Amara Share Discussion Threads

[gersemi] 12/4/2016 08:09

Look at this go

[edjge2] 11/4/2016 21:50

still off topic
Oneday thanks
OK opti's priciple look good and on the right track sorting gut bacteria. Not sure how supplement mix or bacterial strains if naturally occurring can be copyrighted. GM bacteria would be dumped by users into environment, but OPTI could easily do a GW if pharma allow.

[onedayrodders] 09/4/2016 09:55

Guys .. off topic but I took a little bit out of here and bought some OPTI (81p)
who are on the verge of transforming the Cholesterol market, and has produced better results than Statins with zero side effects from a simple patented capsular supplement. Yes... that's better results than statins in a multi $ billion market.

See latest RNS .. those people tested with the more important high level cholesterol achieved a 36.7% reduction with OPTI's supplement. Market is asleep and not absorbed this news .. I'm taking advantage before the big commercial deals are announced.

all IMHO

ODR

[amargosa] 08/4/2016 13:49

Done deal, 90% 'for'.

[corrientes] 08/4/2016 10:30

Thanks for your response,amargosa. I emailed Amara early yesterday morning about my concerns. I don't really expect a detailed reply, but it would be courteous for them to at least acknowledge it.

[amargosa] 08/4/2016 07:44

Was considering going to the meetings today, but I doubt the management will show any signs of remorse or embarrassment.

[amargosa] 08/4/2016 07:41

There is some information in the scheme document, all 121 pages of it, but I'm sure you've already read that. Suffice to say if the vote goes through today, AMA shareholders will represent a significant portion of the PRU shareholder base, so I can't imagine the scenario you are concerned about developing. Certainly a London listing will be the best option, but as a Selftrade account holder, I doubt I'll wait for that to happen (or not). With a broker that can hold and deal in ASX shares (whether based in the UK or Aussi) I'll just have to get on with it. Some of the PRU holders have been steadily buying AMA shares for the warrants alone, so that probably say something. Also, a possible Brexit could see the £ crash - having shares in an Aussi company might actually pay off even in the short term. Bwtfdik.

[corrientes] 06/4/2016 18:37

On at least one other thread,there has been some chatter about PRU shares and warrants held by UK holders not going to be worth much if anything, should PRU not have a listing in London after the takeover. At the extreme, this is apparently because of the possible future inability to match buyers and sellers.

It sounds ridiculous to me, but this is a small spec miner we're talking about. So some have been selling up. I've held AMA shares for ages, and don't really want to sell and PRU/AMA are hardly spiv companies, but it does make you wonder. So far my broker has remained silent on the matter. Unfortunately, I've seen this situation before, to my cost.

Does anyone have any information here ?

[darcon] 04/4/2016 08:09

Price of PRU has risen. Presumably it means PRU shareholders believe no competing offer will be made and the merger will go through.

[amargosa] 01/4/2016 12:16

Selftrade Update FWIW, I have just voted on the deal via Selftrade (phone); forget all those blue and white forms on the AMA Website, none of it matters if you are a nominee holder of the shares. You could still vote in person at the meetings if you get a letter of representation from Selftrade (i.e. vote on behalf of the registered holder (Selftrade), same as any other AGM or EGM), but it's cutting it fine at this stage. Often my LoRs don't even turn up after a couple of weeks notice.

It appears Selftrade won't be making any efforts themselves to inform AMA holders what they need to do to vote, it's up to you.

[edjge2] 26/3/2016 19:51

amargosa, appreciate timely info. DIs to live 12 months, suppose funding may be easier here and pru might need a bit, was MML motivation to list here I think.

[amargosa] 25/3/2016 07:34

Edjge2, re warrants, see para c of my last post 3071, it's a direct copy from the official scheme document.

