Cape Lambert Iron Ore Share Discussion Threads

[divinausa1] 10/10/2008 13:22

DIRECTOR'S DEALING


Cape Lambert Iron Ore Limited ("the Company") (ASX: CFE, AIM: CLIO) announces that it was
notified yesterday (9 October 2008) that Mr
Antony William Paul Sage, the Executive Chairman of the Company, bought 1,000,000 ordinary
shares on 8 October 2008 for the total
consideration of A$413,210.
----------------------------

license to print money here and who would'nt buy at these levels

[divinausa1] 10/10/2008 01:57

Cape Lambert also looks forward to reviewing and, potentially acquiring an interest in,
other advanced stage mining projects. With the
current market situation, the Company believes that there are number of opportunities
available that can be capitalised on given Cape
Lambert's strong cash position and technical team.
---------------

Cape in a great position to buy up cheap resources

[ianbrewster] 02/10/2008 13:45

Correct - but don't forget that the price should fall by an equivalent amount on the record date.

pretty close to 10p at 2.25 AUD to the £

An Australian term - I think it means that no tax has been deducted

remember that some of the 10p is treated as a capital return and the rest as income for UK tax purposes, so remember to factor in UK income tax when doing any calculations.

[littlemadam] 02/10/2008 13:20

IB
cheers. my dyslexia doesn't help!
So that means if we buy more shares before 20th Oct we qualify?
So, in UK money, is that equal to about 10p per share, or more?
By the way, what is an 'unfranked dividend'?

[ianbrewster] 02/10/2008 11:22

little m

it is all in today's RNS !!

20th Oct, approximately A$0.227 per share, however, the final payment per share
will not be known until the record date

[getricher123] 02/10/2008 11:00

50% dividend - am i reading this right?

[littlemadam] 02/10/2008 08:55

so what date do we need to hold the shares to qualify and about how much per share is divi likely to be?

[divinausa1] 02/10/2008 08:24

Cape Lambert shareholders to get return on capital

[divinausa1] 02/10/2008 08:05

up 30% in Aussie.

really have no idea we got so low

[littlemadam] 01/10/2008 11:45

seen today's RNS?
Tony Sage clearly telling Evraz and Utd Power to put up or shut up.
I see holding date for divi payout must be after 7th October as that's when AMI will hold their 44m shares but cannot qualify for special dividend.

[divinausa1] 01/10/2008 09:16

i think the biggest drag on the share price has been the credit cris rather than uncertiantty with the direction of the company. A great buying op/ imo

[littlemadam] 30/9/2008 12:17

results v good but all this uncertainty is so damaging

[stuart14] 30/9/2008 07:42

Is that Timis from Regal Petroleum fame?

[slash2005] 29/9/2008 17:32

From Minesite:

Cape Lambert Could Make Hundreds Of Millions Of Dollars From Marampa, Providing African Minerals Retains The Title


By Alastair Ford



Sources close to the mysterious incident at Waterstones, which took place on Friday 19th September when a senior mining man at Mirabaud was seen apparently veering close to a book on escapology, just as the three-legged legal spat between African Minerals, London Mining and Cape Lambert was really gathering steam, have now informed Minesite that the object of the Mirabaud man's quest was in fact almost certainly a map of Sierra Leone. The scale of the desired map was not specified, but of course if a big enough map was available, such a map could be laid out in a Mirabaud war-room on a large table for the City's generals to pour over and mark out the staking and over-staking which has taken place on what has been at the centre of all the argument – the Marampa iron ore project.
How much further that would get anyone, towards either a resolution or even an understanding of what's happened, is open to question. But it is probably worth Mirabaud knowing its Sierra Leone geography, so that when London Mining's Chris Brown shouts out in the time-honoured fashion of British political posturing, "Get your tanks off my lawn!" across the markets to African Minerals chairman Frank Timis, they'll know where the lawn in question actually is. And who's lawn they think it is, too. Because one of the fascinating aspects of the dispute over the little corner of Marampa that everyone's shouting so loudly about, is that both sides seem absolutely convinced of their case. Chris Brown has no doubt he'll win at Marampa, as he told Minesite a couple of weeks ago. On their side, African Minerals, while still keeping their own heads well and truly under the parapet, have at least let it be known through messengers that they are convinced of victory as well. African Minerals has even offered sight of the legal documents that support its case, although sight of Frank Timis remains out of the question.

For a neutral observer such certainty on both sides seems almost suspicious. The outcome of a legal tussle in Sierra Leone is surely never that clear cut in advance. So, for a good-old Blairite third way let's look to Cape Lambert Iron Ore, the cashed-up Aussie iron ore company that's found itself stuck in the middle of this old fashioned staking dispute. Cape Lambert has at least resolved its own internal part of the Marampa kerfuffle. Court action from major shareholder Mick Shemesian, who was attempting to prevent Cape Lambert taking a stake in Marampa, ended last week in an agreement for both sides to pay their own costs. Following sight of the legal details relating to the deal, Mick has agreed that Cape Lambert should take its Marampa stake after all.

So a busy week for Cape Lambert chief Tony Sage, who found time just before the Friday close and a well-earned trip to the pub to watch some football to talk Minesite through exactly what's been going on. He throws an interesting light on the Marampa tussle in the process. First, be it noted Cape Lambert shareholders, he says, that should African Minerals lose their battle over Marampa, "African Minerals have to give Cape Lambert its costs back". Tony may be an old friend of Frank's going back to the days when Frank drove a truck in Northern Australia before introducing Tony to the 13 million ounce Rosia Montana gold deposit in Romania, but business is business. "It's not a soft deal", he says, "shareholders of Cape Lambert are 100 per cent protected". That means that Tony is happy to stand up and be counted as a friend of Frank's, but Cape Lambert shareholders will get their money back if Frank's Sierra Leone deal comes unstuck.

