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Your comment; "Doesn't it make more sense to wait and announce a JV agreement when there's an actual agreement made and specific details of an agreement can be given?"
I agree with you, the company agrees with you but unfortunately the TSX does not agree with you. This constitute a material development of the previous agreement and under TSX rules you have to disclose it even so it is in early stages.
Most people do not realize the dilemma that many companies face in their PR's. Sometime you need to disclose events that you do not want to talk about because it is too early in the process. If the rules permit you not disclose it the shareholders accuse you of not being transparent. Add to that TSX rules, add to that the approval you need from the other lawyers if you discuss a different company with a vastly different agenda. Et voila!!
It is a lot more complex than meet the eye and very often a critic would end up making the same calls the company is making given all the facts.
In the mean time never forget that it is an undervalued asset and in time SP always catches up with value. (Warren Buffet)
Not sure where you get that idea. All the company can do is deliver good numbers and hope the market likes it, buys the stock and the stock goes up.
For the warrants, I am just saying that to convert the stock would need to be above $1.45 and I would not mind that at all for 2 reasons:
1. The stock is above $1.45. Nobody would mind that.
2. The dilution is 10% but you get a ton of cash. I do not like the dilution but it is not that bad and the company gets $32M so no need to hyperventilate about warrants converting in the $1.45 or above range.
Cheers
IMO the small amount of warrants was not a factor. Digesting what the PR meant was more important. Investors buying this stock are looking for a multiple out of it. A variation of less than 0.5% on the OS does not make much difference to them.
The December expiration is more interesting with 10% of the OS but let's consider the fact that it would bring $32M of cash to a company that has an $80M market cap today and my shares would be worth 4 times what it is worth today!!! for the holders to exercise their option at a 0 gain! People don' exercise for a 0 gain. Just in case they did would you trade the $30M for a 10% dilution? I would in a sec!
No meeting in NYC, just me using the phone to discuss the company with some interested parties. Today I was working on Calgary and Toronto.
Cheers
Read the PR. It is total lawyer talk that does not say much:
"This first amendment to the Term Sheet contemplates scenarios in which joint developments shall be conducted as agreed to in a Joint Venture Agreement yet to be negotiated and executed by the parties"
Maybe the 2 parties want to buy a Starbucks franchise together. LOL
What the PR say is that the term sheet is going according to plan and that they have another deal cooking on top of that.
What it does not say:
About joint venture:
What kind of joint venture they are planning (exploration, production, milling, heap leach etc)
Terms of the original agreement.
About land rights:
"both parties obligate themselves to withdraw objections and to not oppose certain land and concession applications"
About royalties
What is the amount taken out of PTQ's AP ($12M?)
What is the amount of future royalties ($25M?)
About rent for the camp:
Was the rent ($10M) prepaid for 10 years?
Other items:
Road access by PTQ
Harbor access
Delayed reaction. Remember my post last week.
"An obscure PR (obscure due to FQ lawyers) does not generate a pop what it generates is a lot of phone calls. Expect a delayed reaction because the phone calls are happening."
One thing to notice is that the volume is higher in the US than in CA today. Could have something to do with a discussion I had with a NYC fund on Friday.
Closing price could get interesting
Cheers
More cash cost junior benchmark. (better formatting)
Company Ticker 2011 Ac. 2012 Es.
