Arcon Int. Share Discussion Threads

[theberg] 04/3/2005 05:21

Canna Dju will na Dju

[hypocrite] 04/3/2005 05:20

Sorry Jakob....dont quite understand...

[theberg] 04/3/2005 05:19

Hypo,

Is this Fred about Commodity Prices?

JAKOB Is About 2 Sell LARGE IMO!

Fink On IT!

READ GLA AFX/ READ BOE 7TH MARS 2005

END

MOLTEN LUNATIC WHITE V IBERG THE III

[hypocrite] 04/3/2005 05:17

How can they allow themselves to be asked to approve an Independent
panel to evaluate the Arcon deal, when the Directors and 65% owner
have publicly said the are voting for the deal!!!

[hypocrite] 04/3/2005 05:14

04/03/05
O'Reilly sells Arcon in discount deal

By Conor Keane, Business Correspondent
TONY O'REILLY is to sell off mining company Arcon for a discount price of e48 million and a 14% stake in the Lundin Mining Corporation listed on the Toronto and Stockholm stock exchanges.

It is expected the deal will bring in €31.3m in cash for Mr O'Reilly, who holds 65.17% of Arcon and will give him a personal stake of close to 9% in Lundin, which will take over the massive Galmoy zinc mine in Co Kilkenny when the deal is complete.

The sell-off of the company will remove Arcon from the Irish Stock Exchange and give ordinary shareholders a mixture of cash and shares in the new enlarged Canadian firm.

Arcon was valued at €8.6m in 2002 and yesterday's offer places a €93.6m valuation on the company.

The offer is subject to 80% acceptance by Arcon shareholders but Mr O'Reilly, with a 65.17% stake in Arcon, has already indicated he will accept the terms of the deal. Arcon chairman Tony O'Reilly Jnr is expected to join the board of Lundin when the deal goes through.




The board of Arcon, in a statement, said they anticipate they will recommend the offer to shareholders.

The company said: "An independent committee of the board of Arcon will be established for the purposes of considering the offer if, and when, it is made."

Arcon's long-term stockbroker has been Davy Stockbrokers, yet Davy Corporate Finance Limited has been appointed to: "provide independent financial advice with respect to the offer."

Arcon chief executive officer and chief financial officer Peter Kidney said the "merger" will have no impact on the company's 220 workers.

[spacewagon] 03/3/2005 23:10

I've made a profit so I'm not complaining. It seems to me that the best way to get any value from this deal is by staying in and taking paper in Krones. But does anyone know what happens then. Presumably dividends (if any) are in Krones and you have currency costs, similarly if you sell. I think the new company has plenty of cash and they seem to be really excited by the prospect of the R zone. Tony Reilly virtually admitted on the webcast that Arcon have been very undercapitalised.

[hypocrite] 03/3/2005 22:32

That's two opinions.....many thanks lads....
Any more???

[sammu] 03/3/2005 20:03

This is a takeover not a merger.

Takeovers normally happen at a premium!

Given the firmness/expected continuing firmness in Zinc and Lead prices and the forecast levels of production at Arcon, this is being sold far too cheaply.

I think the idea to merge with a large company like this is sound, but the price is just wrong.

80c or 55p's worth would be fair.

Sam

[renixus1] 03/3/2005 19:44

There's been little impact so far on the Lundin price, i thought they were the ones getting the bargin! Although the 3M run up to day has been quite positive. Looks like these have already returned quite a bit of value to their shareholders over the last few years - we may be getting in at the top!

[britishbear] 03/3/2005 19:44

Probably worth 45p imo. I would have been happy with 42-45p. Ten percent above current share price is not asking alot.

[hypocrite] 03/3/2005 19:05

A journalist said to me this evening...yeah...they are selling it
at a discount....what do you think it is worth?
Well what do I think it's worth....what is the consensus here
as to what it is worth??

[benchmark] 03/3/2005 15:51

Will need a broker who can trade in Toronto or Stockholm ... probably add to dealing cost

[gaybriefs] 03/3/2005 15:45

Thanks I will sit it out and wait for the offer then if we get a chance to take all shares rather than a poxy few pence it might not be too bad same assets just a different company.

[hypocrite] 03/3/2005 15:39

Let us see the upcoming results before the decision.

Caveat Emptor!!!

[hypocrite] 03/3/2005 15:37

The Irish Takeover panel carries the responsibility for ensuring
that the independent committee chosen is what it says it is....
independent!

[britishbear] 03/3/2005 15:25

No point in selling now - I will hold and be taken over and trade the new paper. The takeover does make sense and the new company will be a strong one.

Just a matter of sitting it out.

[gaybriefs] 03/3/2005 15:22

Is there any hope or are we all goosed(those in higher than 34p).Should we cut our losses sell up and dont buy stocks where the 70% shareholder is going to stitch the other 30% up again or should we hold and wait and see what happens?

[benchmark] 03/3/2005 14:53

Not morons at all ... very clever manipulators ... ready to take advantage of the recovery in base metal prices for their own ends. This, or else a MBO, has been on the cards since the consolidation and the resurgence in metal prices.

[gaybriefs] 03/3/2005 14:21

LOL.!...What Wing Nuts sell you down the road at a discount to the current share price when your family silver (Zinc) is appreciating in value .And you are getting offers from companys one could only dream of a year ago!!Howl Outloud with outrageous laughter...!
The management can only be described as Morons.

[robinbell] 03/3/2005 13:34

Just tried to call the main office number (as in the RNS and on the website) - no one is home. They are probably all out having an expenses paid lunch (paid by us the shareholders).

This deal (if it happens) is rubbish. It might be a nice return for Tony but I want fair value which I consider to be somewhere much higher than this.

[rambutan2] 03/3/2005 12:48

oh dear me.
wonder what the odey take on the deal is? especially as mr hendry is suspended pending his leaving to set up a hedge fund.

[hypocrite] 03/3/2005 10:51

Someone ought to
email to Mssrs O'Reilly Junior and Kidney.




When will you announce the formation of the independent committee
and who will serve on it?
Will you announce this to the market?

Davy's have been appointed as independent financial advisers.....
can you confirm that they are not the company's principal "house"
broker??

Many Thanks,

[hypocrite] 03/3/2005 10:47

Another thought is that they were engaged for so long
in these negotiations that Sir Anthony O'Reilly was honour bound
not to go back on the deal........
Yep!!!
I believe that's it........
He shook hands on the deal.......and his word is his bond......
but he wants to be seen to be doing the right thing....
so he has presumeably said....if this deal cant be sold to
an independent committee set up under the rules of the Stock
Exchange.......
what happens then?
Does that release him from his undertaking??