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Real-Time news about Marakand (London Stock Exchange): 0 recent articles
|nobull: Acceptance of the "offer" (the rip-off) must be wihtin 21 days from the date of the acquisition notice (it is dated 19th November 2007) (so the completion date is 10th December?). Failure to send in your MKD certs. with a stock transfer form made in favour of Oxus, means the MKD board has the right to accept the offer on your behalf, i.e. they have the right to act as your agent. (= they just strike you off the MKD share register?. Yes, it may be possible to sell on Monday in the mkt and buy some OXS on better terms? Or was today the last day of MKD's listing? I have some in certificated form and some in a nominee name. I may not even bother sending any in: saves the postage!
Edit. "Oxus will within 14 days of the completion date (i.e. before 24th December) pay to MKD the consideration". MKD then pays out the consideration to the MKD holders on presentation of a signed acceptance form. Sounds like if we do as instructed we get the Oxus shares at the latest on 24th December. If we don't, MKD keeps the consideration on our behalf until we comply.|
|nobull: Slapdash, accepted MKD is vulnerable, but it won't do the directors of Oxus much good to their reputation if this company goes bust, will it? Time for courage. It has already been pointed out on the Oxus thread that even Newmont mananged to agree a deal with the Uzbek Govt. We just have to be patient and ignore the share price "noise".|
|nobull: Trades for 18-Jun-2007
Time Volume / Share Price
13:43 75,000 @ 6.85p
14:32 12,414 @ 6.56p
11:42 185 @ 6.56p
Not seen such a "big" trade in MKD for some time. Hmm.|
|nobull: Erik (and for the benefit of anyone else), my best guess is that any decent Board would want to give the Marakand minority a fair deal without annoying OXS shareholders through overpaying for the MKD minority. Offering the 3 for 1 deal at this time would involve overpaying, so there won't be one perhaps for quite a while. At some point news (good drilling reports in Turkey perhaps, or it might be something else) should lift the MKD price nearer to make a 3 for 1 offer or better possible? The advantage of a share swap is that even MKD holders who paid more than the OXS consideration offered could be induced to swap? (They wouldn't be crystalising a loss as in a cash offer, but would be getting the OXS upside instead?) When any such opportunity will arise, I don't know.
The uncertainty of the timescales involved seem logically to justify MKD trading at a large discount to any theoretical 3 for 1 offer? It is understandable that prospective investors who don't trust the Oxus Board might not want to touch MKD shares with a barge pole because of the technical risk that Oxus could put the Receivers in and leave the MKD minority owning nothing? That also means the shares have to trade at a further discount? I DO TRUST the Oxus Board. I questioned them, and their answers seemed robust. So I am not worried anymore about my MKD.
(I have not added anymore because I am crackers about another zinc project that I may be out of circle of competence on (investing in Iran: alarm bells, in a tiny company with no revenue streams: more alarm bells, with a Board of Foreign (Australian = Foreign for me) Directors: more alarm bells, whom I can never meet, with capital requirements that can't be satisfied both because of the quantity involved ($1.6bn) and because of no Western bank with the wherewithall wishing to displease the U.S. Govt.) and if that isn't bad enough there is the difficulty/impossibility of insuring any such project at the present time. How any such company, and with a project ownership dispute with its Iranian partner to boot, and that has had all its agreements cancelled can ever produce zinc, I don't know; but I have invested in it. I probably should have bought more MKD instead?)
I don't believe the conversation I overheard (about the MKD holders not receiving any offer worse than the convertees have already received) was price sensitive because NO TIMESCALES were mentioned. It could be a long wait. Usual caveats apply? DYOR? etc. Hope this helps. All the best.|
|nobull: Thanks Steve for your response. I may be wrong but it just doesn't seem a fair way to proceed. In the first place the only "advice" I got when I contacted the "Investor Relations" officer on whether I should convert was a slightly lippy remark of "well, please yourself" after I said I would probably not convert. Second I see with the benefit of hindsight, those who converted retained the upside of MKD and got rid of the downside. That wasn't something I learnt from talking to the Investor Relations Officer. Third if Khandiza development rights are not being defended vigourously e.g. to improve the chances of winning AGF2 that would be unfair and fourth it doesn't say much for the directors if they rescued themselves from a dud investment (they were close to the JV negotiations and perhaps had some inkling that things weren't going right) but failed to pass on their concerns to those who didn't convert, and fifth, as OTD says only active PI's knew what was going on. I shall certainly raise the matter at the meeting tomorrow. It is odd the share price of MKD should rise just before the meeting on zero news.
