Centamin Takeover Rumours (CEY)

Looks like its heading for a takeover with no premium . What a bummer

Must be a buying operrtunity here what with the takeover

Not sure but it wouldn't surprise me Anglo have huge debts so its more like a fundraising takeover...

Kenny No I haven’t got the figures to hand, but they are in the offer document. Roughly 0.069 Anglo shares for every one Centamin share & approx 9p ($0.125) per Centamin share in cash. Plus retention of the H1 dividend. If Anglo share price keeps dropping then depending on how they fund the takeover it could have a more or less impact on the cost for Anglo. Issuing any treasury shares. Borrowing the cash. They have a revolving credit facility in place already. Using Centamins $300m liquid assets. As per usual nothings straight forward in the gold miners world. Just need to stay sharp and dive in or out when appropriate.

Dagoberia The takeover was always a part share, part cash offer. Heavily weighted towards the share swap. The falling AngloGold share price has meant in cash terms a reduction in the value of the offer for Centamin shareholders. You would have made more money selling at recent highs and if you really want to hold Anglo shares, buy them when the Anglo share price falls to your buy point. Whilst I am not a fan of USA shareholdings or AngloGold, it could be interesting at the 20 to 22 bucks level. We are all in it for money so I might take another look at it at that time. Meantimes it’s Barclay’s for me.

Must believe trump is going to get the wars stopped??This takeover looked done but present price a good way off the offer now due to the reduction in the share price of angloashanti

Some of gold miners I have invested in have been taken over like HGM and Shanta (got cash in both cases) and invested in PAF at 16p (only a small position). CEY has been my longest and best holding (started at 35p when there were issues with the Egyptian government, it fell in the 20s) I kept adding in 2013 and ever since traded in and out. My current holding is over 2m. So, I have been incredibly lucky. It all started with my SBT holding being taken over by GVC (now Etain) getting cash and shares, plus divi. This was another lucky break, I'm agnostic about the AngloGold takeover (I was waiting for the CEY Sp to go above £2 to reduce my holding). Have dipped my toes in the US stock FCX, Newmont, and Barrick over the last two years (this was only because I got my divi from CEY in USD). Good luck to all on the board- haven't posted much over the last few years due to derampers.

It is not logical for cey to be under pressure when the takeover is virtually a done deal. The bidder can't pull out, any concerns about Egypt and Israel are now Anglo's worry, they don't look real anyway. The two shares should be line ball .

18097 If the takeover goes through you won't get any more dividends from CEY.

I'm not keen on holding Anglo Gold shares. Dividend yield is too low for my needs. The question is hold until The takeover then sell Anglo Gold or sell Centamin now. Is there a consensus on the best option.

Norry it depends where you put the money, if you had put it in Fresnillo, as I was suggesting when takeover was announced you would be way ahead. I am kicking myself for hanging on but now wondering whether to sell and reinvest in Pan American Silver despite would have been better sooner? Other thing is to keep the cash.

Tnt99 Post 59963 Takeover by barrick me thinks Unlikely to be AEM, or Newmont who is still digesting Newcrest. Barrick is the most likely, willing to take on the Political Risk that Egypt gives - theyve invested in some other real shit holes. eg Mali. But I'm sceptical any other bidder will materialise. Hope I'm wrong.

Well it happened to me twice recently if it goes over the bid is likely the takeover fails or a new bidder comes in

Takeover by barrick me thinks

I have just instructed my proxy to vote my 1,114,793 shares against the proposed takeover by Anglo and my associates will vote a further 196,800 shares against the transaction. This morning`s results demonstrate that Anglo`s offer materially undervalues the the true value of the company.

It's not another bidder. Of course CEY rose on these results, as they are, part of Anglo now so Anglo will rise- these 2 are now linked. Anglo got a great deal without having to pay any premium if you look at the rises of other PMs since the deal was announced- eg Hochs have increased even more than CEY without any takeover- based of the economic indicators and gold price. So you could argue that CEY would have risen to it's current SP or maybe even higher without any bid announced. This is why so many retail investors are upset that the price paid is too low.

If I ask ChatGPT whether Centamin or Anglogold is better-placed to profit from a sustained high gold price, it comes down on the side of Anglogold due to "its larger, more diversified portfolio, its operational flexibility across different jurisdictions, and its capacity for expansion. Its ability to scale production across its mines globally gives it significant upside potential in a strong gold market." I take it that those arguing that Centamin is being "stolen" here don't buy this. Personally I still plan to take my remaining gold profits towards the end of this takeover saga, but for those believing in "higher for longer" on the gold price does Anglogold paper post-takeover not offer more risk-adjusted upside than standalone Centamin?

