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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: SVM (Silvercorp)
PostPosted: Fri Sep 23, 2011 5:50 pm Reply with quoteBack to top

SVM just purchased $35M worth of their stock:

Quote:
VANCOUVER, British Columbia – September 22, 2011 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) announced it has acquired a total of 4,468,012 of its common shares at a total cost of $34,949,140 (average price of CDN$7.82 pursuant to its normal course issuer bid (“NCIB”) announced on June 17, 2011. Under the existing NCIB the Company intends to acquire up to 10 million common shares. All common shares purchased under the NCIB will be cancelled.


That does NOT sound like the action of a company that knows it has been committing accounting fraud ... looks like the picture is getting clearer, though I'm not sure it makes all that much difference now with silver down 25% over the last 3 trading sessions ...

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: SVM (Silvercorp)
PostPosted: Mon Oct 24, 2011 7:36 pm Reply with quoteBack to top

SVM up over 18% today:

TORONTO, Oct 24 (Reuters) - An independent report confirming revenue figures for Silvercorp Metals Inc <SVM.TO> will let the China-focused company renew its focus on producing silver, the company's chief executive said on Monday.

"I think everybody has been waiting for the KPMG report," Rui Feng told Reuters in an interview. "I hope they have the same view as us, and this report will put this nonsense to an end."

Since September, Silvercorp has spent $2 million fighting to clear its name after an anonymous short sellers accused it of fraud, Feng said, repeating a call for regulators to protect legitimate companies from anonymous attacks.

Asked if the report, commissioned by a special committee looking into the allegations, was a vindication of Silvercorp's repeated insistence that it did not misreport earnings and assets, Feng said: "Yes. That's a fact."

Feng said the KPMG Forensic report, which focused on verifying revenue in China, refutes all of the allegations against the company . The short sellers have also made claims about the quality of Silvercorp's assets.

"One thing to detect fraud is cash. If the cash is right, there is no fraud," he said. "The money is there. Where did the money come from, selling mushrooms?"

Feng said the allegations have been a distraction for the management team.

"A lot of people cannot focus. They just wonder, every day, what's going to happen to my company?" he said.

"How can we make these people responsible? I think that's the key thing," he said. (Reporting by Allison Martell; editing by Janet Guttsman)
.

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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dreamer
Demolition Man


Joined: 09 Aug 2007
Posts: 2101
Location: Northern California

Re: SVM (Silvercorp)
PostPosted: Tue Oct 25, 2011 4:09 pm Reply with quoteBack to top

Good to see that U R making some dough. I'm holding PM share positions. I have traded back and forth some to the good...but mostly just maintaining what I got. I do expect a rally is PM shares...but I've been thinking that for a few months now... Laughing

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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: SVM (Silvercorp)
PostPosted: Tue Oct 25, 2011 4:31 pm Reply with quoteBack to top

dreamer wrote:
I have traded back and forth some to the good...but mostly just maintaining what I got. I do expect a rally is PM shares...but I've been thinking that for a few months now... Laughing


Me too dreamer. I'm down big from my August highs, but up decent on the year. shoulda woulda coulda, but whataya do.

Seeing some good movement in the miners today, with gold above $1700 again for the first time in weeks. Hope this is the start of what we've been expecting ..

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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dreamer
Demolition Man


Joined: 09 Aug 2007
Posts: 2101
Location: Northern California

Re: SVM (Silvercorp)
PostPosted: Tue Oct 25, 2011 6:38 pm Reply with quoteBack to top

Me too. Gold up $52 at present. Smelling something good...or bad depending on your point of view. I really expect PM shares to do very well between now and next April.

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The 4-functions of government today are the same as a criminal enterprise: Lie, Cheat, Steal, and Kill...
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