From what I've found out DIs are ISAable, so the default setting is to be allocated PRU DIs and warrants, you will need to opt out of this if you want the PRU shares straight away; this cannot be an option for Selftraders - although PRU is on the TSX, Selftrade do not trade it. In other words if you are with Selftrade you have one option ( DIs ), it's too late to xfer to another broker. What everyone should do is vote (whether you're in or out).

NB The warrants cannot be held in an ISA, so this should be planned for if PRU shares go exponential.

DYOR, not advice, etc

[edjge2] 24/3/2016 19:40

suspect pru may be ok if listed on TSX. AGQ is TSX listed and can be ISAd. perseus DI tradeable in cest from first 10 lines so may be ok but depends if HMRC consider ISAble. I'll email my bloker.

But we'd all like know. Guess no one wants to sell this beauty.

amargosa re MML seem to remember it got to 130 in the likely delisting time, new CEO etc. Sell was correct then with Bear. Hope to hold in ISA to get gold's rush. Pru might even list LSE before its 12 are up. Co sounds a good symbiosis blend.

My broker is including warrants with the 0.6 something pru shares. Can't find in recent RNS.Anyybody enlighten me in case my broker blanks?

[onedayrodders] 24/3/2016 16:55

Assuming my broker is registered and this merger goes through will the new shares qualify and replace my AMA shares in my ISA account ?

ie will they qualify

thanks in advance

[xow98] 21/3/2016 08:16

Interesting article on ProactiveInvestors dated 9th March which I had not spotted before.

Amara Mining PLC’s John McGloin talks merging with Perseus Mining Limited
10:11 09 Mar 2016
Amara's John McGloin talks to Proactive about the whys and wherefores of Amara's proposed merger with Australia's Perseus Mining
Amara Mining PLC’s John McGloin talks merging with Perseus Mining Limited
John McGloin will move to a non-executive position

As far as John McGloin is concerned the rationale for the merger between Amara Mining PLC (LON:AMA), and Perseus Mining Limited (ASX:PRU) is pretty simple.

As Amara’s chairman he’s only too aware of the funding constraints that are holding back gold developers these days.

Amara’s Yaoure gold project is big. At over seven million ounces, it’s one of the biggest in Africa. And it’s good too, with head grades running at 1.62 grams per tonne.

But it also needs US$344 mln to get built. And that’s the hard part.

“The story’s going very well,” says McGloin. “But one thing’s always concerned us and that is the state the market’s in. The concern was always that we would complete our work and find there was no one there at the end for us.”

Under that scenario the vultures would have started circling pretty quickly and Amara could well have found itself the target of rapacious bottom feeders seeking to dilute existing shareholders down almost to zero.

But McGloin is no stranger to capital markets and their ways. As long ago as 18 months Amara opened a data room and, as McGloin says, was “pretty passive” about who it allowed in.

Perseus came and went a couple of times and got thoroughly familiar with the assets.

Equally though, Amara knew it was going to have to put its best foot forward. Accordingly, an optimised pre-feasibility study was commissioned, the results of which were released at the end of February.

And towards the end of last year, at the Denver Gold Show in particular, potential suitors were put on notice that the offering was about to get serious.

And so it was that on 26th February Amara announced that Yaoure was capable of producing an average of just over 200,000 ounces of gold over a 15 year mine life, generating an internal rate of return in the process of 38%, assuming US$1,200 gold.

And just a couple of days later, on 29th February, the Perseus tie-in was announced.

Whether it amounts to a sale or a merger remains moot. On one scenario, which allows that Amara shareholders exercise all the options in Perseus that they will be allotted, Amara shareholders could end up with 44% of Perseus.

Be that as it may though, from here on in it will be Perseus’s show. Because the other element of the Perseus-Amara combination, aside from cash and growth, is skills. One thing Perseus knows how to do, as demonstrated by Edikan, is build mines. That’s a skill set that’s largely lacking in Amara, but which will be increasingly needed.

And so, although Amara shareholders may end up with up to 44% of the enlarged group, control will rest with Jeff Quartermaine, the Perseus CEO.