Argonaut Gold Inc. AR:TSX $622 $625-650
Aura Minerals Inc. ORA:TSX $1,106 $1,200-1,300
B2 Gold Corp. BTO:TSX 540-560 $590-625
Banro Corporation BAA:TSX NA $356- $478
Brigus Gold Corp BRD:TSX, $958 $775
Claude Resources Inc CRJ:TSX, $924 NA
Amara Mining CFG:TSX, $902 $800
Crocodile Gold Corp. CRK:TSX $1,460 $1100-1,300
Endeavour Mining EDV:TSX $614 $645-685
Jaguar Mining Inc. JAG:TSX $835-845 $900-1000
Kirkland Lake Gold KGI:TSX, $811 $632
Lake Shore Gold Corp. LSG:TSX $811 $825-875
Luna Gold Corp. LGC:TSX $1,031 $750
McEwen Mining MUX:TSX $697 $750-800
MDN Inc. MDN:TSX $727 $900
Medusa Mining MLL:TSX $189 $230
Nevsun Resources NSU:TSX $295 $300
Orvana Minerals ORV:TSX $1,105 $1150
Osisko Mining Corp. OSK:TSX $952 $510-575
Petaquilla Min. Ltd. PTQ:TSX $557 $550-600
Primero Mining Corp. P: TSX $640 $630-$650
QMX Gold Corp. QMX: TSX NA $1300-1500
Richmont Mines RIC:TSX, $834 $900
Rio Alto Mining RIO: TSX $651 $500-$550
San Gold Corporation SGR:TSX-V $790 $700-800
Semafo Inc SMF:TSX $595-645 $700-750
Starcore Int. Mines SAM: TSX $577 $640
St. Andrews Goldfields SAS:TSX $960 $910
Teranga Gold TGZ:TSX, $872 $650
Timmins Gold Corp TMM: TSX $608 $700
Wesdome Gold Mines WDO:TSX $1,032 $1,523
MJ, your questions:
"There are a couple of questions floating around that you might want to address: What do you think the the "all-in" costs of production per ounce are for Molejon? What will be the "all-in" costs for producing ounces shipped from Spain to Panama?"
First Spain. The cash cost for Spain will be around $700- $720 all in including transportation.
Petaquilla Panama $550 to $600 cash cost range is one of the lowest cost in the sector. Here are some examples. You can notice that cash cost is going up for most of them.
Cash cost for gold companies:
Senior Gold Producers 2012 and 2013
Barrick Gold ABX $545 $561
Goldcorp GG $648 $710
Kinross Gold KGC $742 $760
Newmont Mining NEM $637 $750
Mid-Tier Gold Producers2012 and 2013
Agnico-Eagle Mines AEM $594 $740
Alacer Gold XCWTF $708 $917
Centerra Gold YCG $985 $650
Eldorado Gold EGO $529 $567
IAMGOLD IAG $679 $875
Yamana Gold AUY $518 $587
Intermediate/Junior Gold Producers 2012 and 2013
Alamos Gold YAGI $442 $449
Allied Nevada ANV $531 $608
Aurizon Mines YARZ NM $681
AuRico Gold YAUQ $770 $633
Golden Star Resources GSS $1,202 $1,177
New Gold NGD $543 $485
Other companies cash cost 2013 2014
Brigus Gold Corp. TSX:BRD $741 $702 Canada
Centamin Plc TSX:CEE $716 $824 Egypt
Luna Gold Corp. $710 $713 Brazil
Minera IRL Ltd. TSX:IRL $868 $932 Peru, Argentina
New Gold Inc. TSX:NGD $327 $237 Global
Scorpio Gold Corp. TSXV:SGN $864 $992 USA
Semafo Inc. TSX:SMF $886 $832 West Africa
St Andrew Goldfields Ltd. $941 $888 Canada
Timmins Gold Corp. TSX:TMM $751 $807 Mexico
Veris Gold Corp. TSX:VG $910 $837 USA
Average $771 $776
"in God we trust others please bring facts"
I hope you know that you can hide the IBOX right? That way if you are looking at the board messages you do not have to wait.
The Ibox is not exactly a daily ready exercise
Have a nice weekend
It looks like it is a bandwidth problem from your cell provider. How many bars do you get? What smart phone are you using?
Best way is to connect your smart phone to a wifi.
Cheers
"In fact this news is being sold!" so, a 1.5 c drop on 47K volume for a company that has 222M shares issued is an indication of a sell by the market!!!
Sorry but I do not think so. Maybe you have noticed that every junior, medium or major miners are down big time. That is a better indication by the market.
An obscure PR (obscure due to FQ lawyers) does not generate a pop what it generates is a lot of phone calls. Expect a delayed reaction because the phone calls are happening.
As much as I very strongly agree on the need for credibility I think " the news they PR never lives up to expectations" is a bit harsh.
I went back on the last couple of years over all the PR's in answer to our "friend" PMC on stockhouse:
http://www.stockhouse.com/bullboards/messagedetail.aspx?s=PTQ&t=LIST&m=32541845&l=0&pd=0&r=0
The point is that even so the company has to establish a better credibility and I am a big supporter of that, we should not confuse what the company say they will do to what some people unrelated to the company say they think the company will do. A poster's forecast is not a company commitment.
