Centamin Share Discussion Threads

[trader365] 03/12/2019 09:06

FOR IMMEDIATE RELEASE

3 December 2019

Centamin plc

("Centamin" or "the Company")

(LSE:CEY, TSX:CEE)

Statement regarding possible offer by Endeavour Mining Corporation

The Board of Centamin plc ("Centamin" or the "Company") notes the announcement by Endeavour Mining Corporation ("Endeavour") regarding an unsolicited preliminary proposal for a potential all share combination of the Company and Endeavour based on an exchange ratio of 0.0846 Endeavour shares for each Centamin share, implying a 5% premium based on the preceding 30-day VWAP of each company to 22 November 2019 (the Proposal).

The Board of Centamin has reviewed the Proposal with its financial and legal advisers and believes, based on publicly available information on Endeavour, that the terms of the Proposal provide comparatively greater benefit to Endeavour's shareholders, do not adequately reflect the contribution that Centamin would make to the merged entity and that Centamin is better positioned to deliver shareholder returns than the combined entity. As a result the Board has unanimously rejected the Proposal. Centamin will be making a further announcement with its detailed response in the near future.

In the meantime, the Board strongly advises its shareholders to take no action in respect of the Proposal.

Centamin shareholders should note that the announcement made by Endeavour does not amount to a firm intention to make an offer under Rule 2.7 of the Code. There can be no certainty that an offer will be made or as to the terms on which any offer might be made.

As a consequence of Endeavour's announcement, an "Offer Period" has now commenced in respect of Centamin in accordance with the rules of the Code. The attention of Centamin's shareholders is drawn to the disclosure requirements of Rule 8 of the Code, which are summarised below.

In accordance with Rule 2.6(a) of the Code, by not later than 5:00 pm (UK time) on 31 December 2019, Endeavour must either announce a firm intention to make an offer for Centamin under Rule 2.7 of the Code or announce that it does not intend to make an offer for Centamin, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.

The person responsible for the release of this announcement on behalf of Centamin is Josef El-Raghy, Non-Executive Chairman.

Contact Information:

Centamin plc

[kennyp52] 03/12/2019 09:06

Thanks Skinny . “Cey currently have no CEO” ... yes they do ... Pardey is there for the best part of a year ?! Personally I think he should have been replaced due to his failures over the past 2 years .... which he can reverse if they produce 160k ounces in Q4 ... we are in December Pardey .. if you are advising not to accept an offer then get an RNS out if we are on target and boost the share price further .

[skinny] 03/12/2019 09:02

.

Statement regarding possible offer by Endeavour Mining Corporation

The Board of Centamin plc ("Centamin" or the "Company") notes the announcement by Endeavour Mining Corporation ("Endeavour") regarding an unsolicited preliminary proposal for a potential all share combination of the Company and Endeavour based on an exchange ratio of 0.0846 Endeavour shares for each Centamin share, implying a 5% premium based on the preceding 30-day VWAP of each company to 22 November 2019 (the Proposal).

The Board of Centamin has reviewed the Proposal with its financial and legal advisers and believes, based on publicly available information on Endeavour, that the terms of the Proposal provide comparatively greater benefit to Endeavour's shareholders, do not adequately reflect the contribution that Centamin would make to the merged entity and that Centamin is better positioned to deliver shareholder returns than the combined entity. As a result the Board has unanimously rejected the Proposal. Centamin will be making a further announcement with its detailed response in the near future.

In the meantime, the Board strongly advises its shareholders to take no action in respect of the Proposal.

more.....

[qs99] 03/12/2019 08:59

As an Ex CEY holder, check out RFX, somewhat linked to POG....results this morning IMO were stonking....net cash, growing, divi up 13%, decent outlook EV/EBITDA looks v. low....DYOR natch and good luck rest still holding here

[kennyp52] 03/12/2019 08:59

If the market thinks this is up for sale then bids will hopefully come in excess of 150p . Stevedaytrader .. what a time to get out ! Still an opportunity here to day trade. Production on target alone would have taken this back to 130+ IMHO . 150 still 25% on 120 .

[stevedaytrader] 03/12/2019 08:57

Well done all holders, I missed out here :-(. Agree, low bid but is it because they know the prod is going to be ok? Interesting....

[juju44] 03/12/2019 08:57

It’s pathetic

[ukgeorge] 03/12/2019 08:49

Shame it wasn't a sensible premium say 30 %

[ukgeorge] 03/12/2019 08:42

Hopefully it might get some other parties interested in a counter bid. A Chinese company surely must be interested.

[larry laffer] 03/12/2019 08:30

Nothing to see here move on son.

It’s a no brainier, reject the offer and tread water until after the January update. Increase the divi, declare 160k gold for Q4,

When they get an offer north of 150p it will be worth thinking about, then tell em no.

[jeanius] 03/12/2019 08:26

It hit 150 only a few months ago. Opportunistic!

[wallywoo] 03/12/2019 08:26

I think this has been on the table for a long while. CEY, have delayed and delayed the PEA on Cote D'Ivoires mine. I suspected talks etc have been going on the background with Endeavour. Merger makes a lot of sense imo. It would be an African mining giant

At least it should spur CEY into action. Likely to hear a lot more over coming months.

No surprise they launch a bid when the Gold price is at a low point

[kennyp52] 03/12/2019 08:21

All share Endeavour offer at 13% premium ... puts price at about 125p ?? Nowhere near enough . Well done Pardey ... you made this cash cow a target with your lack of production padding out the low grades and cheapening the share . I posted when the share was at 90p ... worth 150p every day of the week.

[bocase] 03/12/2019 08:18

The advantage of an all share deal is that Endeavour's share price could rise quite smartly if the price of gold rises as we expect it to in the next few months. The price we get will also rise with it, whereas a cash price would not change, therefore an all share deal is advantageous.

There may also be counter bids from other parties of course, triggered by this move.

[wilmot] 03/12/2019 08:16

WTF. Only interesting at 150p per share plus. Why sell out for a 13% premium.

[phillis] 03/12/2019 08:15

All share deal not a chance
And certainly not at this misery premium

[adg] 03/12/2019 08:10

Can’t see an Endeavour RNS - could anybody please post the link. TIA

[chrisdgb] 03/12/2019 08:02

Happy Christmas...............

[molatovkid] 03/12/2019 07:48

wow.....someone wants a merger and the Board want nothing to do with them. Price looks optimistic at best

See the Endeavour RNS this morning.

[dt1010] 02/12/2019 21:26

Gold soon to zoom up.