Share Name Share Symbol Market Type Share ISIN Share Description
Bullabulling LSE:BGL London Ordinary Share AU000000BAB9 ORD NPV (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 4.25 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 2.88 -1.56 -0.47 15
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 4.25 GBX

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22/7/201513:33Bullabulling Gold - We've seen the lows7,007
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croxie: Bullabulling Gold Limited 03 July 2014 3 July 2014 ASX Code: BAB, AIM Code: BGL THIRD SUPPLEMENTARY TARGET'S STATEMENT This document is a supplementary target's statement under section 644 of the Corporations Act 2001 (Cth). It is the third supplementary target's statement (Third Supplementary Target's Statement) issued by Bullabulling Gold Limited ABN 50 153 234 532 (Bullabulling) in relation to the off-market takeover bid for all the ordinary shares in the capital of Bullabulling on issue as at 5.00pm (AWST) on 18 April 2014 by Norton Gold Fields Limited ABN 23 112 287 797 (Norton). This Third Supplementary Target's Statement supplements, and should be read together with, Bullabulling's target's statement dated 14 May 2014 (Original Target's Statement), first supplementary target's statement dated 5 June 2014 (First Supplementary Target's Statement) and second supplementary target's statement dated 6 June 2014 (Second Supplementary Target's Statement). Words and phrases defined in the Original Target's Statement have the same meaning in this Third Supplementary Target's Statement (unless otherwise defined). 3 July 2014 RECOMMENDATION TO ACCEPT NORTON'S INCREASED OFFER -- As at 3 July 2014, Norton has a relevant interest in more than 41% of the Bullabulling Shares -- As Norton now has a relevant interest in more than 30% of the Bullabulling Shares, Norton has increased the Offer price from $0.07 per Bullabulling Share to $0.08 per Bullabulling Share -- The directors remain of the unanimous view that the Increased Offer undervalues Bullabulling, but, in the current circumstances, they recommend that you accept the Offer (in the absence of a superior proposal) for the reasons set out below On 16 June 2014, at the time of announcing that the Offer price would be increased to $0.08 per Bullabulling Share if Norton had a relevant interest in more than 30% of Bullabulling Shares by 5.00pm (AWST) 30 June 2014, Norton had a relevant interest in approximately 17% of the Bullabulling Shares. Norton has since received a number of acceptances, including from Bullabulling's two major shareholders, and as at 3 July 2014 Norton has a relevant interest in 41.35% of Bullabulling Shares. Norton has announced that the Offer price has increased to $0.08 per Bullabulling Share ("Increased Offer"). Directors' recommendation and intentions The directors remain of the view that Norton's Increased Offer of $0.08 per Bullabulling Share materially undervalues Bullabulling. However, after carefully considering the implications of Norton's current relevant interest in Bullabulling Shares, which has resulted in an effective change in control of the company, the directors have reached the inevitable conclusion that they should amend their recommendation to shareholders, and therefore have unanimously resolved to recommend that Bullabulling shareholders accept Norton's Increased Offer of $0.08 per Bullabulling Share (in the absence of a superior proposal) for the reasons set out below. The Bullabulling directors will consider accepting the Increased Offer in respect of the Bullabulling Shares that they hold or control and that are capable of being accepted into the Increased Offer.[i] Between now and the date upon which the Increased Offer closes, the directors will monitor the level of acceptances that Norton receives and the composition of Bullabulling's board under Norton's control. Reasons for the recommendation The directors now believe it is reasonable to accept the Increased Offer (in the absence of a superior proposal) for the following reasons: a) As Norton has voting power in Bullabulling of 41.35%, and there are no other substantial shareholders, it is highly unlikely that any resolutions could be passed at a meeting of shareholders without Norton's support or that any resolutions proposed by Norton could be defeated. Effectively control of the company has passed. b) Norton's effective control of Bullabulling means that it will be in a position to largely control: i. the management and board composition of Bullabulling ii. the timing of any future development of the Bullabulling Gold Project iii. the method and source of funding for the further advancement of the Bullabulling Gold Project, which may result in Norton further increasing its shareholding. c) Norton has declared that the Increased Offer consideration of $0.08 per Bullabulling share is final and under Australian takeovers law the Offer price cannot be increased further under the current offer. d) Despite Bullabulling's very best efforts, there have been no alternative or better offers presented for Bullabulling and with Norton's relevant interest increasing to 41.35%, the prospects for progressing an alternative transaction are materially diminished. Closing date The Increased Offer is scheduled to close at 5.00pm AWST / 10.00am BST on Wednesday 16 July 2014 (unless extended).