Share Name Share Symbol Market Type Share ISIN Share Description
Hend.Opp LSE:HOT London Ordinary Share GB0008536574 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 833.50p 820.00p 834.50p - - - 82,049 14:54:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 2.3 1.8 22.5 37.0 66.69

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07/10/201619:31Hotel rooms as investments2
04/10/201612:51Henderson Opportunities Trust - recovery potential?26
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Hend.Opp Daily Update: Hend.Opp is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker HOT. The last closing price for Hend.Opp was 833.50p.
Hend.Opp has a 4 week average price of 829.90p and a 12 week average price of 816.64p.
The 1 year high share price is 915p while the 1 year low share price is currently 0p.
There are currently 8,000,858 shares in issue and the average daily traded volume is 15,632 shares. The market capitalisation of Hend.Opp is £66,687,151.43.
mad foetus: I've bought in today, and despite the quoted 800/830 spread I paid 810.32p just now (not reported yet, typical HL).Anyway, the NAV has outperformed its benchmarks, the U.K. all companies, for each of the last 5 years. The NAV over the last 12 months is up 3.3%. The share price is down 14.7%. Now at a discount of 20%, which is daft. Happy to buy more if the discount stays here.
huttonr: I see the discount is now down to about 14% - this decline has been a major contributor to the share price rise, but it can't contribute much more - my guess is that it should flatten out at the 10 to 12% discount level. However, the NAV is still rising nicely and noises about the economy are getting better, so perhaps 800p by Christmas - or am I being too optomistic?
supercity: HAIK results Monday share price currently unchanged at 140p GAS has moved up to 6p on small buying.
holdontightuk: SUBJECT: Letter To YZC shareholders by Dr. Meade Posted By: Stkdlr Post Time: 5/11/2006 11:50 « Previous Message Next Message » Sell-off of Yukon Zinc Shares – What is the problem? Shareholders have taken a beating in the past two days with the release of the results of the feasibility study. Why the big concern? Let us first consider the findings of the feasibility study by reviewing the key elements before commenting on the trading. 1) Mineral Resource numbers changed very slightly due to requirement to use a higher cutoff grade that better matches the new operating costs (a loss of 60,000 tonnes and a slight increase in grade) 2) Proven and Probable mining reserve matches closely the Measured and Indicated Mineral resource with about 18% mining dilution; conclusion, this is as expected and provides at least 10 years of mining reserves 3) Capital costs at $155.7M was a little more than guidance at $150M 4) Operating costs at $90.26/tonne was the same as guidance 5) Projected annual metal output was down because of significant reduction in metallurgical recoveries to concentrates that was not expected 6) Treatment and refining terms for smelting use long term terms that are significantly higher than current terms, resulting in lower metal revenues than most expected 7) Cash cost per pound of zinc was low at $0.18 per pound (after by-product credits) at Base Case prices; actually negative at Current Prices 8) Cashflow forecasts at higher prices was in line with guidance Points 5 and 6 contributed to a reduction in revenues compared to the economic modeling done by many groups and has a significant effect on Internal Rate of Returns and Net Present Value of the project and was less than analysts might have expected. Management's view of the feasibility is that it requires more study and work to address the recovery issue and costs; however, the feasibility study was overdue and we needed to report on it. The study indicates that the project remains a very low cost producer with very good cashflow using Forward Price and Current Price assumptions. Assuming debt levels of say $100M, Current Prices would produce enough cash flow to pay off such debt amount in approximately 12 months; using the Forward Price model it would take about 16 months. In both cases such a rapid payback of capital is very good indeed. So what is all the fuss about????? If you can pay back debt capital in such a short period of time; then you can remove all of the hedges and be unhedged; and going forward cashflow (less corporate and exploration expenses) becomes earnings to grow the Company. I think this is very attractive for shareholders. Project Financing It should be expected that the banks will require a high level of hedging to secure the cashflows for debt repayment; in our case likely about 70% of production. Therefore, the cashflow model that management and the Board have to work with in making a decision in advancing the project is likely a 70:30 mix of Forward Prices and Current Prices. Although it is not clear what the Current Prices will be in 2008 and 2009, the outlook for zinc prices over this period remains strong. Certainly on this basis, there are sufficient cashflows to be able to remove much of the project risk of debt repayment if we can take advantage of current strong metal prices. Project Opportunities The feasibility study notes numerous project opportunities to reduce capital and operating costs and expand reserves. Current assumed metallurgical recoveries are well below what is typical for these type of deposits in Canada, and further testwork should prove this out. As this is written, the evaluation of these opportunities