Share Name Share Symbol Market Type Share ISIN Share Description
Consolidated Minerals LSE:CNM London Ordinary Share AU000000CSM6 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 206.00p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining - - - - 465.38

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Date Time Title Posts
19/2/200919:08Canadian Management: C$ Income from Trusts19.00
04/1/200800:51Cosolidated Minerals - Continued Growth1,502.00
10/12/200716:26Canadian Income Trusts : life after the tax change?12.00
02/11/200508:22Consolidated minerals: a long term winner-

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chriswatts: I will post what advice I get from Etrade. I also read the Target's Statement (40 odd pages) last night. It is pretty clear from there that a positive response is required to accept Pallinghurst's terms. The board is still strongly recommending acceptance and discounting TTY's bid on the basis of a part share offer, so identifying risk as to TTY share price. I noticed CNM crept up again in Aus overnight, today's move down might be corrected later. C
nickgrant2: Folks, the ASX website give a price of 3.96aud for CNM. At the current exchange rate of 2.34 that equates to about £1.70 share price. Does anyone know why the AIM share price is so far adrift of this? Nick
sandpipers: Back from the sun! See below: CONSOLIDATED MINERALS TAKEOVER VOTE NO Dear Consolidated Minerals Shareholder, We write to you as fellow CSM shareholders, concerned that we are being encouraged to sell our shares via the Pallinghurst Scheme of Arrangement at below market price and well below what we feel is their true value. We are actively campaigning against this inadequate proposal which will benefit management and the board, to the detriment of the existing shareholders. As fellow shareholders, we ask for your support by voting NO to the proposal. WHY YOU SHOULD VOTE NO TO THE PALLINGHURST SCHEME OF ARRANGEMENT We strongly believe that the proposal consisting of $1.68cash/share plus 2 'new' shares for 5 existing shares is grossly inadequate and significantly undervalues the company. The price offered is NOT fair and is NOT reasonable. The offer is also confusing. Simply put, Pallinghurst Resources is offering to buy three of every five shares you own for just $2.80, well below their current market price. At the closing price of $3.12, shareholders will lose 0.32c/share on three of every five shares. NewConsMin would need to trade at $3.60 for us to break even. Brian Gilbertson meanwhile would have made $109 million. Manganese ore is currently fetching record prices (US$7.40/dmtu CIF China). This is not just a short term increase as management imply. At the recent Manganese Institute Conference in Vienna, they indicated rising long term consumption and prices for high grade manganese ore. Management is not working in our best interests. They have been seen by external parties to mislead investors on the implications of manganese pricing, as shown by this quote from a reputable commodity 'news and prices' journal: "In the midst of a takeover battle, CSM advised shareholders of higher manganese ore prices, but was very conservative on the financial implications of the higher prices." The bottom line is that manganese prices for the next quarter have increased by 140%. If CSM achieves those September quarter prices for the whole of FY08, the manganese division will add over $200m in revenue. Even after tax, the manganese revenue that is 'locked in' for the upcoming quarter alone will be similar to if not more than what CSM will earn during the whole 2006/07 financial year (projected A$33.8M). A 'yes' vote would see you forfeit 60% or more of that. CSM has a valuable asset in the largest independent high grade manganese ore deposit close to China. The reputable commodity 'news and prices' journal believes that "As the world's last and largest independent manganese miner with a high-grade deposit, CSM is considered a prize." Management wants you to give away 60% at a discounted price! CSM has the only chrome ore deposit in Australia. Chromite prices have increased, and the outlook for this commodity from Chinese stainless steel companies is bullish. Nickel output should increase substantially in the coming year with the commencement of the mine development drives in the Kambalda Dome and production recently commencing at Widgiemooltha. Management recently highlighted CSM's "significant nickel growth platform" with "significant upside potential" and is targeting 15,000 tonnes per annum output in the near future (RIU conference presentation, May 9, 2007). Further significant, high-grade nickel intersections obtained at the Gillet Prospect, part of CSM's Widgiemooltha nickel, confirming that Gillet is emerging as a significant new nickel discovery and highlighting the upside to CSM's nickel exploration portfolio. Nickel is now unhedged, maximising exposure to the current high spot prices. CSM owns $213 million (94 cents per CSM share) worth of shares in other ASX-listed companies (based on closing prices as