[ii] The directors note that Norton has not made a "last and final statement" as to whether it intends to extend the Increased Offer beyond this date, and as such Norton can further extend the Increased Offer period at any time prior to the scheduled close. Other factors to consider Despite the directors recommending that Bullabulling shareholders accept the Increased Offer, the directors recognise that certain Bullabulling shareholders may have a different investment strategy and criteria and may consider the following as reasons for not accepting the Increased Offer and remaining a Bullabulling shareholder: a) the directors remain of the view that Norton's Increased Offer of $0.08 per Bullabulling Share does not reflect the value of your Bullabulling Shares; b) the value of the Bullabulling Gold Project could increase with positive movements in the equities market and/or in the gold price - if you accept the Increased Offer, you will be denied the opportunity to participate in any value accretion that may occur in the future; c) Norton has the capacity to contribute the funding required to realise potential enhancements to the value and economics of the Bullabulling Gold Project. Bullabulling shareholders should, however, note that Norton has not made any commitment or indicated any intention to participate in any future funding proposals at this point in time; and d) if you do accept the Increased Offer, you will not be able to benefit from any separate takeover offers that Norton or a third party may make in the future. Bullabulling shareholders should note that the directors are not aware of any specific intention on the part of Norton to make any follow-on offer should it not acquire 100% (or sufficient relevant interests in Bullabulling Shares to allow it to proceed to compulsory acquisition) under the Increased Offer, or the existence of any alternative proposal from a third party. Alternatively, shareholders can elect to sell their Bullabulling Shares on market on ASX or AIM (unless you have previously accepted the Offer or the Increased Offer). There are several implications in relation to each of the above choices. A summary of these implications is set out in section 5 of the Original Target's Statement. NO ACCOUNT OF PERSONAL CIRCUMSTANCES The information in this Third Supplementary Target's Statement does not constitute financial product advice and this Third Supplementary Target's Statement does not take account of your individual investment objectives and financial situation or particular needs. Accordingly, in deciding whether to remain a shareholder in Bullabulling or accept the Increased Offer, you should consider your own investment objectives and seek independent financial and taxation advice. OTHER NOTICES This Third Supplementary Target's Statement prevails to the extent of any inconsistency with the Original Target's Statement, the First Supplementary Target's Statement and the Second Supplementary Target's Statement. A copy of this Third Supplementary Target's Statement has been lodged with ASIC. Neither ASIC nor any of its officers takes any responsibility for the contents. Signed for and on behalf of Bullabulling Gold Limited following a resolution of the directors of Bullabulling Gold Limited. Brett Lambert Managing Director 3 July 2014 [i] The terms of the Increased Offer extend to all of the fully paid ordinary shares in Bullabulling on issue at 5.00pm (AWST) on 18 April 2014 and all shares that come to be in the bid class during the Offer period due to the conversion of or exercise of rights attached to other securities on issue at 5.00pm (AWST) on 18 April 2014 ("Bid Class Securities"). Bullabulling issued Shares on 11 June 2014 and 2 July 2014 ("New Shares"), including some New Shares to directors, following the receipt of shareholder approval at Bullabulling's annual general meeting held on 27 May 2014. As set out in Bullabulling's ASX announcements dated 11 June 2014 and 2 July 2014, the New Shares are quoted with the ASX code "BABN" and are not Bid Class Securities. [ii] In accordance with section 624(2) of the Corporations Act 2001 (Cth), if Norton's voting power increases to more than 50% within the last 7 days of the offer period, the offer period will automatically be extended so that it ends 14 days after that event.