In addition to credibility the company also needs a lot more transparency. However, I also understand the company's point of view. When a company becomes more transparent they get hammered is not everything they communicate goes right 100%. We all know "stuff" happens so it is a very difficult balance for any company. Be there, done that.
I only look at very few measurements. One of them is profit. 10 quarters profitable! I would say "not bad"
Cheers and have a nice weekend
Back in town.
My last 60 days have not been a lot of fun except for a visit at PTQ Spain, I seem to accumulate bad things happening and it has nothing to do with the market. Anyway it looks like I can see a light at the end of the tunnel and it is not a train coming.
Happy to see PTQ on the up swing. A lot of discussions are taking place with potential investors and it is starting to show. The biggest problem is that people have a hard time believing it is as good as it looks. This is why credibility is so important and the company starts (not there yet) to get the message. The company will be putting more good numbers at the bottom line in the next 3 or 4 months and hopefully the messaging will improve if I have anything to do with it.
Just buy some cheap shares in a tax free account and check what's in it 5 to 10 years from now I thing you will be glad that you did.
I will be in HK for the Earth Resource conference in June. It is sponsored by Standard Charter bank and has some great speakers as well as a lot of Asian investors attending.
Cheers
Could be a Board meeting at the office in Panama City. I prefer dinner at Fifer's restaurant anyway. The outdoor lighting is quite nice.
Another reason could be that the Trump has a power generator. Hard to cook without some power. LOL
Cheers
Don't be concerned, I am doing a review of past documents and I thought it would be fun to bring facts to the table.
You are right, I think it is a lost cause.
Cheers
Answer to a frequent basher of the company complaining daily that the company uses anticipate all the time.
For the record is a very good title.
I get a bit tired of bad data and even so it was not a digital cut and paste it was a in writing cut and paste of the same words. Let’s take the frequent gripes that the company use “anticipate” all the time. That “fact” has been in dozens of posts usually accompanied by “starry eyed drooling at the mouth rah rah boys” Not to forget “Vancouver penny stock”
So, I did a little study on the use of anticipate by word scanning every official documents of the company for the last year.
The reason for spending a lot of time on this is because there is a lot of discussion about the credibility of some statements made by the company. I have seen very often that the company is held to shareholders “anticipated” results and not the one the company actually made. So I wanted to set the record straight.
First the word “anticipate” has a very legal meaning and is highlighted in the boiler plate disclaimer of every public company.
Disclaimer. This press release includes forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as “anticipates,” “expects,” “intends,” “goals,” “plans,” “believes,” “continues,” “may,” “will,” and variations of such words and similar expressions are intended to identify such forward-looking statements.
We can find this type of statements in several PR’s and every MD&A
Example:
“Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results”
Outside of “boiler plate” this is how many time the company used antici[ate in their communications:
Use of the word “anticipate in the last 5 power point presentations
None
Use of “anticipate in the last 4 MD&A
“By selling gold and silver at the prevailing spot prices, the Company anticipates that it will realize significant increases in its sales prices,” 3 times in relation to the Bond offer
Petaquilla anticipates the additional 1,000 tpd processing capacity to result in approximately 30% of increase in monthly gold equivalent production. This item was delivered on November 27th 2012 and was anticipated end of October 2012
Cash cost per ounce of gold equivalent sold for the year ended May 31, 2012 was at $574, representing a reduction of 8% compared to fiscal 2011 and staying within the range of $550-$600 as the Company had previously anticipated. Anticipated and delivered
Use of the word “anticipate” in the last 35 PR’s over the last 12 months
Installation and commissioning of the ball mill is expected to be complete by October 2012. The fourth ball mill is anticipated to enhance plant throughput at Molejon by 1,100 tonnes per day and increase production capacity by approximately 30%. PR June 7th 2012
The addition of the fourth ball mill is anticipated to enhance plant throughput at Molejon by 1,100 tonnes per day and increase production capacity by approximately 30%. PR July 3rd 2012
The Company anticipates the commissioning of this new equipment during the second quarter of Fiscal 2013 PR Sep 19th 2012
Cash cost per ounce of gold sold during the first quarter of Fiscal 2013 ranged from $550 - $600, as originally anticipated. As anticipated, the Company intends to offer, on a private placement basis, $210 million PR Sept 19th 2012.
By selling gold and silver at prevailing spot prices, the Company anticipates that it will realize significant increases in its sales prices, and, as a consequence, a significant increase in its EBITDA. PR October 17th 2012
Actual commissioning.
