Updates

Petropavlovsk

February 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The market has reacted badly to a new bond issue from POG, just a few weeks after it had redeemed an earlier bond issue. This time it has raised US$300m through the sale of new convertible bonds maturing in five years. Although the issue is on favourable terms - a coupon is only 4% and the bonds convert into ordinary shares at 1293p and therefore dilute ordinary shareholders by 9% - POG has provided little guidance on why it needs the money. It certainly looks odd given it has US$76m in cash, a US$150m credit line and strong cash generation which is expected to be US$400m next year, which means it is well placed to finance its planned mine development programme. One suspicious analyst says that there is some risk if it intends to use the ...

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Avon Rubber

Topps Tiles

Petropavlovsk (October 2010)

Petropavlovsk (Peter Hambro Mining) (November 2009)

Peter Hambro Mining (August 2009)

Peter Hambro Mining - Gain to date: 209% (May 2009)

Peter Hambro Mining - Take part profits (March 2009)

Peter Hambro Mining - Shares gain 141% since tip in November (February 2009)

Peter Hambro Mining - No Russian bear hug for POG (December 2008)

Peter Hambro Mining - Russia worries deflate share price (November 2008)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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