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The Lyceum - searching for eudaimonia

Positions update

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Bought RER at .059, .051, and .051 last week. Has been justifiably punished for it's capital raising at a rediculous discount to upset major shareholder Ruane, from IRC and RWD. I anticipate Ruane getting the better of them and the company being rerated down the track. Has some potentially good resources discounted to its peers. If not, I will be issued with some very cheap shares due to the issue. Whatever the case this is a bit like going to the casino and putting money on black because red has come up so many times!

Bought more STB at .21.

Sold half MOG at .066, bought @ .13, capital loss. Still holding a few and will get rid of them over the next week or so.

Converting MAKO to ordinary shares this week.


More STB if .25 is confirmed as support.

More BMN if the chart is telling me a bottom.

More AZM on a break through .15.

Just a few more IRC on break through .42. Holding quite a few.

Thinking about selling ROY, not happy with management's communication with the market, and starting to doubt their projects.

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  1. mu5hu's Avatar
    Hey Kennas,

    What your opinion on the capital raising in RER? Do you think by giving out discounted shares, at 3c, that the SP will fall to that level? I haven't looked into capital raising and effects much yet but from your opinion, do you think it helps the SP or does it bring the SP down to the discounted price?
    That question doesnt just apply to RER, but in general, does capital raising by giving cheaper shares reduce the SP to approx the discounted price?

    Updated 4th-May-2008 at 02:26 AM by mu5hu
  2. kennas's Avatar
    Its bad for the sp and it should trade down around these levels. This move is effectively a poison pill for Michael Ruane who I guess wants to gain control of the company along with his other co director at IRC. This is just a BS move by the company IMO and theres a chance that Ruane may get on the board and start making some moves. Ill be voting him in.
  3. kennas's Avatar
    Sold the rest of my MOG at 7.

    Will buy more STB on Monday, if I am near a computer.

    Bloody missed the jump in IRC as I am in the jungle!! aaaghh! Missed out on some $$ there.

    AZM has pulled back unfortunately, more consolidation...

    BMN may consider if it breaks downward trend line around 1.75.
  4. mu5hu's Avatar
    So in terms of RER, you think it must bounce back up at some point since its just had bad news after bad news?

    What part of the jungle are ya in? haha
  5. kennas's Avatar
    I`m not sure how they`ll go, but on an MC to oz au comparison I think they are the lowest priced explorer with a JORC by a long long way. I`m gambling that Ruane gets hold of them and shakes them up a bit. Wouldn`t be surprised at a takeover offer either if IRC keep moving up how they are and get their finances sound.

    In SE Venezuela now in an area called the Gran Sabana. Sort of like Africa without the animals.

    Damn I`ve missed some opportunities because of this trip.

    Would have bought more IRC and STB during these breaks!

    Still not happy with ROYs management. They should have produced their own report on the GBG plans for the JV, but nope, just sat on their hands. Bloody hell it`s not that hard to ramp your own company!!!
  6. JTLP's Avatar
    Kennas, whats with all the travelling to the exotic nations? What you do for work you lucky tiger?

    Has this new potash theory (similar to the U theory) put you off the likes of STB? Or do you still see upside in them?

    IRC back around 42 cents, you can still grab some (where is the wink!)
  7. kennas's Avatar
    Hi JTC,
    I`m living in Peru and my wife manages a travel company that operates trips all around South America. Im currently doing some research for a new trip which goes from Belem at the mouth of the Amazon to Caracas, and a trip encompassing Venezuela. Believe me though when I say this is not a holiday. It`s bloody hard work.
    As far as `work`goes, I`ve been full time investing for 3 years.
    And travelling.


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