Now that I own shares of NSUfor the first time ever, today here's what I posted on the Teranga Gold thread about my chat with Peter Grandich this morning
He's been out of the metals arena now almost 4 years but still owns all his Teranga that he inherited from his Oromin Explorations position.
I promised not to go into detail about what he shared with me, but did ask him since he has spoken on his personal blog (it's not an advisory service) about TGZ and NSU, could he give me anything to share with others.
He noted he was just about out the door on an overseas trip, will write about them when he returns, but said:
Had really lean heavy on TGZ management on the poor share performance, even canceled a planned meeting with them. But to Richard Young's credit, he still stood by every word he has stated publicly and reinforced with him each time they spoke throughout 2017. So he will give them the benefit of the doubt for now. He agrees there's likely a component of equity in the coming financing for the expected Banfora go-ahead by months-end. He does think the fail safe is the cornerstone investor if share price doesn't get back to the old highs in next 12 months. The man will take out what he doesnt already own.
Wish I could say he spoke in a similar manner about NSU. He said they're at a bare minimum, bumbling idiots for the last year or so, or something actually worse. They have a public image nightmare that isn't going away anytime soon. He despises (and that's being charitable in my description) this guy Trebilcock and said he should be terminated immediately. Between the handling of the dividend cut and then having Bisha go from a key asset in glowing reports to almost an after thought now in just a few weeks, reeks of incompetence or worse in his book.
He did say the saving grace is a classy old-timer now CEO, no change in Timok being a world-class ore body (but even that is questionable thanks to the total mistrust one now must have in NSU management until they earn it back over time) and are now a sitting duck for a cheap $4 -$5 tops hostile takeover bid, most likely from Lundin and would be accepted in a heartbeat now by most.
Please note I don't own NSU but am going to by days end.
P.S. He also shared that despite what some unknown folks claim on the Internet about him, his lungs are not in these two stocks, but owns a lot of gold and the rest is in cash. Looking for a 25% fall in U.S. stocks next 12 months. He closed by stating he only cares what his clientele of dozens of professional athletes, hundreds of business owners and most importantly, Almighty God thinks of him, not unknown posters on the Internet whose strength comes from a keyboard.
Chow!