Central African Mining Share Discussion Threads

[davius] 17/9/2009 23:16

> the two large trades were by TT International selling their entire stake.
> Check the numbers to the most recent 8.3 RNS.

I would agree with that, an exact match.

> Don't expect any fireworks in the morning

And why not? Do you think the marker makers gave them 20p a share? And then sold them on for 18.5p to 19p?

No, they were bought by either:

a) ENRC
b) Someone else about to make a counter offer
c) Someone else that thinks they can get more for them

My money is on a)

And if TT International can get 20p for theirs then no reason why we won't get at least the same for ours.

Fireworks are quite possible, ENRC will very likely show their hand tomorrow with their initial stake, demonstrating their intent clearly. If so that leaves little doubt that CAMEC are unlikely to remain independant for long. The only issue is who will be the new owners.

[cjdrum] 17/9/2009 23:10

the two large trades were by TT International selling their entire stake. Check the numbers to the most recent 8.3 RNS.

Don't expect any fireworks in the morning

[davius] 17/9/2009 22:53

We had shed loads of sells on the book earlier on today, millions upon millions of them. After the news that ENRC planned a bid of just 20p I suspect a lot of stale bulls and short term traders decided to bail. Great job by the market makers though, if they picked them up at an average of 19p (and many were sold well under that, down to as low as 18p) then a 1p per share margin on 74 million would have been worth £740K to them.

I was going to top up at 18.25p but missed the chance, then waited for it to come back down. May not get that chance again, now we know some one is accumulating big time.

[saltaire111] 17/9/2009 22:33

So who's selling that sort of volume? And why sell now?

This could be fireworks in the morning...


Salty

[josels] 17/9/2009 21:34

China could bid anything they want, they have the trillions of dollars but lack cobalt....I will not be surprise if we see a bidding war and china wins the whole of the company

20p from 2009 is worth far less than 20p from 2007 against a basket of currencies, specially against the Euro.

[the jackel] 17/9/2009 20:44

Wow just noticed the massive buys at the end of today! CFM top of the volume traded list beating the FTSE giants like LLoyds and Vodafone! Amazing! If them buys arn't ENRC then were going to have one hell of a day 2moz!!!!

[cjdrum] 17/9/2009 20:09

just flicked through all the 8.3 RNSs recently, and they were all on the next trading day. all shall be revealed tomorrow

[davius] 17/9/2009 19:18

I believe it's next day, and as cjdrum says, 1% and over has to be reported.

[dr jekyll] 17/9/2009 18:52

Thanks Eish.

[eish] 17/9/2009 18:44

If it's ENRC then before noon tomorrow and if it's another party then before 15:30PM tomorrow.

Edit: If it's a MM then there is no obligation to disclose.

[dr jekyll] 17/9/2009 18:28

I was thinking the same thing fruiticus. Don't know about the RNS timescale but think it will be three or four days maybe less?

[fruiticus] 17/9/2009 18:22

Does anyone know how long before a Rule 8.3 RNS re buy will be released? Will it definitely be tomorrow? Or can there be a deliberate delay... I obviously hope its a rival too.

Surely if ENRC continue to stakebuild won't that drive up the price beyond 20p? Why would they do that if it was a totally 'done deal'? If they had enough major shareholder agreement for the deal to go through why waste all the transaction costs themselves buying any?

[dhana] 17/9/2009 18:04

i recon no more than 22p comfirmed bid and meldex will start listing again tomm morning

[cjdrum] 17/9/2009 18:03

davius, an Rule 8.3 RNS will reveal all about who's buying. Let's hope it's a rival potential bidder. Then it WILL get interesting

[davius] 17/9/2009 17:51

That is £14.74m worth of shares and just under 3% of the company.

So, if it was ENRC (or someone working on their behalf) they are starting to buy. And if not then either someone else is buying to mount a counter bid, or whoever has bought expects a counter bid at a higher price. No reason to buy at 20p with costs and tax, and then sell to ENRC for 20p.

My guess is that it is indeed ENRC taking an initial stake, which is promising as demonstrates that they are serious. And should someone else bid more they will at least make a profit on these.

Good stuff.

[fruiticus] 17/9/2009 17:43

I can't see why anyone including ERNC would really spend 12m UKP if this was really a 'done deal' at 20p

[chilled_flame] 17/9/2009 17:37

Any one know how many shares ERNC hold in cfm?

[zed2002] 17/9/2009 17:32

yeah just seen it also..
those are really big buys at 20p. Lets see what happens tomorrow

[chilled_flame] 17/9/2009 17:31

yup. thats right..

could be the start of a big fight - hopefully ?

or could be ERNC scooping up freefloat?

[lenhez] 17/9/2009 17:25

just seen that too - is that right?

over 70 mil shares @ 20p

[chilled_flame] 17/9/2009 17:23

MASSIVE buys at 20p

2 X 37 million

[dhana] 17/9/2009 17:22

i reccom bid probably 22p and thats it take it or leave it

[zed2002] 17/9/2009 17:04

Well, CAMEC has not make their announcement to confirm they are in advanced talks with ENRC. The news is coming from them. They have $2 billion so there still could be possibly of higher offer if CAMEC management dont accept first offer.

ENRC wants CAMEC as first option. They probably end up paying higher price for CAMEC and buy a stake in the other company.

[ldmachin] 17/9/2009 17:00

Hopefully the other suitors will be pleased that ENRC came in with such a low-end offer... and now will be adjusting their own offers accordingly. Can't imagine they will let the one time opportunity of buying CAMEC and it's assets go for such a song... especially to a rival for a 20p a share.

[the jackel] 17/9/2009 16:49

Probably be another offer 2moz morning from one of the other interested parties!