Tuesday 23 October 2018 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares
At 4.12 PM yesterday it was announced that my old friend Jim Mellon and his associate Gerard Holden had resigned with immediate effect from West African Minerals (WAFM). Old Jim founded the company and was its chairman. It is now almost game over for West African and the scores on the doors are shocking.
If you want me to analyse a stock for you just drop me a line at [email protected] - Today I look at shares in Ariana Resources (AAU), Aeorema Communications (AEO), Kuala Innovations (KUL), Mobile Streams (MOS), Sula Iron & Gold (SULA) and West African Minerals (WAFM) and offer some share price targets.
Featuring Camco Clean Energy, Metminco, Minco, Stratex International, Vast Resources, West African Minerals
John Meyer of SP Angel this morning comments on Acacia Mining (ACA), Avalon Mining (AVI), Cobre Montana, Kefi Minerals (KEFI), North River Resources (NRRP), Rio Tinto (RIO), West African Minerals (WAFM) and Zenyaatta Graphite (ZEN:CAN) as well as offering a detailed macro view on the news that is shaping global mining and the AIM mining pond.
Many iron ore bosses are wringing their hands at its price halving in three and a half years. But Anton Mauve, managing director of Jim Mellon's Isle of Man-based West African Minerals Corporation (WAFM) is not one of them, even though these woes have sent the AIM-quoted iron ore explorer’s shares down from 32.75p to 5.88p over the past year, for a stock market value of £22.1 million. Following encouraging exploration results at West African’s properties in Cameroon and Sierra Leone, Mauve, a former head of Lonmin Platinum, declares ‘the gloom makes us happy’. But why?
On Sunday Shareprophets rightly criticised West African Minerals (WAFM) for repricing options for its directors. I chatted to Jim Mellon at the weekend and he rather weakly said it was to incentivise the board.
AIM Cesspit listed West African Minerals (WAFM) is one of the public listings from Jim Mellon that he does not boast about. An announcement snuck out late on Friday stinking of boardroom greed might again be something that Jim keeps off his CV.
AIM listed West African Minerals (WAFM) is one of the public listings from Jim Mellon which has to date done very well for its shareholders, however an announcement snuck out late on Friday is not Jim's finest moment.
SP Angel is house broker to West African Minerals (WAFM) so one might take its research with a modest pinch of salt. However, with that caveat in mind, it has today published a detailed “buy” not on the AIM listed stock at 35p setting a 96p target.
West African Minerals is a good example in terms of the recent charting history of how a stock’s technical fortunes can flip around entirely and once they do this U turn in the price action forces fans of a company to make awkward decisions: in this case how to deal with the prospect of a return to early 2012 levels under 20p.
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