Petaquilla anticipates the commissioning of this new equipment will enhance plant throughput capacity at Molejon by 1,100 tonnes per day and increase production capacity by approximately 30%. PR November 27th 2012
Petaquilla anticipates the newly commissioned equipment will enhance plant throughput capacity at Molejon by 1,100 tones per day and increase production capacity by approximately 30%. PR Jan 16
In summary:
“anticipate” 12 times in 44 documents ( I may have missed one)
8 times about the 4th ball mill an 18 months project delivered 30 days late
3 times about the financing but only concerning and anticipated better spot price for 1500 oz of gold
1 time about the “accomplished as anticipated” cost per oz of gold
FQM had their conference call.
Petaquilla is discussed at around 29' of the question and answers.
http://www.investorcalendar.com/console/ConsoleFrameset.asp?ID=170947&brand=Vcall&ClickType=&playerID=1&urlID=178571&sessionID=5F89D7B9DD1240D8&email=bfgirma@aol.com&tck=FM.TO
Agreement is being honored and will be finalized soon. The FQM CEO said it was bidding anyway. He also indicated that the relationship is good.
Cheers
I stand corrected, they do transmit a 6K to the SEC (see later about the word "filed". I forgot about the 6K since it is really a reprint of the Toronto filling and I never look at it.
I just reacted because they seem to imply that PTQ is a US reporting company and that the SEC is the exchange authority controlling them. They never mention the TSX and TSX rules.
I am not quite sure where the paper is going with that except that they do not know how to read a map and are asking for help. Several court rulings have been issued on the land right and they do not talk about it. My understanding is that the relationship between the paper and Fifer has never been good. That by the way maybe an understatement.
I do think the company should respond but the Inmet/PTQ agreement has a non disclosure clause so it is correct they need clearance from FQ/minera Panama.
This is the 6K explanation:
"Form 6K is an SEC filing submitted to the US Securities and Exchange Commission used by certain foreign private issuers to provide information that is:
Required to be made public in the country of its domicile
Filed with and made public by a foreign stock exchange on which its securities are traded
Are distributed to security holders.
The report must be furnished promptly after such material is made public. The form is not considered "filed" because of Section 18 (for liability purposes). This is the only information furnished by foreign private issuers between annual reports, since such issuers are not required to file on Forms 10-Q or 8-K.
Wow, I did not know PTQ had to file or already filed with the SEC. Is that a new requirement for a Toronto traded company?
Links to pictures have been fixed
New pictures added to the IBOX including some from Spain.
I am having problem with some pictures not being visible. Any help would be appreciated.
I may have put up too many of them.
Cheers
Correction. The capacity of the mill is 800 to 1,200 tons per day not per year.
Sorry about the typo.
Here is a report of the progress/activity in Spain. This is only for Lomero Poyato. The open pit mine at San Telmo is a different subject.
The most visible activity is the drilling. It is done by a sub contractor (pictures of the drilling and of the core will be on IH when I get around to it)
The first phase of 11 twin holes was completed in February after 1,977 meters of drilling. Results to be added to the 43-101
Second phase started in April. Plan is for 59 holes with 16,000 meters total. 5 drills will be used 24/7. The drilling should be completed in September.
Head frame dismantling.
The head frame is not usable and needs to be dismantled. Mine access will be via a ramp.
Approval from mining authority is imminent. It is a small job done by Ditesca a sub.
Water pumping.
That's a big deal. Both Lomero Poyato and San Telmo mines are full of water. 1 M cubic meter to be exact. The Water discharge approval should be given in May. Timing for completion is 7 months after approval. The contractor will be a company named MD
Ramp construction
The ramp is another major project. Technical work is sub-contracted and the construction work is in tender. Approval from the mining authority is in process. Completion is about 7 months after the start of construction cost around 5M Euro (I believe)
Other activities
Metallurgical study in process during drilling campaign.
Feasibility study. Full multi year study expected this summer.
Processing plan. Plan being prepared. Capacity 800 to 1200 tons per year. It will take another year to get ready and 2 more years to complete. That is why the shipment of ore to Panama. Cost around 50M Euro.
Not so fast on the HL. The green comes from the small HL that they used as a test HL visible on the pictures. The pictures of the loading are from the end of January and the schedule was to have it fully loaded by mid April. They were adding 3 to 5 meters of ore and that's a lot of rocks. It takes 45 days to complete the cycle.