is underway. The key to realizing these opportunities is to have in place a development team that can extract these benefits and ensure cost control on development and operating costs. This is also key to creating confidence with the bank and major investors providing the project capital to see that we have the team in place. Yesterday's announcement of the hiring of a Manager of Procurement and Contracts, and his assistant, is key to this initiative. They both came from Placer Dome one of the most respected mine builders in the World. Over the coming weeks we will continue to build our development team so we are ready to take advantage of the strong metals markets, and well prepared to advance our development plan. Certainly, having a team in place that can deliver the additional value in the Wolverine project is paramount for management and the Board. This is one of our prime focuses at this time. Share Trading The trading volume and sell-off is quite puzzling. Certainly in management's mind the results of the feasibility study do not justify the magnitude of drop in share price. If one looks at the trading it is clear that one firm has sold 25 million shares of the 57million shares that traded on May 9 and 10th, strongly suggesting that one or two large shareholders have exited the stock and caused a panic in the market. Of course on the other side we have placed 57 million shares in stronger hands; which may be beneficial going forward. The concern for shareholders is that with the lower share price, there is the risk/reality that there will be higher levels of dilution than expected associated with the raising of the equity portion of project financing. We will have to see what that looks like going forward. During this difficult time we have received many calls from nervous shareholders wanting to know what is going on. I trust that this short note will provide some light in the din of the last two days of trading. Many have provided words of encouragement to stay the course and press forward. Be assured that management is keenly focused on trying to rebuild our share price and build Wolverine as a successful mine. Your support is gratefully acknowledged. Respectfully; Harlan Meade President and CEO
holdontightuk: Stmnt re Share Price Movement RNS Number:7984C Platinum Australia Limited 11 May 2006 Stock Exchange Announcement For immediate release 11th May 2006 PLATINUM AUSTRALIA LIMITED ("the Company") The Company has noted the recent activity in its share price and has arranged for a halt in the trading of its shares on the ASX. The Company confirms that a placing of new shares is under way, the terms of which have not been finalised. A further announcement will be made as soon as possible. -End- Media enquiries: Sarah Allchurch Allchurch Communications +61 (08) 9381 6625 0412 346 412 Media enquiries: Ron Marshman/John Greenhalgh City of London PR +44 (020) 7628 5518 For further information: John Lewins MD, Platinum Australia +61 (08) 9324 1491 0419 910 061
holdontightuk: GALANTAS Galantas: Irish Gold finally comes to London By the team. Vital statistics Epic: GAL (TSX) Shares Issued: 126.3 million Share Price: 20 cents Market Cap: $24.6 million (£12 million) 1 Year Range: 9c-20c Sector: Precious Metals News: Latest Website: Other Articles: Do you know many gold companies are listed on AIM? Neither do I exactly (around 50 and counting) but it's a pretty crowded part of the resource sector. So here we go, another gold company coming to AIM, whoopee............ Hang on a minute, Galantas isn't looking for gold is Zazkaigrilantostan! I thought all the gold in the world was in the 'stans' or Russia or China? By the look of the companies coming to the London markets over the past few years you would be forgiven for thinking this to. In fact, some of the most prolific gold producing areas in the world are not in Eurasia, they are actually in places like North, Central and South America and Africa; if you look hard enough, you will find gold explorers in just about every nook and cranny on the planet. There certainly is no shortage of gold in the ground, the big problem most companies have is finding it in high enough grades and large enough quantities to justify the construction of the mine - a company that claims to have found a gold anomaly with high grade intersections is still a long, long way off from ever being a producer. Sorry if we sound a bit pessimistic, but until a company has a very advanced stage gold deposit which has been drilled to death, the risks are very high. However, gold explorers can be incredibly exciting companies to watch. From the first soil anomalies and magnetic targets right through to the bank feasibility study and first pouring of gold, this sector offers a expansive mix of risk and reward which is hard to find in any other sector, anywhere. Because of this large mix of companies spread all over the globe, it also makes it easier for investors to research heavily and find comparative companies that should help make more informed decisions on valuations, risk/reward ratios, country risk etc – the sheer size of the gold sector makes it the topic of entire web-sites and bulletin boards and allows the investor to get very intimate with the gold market. For investors who are intimate about gold, a company like Galantas actually stands out a mile from it's peers. Why does it stand out? Not because it has a massive high grade deposit that will attract the majors, but because the mine is located in Northern Ireland and the company has spotted