Amara’s shareholders appear largely to be reconciled to this. McGloin already carries in his pocket irrevocable undertakings in regard to 15% or 16% of the shareholders and undertakings from another 20% to support the deal.

“I’ve spoken to 50% of our shareholders,” he says. “They are all very supportive.”

Why?

Because the deal wipes out in a single stroke several long-standing criticisms that have been made in the market about Amara over the years.

“The criticism that Amara is a single asset company in a single jurisdiction goes,” he says. “The criticism that we haven’t got a team goes. The criticism that we haven’t got cash goes. And the criticism that we haven’t got the ability to raise debt goes.”

But what about the price?

There may be certain sensitivities that this transaction has been agreed at what amount to historically low levels, both on the part of Amara and on the part of Perseus. According to the official share exchange ratios, the deal values Amara at around £68 mln, or just over 16p per share.

But for McGloin that price is just a staging post. This is all about the upside of the combined group.

“This is a phenomenal story for the market at the moment,” he says. “Cash and cashflow come together with growth. It’s the perfect combination.”

[amargosa] 18/3/2016 11:44

Here it comes:

(a) Issue of New Perseus Shares where Scheme Shares are held in uncertificated form (that is,in CREST)Unlike Amara Shares, because the New Perseus Shares are Australian securities, they are not capable of being registered, transferred or settled directly through the UK settlement system,CREST. A depositary interest arrangement will therefore be established to overcome this, by creating entitlements to the New Perseus Shares (in the form of Perseus Share Depositary
Interests) which are deemed to be UK securities and therefore admissible to CREST. Each Perseus Share Depositary Interest will represent one New Perseus Share. Unless otherwise directed by the relevant holder of Scheme Shares, on the Scheme Effective Date, all of the New Perseus Shares to be issued by Perseus to Scheme Shareholders holding Scheme Shares in uncertificated form will be issued directly to the custodian of Computershare, to act in the United Kingdom in its capacity as depositary for such Scheme Shareholders. Computershare will then issue Perseus Share Depositary Interests representing the New Perseus
Shares to such Scheme Shareholders and such Perseus Share Depositary Interests will be credited to the CREST accounts of such shareholders as soon as possible after the Scheme Effective Date and in any event within 14 days of the Scheme Effective Date.If any such Scheme Shareholder holding Perseus Share Depositary Interests subsequently wishes to settle a trade made in the underlying Perseus Shares on the ASX or TSX they will need to withdraw their New Perseus Shares from the Perseus Share Depositary Interest and arrange the transfer of the underlying New Perseus Shares into their own name (or that of a nominee) to hold
directly on the Australian register or Canadian register (as the case may be). A holder may settle ‘‘off market’’ trades in Perseus Share Depositary Interests between CREST participant accounts in the CREST system. Perseus anticipates that if it decides not to seek a standard listing of the Perseus Shares on the Official List of the UK Listing Authority within 12 months of the Scheme Effective Date it will cancel the Perseus Share Depositary Interests. On such cancellation, holders of such Perseus Share Depositary Interests will be transferred the underlying New Perseus Shares to hold directly. In such circumstances Perseus, in conjunction with Computershare, will contact the holders of Perseus Share Depositary Interests before cancelling the Perseus Share Depositary Interests to explain any cancellation process and the steps which the relevant holders will need to take. Holders of Scheme Shares in uncertificated form who do not wish to receive their New Perseus Shares under the Scheme in the form of Perseus Share Depositary Interests should contact Computershare at [e-mail] by no later than two Business Days prior to the Scheme Record Time, expected to be 6.00 p.m. on 15 April 2016 and Computershare will be able to advise on the opt out process. Final elections will need to be made by no later than two Business Days prior to the Scheme Record Time, expected to be 6.00 p.m. on 15 April 2016. Under the Scheme, New Perseus Shares will be issued directly to those Scheme Shareholders who have elected not to receive Perseus Share Depositary Interests. Scheme Shareholders, opting not to receive Perseus Share Depositary Interests, will be able to elect, by no later than two Business Days prior to the Scheme Record Time, expected to be 6.00 p.m. on 15 April 2016, whether to hold their New Perseus Shares on the uncertificated issuer sponsored sub-register of Perseus Shares operated by Perseus or, on the uncertificated CHESS sub-register of Perseus Shares (and if the election for the uncertificated CHESS sub-register is incomplete or incorrect, the New Perseus Shares will be registered on the issuer sponsored sub-register). A Scheme Shareholder holding its New Perseus Shares on the uncertificated issuer sponsored sub-register of Perseus Shares operated by Perseus will be sent, within 14 days of the Scheme Effective Date, an issuer sponsored holding statement (sent to their registered address) stating the number of New Perseus Shares issued to that holder. A Scheme Shareholder holding its New Perseus Shares on the uncertificated CHESS sub-register of Perseus Shares will be sent, within 14 days of the Scheme Effective Date, a CHESS confirmation advice (sent to their registered address) stating the number of New Perseus Shares issued to that holder and, subsequently, will be sent an end of month CHESS holding statement. Scheme Shareholders shall be entitled to withdraw from the Perseus Share Depositary Interests at any time after the Scheme Effective Date. Details of how this can be done will be available on Perseus’s website www.perseusmining.com.

