So what has changed with this stock from the recent months of steep fall
Hi sudsinvest,
ABU's s/p oversold due to what many investors believe was a knee jerk reaction by BOD
in December to suspend mining operations at Old Pirate.
Tthe falling AU-POG was $1,450au at the time- ABU's margins were dire,
the BOD was in disarray.
The negative sentiment towards the BOD was i at an all time low, compounded by the outlook regarding the POG, the sentiment in the gold sector was bleak.
Ex MD Darren Holden had been replaced, a interim CEO Brat Lambert appointed
-Mr Brett Lambert.
Since December
The US-POG has broken through $1,200 usd resulting in an upsurge in gold demand & a complete turnaround in sentiment.
The perth mint quoted last week: Australian mines produce around $15 billion worth of gold each year and
it is all refined at the Perth Mint.
Where if I look at our business as an example, demand is running at six
times pre-GFC levels, sales are up four times compared to the week before,
a client came in first thing Friday morning and bought a million dollars worth of gold,"said the Perth Mint's Bron Suchecki.
The au-POG has risen substantially from $1,450au- $1,702u now & up
18% since December.
The Coyote gold processing facility has changed from operating on a two weeks
on -one week shut down roster, commencing continuous operations 24hr day-
7day's per week in mid January, this is a 50% increase in processing time & should
also result in a pro- rata increases regarding mineralised ore through-put
& recovered gold.
The positive effect from increased revenue through gold sales & recovery from
Coyote's increased processing ability will not materially show up until production
results are released for February as there would have been no increase in
processing day's in January due to old rosters negative effect.
The Coyote gold processing facility implementation of 24hrs per day- 7 day's
per week processing, in combination with the AU -POG rising & a complete
change in sentiment in the Gold sector, gives valid reasoning why the continuation
of running & re leasing of Coyote should be seriously considered as viable & therefore
not in share holders best interest to suspended operations.
ASX Ann-18 February 2016 under section 249D of the Corporations Act
ABM Resources NL (“the Company”) has received a notice today from BNP Paribas Nominees Pty Limited requisitions a general meeting of
the Company seeking the appointment of Mr Brett Smith and Mr Myles Campion as directors of the Company
and seeking the removal of the following as Directors of the Company
Dr Mike Etheridge
Dr Helen Garnett
Mr Richard Procter
The meeting will be called within 21 days of the date that the Section 249D Notice was given to the Company and will be held no later than
2 months after the Section 249D Notice was given tothe Company.
Shareholders will be advised further in due course.
Signed-Brett Lambert
Technically from a chartists point of perspective (I am not one have an understanding
-many have commented here on HC).
ABU's share price would seem to have pushed through resistance levels & appears
to be on the verge of a significant break out.
Investors applying added pressure to the BOD to implement change through correspondence to ABU & asking of a review of the intended suspension of
operations at Coyote, has imo contributed in board spill & should be in the best
interest of advancing ABU & returning share holder value as to do nothing was not acceptable.
imo-salt
ABU Price at posting:
6.8¢ Sentiment: Buy Disclosure: Held
(20min delay)