Latitude Resources Share Discussion Threads

[kickstart] 13/8/2007 14:21

Lots of sales today but someone is buying them or we would have seen the bid drop.

[deswalker] 13/8/2007 08:59

Someone posted on here a while ago that they only held 2.5 mill WGI as opposed to 4.8 mill at the last disclosure. At the time I didn't believe them as they had previously notified by RNS when they sold down their holding to 4.8 mill. But it seems I was wrong.

The company has a bit more cash (circa £800k) than I had in my model but is 2.3 mill WGI shares lighter than I expected. Consequently the discount is quite a bit narrower than I was hoping and so I've just sold my shares for a small gain over five weeks. I'd rather have the cash in the current market.

Good luck to holders.

[rickus] 13/8/2007 07:23

Good spot shoggoth.


Thought it was worth posting the whole of today's RNS avove as it is quite significant. They are getting the maximum number of Tamaya shares. So we have a big interest in TMR rising now, including a reasonable slug of options.

It would not be surprising if they already have a few ideas lined up for future investments.

[rickus] 13/8/2007 07:18

Latitude Resources Disposal


RNS Number:9456B
Latitude Resources plc
13 August 2007

13 August 2007

Latitude Resources PLC

Proposed Disposal of Chilean Mining Operations

Disposal of Latin American Copper Chile Holdings BVI for #9.4 million

Latitude Resources PLC ("Latitude") today announces that its wholly owned
subsidiary Latitude Management Capital Inc. ("LAT Capital") has entered into a
conditional share and purchase agreement (the "Share Purchase Agreement") to
sell the entire issued share capital of Latin American Copper Chile Holdings
Limited ("LAC Holdings"), a wholly owned subsidiary of LAT Capital to Tamaya
Resources Limited ("Tamaya"), an Australian exploration and mining company with
copper production operations in Chile (ASX symbol : TMR).

In connection with the sale of LAC Holdings to Tamaya, LAT Capital will receive
85 million shares of Tamaya (the "Consideration Shares") and 15 million options
to subscribe for shares of Tamaya, comprised of 5 million options at a strike
price of A$0.30 per share, 5 million options at a strike price of A$0.40 per
share and 5 million options at a strike price of A$0.50 per share (the specific
terms of which are set out in the Circular, as defined below). The Consideration
Shares were valued at approximately #9.4 million by reference to Tamaya's
average market price on 10 August 2007.

If the sale of LAC Holdings to Tamaya occurs, Latitude will not hold any
tangible operating assets going forward. Latitude's only assets will be:

* 85 million shares in Tamaya
* 2.5 million shares in Western Goldfields (with a market value of #3.2
million based on the average market price on 9 August 2007 of C$2.77);
* 9.8 million shares in Tanami (with a market value of #0.5 million based
on the average market price on 10 August 2007 of A$0.128); and
* approximately #2.9 million cash that will remain in Latitude after
completion.

This total of approximately #16 million represents a 33% premium to the Latitude
market capitalisation of approximately #12 million on 9 August 2007, and a 76%
premium to the Latitude market capitalisation of approximately #9.1 million on 4
July 2007 based on the average market price of 3.375p, being the trading day
prior to Latitude's announcement that it was at advanced stage negotiations
which may lead to an offer being made for one of Latitude's subsidiaries.

Following the sale of LAC Holdings it is proposed that the Latitude's shares
continue to trade on AIM and that Latitude continues to pursue new investment
opportunities in the mining sector in accordance with the investing strategy
(the "Investing Strategy") set out at the time of its Admission to trading on
AIM. The Investing Strategy is to seek to identify, evaluate and acquire
interests in prospective projects and companies in the resource sector with a
view to providing expertise, management support and, subject to further
fundraising, capital to those projects and companies as appropriate. The
Directors and management of the Company have a broad range of complementary
skill sets and knowledge, which combine extensive operational experience in the
mining and mineral exploration industry with specialist expertise in resource
banking, mining finance and the underlying commodities markets.

Transaction Process and Timetable

The disposal and the confirmation of the Investing Strategy both require
approval from the shareholders of Latitude Resources PLC.

A circular containing details of the sale and convening an Extraordinary General
Meeting will be posted to shareholders today (the "Circular")

The expected timetable for the proposed disposal, including the Extraordinary
General Meeting, which is set out in the Circular, is summarised below:

Last time and date for receipt of forms of proxy
9.30 a.m. on 27th August 2007

Extraordinary general meeting
9.30 a.m. on 29th August 2007

For further information please contact:

Martyn Konig, CEO Latitude Resources plc
Phone [phone]
Fax [phone]
Email: [e-mail]

Simon Rothschild / Keith Irons
Bankside Consultants
Phone [phone]
[e-mail] / [e-mail]

Simon Leathers
Evolution Securities
Phone [phone]
[e-mail]

Note:

Latitude Resources PLC shares are traded on AIM, a market operated by the London
Stock Exchange plc under the symbol "LTR" and are quoted in Sterling. No stock
exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein. The directors of Latitude
Resources PLC accept responsibility for the contents of this announcement.

[shoggoth] 13/8/2007 05:54

Heads up: news from Tamaya's end. Due diligence seems to have passed.