the added potential of selling Irish trademarked gold jewellery. Ireland currently has no gold mines. This seems a bit peculiar when you think of the folk-lore of pots of gold at the end of the rainbow held by those sneaky leprechauns! Actually, the folk-lore is partially correct: Ireland does have gold, its just in recent times no one has found enough to finance the building of a mine – until now that is. Galantas Gold is building Irelands first gold mine not too far from Omagh. The company has a 189sq km prospecting licence and is nearing the completion of a fully permitted plant on the Kearney deposit which contains approximately 89,000 ounces of proven and probable gold and a further 267,000 indicated ounces with an combined average gold grade in the 7-7.5g/tonne region. Galantas acquired the license to follow up on an extensive trenching program carried out by Rio Tinto. Since acquiring them, Galantas have drilled 43 shallow depth drill holes to prove up a small resource. The rest of the ore body has yet to be extensively drilled as CEO Roland Phelps priority is getting the company generating revenues for shareholders as soon as feasible. On the current resource, the mine has enough ore to keep it busy for the next 3-4 years whilst Galantas will no doubt do further drilling to move the inferred resource into the proved & probable categories. The mine plan envisages commissioning of the plant occurring in the 2nd quarter of 2006 (April-June), training of staff, and work up to production based initially on one shift. Assuming all things go to plan, Galantas could produce up to 8,000 ounces of gold in 2006 with the long term production targeted at 30,000 ounces of gold per annum based on three shifts working on the mine 24/7. As infrastructure in Ireland is comparatively excellent to many other parts of the world, the cash cost per ounce will make this a low cost operation. Galantas also has other potential gold targets spotted with a VTEM aerial survey carried out in 2005 and is following up with further trenching, with the hope of eventually finding more drillable targets. If building a gold mine in Ireland isn't enough to raise a few eyebrows, then the company's plans for some of the gold will definitely do the trick... Galantas is also the trademarked name for a range of jewellery the company intends to market in North America and Europe. In fact, Galantas used the gold collected from a bulk sample last year to create a limited range of jewellery products which it sold generating revenues of approximately Cad $0.5 million. Some gold bugs will have a problem with a mine operator also running a retail business, but the potential mark up on Irish jewellery would appear to be too good an opportunity to ignore. Galantas will list on the Alternative Investment Market on the 31st March, 2006.
holdontightuk: From MERCATOR GOLD PLC Mercator Gold plc: Could be a mid tier gold player by this time next year By the proactive team. Vital statistics Epic: MCR Shares Issued: 39.12 million Share Price: 65.5p Market Cap: £25.62 million 1 Year Range: 115-50p Sector: Precious Metals News: Latest Website: Other Articles: Considering their are more than 50 gold explorer and producers listed on the London Stock Exchange and Alternative Investment Markets alone, it should come as no big suprise to investors that with-in this group there are a diverse range of plays on the metal. Mercator Gold has the unfortunate luck of being a gold play on Australia - unfortunate because Australian companies that have attempted to list in London as a primary listing have often found it hard going in the after market. Australian companies often, somewhat undeservidely, are treated with a great deal of scepticisim because they have floated Australia assets on the LSE instead of the Australian Stock Exchange (ASX) which has a good history of developing mining juniors into mid-teir producers. Why the scepticism? Well ask any Australian company this question and they will tell you that the city is of the believe that Aussie companies that float in London only do so because they can't raise the money in Australia. If they can't raise the money in Australia then something must be wrong with the assets. Of course this is a very generalised critcism to lay on any company seeking a listing in London from Australia, and their is no real foundation for this, but none the less it is a fact that the Aussie's can find it pretty hard going in London. The problem is usually compounded by a management team that are mostly based in Australia or wherever their assets are, and as a result don't have much of a presence in London to keep the markets updated to make sure the market doesn't lose track. However, Mercator aren't at the mining stage just yet, and at present are concentrating on the mine economics whilst making sure they have the right people in place to make the plan happen. Mercator are all to aware that a project of this type requires experienced management. As a result when the company was first formed, is was created around people with a history of taking mining explorers and turning them into mid-tier producers. Mercator are also keen advocates of using the latest modern technology to help identify targets that may have been overlooked by previous operators; and as such are the only company with a 3-D version of the Spadis data analysis program, which is specifically designed to analyse historic drill data in a mathmatical model to identify new high priority drill targets. Mercator's immediate goals for 2006 include commisioning the plant, which is envisaged to take from June to the end of this year to complete. The company has three drill rigs on site and intends to have a two pronged approach: 1) Shallow depth, tight spaced drilling to move more of the gold reserves into the mineable reserve category so there are at least 4 years of mineable gold identified. 