corrientes: Great shame. Bad timing ? Don't want to imagine what the BGL share price might have been when gold recovers, which it always does. Funding would be no problem. Expecting Norton price to do the same is wishful thinking.
temujiin: Bit old but I like the last paragraph. http://minesite.com/news/norton-gold-fields-ups-its-offer-for-bullabulling-moderately Norton Gold Fields Ups Its Offer For Bullabulling, Moderately 17 Jun 2014 On Monday, Norton Gold Fields conditionally upped its offer to purchase fellow Australian miner Bullabulling Gold from A7 cents per share to A8 cents per share after facing resistance from Bullabulling's management team. In response to the original offer, the Bullabulling team recommended that shareholders reject the deal, arguing that the price did not reflect the value of the flagship Bullabulling project in Western Australia. The Bullabulling project is located to the south west of the gold mining town of Kalgoorlie, Western Australia. The 131 square kilometre project is well served by roads, power and water, and has no issues over native title claims. More to the point, it has a JORC-compliant resource of 114 million tonnes of material running at a grade of 1.02 grams per tonne gold for a total of 3.753 million ounces of gold. Bullabulling intends to develop its first mine based around that resource, producing at a rate of 200,000 ounces of gold per year though. It's possible though that the geology could likely support a larger operation if exploration continues to define new ounces within the highly prospective Bullabulling and Gibraltar trends. If the company remains independent, Bullabulling expects to achieve first production in 2015. But it might not be that simple. Backed by Chinese money, Norton has been circling the wagons for some time now. Its previous offer has now been conditionally increased to A$0.08 per share on the proviso that it receives sufficient shares to increase its stake in Bullabulling to at least 30 per cent by the 30th of June 2014. At present, Norton holds a stake of approximately 16 per cent in Bullabulling. If the 30 per cent requirement is not achieved, the Norton offer will remain at the A$0.07 level as previously announced. What's more, Norton has stated that this conditional update represents its final offer and that a higher price will not be tendered. Bullabulling's team is unmoved by that argument. Using the conclusions of an independent expert who valued Bullabulling's shares at between A$0.111 and A$0.161, with a preferred value of A$0.146 to support their position, they have reaffirmed their stance that the Norton Gold Fields' offer remains "inadequate and opportunistic". Consequently, Bullabulling's management have recommended that shareholders reject the offer and remain true to the vision of developing the mine in-house. Bullabulling's share price gained more than eight per cent on Monday to A$0.077 on the ASX. That's still below the increased bid price, meaning that the market at this stage still has doubts as to whether it will go through. Put another way, as one influential commentator pointed out in a newsletter earlier this week, it means that Bullabulling's shareholders have not capitulated in spite of poor market conditions and the company's prevailing low share price. Whether that means the period of capitulation in the wider market is now over remains to be seen.
temujiin: As things stand NGF wont get a seat on the board, but as they clearly are a company that wants to be involved in our goldfield it is imo likely that BGL and NGF co-operate. I still maintain NGF want a much higher stake in BGL than they are likely to get but it's good investors haven't caved in to the fisrt shoddy offer. NGF are going to be sniffing around for months to come imo and I hope they push the share price higher and get to a point where they do get BoD reppresentation, 35% perhaps, but short of having a disruptive influence. BGL's journey is getting interesting :)
carl79: So what LF...Where will the share price drop to? Where it was a few months back? Guess what, I wasnt selling then either. I can of course see the argument that suggests if a deal is not done now, then SH will be left with nowt later on - there are lots of variables and BGL have lots of obstacles to overcome. But, despite this, I dont sign up to the notion that it is this 7/8c or NOTHING...If we had tried to raise funds and failed, maybe, if the PoG was falling off a cliff, maybe, if costs were increasing, maybe, if recent news flow indicated a deterioration in the asset's commercial viability (as opposed to an improvement), maybe...etc etc yada yada. Put another way, if the share price was 2p with NO bid on the table, I would not be looking for a sharp exit. Yep, there are clearly negatives, thats why we are 4 and not 40p - but there are also positives and that is why a Norton / Zijn is pulling strings to get the asset AS CHEAPLY as possible.