(b) Issue of New Perseus Shares where Scheme Shares are held in certificated form (that is, not CREST) On the Scheme Effective Date, share certificates in respect of Scheme Shares held in certificated form will be cancelled and share certificates for such Scheme Shares will cease to be valid and should be destroyed (and not be returned to the receiving agent or exchange agent). As the New Perseus Shares are listed on the ASX and the TSX (and, through brokers’ listings, on various German stock exchanges including the FSE), holders of Scheme Shares in certificated form may find that holding and trading the New Perseus Shares directly involves Australian and Canadian market practices and formalities that may be unfamiliar to such holders. In addition, dealing with a registrar in a different jurisdiction and time zone may also prove inconvenient in certain circumstances. In light of the foregoing, unless otherwise directed by the relevant holder of Scheme Shares, Perseus will arrange for a nominee of Computershare to act in the United Kingdom as nominee and trustee for such holders (the ‘‘Corporate Sponsored Nominee Arrangement’’). Save where (a) otherwise directed by the relevant holder of Scheme Shares as described below or (b) the relevant holder of Scheme Shares is not resident in a Permitted Jurisdiction, on the Scheme Effective Date, all of the New Perseus Shares to be issued by Perseus to Scheme Shareholders holding Scheme Shares in certificated form will be issued directly to the custodian of Computershare, to act in the United Kingdom in its capacity as depositary for such Scheme Shareholders. Under the Corporate Sponsored Nominee Arrangement, Perseus Share Depositary Interests representing the New Perseus Shares to which a holder of Scheme Shares in certificated form becomes entitled under the Scheme will then be credited to an account of a nominee of Computershare, as nominee and trustee for and on behalf of such holders. The Scheme Shareholders holding Scheme Shares in certificated form will receive a statement of entitlement from Computershare detailing their holding of Perseus Share Depositary Interests and explaining how they may deal in their Perseus Share Depositary Interests through the Corporate Sponsored Nominee Arrangement. Such statement of entitlement shall be dispatched by Computershare as soon as practicable and in any event within 14 days after the Scheme Effective Date. The Corporate Sponsored Nominee Arrangement will benefit holders of Scheme Shares in certificated form by facilitating dealings in New Perseus Shares. Persons holding Perseus Share Depositary Interests through the Corporate Sponsored Nominee Arrangement may trade those Perseus Share Depositary Interests through the dealing facility operated by Computershare by contacting Computershare, details of which will be sent to the relevant Scheme Shareholder with their statement of entitlement. Information about the dealing terms and conditions will be available on Perseus’s website www.perseusmining.com (subject to certain access restrictions) 5 days prior to the Scheme Effective Date. If any such person wishes to settle a trade made in the underlying Perseus Shares on the ASX or TSX outside of the Corporate Sponsored Nominee Arrangement, they will first need to withdraw their New Perseus Shares from the Corporate Sponsored Nominee Arrangement and arrange the transfer of the underlying New Perseus Shares into their own name (or that of a nominee) to hold directly on the Australian register or Canadian register (as the case may be). Holders of Scheme Shares in certificated form who do not want to hold their New Perseus Shares through the Corporate Sponsored Nominee Arrangement should