On one of the picture you can see the stockpiles so no problem loading the pad.
If I recall production is expected to be 1,000 to 1,500 oz. per month when fully operational.
My understanding is that Cyanide pricing is up and cyanide is in short supply so schedule could be impacted. The good part is that it is reusable so only the first go around is the problem.
http://www.miningandmetallurgy.com/gold/gold/assets/images/heap_gold.GIF
Cheers
New pictures of Molejon mine in the IBOX
It includes the new mill layout and overview picture showing a very large operation.
Spain is next
Enjoy
Thanks, I asked IHUB support to help and they did. It is very time consuming but it works.
Cheers
Correct, calendar year 2014. I always have a hard time with non calendar year reporting. I know why some companies do it in their early years, they want to save "no prime time" auditor fees. Most of them get out of it when they mature. Our time will come.
Cheers
I will agree with 2014 but early that would be a miracle. Just set you expectations to calendar Q3 2014, it is a bit more realistic date.
Cheers
More pictures loaded. I have some great movie clips of the loading of the heap leach but cannot post them on IHUB.
Cheers
Just started to put new pictures in the I box.
A lot more of them to come.
Cheers
No way, you are stuck having to contribute to this Board.
I will need help on updating the intro and you are it !!
Cheers
Moderator
Well I asked for it and I got it within a few minutes from IH. I must say the competition was not fierce. LOL.
OK, I really need your help.
My commitment is that I will share what I know about the company and try to make sense of the public information provided by the company. I will also challenge management on transparency. That may not always be public BTW but it will be real.
We all know the past and it is water under the bridge like it or not so let's try to start fresh and stop bitching. PTQ is a good company with a great future. 9 profitable quarters is a good indicator. If you do not believe that may I suggest that you sell your shares and move on.
If you believe that we can all make money then let's try to bring some constructive comments so management thinks they have partners verses enemies.
Life is too short so let's be positive and it does not mean complacent by any way shape or form.
Cheers and GTLA
"Heated discussions are not exactly the words that come to mind."
I wanted to keep this clean that's why I did not use other words.
I worked for 3 fortune 100 companies one of them top 10 and in all 3 of them intercompany pricing was the most explosive meetings you could have. That is saying a lot when one of them was the largest US defense contractor LOL
Here are a few comments about PDI
The problem with PDI is that most people have no idea how big PDI is. When you drive to the mine all you see are PDI heavy equipment. Did you guys know that out of 800 or so people working at the mine 500 of them are PDI?
I asked the company to give a much better picture of PDI in the corporate presentation so people can really understand the valuation of PDI. I will get my wish at some point trust me.
The financial split of PDI and PTQ in the quarterly report does not reflect an arms length relationship. All charges for running the mine are not represented, only outside revenue. If PDI was an independent company they would charge PTQ for services and PTQ would charge PDI for the aggregate. The 2 maybe a wash but who knows. I can assure you that the tax man would want to know. Without a fair transfer price and I mean by that a "market price" of the goods (aggregate) and services (extraction of ore)the company would be able to book profit in either companies at will. Inter company pricing has been the source of many heated discussions in my career.
The reason I would prefer to see a spin-off 2 years from now is that it would give a much better short term valuation for PTQ and PTQ needs that valuation for better financing terms. PDI will get at least $100M from FQ in the next 3 years and that maybe heavily front loaded since that number maybe closer to $200M. Doing the spin-off 2 years from now is a much better timing IMO.
Now for the long term strategy of PDI and the reason for a spin-off at some point.
One word of caution, this is only my interpretation of data collected and is not confirmed by management.
I personally think the perceived strategy is brilliant. The long term goal in my view is to create a multinational mining infrastructure construction company by leveraging the work done for a "friendly" customer and that customer is PTQ. It is after all what was done in Panama. If you want to expand out of Panama it is very difficult to start a construction company in a new country. To get the jobs you need equipment, to get the equipment you need money. What if you had a startup customer (ie PTQ) in a country like Spain? Develop the team/equipment for a couple of years working for PTQ and then you can expand to other jobs. Repeat the same thing in Portugal then Africa add to that an engineering team and after 5 or 6 years you are leading a multinational mining infrastructure company worth a lot of money.
