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Bdi Mining Share Discussion Threads
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|Just back from my holidays and not too chuft seeing this. Obviously the cashburn was too great and they needed bailing out at this knockdown price.
Hope those who bought in at 40p managed to average down.
Personally I can't say I've done too bad but disappointed that we won't realise the benefits of two prospects with such tremendous potential.
I've been involved with several companies that have been taken over (ITU, ESY, BOI and several others going back to Hillsdown Holdings!) and have never been disappointed to take the cash from the market. I suppose it depends on dealing charges but this market always presents opportunities even at this time of year.|
|Don't know precisely, but I would estimate mid-end June.
If the stock is 36.1p bid then holding for 37p @ (say) end June would be equal to 12%pa on your money; so if you don't need the cash you might as well hold on.|
|any body know when we get our money ?|
|OK - so it was GEM buying up all-comers yesterday. At least I can now get 36.25p for my stock should I decide not to wait for the 37p. Perhaps I'll take that so as to average down in Minco (MIO) or average up in Toledo (TMC). As WendyD is a bull of TMC I should do the latter.....|
|What Lenigas shell?|
|Just been asked if i want to invest in a Lenigas shell. Looking for a mining asset to buy.
|Elphick on his presentation spoke about Gem spending at least US$50m but up to US$100 million on Cempaka. Assuming that's what needs to be spent to realise the full value of Cempaka, how would BDI fund it? Sell Woodlark for US$20million and then raise a minimum of US$30million at around the 30p level?
That's around a 40-50% dilution to the existing shareholders. Would the stock be worth 37p at that point? Maybe after 2 - 3 years once the expansion is done. 37p today versus the prospect of trying to raising that cash, running the implemntation risk of construction and delivering the expanded project.
It's a tough call.|
|All that stock going through @ 36.5p is presumably GEM buying in the Market, but it does surprise me that the MMs are managing to take so much of a turn - 0.5p & even 0.75p! Could it perhaps be someone else joining the fray - would love to think so as I am holding for the 37p CASH rather than selling in the Market.|
|Bageo, are you a moron?
BDI is going to be taken out 100%. why are you still talking about Woodlark?
Take your money and run.|
Meanwhile, the BDI Mining transaction also included the Woodlark gold project, located in Papua New Guinea, which was worth between $20-million and $30-million.
It was estimated to have about a million ounces of gold resource.
Elphick said that the Woodlark gold project would not form part of the miner's portfolio and that it had already decided to divest itself of the asset.
Gem Diamonds had already "spoken to a lot of people" and enquiries had shown strong expressions of interest from the gold sector, he said.
So Gem have lots of interest in selling an asset they don't yet own but BDI management failed at this?|
|WE WUZ ROBBED !!!!!!!!!!!!!!!!!!
Sold out today and fed up!
Just as cempaka was becoming interesting, management sell us out! woefully short of fair value. I think it's a done deal!|
|hi dave, yes i noted that mr horgan isn't hanging around.
i sold out of the bulk of mine today and likewise has mainly gone into brr.
although for anyone determined to stay in diamonds, edn is prob worth a small punt at current levels. it's producing from alluvials in brazil.
and for anyone wanting to get out of resources completely, identity management software co igp looks a world beater to me.|
|Minesite's verdict. Clearly implies BDI was a steal but still maintains 'good for both sides', prinicipally citing the need for dilution for BDI to develop its assets.
Agree with sc - time to move on, and good luck to us all. Top up on BRR in my case although perhaps one could make a case for taking a stake in Gem Diamonds...
|Sorry to be pedantic but as I read the offer announcement, I don't think it's quite correct to say that they have 60% irrecoverable undertakings. The relevant details are in section 4 of the fine print -
In connection with the Offer, certain BDI Mining Shareholders have entered into irrevocable undertakings with Gem Diamonds ........ representing approximately 42.5 per cent in aggregate of the issued BDI Mining Shares. These irrevocable undertakings will cease to be binding ..... or (iii) an offer is announced by a third party before the Offer becomes unconditional as to acceptances, provided that such third party's offer price is at least 10 per cent. greater than the offer price under the Offer.
In addition, William Aldwin Soames, Saad Investments Company Limited, RCM (a company of Allianz Global Investors) and Draganfly Investments Limited have provided letters of intent to Gem Diamonds stating that their current intention is to accept the Offer in respect of their shareholdings of 2,412,000, 3,111,500, 5,756,585 and 2,650,000 BDI Mining Shares, respectively, representing approximately 13.4 per cent. of the issued BDI Mining Shares.
In summary, therefore, Gem Diamonds has received irrevocable undertakings and letters of intent to accept the Offer in respect of 61,842,657 BDI Mining Shares in aggregate representing approximately 59.6 per cent. of the issued BDI Mining Shares.
So - only 42.5% (plus the Directors 3.7%) actually irrevocable (and even these are not binding if there's another bid that's 10% better) and the rest just letters of intent.
Nevertheless, given that the Board have thrown their weight behind Gem it seems unlikely to me that there will be another bid, particularly with BDI's slightly odd mix of assets. Consequently I also sold my holding into the market today. Very disappointing but best to move on and use the money elsewhere IMO.|
|I thought that the recent Middle Eastern funds were a stalking horse for somebody, and so it turns out.
Word on the street was that the offer for the whole company was intially considered a cheek, but behold, we now find it recommended by the board with 60% irrevocable undertakings already in the bag, all within three weeks.
I really can't see this as fair value for both assets and am very disappointed. Actually 'annoyed' comes closer.
What puzzles me is why the board couldn't have flogged off Woodlark to the recently announced interested party 'A' and Cempaka to interested party 'B' whom we now know to be Gem Diamonds, unless I suppose the offer for Woodlark was derisory. Gem Diamonds clearly don't want Woodlark; they confirmed that much in this morning's conference call.
Directors' remuneration packages seem the most likely explanation for the recommended acceptance although I note Martin Horgan is only on a short-term contract to supervise the AIM burocracy stuff upon completion.
The Gem Diamonds CEO dodged the question on the value placed on Woodlark this morning, save to say it was a lot less than 50% of the offer value. That values the Woodlark JORC M&I&I resource downstream of $38/oz or 6% of gold price - very possibly a long way downstream.
In theory we could get a new bidder - Gem Diamonds want 90% acceptances and if they don't get them the deal could be pulled, but if so the share price would probably collapse again.
I sold this morning into willing hands at 36p.
|Gledhow is OFEX:GDH
Now run by mining guru Bruce Rowan who is also responsible for Tiger(TIR) and Starvest(SVE)|
|Who are Gledhow?|
|Good news for holders of Gledhow. BDI share price has doubled since GDH last reported.|
|v disappointing outcome.|
|Do not think mgt have done a good deal. Could it be because most will be moving on to the new company under much better terms (options, salary and other perks)?
Exactly my thoughts. I am selling at 36p as have over 50% with irrevocable undertakings, so no chance of counter offer.|
|I was expecting a lot better.|
|Pleased, but thought we might get rather more. Any chance of a counter-bidder entering the frame?|
|5 Apr 07
Management is now evaluating a further drilling program which would add to the
existing identified resource base in the open pittable category which in turn
would significantly add to the economic robustness of the project.
11 Apr 07
In order to progress the Woodlark Gold Project to the point
where a development decision could be made, the management of BDI Mining has
decided to undertake a US$5 million drilling campaign|