2) Drill targets identified by Spardis to increase the reserves By doing so, Mercator hope to be able to build up a good short term mineable reserve whilst at the same time continue to expand the size of the known ore bodies. It is certainly possible that Mercator could increase production from 150,000 ounces per annum to as much as 300,000 ounces per annum if enough reserves can be identified. Mercator futhermore still have to carry out additional metallurgical testing and they have to decide how the mine plan will develop going forward as the current ore bodies contain a mix of soft and hard rock at varying grades which must all be extracted to get to the overal head grade in the region of 2+ grams a tonne. Not an easy task, but Mercator are confident they are up to the task and can implement the mine plan successfully. The company is unusual in that they already have a mill and sufficient cash in the bank to start production. Unlinke most mining companies, which require bank finance to build a mine, Mercator has the luxury of having no debt moving into production. The mine will operate 24/7 at full production, and cash costs are hoped to be around USD $275 an ounce. To put this in perspective, once in production Mercator would move way up the ladder of producers firmly into the mid-teir range with comparisons to companies like Avocet Mining or Celtic Minerals being likely. Mercator is a tightly held stock with approx. 92% of the issued capital held by 26 shareholders. The company would like to see more liquidity in the stock, but is aware this will be difficult whilst it is so tightly held. I certainly got the impression that a small dilution may be considered to help liquidity and give the company a little extra cash in the bank for other tasks they would like to carry out at Meekatharra. On a final note, as I mentioned earlier, London is always sceptical of Austrialian projects listed on the LSE. We had to put the question to MCR, and this was the response we got. " When we originally bought into the Meekatharra gold field, we knew it was damaged goods. St. Barbara Mines had done very little on their land and were in jeopardy of losing some of the titles if they didn't start putting money in the ground. We took a minority position in an exploration play in a gold field. It was a bit of a hard ask for the ASX, so we pitched it to London as it was very different from anything on AIM as a leveraged position on a gold field. The "big picture" was more attractive to the AIM market than the ASX." With three drill rigs on site, observers can expect plenty of news flow over the next 6 months, and going forward Mercator has the potential to put a lot of city sceptics to silence if they move this project into production in 2007. Long term, assuming a continued buoyant gold price, Mercator could besitting on a major gold field with large enough reserves to spark even the interest of a major.
holdontightuk: From SUBJECT: Hidden Jem Posted By: howey1 Post Time: 2/25/2006 11:49 « Previous Message Next Message » Oriel Resources (ORL, TSX) -Bottom Fishing Alert It's not easy finding a bottom fishing opportunity within the mining sector at the best of times – never mind being in the midst of a bullish metals market. I've had my eye on Oriel Resources since it first started trading on the TSX about a year ago after having found good support in Europe on London's AIM market. Surprisingly, no sooner did they get a isting in Toronto when the stock promptly opped like a rock thanks to a large nstitution who needed the cash and couldn't ait out the two years for the strategy to unfold. Too bad for them, but fantastic for investors today. Oriel is very much in a similar position as European Minerals was last summer when the market was waiting to see if they really would progress with their high potential Varvarinskoye gold project. After watching European for 2 ½ years ourselves, the market at large is just now connecting the dots, gold will be produced in 2007. We have been well rewarded for our patience and foresight and have enjoyed triple digit returns from our investment with a lot more to come in the future. Oriel looks to be the next one ready to make a move over the coming months. With Oriel trading at just 55 cents and their chromite mine starting construction this summer – this stock is set to start attracting more attention in the market place. Before we reexamine the nuts and bolts of this deal, it's important to reiterate for our new subscribers a basic truism of small cap mining plays. Once a company has proven they have a valuable asset and the next stage is mine development, the stock will sit dead in the water until a mine has actually begun to be built. You can have all the world class engineering reports and top shelf financial institutions behind you to your hearts content, but the market at large is very fickle. Investors want to be convinced beyond a shadow of a doubt revenues will be flowing within a short time frame before they drop a cent on a junior mining play. I can appreciate that point of view however as most folks usually don't see 100% returns which go on to even higher stratospheres over time. The