rich pickings: Ok - say they get 30%, and they control the decision making...but BGL still exists. Will they bring the mine into production? - I think so, as they have the financial backing + the parent company needs to maintain it's annual production. So, the share price should go higher than 8c. So why sell out now? But if they have 30% - why stop there? Why not get 50%+. But to do so, they need to offer more than 8c. So why sell out now? And if they don't get much further than 17%, will they dump the shares? I don't think so - so the only hit to the share price is from the 15% placement...but this means BGL can get nearer to the DFS & announce the maiden reserve...which means the share price recovers... Is this too simplistic a view?
temujiin: Just some musing while I watch the Brazil match. Here's how I see the next month. Zijn/Norton will imo totally fail to secure anything like 30%of BGL. I'm sure they know this as well, they may get to 20%(?). The offer may or may not be extended on 16th July but it makes no odds then as BGL can and will have a 15% dilution /placing at possibly 3.5p(?) bringing in maybe £1.83m/A$3.25m. SP may drop between to 3.5p - 3.9p but Zijn will support share price as they try to acquire cheap stock on the open market. BGL will continue to prove the viability and desirability of it's 2.5m – 3m oz gold Reserve. share price will imo rise way above Zijn's 3.9p offer price as cash costs come down and the DFS get's closer. Further out is harder to guess but BGL and Zijn may co-operate, another bidder may make a seriously decent offer for BGL, or BGL may support a friendly merger.
rich pickings: 17 June 2014 ASX Code: BAB, AIM Code: BGL BULLABULLING BOARD REJECTS NORTON'S FINAL AND CONDITIONAL INCREASED OFFER  Conditional increase in offer price to 8 cents per share only if Norton acquires relevant interest in 30% or more of Bullabulling by Monday 30 June 2014  Conditional increased offer price is Norton's best and final offer and Norton will not increase the offer price any further  Bullabulling Board continues to consider the Offer INADEQUATE and OPPORTUNISTIC, and unanimously recommends that shareholders REJECT the Offer  Norton offer now scheduled to close Wednesday 16 July 2014, in the absence of a further extension  Norton currently has a relevant interest of only 17.0% of Bullabulling Bullabulling Gold Limited ("Bullabulling" or "the Company") notes that the Norton Gold Fields Limited ("Norton") takeover offer for shares in the Company ("the Offer")has been revised to conditionally increase the Offer price to $0.08 per Bullabulling share (Conditional Increased Offer Price), if Norton obtains a relevant interest in 30% or more of Bullabulling shares on issue by 5:00pm AWST /10:00am BST on 30 June 2014. The Board of Bullabulling continues to consider that the Offer is INADEQUATE and OPPORTUNISTIC and unanimously recommends that all Bullabulling shareholders REJECT the Offer by TAKING NO ACTION. Norton has confirmed that the Conditional Increased Offer Price is their best and final Offer and will not be increased further. Bullabulling Shareholders should be aware that if Norton does not obtain a relevant interest in 30% or more of Bullabulling by 5.00pm AWST on 30 June 2014, the original Offer price of $0.07 per Bullabulling share will continue to apply (Original Offer Price). Your directors' continue to recommend Bullabulling Shareholders Reject the revised Offer, which is still considered inadequate and opportunistic. The director's recommendation is supported by the conclusion of the Independent Expert who valued a Bullabulling Share at between $0.111 and $0.161, with a preferred value of $0.146 Separately, the Offer is now scheduled to close at 5.00pm AWST / 10.00am BST on Wednesday 16 July 2014, which is distinct from the relevant date for determining whether the Conditional Increased Offer Price will be payable. The directors note that Norton has not made a "last and final statement" as to whether it intends to extend the Offer beyond this date, and as such Norton can further extend the Offer period at any time prior to the current scheduled close. Norton's offer has received limited traction with Bullabulling shareholders since the Offer opened six weeks ago. On 17 June 2014, Norton reported that they hold a relevant interest in 17.3% of Bullabulling. Bullabulling notes that Norton's notice does not appear to take account of the additional Bullabulling shares issued on 12 June 2014. When these shares are taken into account, Norton's actual relevant interest is only 17.0%. In the face of an offer which they consider inadequate, which is now final on price and presents less of a distraction to management, the directors will continue in their endeavors to do all that is necessary to complete the Bullabulling definitive feasibility study for the benefit of all shareholders.
