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Real-Time news about Nautilus Di (London Stock Exchange): 0 recent articles
|zangdook: Nice to see the dispute with PNG is now old news and the cash has been received. Since, IIRC, that dispute is what triggered the dramatic share price collapse, I wonder when we can look forward to a bit more recovery than we've seen so far.
|gerhart: Tradesense or LUFC5, where are you see the share price at the higher than LSE close? Thanks|
|topinfo: Found another article NUS which looks a hell of alot more positive than that one posted earlier. It seems genuine to me. Take a look.
Financial Press: Trader launches bold takeover of Nautilus Minerals
2 hrs 17 mins ago
A daring bid is currently underway to all outstanding shares of common stock of Nautilus Minerals Ltd., a seafloor gold and copper exploration company. Ottawa based trader Michael Bailey announced the commencement of a tender offer for 97 cents CAD per share, net to the seller in cash. Nautilus' current share price is 58 cents.
"I like Nautilus Minerals because the company is asset rich with a low share price," Bailey said. "They also have some of the highest grade gold deposits on earth. When this underwater mine goes into production it will change the industry."
Nautilus explores the seafloor for massive sulphide systems, a potential source of high grade copper, gold, zinc and silver. The company is developing a production system using existing technologies adapted from the offshore oil and gas industry to enable the extraction of these high grade Seafloor Massive Sulphide (SMS) systems on a commercial scale.
Nautilus also holds more than 500,000 km2 of highly prospective exploration acreage in the western Pacific; in Papua New Guinea, the Solomon Islands, Fiji, Vanuatu and Tonga, as well as in international waters in the eastern Pacific.
Under the terms of the tender offer, the family company controlled by Michael Bailey will commence a hostile all cash bid to purchase all the outstanding shares of Nautilus for an aggregate purchase price of $237.99 million CAD. This represents a staggering 209 per cent premium to the previous day closing price of Nautilus' stock.
"This was no sudden hostile takeover, I have been watching the company for some years now," said Bailey.
"I met the management at the PDAC a few years back and was impressed by the plan. After the company's most recent struggles with the government of Papua New Guinea became public, I seized the opportunity."
Nautilus owns the world's first seafloor copper and gold project, Solwara 1, which is under development in Papua New Guinea.
The company suspended work on the seafloor mining project in the region last November, due to a year-long dispute with the Papua New Guinea government over the cost of developing the project.
The issue is centred on the government's equity stake in the project, and the state has been trying to wangle its way out of whatever commitment it might have made to purchase equity in the project and take a share of the development costs.
The recent developments in the mining jurisdiction have not distracted Bailey in his takeover bid.
"Political risk is always a concern; however my goal would be to put less financial pressure on the government by offering royalties not tied to an investment and other strategies that would be a net benefit to the small country when the mine is fully operational," he said.
The tender offer is scheduled to expire at on March 1, 2013, unless the tender offer is extended; however, it is not expected to take that long.
"I will find out Monday of next week," Bailey said. "I am very confident as we have made a fair offer considering the company's current status."
Gannibal Securities has been engaged to act as advisor in this transaction and will negotiate lock up agreements with major Nautilus Minerals shareholders: Metalloinvest (21 per cent), Anglo American (11.1 per cent), MB Resources(16.9 per cent) and Teck Resources(4.5 per cent). The law offices of Faskin Martineau a national law firm will represent Bailey in this transaction.
Bailey currently owns a minority stake in Nautilus, and is now making a hostile bid to acquire 100 per cent of the outstanding company stock with the intention of taking the company private to finance and execute the underwater mining business plan.
If his takeover is successful, Bailey plans to immediately restart the building of the seafloor production system.
Nautilus was granted a mining lease by the State of Papua New Guinea in January 2011, and the company went on to state in August that the project is not a recent development.
The project equipment build at the end of June was approximately 51 per cent complete.
Stephen Rogers, Nautilus CEO, issued a statement at the time saying that Nautilus was in talks with potential partners to sell a stake in the project, and that Nautilus may sell shares to help raise $100 million if it could not find a partner.
Nautilus is in the process of finalizing details of the vessel financing, and securing a resolution to the current dispute with the Papua New Guinea government. Nautilus is still pursuing its efforts on both these matters.
Nautilus has previously stated it may need to rely on the equity markets for future financing of its development of the project in Papua New Guinea, or alternate financing in the form of joint ventures.
Michael Bailey, an experienced investor and resident of Canada is an algorithmic trader and formerly a member of the Band of Scoundrels, an elite group of high frequency proprietary traders that successfully shorted Citigroup and profited over $130 million in October 2008.
"This year will be a banner year for gold exploration as we have reached a critical point in history," Bailey said. "I am confident that exploration firms will see massive inflows of capital as gold prices continue to rise."
|nikesh: Any reason for the discrepancy between the canadian share price and lse. Works out LSE price should be about 27.5p based on CAD share price of 0.345|
|kalkulacka: Dispute with PNG government is outstanding.
Vessel financing is waiting for resolution.
The recent placing was at 57p (C$0.90), so I would expect the share price to hover at this level until further news.|
|rohirrim: Probably a bit of profit taking, and who could blame anyone!. that spike up in the share price was never sustainable, and good luck to all who have taken a bit of profit. question is at what level will these settle and my guess is they could drop to 1.80 hopefully at most, but if it goes further then 1.40 would be the lowest level. I am, and will continue to be a holder, and any sign of weakness i will be looking to top up|
|andrbea: establishing itself as one of the world's largest potash distributors," said Sirius's chairman, Chris Catlow. "Signing this MOU demonstrates that major fertiliser consumers are concerned about the current concentration of the potash supply and wish to fast-track the development of new large resources."
BHP has always sought out what it calls "tier one" assets, but you never know if its bid for PotashCorp does not succeed, maybe Mr Catlow will be getting a call from Marius Kloppers of BHP.
Nautilus seeks undersea treasure
To the casual observer, mining is, of course, all about digging dirty great big holes in the ground and taking out whatever is found there.
Not, however, if you talk to Nautilus Minerals. The Aim-listed company has decided that the seabed can be just as fruitful as any mountainside. And the company is, it claims, pioneering a way of combing the sea floor for high-grade copper, gold, silver and zinc deposits.
The plan is to develop Nautilus's site off the coast of Papua New Guinea, bringing the project into production by 2012. The company claims it "will benefit from low extraction costs, high grade ores, 80 to 90 per cent recovery rates and [it] is expected to generate between $500m and $750m in revenues per annum".
The idea is to crush and then smooth the seabed and collect the debris, which is sucked to the surface in a similar way to oil. It is loaded on to ships and ferried around the world. Back in June, Nautilus signed a drilling agreement which will lead to exploration work kicking off in October. The deal has certainly helped the share price, with Nautilus's stock trading 120 per cent higher than it was at this time last year.
Although I sold a few when the share price was above 160p, I kept most of my shares because I thought it was possible that the Chinese could offer to be a partner with NUS. It will be interesting to see where NUS share price settles. This will be the time to buy back I suspect.|
|mattybuoy: I wonder if they will still be here in 3months when the proverbial hits the fan, and the world's stock markets take a nose-dive?
Yes, since there is $190m in the bank. NUS survived the first GFC intact, albeit with a much reduced share price like everybody else.|
|nilip: CASH = $223.5 million = £135 Million
142 Million shares in issue
CASH per share of 95p
edit on 7/9/09
Current share price only 63p (mid)|
Nautilus Minerals share price data is direct from the London Stock Exchange