of 9/7/07). These include JML, VML, BCI, MTH and RDR. Their market capitalisation has increased by more than the additional 0.30c/share offered by Pallinghurst Resources since the original announcement on the 23/02/07. An alternative, superior offer by Territory Resources (ASX: TTY) is likely, subject to completion of limited due diligence. This alternative proposal is for $2/share and one TTY share per CSM share (nominally worth $3.20 at closing on 9/7/07), or 3 TTY shares/CSM share (nominally worth $3.60 at closing on 9/7/07), superior to the Pallinghurst offer (nominally worth $2.92 at closing on 9/7/07). YOUR VOTE IS IMPORTANT – IF YOU VOTE "YES" (which we DO NOT recommend), 1) We, the current shareholders would lose control of Consolidated Minerals forever (Pallinghurst will own 60%) AND lose money in the process. 2) We will receive considerably less money for our shares than they are currently worth. 3) We will forfeit 60% of the immediate and ongoing benefit of record manganese and chrome ore prices and future increased nickel output and revenue. 4) We immediately forfeit 56 cents/CSM share, being 60% of the 94 cents/share CSM currently owns in other companies. 5) Going forward you will be further diluted by the NewConsMin strategy which will require the issuing of further shares to fund other purchases. 6) There is no assurance that the existing 50% payout dividend policy will be maintained. YOUR VOTE IS IMPORTANT – VOTE NO FOR THE FOLLOWING REASONS 1) Vote NO so we, the current shareholders will retain control of Consolidated Minerals. 2) Vote NO so we will receive all of the markedly increased profits currently coming CSM's way, where profit after tax in the coming quarter alone is set to comfortably surpass the entire 06/07 annual profit. 3) Vote NO, so we will retain 100% of the immediate and future benefit of record manganese and chrome ore prices and future increased nickel output and revenue. 4) Vote NO, so we retain 100% of the shares CSM currently owns in other companies. 5) Vote NO, so the possibility of a bidding war for CSM between Territory Resources, Pallinghurst and any other interested parties is retained. 6) Vote NO, so that 50% of profits to be paid as dividends will be maintained. 7) Vote NO, as the price offered is NOT fair and is NOT reasonable. CONSMIN MANAGEMENT HAVE WITHHELD MARKET SENSITIVE INFORMATION We believe that management have taken advantage of shareholders at a time when the share price was low. ConsMin management have been fumbling along, at best a lacklustre performance with little vision. They have now decided to engage Pallinghurst Resources to replace their own short-sightedness' and at our expense. Do not accept this! For more information, including our estimated financial projection for the upcoming quarter and year, please visit our dedicated website, Yours Sincerely Glenn Stedman & Dr Keith Barnard Consolidated Minerals Takeover Vote NO
nickgrant2: CNM issued this response to the ASX on 17th Oct 2006 after its price had risen from 67p on 9/10 to 98 on 17/10. It shows that there could be plenty going on and they are just not saying too much. We refer to your facsimile of 17 October 2006 noting a change in price and volume traded of the Company's securities. In response to your queries, we advise as follows: 1. Is the Company aware of any information concerning it that has not been announced which, if known, could be an explanation for recent trading in the securities of the Company? Consolidated Minerals notes recent press speculation about potential transactions involving the Company. The Company has a policy of not responding to market speculation and rumour. Like many companies in the resources sector, Consolidated Minerals has received approaches from time to time relating to possible transactions. We have received an approach from a third party to enter into discussions on a confidential basis regarding a possible transaction, however no discussions of substance have taken place. As such, the approach is preliminary, incomplete, conditional and confidential. 2. If the answer to question 1 is yes, can an announcement be made immediately? If not, why not and when is it expected that an announcement will be made? An announcement will be made, in accordance with the listing rules, if and when a transaction is sufficiently definite to warrant disclosure. 3. Is there any other explanation that the Company may have for the price change and increase in volume in the securities of the Company? The Company has recently conducted presentations to investors and analysts (copies of which have been released to ASX) outlining its growth strategy and indicating its status as a nickel producer, in addition to its existing manganese and chromite businesses. The share price change and increase in volume may be attributable to the recent strong growth in nickel prices (24% over the last month), combined with a possible re-rating of the Company to reflect its nickel production. We note that a number of other nickel producing companies have experienced similar recent share price movements.
