Toledo Mining Share Discussion Threads

[david77] 20/3/2013 10:30

It's the contract date that matters for your CGT return - but you don't get a contract note. I guess that it is the date that the offer closes and I assume that you'll get the money 14 days later.

[thesloth2] 20/3/2013 10:17

If you accept the Offer now, when do you get the money?
Before or after April 5th ?

[david77] 20/3/2013 10:13

gussie "I have had the shares for years at a lot higher price than the 50p offered ..."

What you have paid for the shares no longer matters - it is a 'sunk cost' - the cash has gone and you have shares instead. I started buying Toledo years ago around £1 and watched them up to nearly £5. I sold a few but not many - but that is all history. Some you get right, some you get wrong.

You now have shares - it's your decision to take the 50p offered and invest it elsewhere or take your chances with Toledo where, as Aquilla has pointed out, the Independent Directors recommend you take the cash.

[soggy] 20/3/2013 09:31

Good luck to you too Gussie. I was faced with exactly the same dilemma with the PRT. Many took the offer, I held, and have done better - but nowhere near what it should or could be. If you've waitied all this time, and presumably have effectively written them off, I would be tempted to wait longer as well. (NAI).
So all the best whatever you decide.

[gussie14] 20/3/2013 09:12

Thanks guys for your reply's. I have had the shares for years at a lot higher price than the 50p offered so i am tempted to roll the dice. Wish you all good luck with whatever you do.

[aquilla] 20/3/2013 08:51

Gussie,
In theory what you say is correct. However to quote from yesterdays announcement:
"The Independent Directors recognise that there are risks attached to taking a longer-term view
of the Company and therefore the opportunity for Shareholders to realise cash in
respect of their Toledo Shares in a short timeframe provides a more certain
outcome and that, in these circumstances, the terms of the Offer are fair and
reasonable and accepting the Offer is in the best interests of the Shareholders."

Yes, because the Company is so undervalued the share price should, in theory, rise considerably over the course of time. But at the same time there are the risks. The directors, on the advice of the nomad, Ambrian, have come down on the side of caution, perhaps bearing in mind the old saying "A bird in the hand is worth two in the bush".

[joe say] 20/3/2013 08:37

First Direct haven't even sent out letters to TMC holders yet so whilst I've accepted my HL holding, am still awaiting the documentation ex HSBC group.

Amazing difference in service.

[soggy] 20/3/2013 08:22

I guess the answer is that it might take a looooonnnnnggggg time for them to get the share price up significantly. It might take 10 minutes, but it might not. And most people who were sitting a few weeks ago around the 30p mark are just happy to take the 50p on offer.

I'm not sure if the 50p remains on the table continuously or if it ceases at the end of the offer period. If the latter, then it could slump back to 30p or less as it may well become highly illiquid. (just guessing here...) It could languish there for years even. Perhaps with internecine warfare in the boardroom putting people off and maybe even diverting from proper progression??? But as you suggest, it could also rise on the award of the permits etc.

You pays your money, you takes your choice.

[david77] 20/3/2013 08:20

Not addressed to me but - the share price is determined by supply and demand. Will there be more buyers for your shares than sellers? I wouldn't bet on it.

[gussie14] 20/3/2013 08:12

Aquilla or SLG. I have a few shares in TMC and do not understand why I should sell. If Fev can block DMCI taking company private then why would our shares not rise when you can bet with DMCI in charge the permits etc will come through. Am i missing something as I cant see why DMCI would'nt want the share price higher.

[exbroker] 19/3/2013 19:47

I sent mine in so as to a) make sure the deal was more likely to happen as I don't want to be a minority and b) to get paid out ASAP

[littlepm] 19/3/2013 16:46

Yep, I agree David as 2 big holders can sit again for number of years squeezing small PI's bit by bit.... and at a much cheaper price

[david77] 19/3/2013 16:44

I sold out months ago @ 20p, so holders have done much better than I have but I have continued to watch the action.

" ... why would anybody accept the offer?" - after the offer closes, who would buy these shares other than either of the two big holders? - but they might decide not to buy more, so I reckon that the price would fall as stale holders change their minds and try to sell. You know that you are not going to get more - take the money while it's on offer and buy something else. QFI is my big bet.

[ssadim] 19/3/2013 16:15

And relatedly, with time still on the clock why would anybody accept the offer?

[ssadim] 19/3/2013 16:13

I guess if Fev are going to make any move, and goodness what that could be, they are going to have to move pretty d..n quick.

[cheou812] 19/3/2013 15:56

I don't see how this result could be a surprise to anyone.

[exbroker] 19/3/2013 15:32

They may want to be involved in the mine or some other deal that DMCI have in the country, mining is the game they are in.

[ssadim] 19/3/2013 15:29

Any thoughts on why Fev + are holding out?

[exbroker] 19/3/2013 15:26

When you hold someones by the balls his heart and mind soon follows!!
Its all over send in your forms or you will be left a minority holder, I have sent mine in today, it will get them a fair bit nearer!

[ljsquash] 19/3/2013 14:34

DMCI once past 50 % could have just issued more shares to bring them to the key 75%. Thus watering Fev down and no voting could stop them.

[aquilla] 19/3/2013 14:18

Well, I was wrong.

Clearly from the Board's response, the Company acknowledges the bid undervalues the Company but more consideration was given to the likelihood that DMCI would get over the 50% and the way they might subsequently manage the Company.
Given that Mr Zhevago would have a blocking vote, and could therefore prevent the Company from going private, I am still surprised at the response.

We have gone the same way as ENK. :-(

[moosh2] 19/3/2013 13:40

so if DMCI don't get 75%, they won't suggest TMC delist? but can they still not delist even if they don't get 75%? not fussed either way. how come everyone else get April? my broker says 27 March!?

i think the directors know they're going to lose control and figured 'sod it, just flipping well accept the offer, we been done up like a kipper!'

[dotcunningham] 19/3/2013 13:39

13.23.....recommendation of the Independent Directors to shareholders to accept the Offer.

[aquilla] 19/3/2013 07:34

Good morning, All.
Company guidance out today....they.re certainly leaving it down to the wire!
It will be interesting to see the grounds for rejecting the offer (if my speculation is correct :-) ).
Oli, don't worry about April 2nd. DMCI would almost certainly extend the offer period if they haven't reached their 50%.