thing is, you have to know that the management team has the expertise and financial backing to get the job done or you end up with pie on your face which most investors do. Consequently, people don't come to the party until well after it's started. Anyway, here's the bottom line: Get in early, be patient, and expect dull activity in the early stages of with these type of plays. So let's take a look at Oriel. The company is readying itself to break ground this summer on its "cash cow" chromite mine. I would expect this stock will see a rise in price as the news flow begins to detail the mine construction and the production forecasts become more of reality as the company targets production early next year. The mine is estimated to cost around US $50 million to construct and will generate US $85 million is gross revenues each year – for at least 25 years! Oriel could net a cool US $36 million a year from operations or CDN 20.5 cents per share. Using conservative price/earnings multiple of 8X, Oriel should be trading easily at $1.60 by the time production is in full swing. About a triple from today's price. Oriel already has $40 million in the bank so getting the financing on the balance will be a slam dunk. And it's important to note, there will be no further dilution with the number of shares issued. Sometime in 2007 I expect we will have taken profits with Oriel and will be holding "free stock" as we have with many of our other plays – our original investment dollars will be off the table with some profits and we will have some shares left over to hold for future gains. And looking down the road a little further, Oriel's prospect's become even brighter. By mid 2009, the company plans to ramp up their nickel production at the Shevchenko deposit. Last December the company announced that the feasibility study conducted by Batmen Minerals confirmed this deposit will be a low cost nickel producer which could have a mine life of an incredible 47 years. Operating costs over the first ten years are estimated to be $1.91/pound of nickel and $2.36/pound over the life of the mine. With nickel prices hovering around $6.80/pound right now, the 45 million pounds of estimated annual production over the first ten years alone look truly awesome. This nickel property is truly world class in its scope and potential. Though I expect an easy triple in Oriel's share price just based on the chromite deposit, the nickel side of the business has the potential for a ten bagger. Though don't expect Oriel to pull this project off alone. With capital costs of US $594 million to build this mine, they will need at the very least a major company to joint venture this project, if not a total buy out of the Shevchenko nickel project. As an interesting aside, Oriel is still trading on the London AIM market where the majority of their original shareholders bought their shares. One large hedge fund doing business in the UK is RAB Capital who are also seeing a winner here with Oriel. RAB now holds 16.91% of Oriel's shares. Oriel is my top junior mining pick for triple digit gains.
holdontightuk: European Minerals' Varvarinskoye Could Be Becoming a Mega Project By Stephen Clayson 29 Jan 2006 at 02:40 PM EST LONDON ( -- A shadow has been cast recently over European Minerals? [AIM:EUM; TSX:EPM] Varvarinskoye copper-gold project due to the fact that the general contractor engaged in the project?s ongoing construction happens to be MDM Ferroman, the very same MDM Ferroman that is quite possibly moribund owing to difficulties with the repayment of its debt to erstwhile client Randgold Resources [AIM: RRS; Nasdaq:GOLD]. However, this shadow will pass, and should not detract from the perception of Varvarinskoye as quite possibly a very fine project indeed. It looks rather doubtful that MDM Ferroman is going to survive as a going concern for much longer, which then raises the question of how European Minerals will take Varvarinskoye forward. On the face of it, the company has two options: to assume itself the management of the project, or to appoint a new general contactor. Randgold Resources has chosen to assume the management of the completion of its Loulo project in Mali from MDM Ferroman and not to bother with emplacing a substitute general contractor, but European Minerals may not be able to take this route, as significantly more pre-completion work remains to be done at Varvarinskoye than at Loulo. It is not that European Minerals lacks internally the expertise required to complete Varvarinskoye, indeed the company?s Executive Chairman Tony Williams feels quite the contrary, but that substantial bank debt is being employed for the construction of the project, and it is likely that the lenders on the project, Nedbank, Standard Bank and the Export Credit Insurance Corporation of South Africa (ECIC) would insist in the event that MDM Ferroman falls by the wayside that a new general contractor is appointed in order, as they see it, to safeguard their loans, given that a significant stretch of construction remains Varvarinskoye, whereas Loulo is more or less done and dusted. Furthermore, Randgold Resources has a production pedigree that European Minerals lacks as yet. All the preceding said, Williams imparts that European Minerals has made no decision on whether or not to retain MDM Ferroman, and of course the contractor may yet pull through its travails and preempt the question entirely. However, MDM Ferroman has been put on notice by European Minerals, which means that from next week, the contractor can be summarily