Tony's also quite clued up on the detail, since it's actually his team that's been drilling at Marampa, although at no cost to Cape Lambert, and he offers an interesting insight as to why both sides might be confident of victory: "London Mining may win the trespass clause", he says, adding that this is less material to African Minerals, because it was actually Sierra Leone government officials that did the trespassing, not African Minerals. It's therefore conceivable that London Mining will win this element of the case, and African Minerals others, and that both sides will claim victory. For his own part, advised by his legal team, Tony is fairly confident of the African Minerals case.

Not all the mud is coming Frank Timis's way either. One of London Mining's team has been accused in the Sierra Leone press of orchestrating a forgery of mining licenses, and much else besides. What seems increasingly clear is that the Sierra Leone government has got itself in a tangle, probably through bureaucratic confusion between departments. Both sides may be right, because at one time or other some Sierra Leone official may have signed off on title, but it's no wonder the government out there is now looking at a review of licensing policy.

But, if in the short-term, and perhaps even in the long-term, Tony Sage looks likely to get his way over Marampa, his battles aren't finished yet. As far as Marampa itself is concerned, he's confident enough. "We'll build it up to a JORC compliant resource", he says, "and if it's good enough, and then, and only then, we'll buy it with stock or cash". At the moment, he emphasizes, "it's a A$25 million deal, not a A$400 million deal". Not to put too fine a point on it, that outlay is more than paid for by the interest on the company's cash pile, the money that came in after it flipped the Cape Lambert Iron Ore property earlier in the year. But actually that money in the bank has now become cause for contention itself. Major shareholder Evraz, backed by Chelsea football club supremo Roman Abramovitch, doesn't want Tony to pay out the dividend he's committed to following that deal. And Mick Shemesian hasn't, yet, withdrawn his call for a change at the top at Cape Lambert. So Tony's not out of the woods. A general meeting of Cape Lambert shareholders convened by Mick Shemesian is due on 15th October, at which Mick's company is still, at least at this stage, committed to seeking a change in the board. But says Toney, "I'm confident I'll win, and I'll pay the divi".

If he gets over that final hurdle, Tony can once again get focused on the business of steering Cape Lambert head on into the still-raging iron ore boom. Marampa he reckons he ought to be able to make A$300 million to A$400 million on, if left alone. In the meantime there's also the Cape Lambert South property, nicely located right next to all that lovely infrastructure going in on the main Cape Lambert project. And there's all the other deals that are coming across his desk. "We've had 200 projects come in", he says. "Two or three we're quite keen on". With any luck, the next deal will involve fewer legal hassles than the Marampa deal did. Still, on the plus side, at least Mirabaud now has a nice new map

[littlemadam] 25/9/2008 17:43

IanBrewster.
Is the agreement the right thing for Clio shareholders?

Will Power still call for Directors to go and still hold meeeting on 16 Oct?

[ianbrewster] 25/9/2008 16:34

Not sure if you should read anything into it, but the CFE announcement doesn't include the last sentence of the African Minerals one i.e.

'CLIO and the Company are now able to proceed with the finalisation of the agreement announced 1 September 2008.'

[vermilion1966] 25/9/2008 13:48

...so Power have stopped trying to block the deal

[vermilion1966] 25/9/2008 13:48

African Minerals Limited

("African Minerals" or the "Company")

Cape Lambert Injunction Proceedings Resolved

On 22 September 2008, African Minerals Limited (AIM: AMI) advised that the Supreme Court of Western Australia had granted an interim injunction on 19 September 2008, restraining Cape Lambert Iron Ore Limited (AIM: CLIO) from declaring unconditional its agreement with the Company to invest in the highly prospective Marampa Iron Ore Project in Sierra Leone, from issuing shares to complete its investment or from entering into any other agreement with the Company.

As further advised on 23 September 2008, the Court reserved its decision in the matter until further order and CLIO expected the Court to deliver its decision by the end of the week.

The Company has noted CLIO's announcement today on the Australian Stock Exchange that, as a result of extensive discussions between Power United Limited, the CLIO shareholder that applied for the injunction, and CLIO, those parties have resolved the proceedings by consent, with the interim injunction being discharged and with each party bearing their own costs of the proceedings. CLIO and the Company are now able to proceed with the finalisation of the agreement announced 1 September 2008.

[littlemadam] 25/9/2008 12:55

ok, so proceedings resolved, but it does not say what the implications are.
Is Power still going ahead with its EGM and resolutions to remove the board?

[littlemadam] 23/9/2008 13:25

IanB, Pug,

What do you make of Power Utd court moves? I am confused.

[ianbrewster] 18/9/2008 14:01

Pug

close :-
$400m less $38m commission, $87m tax = $274m

not sure how easy it is to reverse the in-specie distribution of $37.7m that shareholders have already voted for.

[littlemadam] 16/9/2008 10:55

Well, what do we make of all this. Above article coupled with today's announcements. Fun and games, eh? I do love it when this sort of thing occurs. Will be very interesting to see what happens.

I think Power may have a point. I am are not happy about CLIO getting involved with AMI. Timis, justified or not, does have a bad image with the market.
I also think at times like these it is no bad thing to hang on to such large sum of money.

Tony Sage made a lot of good moves early on but he does appear to be making a few wrong ones of late; and making decisions without consulting shreholders.

Evraz have said they oppose the move to return such a large sum to shareholders, so while they might not back the proposal they may abstain from voting.

All in all it seems Clio is a desireable commodity.

Your thoughts welcomed.

[topcar] 16/9/2008 10:50

Bloody hell, not another regal petrolium, whats happened to our spin off company, "global iron"