Centamin Share Discussion Threads

[rose_by_another_name] 17/10/2024 07:38

Without the offer hanging over it, Centamin would have
risen sharply on these results.

[zangdook] 17/10/2024 06:47

These excellent results certainly raise the question of why the BoD accepted such a derisory offer.

[sotolo] 17/10/2024 06:35

…and ask the question !

[legg96] 17/10/2024 06:31

Why o why are we selling out at such a poor price ?

[harry_david] 17/10/2024 06:29

The question and answer session this morning is an obvious time to try and get a change of heart on acceptance of the bid. Definitely worth a listen.

[thecroots] 17/10/2024 06:24

shocking behaviour from the board. cracking quarter . last quarters figures (especially the sales) fudged to keep the share price low.

then all of a sudden a decent quarter to help the sale go thru

manipulation in full show here..

[sotolo] 17/10/2024 06:15

beeeez amazing results as expected, that would normally result in whopping rise I would say 10p but see my previous post plus I can’t see anything on the bid nor asking for a higher share of Anglo that these results warrant?

[sotolo] 17/10/2024 04:39

Beez I don’t think the recent Anglo rise back to a price that makes the bid worth 1.60, and hence Cey share price rising as usual a couple of pence below it, has much to do with Cey results that are anyway pretty much already known. Anglo likely to have a small rie or fall today depending on gold price. Nor do I think Cey likely to soar above the Anglo offer price on these results. The hedge funds that now own many of our shares will play the arbitrage methinks keeping Cey tracking just below Anglo bid unless looks like any chance of it failing or being increased but the current pricing suggests neither is likely even if many here hope so, though not entirely impossible in which case the arbitrage difference will change fast imho

[beeezzz] 16/10/2024 15:50

Looks like the market is expecting good things tomorrow!!!

[larry laffer] 16/10/2024 14:28

Undervalued assets

Everybody’s view is going to be different all distilled down into a vote for or against. Everyone’s risk profile is different.

Having said that

AngloGold is burdened by large debts
Their existing assets are operating with higher AISC than currently Centamin.
Centamin have a $200m liquid asset cash pile.
Q3 result should be stellar for Centamin.
AngloGold are mired in potentially a number of high value court cases, in some cases fighting the local government departments.
The Anglo share price is trading at a recent high. They have only reached this level 3 times in 3 years and it never stops at that level.

What’s to like about the offer, shareholders are swapping a share that’s had 4 years of recovering, and us on the cusp of being a top tier 1 asset for somewhat of a lame duck desperate to shore up their balance sheet.

I’m hoping the offer fails miserably.

Sukari, EDX, ABC & Doropo are all in our hands now, why does Horgan want to hand them over to a 3rd party to profit from them in place of our long suffering shareholders.

[undervaluedassets] 16/10/2024 12:09

so what do we do? hang around or sell?

Depends on what we think the fortunes of Anglo Ashanti are going to be I guess.

Must say I think that they have got the value now and investors have been bought out for a few pieces of silver.

[sidarthur2] 16/10/2024 10:46

Ha ha!!!yes, I spoke too soon!!

[rose_by_another_name] 16/10/2024 09:20

Anyone else noticed the new flag?

It's mind your manners time.

[undervaluedassets] 16/10/2024 08:46

1gw. I thank you.

[1gw] 16/10/2024 08:40

Still early in the day for the 8.3/8.5 announcements. They should start arriving soon I would have thought.

[sidarthur2] 16/10/2024 08:37

No holdings RNS' this am - after the recent daily deluge is that a little odd....?

[1gw] 16/10/2024 08:36

You only need a simple spreadsheet to convert the price.

Based on the current pre-market AU price of $28.02 and xrate of $1.30, offer price is (fractionally over) 160p by my calculations. We were trading at mid-price 157.55p when I looked a minute ago, so that's about a 1.6% discount.

[undervaluedassets] 16/10/2024 08:31

Has anyone here been following this who has an actuarial mindset?

What will get based on last night Anglo-Ashanti share price.

[1gw] 16/10/2024 07:19

Pound down, gold up is a pretty good combination for the price at the moment. Probably always has been, come to think of it, but the mechanism is a bit clearer when we're directly tied to the AU price.

[1gw] 15/10/2024 16:18

If a company doesn't want to risk the "majority in number" hurdle in a potentially contentious scheme of arrangement, it can always opt for a full takeover. This is decided just on the number of shares voted, or tendered, not on the number of shareholders, but I think requires 90% success before the company can buy up the remaining shares of dissenting shareholders, whereas a scheme of arrangement goes through on 75% (plus the majority in number).

[rose_by_another_name] 15/10/2024 16:09

"It is fundamental to all corporate law and governance
rules."

This is a departure from the usual internal company
voting, in that it is a vote before a court, requiring
approval from outside the company's own decision making.

[1gw] 15/10/2024 14:35

I'm afraid it is fundamental to a Scheme of Arrangement that it is has the consent of a majority in number of those shareholders voting, in addition to the consent of 75% in value of the shares voted.

The example of Dee Valley that I included in an earlier post is perhaps the easiest example to help understand this concept, since in that case a shareholder tried to load the "majority in number" vote by splitting his shares between lots of other shareholders (and the legitimacy of this was challenged). So there is lots of discussion on legal sites about the case. Here's another write-up:

"As is usual on a scheme of arrangement, the takeover required approval by a majority in number and 75% by value of the shareholders voting, before a court hearing to sanction the scheme."
..."At the shareholder meeting the requisite majority by value approved the scheme but not the majority by number of shareholders, due to the votes against the resolution by those who had been gifted shares."



Or the earlier write-up I posted if you prefer:

[elbrus55] 15/10/2024 12:31

It is by number of shares. It is fundamental to all corporate law and governance rules.I can see there is a rather long sentence in the Scheme document written by a lawyer which is probably confusing you. I deleted one subclause to make it clearer. The subclause only acts as a further clarification, but it doesn't alter the meaning of the rest of the sentence.To become Effective, the Scheme must be approved by a majority in number [] representing three-fourths (3/4ths) or more ofthe voting rights of all the Centamin Shares voted.

[rose_by_another_name] 15/10/2024 11:43

Refer to earlier discussion, elbrus55. There s a majority by
number of holders issue as well as number of shares.

[elbrus55] 15/10/2024 11:30

If it says "majority by number" it means by number of shares as each share has one vote.Pretty well all company votes work like this.