contact Computershare at [e-mail] by no later than two Business Days prior to the Scheme Record Time, expected to be 6.00 p.m. on 15 April 2016 and Computershare will be able to advise on the opt out process. Final elections will need to be made by no later than two Business Days prior to the Scheme Record Time, expected to be 6.00 p.m. on 15 April 2016. Under the Scheme, New Perseus Shares will be issued directly to Scheme Shareholders who have elected to opt out of the Corporate Sponsored Nominee Arrangement. Scheme Shareholders opting not to hold Perseus Share Depositary Interests in the Corporate Sponsored Nominee Arrangement, will be able to elect, by no later than two Business Days prior to the Scheme Record Time, expected to be 6.00 p.m. on 15 April 2016 whether to hold their New Perseus Shares on the uncertificated issuer sponsored sub-register of Perseus Shares operated by Perseus or, on the uncertificated CHESS sub-register of Perseus Shares (and if the election for the uncertificated CHESS sub-register is incomplete or incorrect, the New Perseus Shares will be registered on the issuer sponsored sub-register). A Scheme Shareholder holding its New Perseus Shares on the uncertificated issuer sponsored sub-register of Perseus Shares operated by Perseus will be sent, within 14 days of the Scheme Effective Date, an issuer sponsored holding statement (sent to their registered address) stating the number of New Perseus Shares issued to that holder. A Scheme Shareholder holding its New Perseus Shares on the uncertificated CHESS sub-register of Perseus Shares will be sent, within 14 days of the Scheme Effective Date, a CHESS confirmation advice (sent to their registered address) stating the number of New Perseus Shares issued to that holder and, subsequently, will be sent an end of month CHESS holding statement. Scheme Shareholders shall be entitled to withdraw from the Corporate Sponsored Nominee Arrangement at any time after the Scheme Effective Date. Details of how this can be done will be available on Perseus’s website www.perseusmining.com. Information about the terms and conditions of the Corporate Sponsored Nominee Arrangement is set out in Appendix VIII of this Scheme Document, and will be available on Perseus’s website www.perseusmining.com (subject to certain access restrictions). The Corporate Sponsored Nominee Arrangement described above will not apply to holders of Scheme Shares that are ineligible to participate because they are not resident in a Permitted Jurisdiction in which Computershare can lawfully offer or operate (or has the requisite permit or licence to offer or operate) the Corporate Sponsored Nominee Arrangement. The list of Permitted Jurisdictions is set out in Appendix VIII to this document. The New Perseus Shares to which such holders become entitled will be allotted and issued to them directly in uncertificated form on the uncertificated issuer sponsored sub-register of Perseus Shares operated by Perseus (unless a valid election is made two Business Days prior to the Scheme Record Time, expected to be 6.00 p.m. on 15 April 2016 to hold such New Perseus Shares on the uncertificated CHESS sub-register of Perseus Shares) and such holders will receive an issuer sponsored holding statement (sent to their registered address) within 14 days of the Scheme Effective Date specifying their holding in New Perseus Shares.
Perseus intends to maintain the Corporate Sponsored Nominee Arrangement for at least 12 months from the Scheme Effective Date. If it decides to cancel this arrangement after that time relevant Perseus Shareholders will be notified and on cancellation of the arrangement they will receive the underlying New Perseus Shares owned by them.