Sale and Purchase Agreement

Tamaya Resources Limited ("Tamaya") has concluded a Sale and Purchase Agreement with Latitude Resources plc for the acquisition of a 100% interest in Latitude's Chilean subsidiary, Latin American Copper Chile S.A., on the same terms and conditions as the Heads of Agreement which was announced to the market on 5th July 2007. The remaining condition for the finalisation of the transaction is the approval of Latitude Resources' shareholders, which is expected to be secured at a shareholder meeting scheduled for 28th August 2007. The transaction will be finalized shortly after that approval is secured.

Consideration
Tamaya is acquiring this high quality portfolio for the consideration of 85 million shares and 15 million options to be issued in three tranches of 5 million options each, at 30c, 40c, and 50c respectively.

[shoggoth] 09/8/2007 23:14

Charles & Andy, so who is it then? The volume is starting to rule quite a few people out.

[loinerscum] 09/8/2007 17:44

I don't think Resourceworks could sell if they wanted to as they will be insidered due to the ongoing due diligence for the Tamaya deal.

[charles m] 09/8/2007 16:42

shoggoth - 9 Aug'07 - 16:25 - 742 of 742
Aktiva or ResourceWorks selling at mid to Investec?

Now why would they do that?

[shoggoth] 09/8/2007 16:25

Aktiva or ResourceWorks selling at mid to Investec?

[suahb] 09/8/2007 16:23

another 4m at 4.5p

[loinerscum] 09/8/2007 13:45

Its not me selling!

How much were you offered for half a million?

[shoggoth] 09/8/2007 11:46

These were the main shareholders a year ago:

Aktiva Holdings BV 40,000,000 14.84%
Investec Bank (UK) Limited 40,000,000 14.84%
Resourceworks plc 40,000,000 14.84%
HSBC Global Custody Nominee(UK) 17,833,500 6.62%
Roy Nominees Limited 13,500,000 5.01%
Fiske Nominees Limited 10,679,705 3.96%
R B Rowan 10,431,470 3.87%
Vidacos Nominees Limited 9,570,800 3.55%
Morstan Nominees Limited 9,450,000 3.51%

5.1 million have changed hands in the last couple of days. Or it could be Senor Garrido, which would make sense since he wouldn't have much to do when the company divests itself of property.

The buyer is genuine though - I have just done a dummy sell of half a million shares, and it's well within the market size.

[kickstart] 09/8/2007 11:36

They are not just hoovering up shares in the market, if there had been that many around in the hands of the M/makers they would have been about 2p before all this buying. The marketmakers would never hold that many shares in such a small company -they would have marked them down to find buyers. Someone is selling I think Lionerscum's theory is probably correct.

[shoggoth] 09/8/2007 11:28

Another holding statement. 48.1M shares now. (2.1M + 250K buys most likely).

That leaves another 2M buyer who put in 90,000 quid.

[shoggoth] 09/8/2007 09:22

Several people here have said they may sell, or have sold, and some have expressed disillusionment with the movement away from exploration and towards investment. They are probably the ones - no need to look for complex explanations.

[thecynical1] 09/8/2007 09:17

loiner...do you not think that they have just been hoovering up whatever has been available ???? I would guess that there is a fair amount of stock held by individuals who are tired of waiting for something "really interesting" to happen.....a lot of these trades have been announced late which implies that the order was being worked.....?

[loinerscum] 08/8/2007 22:13

"do they know something the rest of us don`t ?"

I hope so! It may be however that there is no great scheme afoot merely that Investec recognise that the asset value of Latitude is perhaps 50% above the present share price, even taking the recent rise into account. Besides it's not as if we've been unable to get in ahead of them. I'm just glad to see some interest around Latitude and a blue share price.

One thing that nobody has speculated on yet is who the seller might be?

Cheers
Andy P

[thecynical1] 08/8/2007 19:21

evening all...yes...very interesting to see the volume back today....I wonder whether investec could be working on behalf of someone else ??? do they know something the rest of us don`t ?

[rochdale] 08/8/2007 17:00

the "T" trade is sign of more to come I think

got to be something quite significant around the corner - a bid or similar

[ccrowth26] 08/8/2007 16:49

Another 2.1m T trade gone through reported after the close

[suahb] 08/8/2007 13:26

thecynical1 - no worries, i know. I still hold 135K so not too bad, and of course C8. There have been so many false dawns with LTR but not the chilean stuff is peripheral really there is a real change in focus and someone likes that. I am holding on.

[thecynical1] 08/8/2007 13:25

just checked the trades from this morning...I wonder who was behind that large trade.....a further increase by Investec ? any thoughts anyone ?

[thecynical1] 08/8/2007 13:14

Charles...I am not sure what they would achieve by taking it private...ok so they would have less small holders like us to worry about....maybe worry is the incorrect term...they would have less small holders like us to bother them and to cause costs....they could also save on listing fees but I am not sure that it would actually suit the directors.....why take it private when they do not have to...they could easily turn the company into a kind of "financing house" for mining/exploration companies....they now have a lot of cash....and could use some or all of the cash to get involved in other companies which they reckon are promising......any thoughts on that idea ?