rich pickings: Chances are they will up the offer as 1)They will not get to 30% by end June 2)they won't want a minority interest. They are backed by Zijin Zijin is one of the largest mining companies in China, with a market capitalisation at 12 July 2012 of c.A$11.0 billion. A Shanghai and Hong Kong listed public company, Zijin has extensive interests across a broad range of commodities, including gold, copper, zinc, lead, tungsten and iron ore. 14 May 2014 Zijin Ranks No.1 in National(China) Gold Industry with A Net Profit of USD 83.87 Million in Q1 of 2014 At the backdrop of decrease in gold price and increase in production costs, Zijin Mining achieved a net profit attributable to the parent of USD 83.87 million, ranking No.1 in national gold industry, coming closely after international gold giants such as Barrick, Newmont and Goldcorp. 12 May 2014 Zijin Ranks No.1390 on "Forbes Global 2000" Zijin Mining Group Co., Ltd (hereafter "Zijin")ranks No.1390 on"Forbes Global 2000" published on May 8th 2014. Zijin moves up 2 spots to No. 23 among the global non-ferrous metals companies and moves up 1 spot to No.4 among global gold companies. 3)IMO, as they don't get to 30% by 30/6, they still go with 7c until 16th July as stated, but then will extend & up the offer to 10c - which is near to lowest fair & reasonable price as per independent valuation. And if all fails, I also don't see them selling out, whatever acceptances they have, at a loss. Therefore it will not go down to 5-5.5c as they have hinted at. Finally BGL will use the 15% placement facility to get funds to carry on with the DFS. In theory the share price would fall, EXCEPT the nearer to DFS & maiden reserve, the higher the share price should get. In meantime, Iraq (& Ukraine?) keeps the POG equal or higher than $1280 where it is now, so makes it attractive to another bidder coming in. SO no need to sell out, in short, or medium term...
rich pickings: I just bought at 3.89p. The offer of $0.07AUD (at current rate 1.7127 to gbp) = 0.0409, so I see little downside to buying. The way I see it is this...I would be grateful for your views in case I am being stupid: If they reach 50% - Norton can initiate the acquisition/buy-back of the shares it does not control through their board representation. This is likely if the current offer price is this low. Any shares bought now below current GBP exchange rate price is still a profit. (Risk low) If they reach 90% - Norton will compulsory purchase at offer price. So any shares bought below current GBP exchange rate price = profit But to get to 90% they will require a much,much higher offer. (Reward - high) The latest notification is: Norton have 15.9% of shares (incl associates 2.5% already held. the latest extension of the offer is to 16/6 unless extended further: Will Norton carry on? Nearer they get to 50% - yes Will they up the offer price? Depends how near to 50%, POG, Other bidders... If they pull-out, will they dump their shares? – unlikely as they will take a loss & show it to be a failure (therefore price somewhat supported. And,even if they did, if we get to Maiden reserve, DFS etc – the share price has potential to be much higher as per independent valuation report. therefore downside risk medium term is low. Other downsides: BGL will have to issue shares very soon (15% placement)to get nearer to DFS, maiden reserve etc. At end Q1 they had $3m, with expected outflow of $2.2m in Q2. Today they announced $0.117m shares issued for working capital, so likely in next few weeks-1 month they will place up to 52m shares – This will cause dilution & normally a share price fall. But as long as Norton are still offering 0.07c, any shares we can buy at a lower price than currently 0.041p = profit & guaranteed if Norton go up to 90% ownership, or likely if they get to 50% and exercise option to acquire/buy-back.
Bullabulling share price data is direct from the London Stock Exchange
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