream of finally dismantling the UK and selling us out to the Brussels kleptocracy.

phil5 said...

It doesn't help that China's slowdown is going to affect the copper price (cf all thoseFT Alphaville articles about overflowing copper storage sheds), but the continual delays are worrying. Surely, as you say CU, Harry A has forgotten to bribe someone?

Oh I'm long too, at around 9.75p. Gah!

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