leadersoffice: This is a copy of an email i have just sent to Rbaxter @ Consolidated Minerals. Some time ago I wrote to you to express my total amazement that you had recommended a proposal from Pallinghurst Resources. It comes as no surprise that I received no reply from you or indeed any of your team at Consolidated Minerals. I don't believe you have the best interests of your share holders and your predecessor would almost have certainly sent me a reply. So I write to you once again on a day when we have had an announcement that Investec and associates are to pursue investment opportunities within the natural resources sector which I gather will help to aid the above mentioned company gain a more welcoming agreement with all stock holders of Consolidated Minerals. I only hope that it is a realistic offer price next time not selling the company off on the cheap and securing you and your colleague's places on a new board of directors of the proposed new company. What I would like to know and I'm sure many of our stock holders incase you have forgotten about them, that the current share price is well in excess of the offer. Under the circumstances and given the responsibilities of CNM directors why you are not issuing the impact of metal prices on current earnings and profits and also future prospects? Don't you think this is valuable information that you have a responsibility to inform the market and your shareholders? especially given the proposed offer by the above named company. I would like the company to make public this information but failure to act will lead me to make a complaint to the ASX. I trust that a statement will be forthcoming and perhaps a reply also to my written communication to you. Yours faithfully N.A.S CNM Shareholder
sandpipers: PERTH - The West Perth-based miner Consolidated Minerals Ltd (ConsMin) has implied that the bid for the company by Brian Gilbertson's Pallinghurst Resources and North American mining associate AMCI may be getting back on track by welcoming those two bidding partners' link with Investec plc. In a brief announcement today ConsMin's managing director Rod Baxter said it was "pleased" Investec has been invited by Pallinghurst and AMCI to "participate in the proposed transaction with C onsolidated Minerals" first detailed by the West Australian manganese, chromite and nickel miner in late February. "Further details on the implications of Investec's involvement in the proposed transaction will be provided in the Scheme booklet," Baxter said. The draft scheme docum entation for the proposal has been lodged with the Australian Securities and Investment Commission (ASIC). However, Perth stockbrokers that Mineweb spoke to were of the view there would need to be a new carrot introduced by the Pallinghurst-AMCI-Investec party to excite ConsMin share holders as the stock has lifted since the time of the late February bid from a range around $A2.00/share ($US1.66) to trading late today at $A2.94/share ($US2.44). On April 11 Mineweb reported that Gilbertson's bid for ConsMin had been holed, as the then stock price of $A1.63 ($US1. 35) was considered above the Pallinghurst offer which was $A1.38/share ($US1.13/share) plus two shares in a new Consmin vehicle for every five shares held, with shareholders receiving a 40% stake in the new company. Pallinghurst wanted to achieve 50.1% ownership. At the time ConsMin's board supporte d the Pallinghurst bid, saying the transaction valued the company at an enterprise value of $A625 million ($US515), or at $A2.28/share ($US1.87/share). The ConsMin share price has been on a solid climb since the bid, thanks in part to an improving price for manganese though the foundering b id has attracted the attention of others, and it has been reported in the Australian business media several times that big brokers UBS and Goldman Sachs JBWere were running the numbers on a counter offer. Mining columnist John Phaceas of The West Australian said in his Spinifex colum n that Gilbertson would arrive in Sydney today to begin briefings with investors, institutions and the media to convince them of the merits of the Pallinghurst offer. Phaceas said rumours suggest any rival offer may include splitting ConsMin's underground nickel mine at Kambalda from the op en pit manganese and chromite mines in the Pilbara. One possible contender named by Phaceas is cashed-up Broken Hill zinc-lead-silver miner Perilya Ltd. Yesterday a Johannesburg-filed statement said Pallinghurst, AMCI (interestingly through subsidiary AMCI ConsMin (Cayman) LP and Investec w ould become "Cooperation Partners" to pursue investment opportunities. The agreement has earmarked $US200 M and the partners were in "advanced discussions with a leading Asian steelmaker on an additional commitment of $US100 M. The statement also said Investec had been invited to join the bid for ConsMin.
