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Palladex Share Discussion Threads
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|MVA .... and fez has already set up a new thread here ...
|Any idea of the new ticker ?|
|They certainly sound confident in the video. Some moderate cashflow from the drilling operations in Kyrg and the platinum mine in Ethiopia but it is the two nearby gold projects in Ethiopia that are the main focus. Sierra Leone is there as an additional kicker where they take a back seat to the other JV partners.|
|A video of the Minesite presentation is on http://www.minesite.com/webcasts.html now|
|...from the FT...
Palladex's skin of the teeth
The story of Palladex (LSE: PLX.L - news) is a lesson in the speculative nature of gold mining stocks. It also illustrates the impact of the introduction of the new Aim rule book earlier this year.
The company was floated in early 2004, raising £5.5m at 20p a share in order to explore for gold in Kyrgyzstan. After an initial surge to 30p, the shares suffered a slow decline until they were suspended at slightly more than 4p on December 21.
Merlin Marr-Johnson, founder and chief executive, left a good job at HSBC to pursue the dream of gold in the wilds of Asia. As he puts it, the gold price took off in the autumn of 2003 and he was urged to take the company to Aim.
However, he found its prospects in Kyrgyszstan were not suitable for development by a listed company. He also had the sense to realise that alternative assets were needed while the company still had some cash.
Mr Marr-Johnson found what he was looking for in Golden Prospect Mining, a company with assets in Ethiopia and Sierra Leone and owned by Ambrian, the Aim-listed mining services and investment group. A merger was proposed, but was deemed by the Aim panel to be a reverse takeover, prompting the suspension of the shares.
It does not take much imagination to prompt a horrified recoil from the task of gathering the legal documentation required for such a deal, and making sure it complied with the Aim rulebook. It was not until April that the draft documentation was ready to send to the Aim panel, which then took a month to clear the deal.
If the deal had not been completed within six months of the suspension, the rules required that the shares be delisted. They resumed trading last week with only days to spare.|
|Agree. I hold MANA and Ambrian.|
|Some interesting JV's (Mano and Jubilee), a beefed up Board of Directors with Ambrian behind them to help promote profile plus Palladex-Geotechservice with its five drill rigs which should generate some useful income.
Post merger market cap circa £6.5m and cash of £1.9m at last results.
Minesite presentation this Tues will be interesting.|
|I understand that WENDY DURHAM is a big fan of this deal?
She's done some very shrewd trading recently.|
|back and up 51%..
|Hmmm. I see Palladex are presenting at Minesite on 19th.
Only a few days away, so we may get the admission document any minute now....|
Agree the link says May 2007, but in the Annual Report it says "all parties are working towards a target completion date of mid 2007", not May 2007.
Back to sleep for another couple of months....|
|good spot fordtin
Wendy, any thoughts on Ambrian's assets?|
|from Ambrian's final results 21/03/07
In November 2006 the Group announced that it had signed an agreement to merge
its African mining exploration assets with Palladex PLC, an AIM listed mineral
exploration and development company. The Group will retain an approximately 40%
interest in the merged company. All parties are working towards a target
completion date of May 2007.
|It can take anything up to 6 months! Caledon were suspended for nearly 6 months pending RTO, Vossnet for about 5 months, PAF have already been suspended for 4 months and not much expected before end of May.
The tone in Palladex's last announcement, a month or so ago, was that the process was well under way, so perhaps not much longer...|
|Any time now, I'd think.|
|Has anyone any info re time scales for reverse takeover|
|Has anyone received the documents yet?? I haven't.|
|Palladex Corporate update
13 March 2007
Update on the Heads of Agreement with Ambrian Capital PLC and Ethiopian
13 March 2007
* Circular to shareholders and re-admission documents in progress
* Extraordinary General Meeting ("EGM") twenty-one clear days after the
date the documents are distributed to shareholders
* Shares to recommence trading once the documents are distributed to
Palladex Plc ("Palladex" or "the Company") today announces an update on the
Heads of Agreement with Ambrian Capital PLC and Ethiopian Resources Limited
regarding the proposed acquisition of companies and exploration licences in
Ethiopia, Sierra Leone and Madagascar in return for the issue of 50,000,000 new
ordinary shares in the Company. In December 2006 this acquisition was determined
to be a reverse takeover under the AIM Rules and, as a result, trading in the
shares of the Company was suspended. The Company is currently working on an
admission document, sale and purchase agreements and a circular to shareholders.
When finalised, the circular to shareholders and the admission document will be
sent to shareholders, seeking their approval at the EGM for, among other things,
the issue of the 50 million new shares. The admission document runs through in
detail the projects it is proposed to acquire, together with the background to
and the reasons for the proposals, a Competent Person's Report and full
Once the document is circulated to shareholders, trading in the Palladex shares
will start again and, 21 clear days after posting, the EGM will be held. All
pre-existing shares (some 61.7 million) will trade as previously and, should
approval be granted to issue the 50 million new shares, the total number of
ordinary shares in issue would be approximately 112 million.
For further information contact:
Tel: +44 (0)20 7629 4800
Laurence Read/Ed Portman
Tel: + 44(0)20 7429 6666
Mob: +44 (0) 7979955923
Peter Jackson/Paul Dudley
W. H. Ireland Limited
Tel: +44 (0)20 7220 1666
|What are the management doing?|
|Vacationing in Barbados?|
|What are the management doing? Holidaying in Barbados?|