Remember the debt and the needs.
Those who think that there is money coming to shareholders soon are not looking at the facts before them as plain as day. If there is any type of sale of assets, whether in Panama whole or in part, Spain whole or in part, all of the various loans and facilities must be cleared from the books as they are all encumbering assets. To clear all of that would take a very large amount of money. It would make little sense to sell everything at this time when gold and the sector are both down. If any portions were sold, PDI, land, Molejon, etc. the balance sheet would have to be clean.
It will take years to bring Spain/Portugal on line and a very large amount ot cash. It would make sense to just pay the bills and sit on Spain until POG rises and money becomes easier to secure. While there are some time restrictions in Iberia they are easily met and only require pilot operations.
Only, if the entire company was sold, would there be the slightest potential for a payout to shareholders. Anyone looking at the balance sheet can see that, with no problem. Anything less would require all the funds to clean up the balance sheet and be needed to sustain minimal operations until a better environment for capital raising occurs.
Thus, in either case there is no real possibility of a payment of substantial money to shareholders at this time. The key is to survive long term, and fight another day as many junior miners fall by the wayside. Bankruptcy is neither necessary nor an option. Contrary to 'rumors' being spread, the company has not
hired bankruptcy attorneys.
So those who think they will received money by Christmas or the end of the year for that matter are just dreaming. The time to sell and move on was a few weeks ago. In three more trading days Q1 will be filed and the SP will probably drop back to at least thirty and perhaps a lot lower as people realize that nothing is happening that will be consummated in 2013.
Don't forget to get your vote in for the AGM questions, and elect some new BOD member if you don't like the way the company is run.
Looks to me like a preliminary canvass shows that those who count are very happy. The rest don't matter, but I could be wrong if there is more hidden disgruntled shareholders, who actually own more than just a few shares.
Saludos,