sharpshare: I appreciate that most of the action happens in Australia but Consolidated Minerals minerals and investments are booming so why isn't the share price? According to Manganese price is USD 3,300 per ton up 104% year to date. Nickel price is USD 50,495 per ton up 46% year to date. Manganese ore about USD 3.75 dmtu CNM got USD 2.09 dmtu in first half of FY2007 Ferro chrome up about 37% in last 12 months "Indian MMTC has announced to raise the chrome ore price on 1 April, 2007 as the price was up by 72 percent from FOB US$203/MT to FOB US$350MT." Consmin owns about 117.7 million shares in ASX listed JML now worth about GBP 61 million. (the price has risen from about AUD 0.45 to about AUD 1.25 in the last 12 months.) At current mineral prices profits should be very juicy this year. Counter bid for Lionore (nickel miner) just announced – big demand for nickel miners. I expect a bit of action here very soon. A bit O/T Red Rock Resources about to deliver first Manganese ore to furnace, ticker RRR, mkt cap about GBP 7m
sandpipers: Leadersoffice, My reply came from the following source who was asked to respond to me after I sent an indignant note about the lack of reply. Send him your thoughts as the more pressure they receive the better. Further information: Consolidated Minerals: JP Morgan sees no reason to tender shares at current offer price, executive says JP Morgan sees no reason to tender its shares to the bid for Consolidated Minerals at its current price, according to Ian Henderson, a portfolio manager at JP Morgan. Brian Gilbertson's Pallinghurst Resources private equity fund and AMCI have launched an offer for Consolidated Minerals, offering shareholders AUD 1.38 per share as well as two shares in the new company for every five held. Although changes in the ConsMins share price will translate into the value of the scrip portion of the offer, the bid has been criticised by some investors who claim that the cash component of the bid should be increased to as much as AUD 2 per share. JP Morgan, a minority shareholder in Consolidated Minerals, has now joined the ranks of investors who believe the offer price should be higher. "Where we stand is that we have not voted one way or the other. We note that the board has recommended the offer and that the market is seemingly disappointed that there is no premium," Henderson said. "It is going quite cheap and the deal does seemingly look a bit opportunistic in light of low manganese prices, but that said maybe Brian Gilbertson and his colleagues can make a great success of it. "The stock is trading at a negative spread and we are not complete fools. We are not going to ignore the fact that in the open market you could get more for your shares – there would have to be a very special reason to do that and there doesn't seem to be here," he said. "Brian Gilbertson clearly has great ability and he is very proactive. He has made a habit of taking over large operations and has managed the people working for him effectively and seen the wood for the trees quickly. But, the assets ConsMin has are fine and we like them and are not dying to part with our stake. "The only way one would tender their shares at below the current trading price is if you honestly believed that there was a real possibility that in the absence of a bid the share-price would collapse and that is absolutely not the case at all. The price is low due to the fall in manganese prices, but the industry seems to be picking up. There are three operating assets generating good cash flow. ConsMin is far from a basket-case," Henderson said. Henderson indicated that JP Morgan could consider tendering its shares if the bid were increased. Asked whether he thought Brian Gilbertson would improve the offer, Henderson said "It is a possibility, but there has been no effort to woo us." He added that it is surprising there had been no attempt from Gilbertson to convince the fund to tender its shares.
gb904150: People may not be happy with the offer being the same as the market price. They seem to have forgotten that the share price was down below 70p and that the share value has increased to the offer price. Surely a company's share price values not only current net worth, but future potential. The offer price at 90p values the business at where we were 6 months ago. Stronger manganese/chromite/nickel prices, lower hedging on nickel and production ramp ups across all three minerals should see a much stronger H2 and increasing strength going forward. The offer price doesn't put any value on the increased output of CNM and is one poster said quite succinctly....shyte. It clearly won't be more as there is no one else interested. As a shareholder, I for one am certainly not interested. If there's enough like me, the offer will have to be more. The market is not impressed by such a pathetic offer.
rdpounder: Can someone explain to me what's going on, I can't access the links. Doesn't seem to be doing the CNM share price any harm whatever it is!
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