Hey Faz...My thoughts are that this has sure turned ugly, LOL. It's a little amusing how the sentiment on this board has done a 180 since the weekend...especially since gold has been holding over $1100. I'm still holding all of my shares, although I am now "in the red" overall. My thought is hindsight is always 20-20. Had I known we would've fallen back to these levels, I almost certainly would have taken short-term gains and paid the 30% taxes. That being said, my outlook for Banro has not changed.
I believe in the management team, and when they said in April that they had enough money to handle any liquidity issues for the next 2 years, I see no reason that they would be out of money a few months later. If in fact that would come true, that would be the poorest money management I've ever seen...especially since they've known about this payment forever.
There are a couple of things that I really didn't like in the Q2 ER. One is the impairment charge, I think that has everyone spooked...also, I don't know why they needed to show this in Q2 instead of Q3, as gold has averaged much lower prices in Q3 than it did Q2. I also didn't like how they said Namoya was on track for commercial production in September, yet other comments they made lead me to believe that it will be Q4 before commercial production.
Anyway, I guess we'll see soon enough. Only 6 short weeks until the end of Q3. Also, only about 1.5 weeks until their bond payment is due. I emailed IR today to ask for more clarification on the impairment charge, and why it was taken now. I also asked a few other questions, and about their estimate for institutional ownership since many websites are still varying significantly.
AI