Nobody jump the gun and expect all of that to be done in a few months. It will take at least 5 years and maybe a lot more.
Anyway, just some food for thought
Correct, the company has not said anything about Red Kite but it does not take a genius to figure out that it is dead (IMO of course) I am personally not that unhappy about it. Let's get the market cap a bit higher so the loan does not exceed the market cap. Novel idea
Concerning the "top notch management team" remark I am sure your evaluation is based on personal interview of each member of the management team and is measured against you personal knowledge of being a CEO or a senior manager of a multinational corporation.
If I may, I think the other comment about "full of crap" may not be necessary. May I suggest something like "previous statements have not be accurate". It makes it so much easier to point out where a statement was not accurate or misleading. The only problem with that of course is that you have to really back up your counter argument with facts. I know facts get so much in the way of a good b....ing contest.
Cheers and have a good week
Hello all of you "happy" PTQ shareholders
After visiting both Spain an Panama I have been posting about it on SH under "oullins".
I try to share what I know about the company and I am also not shy about discussing my concerns with management.
I will be posting more comments on this Board and I am happy to engage in constructive discussion about the company .
I am very bullish about the long term potential of PTQ but I am also very aware of the challenges the company will face over the next 2 years in order to execute a very aggressive plan. Some may even say too aggressive.
I have some strong position about some key elements of the company strategy. for example I was never a great fan of the now defunct Red Kyte deal and of the PDI spin off at least at this time.
I will discuss my position about PDI later next week.
I am very impressed with the plan for Spain and with the management team they put in place but it will be a challenge to execute the timing considering the very large capex. (See post on SH)
Cheers and have a nice weekend
Mart $3.00 contest
Some of you already know that we had a $2.00 contest for Mart on Stockhouse. We were able to raise $7,600 dollars for charity by guessing the day Mart reached $2.00. Mart Resources participated by matching all contributions. The winner got the right to name the charity of his/her choice.
Time to do it again and have some fun
Due to the fast moving events the $3.00 contest is open today.
The winner will be the one "closest to pin" on guessing the date Mart reaches $3.00
The contest will start now and go to June 30th 2013. If no winner is declared on June 30th all dates will be moved up by 3 months
Please enter your date as in the following example in the first line of the post (easier for me to locate)
My date is April 12th 2013 at 8AM EST
Please use trading days and when the market opens
It is first come first served within 30 minutes.
Make sure you enter the time as Eastern Standard Time. That is GMT -5
You can use public posting or private posting
Grand prize
The winner gets big time bragging rights.
In addition the winner will get his or her name on the donation letter to a children hospital in Nigeria.
Details of the donation mechanism will be done later. We will also go for a plaque with the winner's name.
Pledges
Please indicate the amount of money you would like to pledge. It is not mandatory to participate but appreciated. Any amount is OK.
We need to beat the $7600 dollars of the $2.00 contest
Already 3 posters have pledged $1,000 each and one has pledged $500 . Add to that 1 poster at $300, 3 posters at $200 and 3 at $100. We have a good start.
Good luck to all
Let's give credit where credit is due, it was all CL001 making.
I bought it and sold it too early. I am not sure if I will be back into it. I feel a lot more confortable with my oil, mining plays and dividend plays:
MMT( quite involved in that one as many people know),
SLG (Sterling resources) 15 to 60days big changes coming
PTQ (petaqilla) Acquisition above $1.00
MJX Mining in Haiti. Should have some good results this week.
PRY Undervalued oil play
PEC (porto Energy) Portugal oil and NG 10 bagger potential
PSN (Poseidon) Tank storage for fracking. Good growth and good dividend
TWO, NLY, NYMT, AGNC all REIT with 12% to 15% dividend on top of a nice slow appreciation
Cheers
In trying to close that discussion:
Did anybody notice that I finished the week in first place and I have no sub 25c stocks in my picks and all of them are vey liquid stocks
My biggest concern will illiquid stock is to make sure the "Digi rule" applies. We do not want a big change in the SP of one stock 5mn before the close of the contest.
Wonder why they named it the "Digi rule" LOL
$100K per day is 1.000.000 shares a day for a 10c stock. That may be a bit on the high side of trading volume. $25K a day average for 10 days may be a better number.
Cheers
Mart. MMT.V
Repost of my post on SH
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=31483196&l=0&r=0&s=MMT&t=LIST