Ovoca Gold (OVG)

Comordha

Is anybody holding this one, any updates on what the $8 mill profit has been used for?

WarrenMuppet

Hi there,

Nursing a nice loss on this one. They invested I think $10million in a gold investment fund, so can only imagine what this must be worth now, the way gold has gone.
They also still have 2 million shares in Polymetal, this is the company that bought the undeveloped silver deposit from them for cash and shares. Polymetal shares are also doing very well.
Ovoca claim they are looking out for a good opportunity to buy into cheaply. They're still tipping around with a molybdenum/copper ore body in the Kola Peninsula in Russia, which seems to be their only non cash asset. The company ...as far as I can see is a big cash shell at present. If they buy well ...who knows! (maybe I'll make my money back at least).For that reason.....I'm in!

Regards, Warren

Comordha

What price did you buy in at? Looking at the figures, the cash alone almost covers the mkt cap. Interesting stock. High risk, very illiquid at present but big upside potential.

WarrenMuppet

I've bought in a number of times in around 11c. Could have had a nice profit on a couple of occaisions.
The share price is very undervalued at 5c but there's somthing shady about the Russian management....very coy on giving out any info, updates e.t.c.
Having said that I would buy again at this price if I can get some updates on company direction.

Warren

Comordha

Agreed. I got in at 3.1cent, or thereabouts. A few months ago it was quite volatile and would jump from 4c to 7c etc.., very bad communicator but I'm considering buying more at this price.

Gold is still powering on to new highs ($1193 per ounce currently), and with that large cash investment (relative) in gold this is a winner. when they release the next RNS stating how much profit they have made on that investment the buys will be flooding in.

Comordha

Does anybody know what has happened with this share? I sold out some weeks ago as it was progressing very slowly and hard to keep a track of. I noticed the latest price is now 20 odd cent. How has it shot up by so much?

heno55

you should take a look at it now it is up 393.33% at 18.75p.pity i didnt stay in

Comordha

Can't find any info, dam-shady-back-arse-of-nowehere-penny-stocks

geg

What is the deal here. I have shares in this and have been away. I arrive back today and see they have been suspended from the trading?? has anyone any info

Comordha

You've lost 80% of your shares

heno55

looks like a 5 for one reverse split

Comordha

That's the one alright

WarrenMuppet

Hi lads,

Before christmas they announced the purchase of a few exploration licences in Russia as pasted in below

Ovoca Gold plc is pleased to announce that it has entered into a conditional
acquisition agreement to acquire a 100 per cent. interest in a portfolio of gold
exploration projects in the Magadan region of the Russian Federation


Highlights


* The Target Companies, Magsel, Bulun and Olymp, are the owners of the
Stakhanovsky Licence, the Rassoshinskaya Licence and the Nevsko-Pestrinskoye
Licence respectively.



* Attractive exploration portfolio which the Directors believe will position Ovoca
as a significant junior gold explorer in Russia.



* Initial consideration of approximately US$7 million and deferred consideration
of up to a maximum of US$18 million, payment of which is contingent upon the
achievement of certain exploration and licence targets. In addition, Ovoca will
assume approximately US$7.5 million of debt of the Target Companies.



* Ovoca's existing cash and investments of US$58 million will finance the Proposed
Acquisition and exploration programmes on each of the licences.



* Proposed 5 for 1 Capital Reorganisation to create a more appropriate capital
structure and share price for the Company.


Heres the best part (pasted below)

the Target Companies are wholly
owned by Mikhail Mogutov, Leonid Skoptsov and Yuri Radchenko who are directors
of Ovoca


Regards, WarrenM

Comordha

It's fairly miserable behaviour alright but it doesn't change the fact that the company is still undervalued when compared with cash reserves

Hoffmans

lads whats the sp with this crowd is there any irish people on the board?

SAPBASIS

2-Feb-10Buy Timothy McCutcheon holds the position of CEO at Ovoca Gold

Timothy McCutcheon19GBX200,000400000

Comordha

Cash value alone now signifcantly outweighs SP and M.Cap - no brainer really.

http://www.proactiveinvestors.co.uk/companies/news/21609/ovoca-gold-confident-it-can-add-ounces-to-olcha-project--21609.html

Comordha

http://www.proactiveinvestors.co.uk/companies/news/26906/ovoca-gold-a-full-funded-development-and-exploration-play-26906.html

Good reason to get a bit giddy.

Comordha

I think the large Polymetal stake has dragged this one down. That and no real news. Probably would have been better holding the cash in the bank but then it wouldn't be much more than a cash holding so I guess they had to keep the illusion alive somehow.