It is also possible I suffer from sour grapes. We'll see tomorrow. The annual report for MKD has nothing to say about MKD's prospects. The securing of the Oxus loan on MKD's assets is totally unnecessary unless you expect the directors of MKD to be replaced by Receivers, who of course can't be controlled in the same way as A.S. can be, by the Oxus board.|
|zaphod99: If both OXS and MKD sp's remain stable then there's certainly a chance to make 10% or so. However, there must be a far greater chance of the Oxus share price surging than the MKD price surging, especially since BT may want to suppress the MKD price for as long as it takes to mop up the outstanding shares (if that is indeed his intention).
Also, Oxus may not have much control over any Jerooy news which might still turn out to be positive, in which case OXS could surge in the blink of an eye. In fact it may well rise long before any official announcement if those (Kyrgyz's?) in the know pre-empt it. If Jerooy turns out to be negative then perhaps they'll choose not to make the offer to all MKD holders.
The danger is that if the Oxus share price suddenly surges then the offer may become, for example, 5 for 1. Anyone who bought MKD instead of OXS would miss out on the OXS rise and receive fewer OXS shares if they accept the revised conversion offer. In this case, the 5 for 1 offer to outstanding MKD holders would still be regarded as as fair as the 3 for 1 offer given to the institutions.
I'll continue to hold my MKD in anticipation of being offered 3 for 1 but I reckon it's a bit risky to buy more to try to gain a better deal. Good luck to those who do take a chance though.|
|zaphod99: To some extent OXS/MKD can control the timing of news (Jerooy, Khandiza, Akjilga, Amantaytau sulphides, Vysokovoltnoye, other corporate activity, North American listing etc) that could affect the share prices of OXS or MKD. I can't see them releasing anything positive until they've finished mopping up MKD shares (if that's their intention). By delaying the release of news, both OXS and MKD share prices should remain quite stable and once the MKD offer is wrapped up there may be a flurry of news.|
|giant steps: tee man - yes i am ready to add more MKD but prepared to be patient.
Why ? As we head to 5th April some weak holders will unfold at 18.5p,
probably only small volume, so no rush.
Oxus will continue hoovering up MKD shareholders before making any corporate
announcements and i guess this process will only take a few weeks. In the
meantime expect block releases of OXS stock, watch for announcements.
Once over 90%, Oxus may start to show their hand, so i speculate it
will be a compulsory 1 for 3 offer on same terms as other parties.
Before breaching 90% the reducing free-float could create an interesting s/p
squeeze. Hedged positions via spreadbet co's that factored additional stock
issues to fund Khandiza may be in trouble, given MKD fundraising will now not
create the flood of expected shares; sleepless nights for shorts!
If Jerooy 'YES' then
OXS share price surges
and MKD shareholders may quickly subscribe 1 for 3 (go for arbitrage)
and may attempt to buyback some MKD !
If Khandiza 'YES' then
OXS share price surges
MKD share price surges
win-win situation (but complex!)
One problem with going for arbitrage is being left in limbo.
Imagine agreeing to irrevocable conversion with MKD price surging !!
My thoughts, no advice intended.
[ Yes, i imagine EUG presented similar arbitrage issues ]|
|zaphod99: I reckon OXS wanted to get the institutions onboard first to encourage the PI's to also accept the offer (if it's good enough for them, it's good enough for us). Also, the fact that the institutions have accepted the offer has probably prevented the MKD share price from rising as it probably would have done had the offer been made to all shareholders at the same time.
When OXS acquire enough shares, MKD will probably be de-listed and once that happens I'd imagine all outstanding MKD holders would rather have OXS shares and receive didvidends etc and therefore accept the 3 for 1 offer.
If anyone doesn't take up the offer after MKD has been delisted then the shares will be difficult to value and to trade, so even if Khandiza is announced, the benefits will only be reflected in OXS's share price rather than MKD's.
My guess is that Khandiza will not be finalised until after MKD shares have been delisted and Oxus will not have to improve on the 3 for 1 offer to aquire enough shares to delist them.|
|hectorp: Mio is the only silver play that will be producing in 2006 on AIM I believe.
I also hold MIO.
Anyone who does not have a few K of MIO at the moment and through 2006 is probably short of their marbles.
MKD - huge massive silver and zinc resource MKT cap
OXS parent and shareholder mkt cap ( gold producer of course)
is £171 M.
'Buy GOLD STOCKS especially those whose costs are in commodity currencies ( ie Euros or USD)
Silver / bullion in demand ( press) etc..
even so there is a massive underperformance from MKD share price.
a licence will bring at least a 50% upside in very short time IMO.|
Marakand Minerals share price data is direct from the London Stock Exchange