dismissed and replaced if this is deemed necessary. The matter needs to be settled one way or the other by not much later than the end of February, as once spring gets underway in Kazakhstan construction of Varvarinskoye will have to recommence in earnest, and this will require an overseer to be in place. However, looking past the completion of Varvarinskoye as a mine, then given the copper and gold price pictures of the moment, and their likely durability, expansion way past the base case scenario becomes feasible. The base case schematics of Varvarinskoye are based upon a gold price of $375/oz and a copper price of $1/lb, and would see 4.2 million tonnes per year of material being mined from a central pit. However, with copper and gold prices as they are or better, then a higher rate of mining could be supported, with the central pit being deepened significantly, nearby satellite pits mined, and even an underground operation contemplated. According to Williams, expansion would be a two stage undertaking. Stage one has already been planned and would take the form of a plant expansion to bring throughput up to 5.5 million tonnes by the end of the mine?s second year, at a cost of around $10 million. This would leave early copper production almost unchanged, but would increase gold production to 190,000 ounces per year, up from 145,000 ounces. This stage has already been planned and assuming that nothing changes with respect to copper and gold prices, will go ahead once the mine has entered production. Making the same assumption about copper and gold prices, planning for stage two will also begin as soon as Varvarinskoye is up and running. What stage two essentially entails is replicating the project?s first plant, currently being built at a cost of $56 million. Such a step would enable a throughput between the two plants of 8-10 million tonnes, equating perhaps to gold production of 350,000 ounces per year and a similarly impressive quantity of copper, hopefully sustainable for 12-15 years. Stage two could be in place 3-4 years down the line following start-up. Whatever the course of its future expansion, some particularly nice aspects of Varvarinskoye stand out. There is the well publicised fact that European Minerals has sold forward at a price of $575/oz with 440,000 ounces of gold to be produced over the first eight years of Varvarinskoye?s life, essentially locking in the project?s profitability whilst leaving the bulk of its output available to reap the benefits of any upswings in the gold price. Varvarinskoye?s copper concentrate is to be sold at an LME linked price to Kazakhstan?s biggest copper player under an agreement valid for the life of the mine, thus lowering the marketing risk on the copper side of the operation. There is also that Varvarinskoye?s copper production is planned to be weighted towards the earlier years of the project?s life, which has positive implications for initial cash flow and hence for capital payback. In addition, average cash costs are projected under the feasibility study to be, at base case, $158/oz over the life of the mine and $87/oz during the first six years, and should remain at least competitive as the operation expands. Judging by the generally strong performance of European Minerals? share price of late and the very recent and very marked resurgence from the dip that was induced by news breaking of the difficulties of MDM Ferroman, the market recognises Varvarinskoye?s potential substance, and is largely unfazed by the MDM Ferroman issue, seeing it as resulting at worst in a short construction hiatus. But, if the Varvarinskoye project lives up to the potential outlined herein, and given the cooperation of the gold and copper markets, then investors may stand to make significantly greater gains yet. European Minerals is also undoubtedly a potential takeover target, as well as conversely a potential acquirer of other companies or individual projects should its share price keep riding as high as or higher still than it is now, either of which could be avenues for the market to get still more excited about. < Back Respond to this story >
richtc: On the face of it Hotonline should be worth a lot more than 50 million based on current internet company valuations, probably more like more than twice that however, you have to remember that the share price was tanking prior to the bid interest ie 11p. Investors were obviously losing interest in the company and at 20p thats one heck of a premium to the 11p price it was earlier. Tony Reeves will no doubt not want to sell at £50 million, i dare say he probably earns a good whack a year out of Hot and if the newspapers have it right £50 million will give him about £2 million which is not a lot if they buy it and wave goodbye to him and his wages!. But at the end of the day, its not his call is it? - He can advise shareholders to wait it out but frankly at 20p thats a high return on the previous shareprice level and shareholders were not previously confident hence the low price. Not to mention those holding shares from buy outs at lower levels that will see a nice return on their money. Investors look for returns, so bottom line as i see it is that the takeover may well go ahead at 20p because they may not have to bid anymore than that to secure it. Only alternative is if one of the others wants to trump that offer to get it - Im amazed that the publishers didnt all get together and buy it out on a shared arrangement like Fish4jobs.
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