CEY is a gold mining company operating in Egypt. It was ordered by the Egyptian Government to stop drilling pending a legal dispute brought against the company by a government minister.

Since then, the whole Government cabinet was replaced a few months ago and the minister now in charge of Mining is believed to be positive on Western investment in the country. CEY are pushing for this minister to allow them to continue drilling ASAP; investers are waiting....patiently.

As soon as the company gets the go-ahead to continue drilling, the share price will move north; CEY has plenty of gold in this mine and it is (apparantly) the case of "raking" it out rather than drilling for it!

Check them out...worthy of a punt.

No sign of placing price......depends on that...trouble is this does not move a lot but is a steady eddy nevertheless...

Further dilution for existing shareholders can't be good news. With a p/e already over 200 and no firm reason given for the need for more capital no wonder the share price is dropping. Sold my holding 2 days ago and now very glad.

It's a bookbuilding process so it will be decided during the morning.

Based on current price, I would expect it to be close to current levels.

.. and in fact if it is at present levels then it consolidates it's price so certainly not the time to be bailing out kernow.

I accept the point DD - but CEY is making money, has no dedicated reason to need capital "Centamin intends to use the net proceeds of the offering for general corporate and working capital purposes as it pursues its growth strategy in the region." Something doesn't smell right to me .... Fortunately if I'm wrong I'm able to buy back in @ 10p less but content to watch for now.

Take my word for it, you won't be able to get back in.

That's the whole point of this market. In many stocks, particularly small ones, there is currently no market in them. It is only when a price rises and it confuses people as to what is going to happen next, that the sp will continue to rise because there are then buyers and sellers so the price starts to rise and in some cases uncontrollably.

On of the things I have learnt is that if you sell it's nearly impossible to get back in because you never know where the sp is going to go. As far as CEY goes I would think that the sp will not drop as low as you think it is but will then stay stuck for some time at these levels. Hence now you're out, unless you're prepared to invest over the long period, then you'll proably won't get back in.

Not sure I understand that, dd. I have never had a problem buying CEY on Selftrade. Maybe the spread is sometimes a bit discouraging, but stock always seems to be available.

This is a very large market cap..?....can't get back in ?...nonsense....more than a billion pounds in value...?....

And it looks like a short at the moment until more details are released.

What did I say ?...diving now.....

.

brave man to short as with bullion still strong, i'ld guess short-lived dive

well..yes....

as for me, i have just topped up at 166 - probably a rash move!

should have elected for NYO Cynners considering 20% increase in s/p today coupled with the fact that like myself you already own a shedfull of CEY ........

Depends on placing price....

According to Reuters
Centamin placed 51.5 million shares at 167 pence each with BofA Merrill Lynch acting as sole bookrunner.

Full article:

http://www.reuters.com/article/idUKLDE6B80UW20101209?type=companyNews

Thanks midknight.

http://www.reuters.com/article/idUKLDE6B80UW20101209?type=companyNews

For people who can't copy & paste