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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cape Lambert | LSE:CLIO | London | Ordinary Share | AU000000CFE0 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.00 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
16/9/2008 10:24 | From 'The Western Australian' Businessman Mick Shemesian has put his cards on the table, calling for a meeting of Cape Lambert Iron Ore shareholders on October 15 aiming to roll the company's existing board. Mr Shemesian's Hong Kong-based company Power United has called for the removal of executive chairman Tony Sage and fellow directors Tim Turner and Brian Maher, to be replaced by Elias Khouri, Blair Sergeant, Tony Roberts and Martin Bennett. Power last month converted 50 million options into an 11.5 per cent stake in the company, which has $320 million in cash following the sale of its Pilbara magnetite project to China Metallurgical Group Corp (MCC). Representatives of Power United said in a statement that the company was concerned about the cashed-up Perth miner's $250 million plan to buy into a Sierra Leone iron ore asset controlled by entrepreneur Frank Timis. "We are firmly of the view that no such decision should be made by the board without seeking the approval of the Company's shareholders," the firm said in an announcement. "(We) are particularly concerned that the effect of the transaction is to deliver a potentially controlling interest in the Company to parties associated with the current owner of the Marampa Project without those parties being identified and without shareholders having the opportunity to vote on the transaction." The Marampa project is owned by Mr Timis' company, African Minerals. However, it is understood that Cape Lambert's biggest shareholder, Russian steel giant Evraz, is not part of the Power move and unlikely to back the proposal, despite itself pushing for a board seat amid unease with Mr Sage's plans to spend the MCC sale proceeds. Revelation of the move came as Cape Lambert confirmed it had received an $80 million down-payment from MCC to take proceeds from the $400 million sale to $320 million. The final $80 million instalment is due once MCC is granted a mining lease and related construction approvals. Cape Lambert intends to return up to $100 million to shareholders, leaving it with enough cash to pursue projects such as Marampa. The existing company board has advised shareholders to take no action with respect to the notice until it had obtained legal advice on its validity. Shares in the firm closed down 3¢ or 7 per cent to 40¢. | vermilion1966 | |
15/9/2008 17:45 | thought so. TMM. You tend to be well up with these things: re proposed dividend, any idea what the relevant date will be for holding the shares and what payout will be? Any news on Evraz wanting a seat on the board and proposing not paying a divi? Things gone quiet on those issues. | littlemadam | |
15/9/2008 16:32 | Coincidence. | the metal man | |
15/9/2008 12:30 | Is this anything to do with CLIO or is name just a coincidence? Dated 15.8.08: "Miner Rio Tinto has lifted a force majeure on some iron ore shipments after it resumed full operations at its Cape Lambert export terminal in Australia, the firm said on Monday". | littlemadam | |
15/9/2008 08:47 | IT certainly does not pay to get pay to get loaded up with cash. Sp has dropped 50% since it sold the project. | divinausa1 | |
12/9/2008 12:55 | at least today's statement clarifies some things. Anyone any idea what the pay-out might amount to? I am not too worried about the African venture at this stage. Clio will not hand over a penny until the spat between London Mining and AMI is cleared. Their lawyers will see to that. The Sierra Leone Govt were right to issue that statement, clear message to both companies to sort things out. | littlemadam | |
11/9/2008 11:07 | Eastwind, I think divina means the share price could carry on down no matter what cash is in the coffers. Until the company clarifies the situation with RNS or whatever. The market hates uncertainty. | littlemadam | |
11/9/2008 08:45 | divina, why do you think the remaining tenement is worth more than the sold part which was worth A$400m? | eastwind | |
11/9/2008 07:54 | looks like we are heading back below 20p they could sell the remain project for $5bn share price will still do nothing! | divinausa1 | |
10/9/2008 20:35 | littlemadam, What did you ask? I will be interested to know if they respond. Slightly more info on the dispute. I still suspect we will be overtaken by events. Lots going on here. Eddie. | eddie catflap | |
10/9/2008 09:40 | eddie, i mailed Mr Sage 2 days ago. no reply yet | littlemadam | |
10/9/2008 00:06 | littlemadam, Not sure i would classify it as rubbish. It certainly looks like it's heading for a legal dispute. (Hopefully settled out of court for equity stake swaps?) However, i am more concerned with the report on what was found at the remaining tenement, due out this month. And of course the forthcoming dividends etc and it is for those reasons I am back in. Eddie Catflap. | eddie catflap | |
09/9/2008 11:11 | Aus up 10%, positive statment from AMI. Down here for some reason. Mr Sage needs to get rid of the uncertainty, if & when that happens we should see a decent bounce. | littlemadam | |
08/9/2008 20:06 | eddie, I see a full and thorough statement issued by AMI this evening. Times story rubbish. Just goes to show. Of bigger concern are the Evraz issues. I am mailing Mr Sage to see if he can throw some light on the subject. | littlemadam | |
07/9/2008 20:10 | More info on the same story.... | eddie catflap | |
04/9/2008 11:46 | mmmmmmm, very frustrating | littlemadam | |
03/9/2008 23:20 | Any ideas what that takeover price will be? | slash2005 | |
03/9/2008 19:05 | suspicion would be that it is either related to Delong or Evraz. With Evraz current direct holding, the Delong holding and possibly this one coming together, Evraz would be in virtual control. Take over Cape Lambert use the cash to develop the Cape Lambert project and have the other assets thrown in for nothing!! | ianbrewster | |
03/9/2008 17:45 | IB. ta for info, strange purchase eh? | littlemadam | |
03/9/2008 14:01 | Power United Ltd is a Hong Kong investment company - wonder what it's links to Delong are?? | ianbrewster | |
03/9/2008 11:31 | United Power takes initial 11% stake; that's 50m shares! Is this a Chinese Co? If so, is it looking to undermine the Evraz proposition or support it? Tony Sage probably seething & I would not blame him. | littlemadam | |
02/9/2008 20:04 | Trouble at (steel) mill?? | eddie catflap | |
01/9/2008 11:09 | up overnight in Ausie Land takes its lead from Aussie | divinausa1 | |
01/9/2008 10:46 | looks a little better, seems to rise on small buys. | johnspain |
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