Consolidated Minerals Share Discussion Threads

[a3477681] 27/9/2007 12:44

The last trade recorded on the ASX was 4.82 and I think the dip in price may have something to do with UBS reducing their holding a little. Perhaps its better for them to reduce a little before the end of October when the Palmary bidding statement is expected to cover their exposure. This is causing the sells today as PIs lighten their holdings in spite of the big differenc in price between the exchanges. I think there must still be other players out there waiting to bid and its becoming a kind of Poker game with very high stakes. With the metals going higher and higher its certainly a unique resource well positioned to serve China's needs and there is plenty of time for more bidders to enter. However I am absolutely not an expert on this and hope to hear why I am wrong from those that know! I've taken the decision to play this one out to the end as if it had not been for this BB I would probably have sold out much earlier.

[rmjones] 26/9/2007 18:08

4.950 AUD = 2.14816 GBP
Australia Dollars United Kingdom Pounds
1 AUD = 0.433972 GBP 1 GBP = 2.30430 AUD

[rmjones] 26/9/2007 17:50

Can anyone make sense of this trade entry today for buy at 214?

20 A500121SE1 214.143 0 202 205 13:46:18 450,000

[d000dler] 26/9/2007 17:15

Sold bulk of holding at 198p for a small profit over the 2 years held. My nerves can't take all the excitement :-)

[goingforgreen] 26/9/2007 16:51

214??? Where can you see this? I can only see sells today.
Will price drift up slowly until Pallinghurst offer ends on 29/9?
CNM letter to shareholders (dated 25/9) advises sit tight till end of October, but hard to see holders sitting still whilst current share price is higher than all the formal offers.

[gryphon2] 26/9/2007 15:08

Jumped back in someone just bought a load at 214!

[rmjones] 26/9/2007 14:22

Everybody stunned into silence?

[corbeta] 22/9/2007 16:12

Consolidated Shares Surge as Buyers Bet on Higher Bid (Update1)

By Jesse Riseborough

Sept. 21 (Bloomberg) -- Consolidated Minerals Ltd., the target of three takeover proposals, rose to a record in Sydney trading as investors bet on a higher offer for Australia's largest producer of manganese, a key steelmaking ingredient.

Pallinghurst Resources Australia Ltd., chaired by former BHP Billiton Ltd. Chief Executive Officer Brian Gilbertson, today extended its A$938 million ($816 million) cash offer for Consolidated to Sept. 29, it said in a statement. The company holds 6.98 percent of Consolidated shares, it said.

The offer is competing with a A$1.03 billion bid from Palmary Enterprises Ltd., controlled by Ukrainian billionaire Gennadiy Bogolyubov. Pallinghurst has said it would match competing bids for Consolidated, which produces 10 percent of the world's high grade manganese, provided the offers are unconditional by Oct. 18.

``We haven't by any means exhausted the firepower of the takeover players and for that matter I suspect interested investors at the margin,'' said Peter Arden, a commodity analyst at Ord Minnett Ltd. in Melbourne. ``In recent days we have seen further evidence of strong manganese prices, it all points to ConsMin still being of significant interest.''

Consolidated rose 14 cents, or 2.9 percent, to A$4.91 at the 4:10 p.m. Sydney time close on the Australian Stock Exchange. The company has a market valuation of A$1.1 billion.

Territory Resources Ltd., which has bid A$3.29 a share, won't raise that offer further, Chairman Michael Kiernan said Sept. 13.

[goingforgreen] 22/9/2007 10:32

Good point! Let's hope there's one more twist (positive!) in the tale yet!

[makingheaps] 21/9/2007 19:15

goingforgreen, I wondered that myself but when the bidding war started and the direction this was headed was obvious wouldn't they have nailed out as early as possible to minimise their losses? Why wait until the quarter end? I think Pallinghurst are out as signalled by the demand for the break fee but the Aussie market seems to have been in the know so far so there seems likely to be a new bid from someone.

[sharpshare] 21/9/2007 10:19

Big volumes in last few days on ASX at prices higher than latest bid of AUD4.50

Friday 4.5m above AUD4.73
Thursday 4.1m above AUD4.58
Wednesday 1.7m above AUD4.74

Could this indicate another higher bid?

[goingforgreen] 21/9/2007 08:51

Is it a new bid or is it shorters from August (160 down to 130) having to make good their positions at quarter end?

[phillis] 21/9/2007 07:58

Tinfors still to declare their hand

Worht £2.10 at latest exchange rate

[dpmcq] 21/9/2007 07:27

Up strong in Aus again will therebe a new bid soon?

4.96 AUD = 2.14463 GBP
Australia Dollars United Kingdom Pounds

[sammu] 20/9/2007 23:04

Looks like this might be game over. I'm a bit surprised there is still volume going through at a premium to $4.50 though. If there is no new offer within a week or so, I don't think there will be one.
We'll see.

[greenleaf] 20/9/2007 16:59

...and no thanks to the directors for accepting it

[phillis] 20/9/2007 12:58

Bye bye Pallinghurst

Tx for getting the auction going with the low opening bid

[greenleaf] 20/9/2007 09:35

Another 4,000,000 traded on ASX above the Palmary offer

[nickgrant2] 20/9/2007 07:17

Does Pallinghurst's demand or its break fee mean its thrown the towel in?

[greenleaf] 19/9/2007 17:17

The change in GBP/AUD (now 2.3339) means that although the price on AIM has gone up to £1.88/1.90 (A$4.39/4.43) it is still well below the Palmary offer (4.50) and about 10% below AUS

[greenleaf] 19/9/2007 09:46

Well 1,700,000 shares traded in AUS today between A$4.70 and 4.84 (well above the Palmary offer of 4.50) so someone still seems to be buying

[goingforgreen] 19/9/2007 09:27

Yes annoying! Following yesterdays RNS it seems the Palmary offer is a done deal as I can't see anyone else wanting to stump up the break fee to outbid them now. I'll wait for the cheque!

[dpmcq] 19/9/2007 07:29

$4.80 in AUS thats should be £2 here but we know that will not be the case!!!!

[rmjones] 18/9/2007 10:35

Greenleaf - Hmmmmmmm thanks