(c) Issue of Warrants Warrants will be issued to all holders of Scheme Shares (whether in certificated or uncertificated form) on the Scheme becoming Effective. Warrants will be held in uncertificated form. Each Amara Shareholder will receive a holding statement stating the number of Warrants issued to that holder together with the date of issue, exercise price and expiry date of those Warrants. Contemporaneously with the issue of the Warrants, Perseus will record the details of each eligible Amara Shareholder on the register of holders of Warrants maintained by it in Australia. Warrants will not be registered, transferred or settled through CREST.

[amargosa] 18/3/2016 09:12

edjge2 thanks for that, I've been having a look at the MML BB over the period they delisted and it's not a great read for UK shareholders. So far, Selftrade have said they are able to trade PRU shares because they are also listed on the TSX (so different from the MML situation), but I'm not convinced that is the case as they don't list the TSX on their site as one of their international markets. Then they stated they could trade the share if they had the ISIN number - I've provided this and asked for written confirmation. Still no word on whether they will have a London listing for PRU.

[edjge2] 17/3/2016 20:40

amargosa Re the PRU:
a friend held dual listed Asx & Lse MML in selftrade no problems. I think she said Etrade and TD could accept them when MML delisted Lse. Selftrade could not entertain. Not being able to find them on their deal screen probably confirms.
ISA to ISA transfer was possible with TD, I think. Don't lose that wrapper! But get prepared in advance.

[richgit] 17/3/2016 13:30

I am looking somewhat ahead.

The Majors,at some point,will be caught flat footed when their Gold Hungry investors ask for more and more.

Taking note of this for mere starters......
"Munich Re is one of the largest reinsurance companies in the world - It oversees €231 billion in investments. A small 3% allocation to gold would equate to buying gold worth €8.19 billion. At the current spot price of €1,130 per ounce that would equate to 7.2 million ounces or 225.4 tonnes of gold bullion "


Now imagine a mere assortment of others in this World following Munich re creating-a pro-rata demand.

That alone would equate to 1000 Tonnes of Extra Physical Gold demand.

Where is it going to come from when there have been no big new discoveries,as even when the Majors start exploring again- We are looking at years to get new mines from exploration.

It wont come from the Western Gold vaults that are already hiding pure paper Gold as now we hear Canada has no Gold left.

It would be somewhat ironic if AMA does combine with Perseus and then as the Gold Market lights up along with their share prices- Perseus itself could be a tasty target.

I consider that at some point in the future-some Majors will be forced by their shareholders -to ask "Name your price".

[dibs61] 17/3/2016 12:59

A London listing would make sense for them as we are now into a new Gold bull market. They will be a bigger player moving forward. They're going to have a hell of a lot of ozs in the ground.

I personally think that Perseus themselves might be taken out but, if not, I'll just enjoy the ride.

[amargosa] 15/3/2016 22:50

Boadicea, thanks for that, looks like I may have to xfer to another broker if there is no London listing.

Likelihood of a counter bid? The ink on the revision work to the preFS is barely dry. Place your bets, some might be taking another look. 3g/t - profitability depends on many factors, not just grade.

[thorne3] 15/3/2016 15:12

A counterbid is unlikely;one can rule out RGR because they are on record as not acquiring any resource which does not match up to 3.0 grams per tonne;1.62 would not be enough for them.Furthermore discussions have been ongoing with Perseus for many months and they most likely know the Yaoure project inside out;it could be difficult for an outsider to intervene at this late stage.The availability of this project has been known for some time and so all potentially interested parties have had the opportunity to show their hand.

[boadicea] 15/3/2016 10:25

Unless PRU get a London listing (in which case you won't need to do anything) you would need a broker with an associate registered on the ASX. I don't know if that is the case for Equiniti (=Selftrade) but think TDW are registered there or have an associate arrangement.
Try here (and note the comments at the end) -