Horgan was never going to take any questions that could in anyway be associated with the offer. Without the restrictions on what they can comment I reckon there would have been a few questions about the forward plan and the good result in Q3. Everyone is concentrating on the takeover offer. With such a good Q3 why hasn’t Horgan increased the guidance. To please his masters at AngloGold. Maybe he has done, in the guise of the offer confidentiality agreement. $242m in cash and liquid assets gifted to AngloGold if the takeover goes through. 🤬 I’m voting NO Unless an institutional holder is looking for some readies at present then they hopefully will vote NO as well. With these sorts of results the divi payout should have improved as well as the share price.

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).

This isn't right. It is not possible to discuss with shareholders in advance of a public announcement due to takeover code requiremnts on secrecy. Tacit wink-wink conversations aren't going to fly either.If you did so, due to some exceptional circumstances, they would become insiders, making it impossible for them to trade without committing a crime. That would probably annoy them.

Not sure what your intention is there.When you acquire the shares in a Company by takeover, it doesn't change the directors appointments within the acquisition company. Once you have shareholder control you can decide to terminate some directors subject to necessary compensation, keep some others, promote others. There should be controls in place to prevent any major conflicts of interests. Of course, the acquirer may tell existing management they are fantastic prior to the bjd and will have a great career with them - but that sort of assurance is not legally binding.There are good reasons why an acquirer may want to keep some of the existing directors and other staff they have knowledge and expertise that can be very valuable.

Quite right beeezzz, they are cash negative by a massive amount. The share price is at a level they have only achieved 3 times in the past 5 years. Way above their average and way beyond expectations. The next most likely move if they complete the takeover will be a 20% drop IMO. Several court cases unresolved, including some where the other side is the state bodies. Their estimate of remediation should the court cases go against them is way more Thant the $200m dollars they will remove from the Centamin cash register. Everyone should vote NO to the takeover.

ACT - So where will the sp go up or down if takeover fails?

No need to do anything yet.There are shareholders' meetings on 28 October that will determine whether the takeover goes ahead. You should have a vote. Your broker should send you something or it will come in the post if you hold certificated shares. If it is approved (more than 75% of votes in favour) then there will still be about 3 weeks after that when you can sell your Centamin shares on the market. After about 20 November they will be de-listed and after a short administrative delay you will get AU shares (Depository Interests) instead and a little bit of cash.

To:Larry Laffer re:Anglo Gold proposed takeover: Thank you,,for your very informative post above. I don't have any voting rights as far as I know. How would I reject the offer? If I were able to reject the offer,what would happen then re:my Cey Shares. I have been holding and trading Cey shares since 2012 but I have never had takeover issue to consider as far as I can remember. Should I just sell all my Cey shares now? Thanks, Regards, Cinquepercento

What happens to our Centamin shares and their value if this takeover goes through? Will we Centamin shareholders gain or lose money on this deal? Should we hold or sell now?

Not really as there are at least 4 possibilities.AU offer proceeds as offered AU offer enhanced and proceedsNo takeover CEY continues as independentThird party counterofferWith so many possibilities and variables the SP cannot by itself mathematically determine the probability of AU offer proceeding on current terms. In fact it provides no information.Even in the simplified explanation you have 7 degrees of freedom.

I'm not sure the gold price has any effect while in a takeover. However, it looks like the balloon is slowly deflating, due to lack of support for this crap deal...

The market don’t think this takeover is going through We need another player to enter the field with a better offer

If institutions have concerns then you would expect them to let management know - privately or publically. For example, they might say they would prefer a greater cash component.Not sure why they would commit to anything formally before the vote on a fairly straightforward takeover proposal like this. No point shooting yourself in the foot. Even if they did so for some reason, such commitment would routinely lapse in the event of a counterbid.If a second bidder comes forward then those takeover code rules kick-in which should help to protect shareholder interests.

FFS 1gw are you real…… “ About 70% of shares were voted - that's around 820 million shares and all resolutions were supported by over 90% of the shares voted……â€￾ What’s that got to do with the takeover offer. Voting for a non exec to retain his place on the board doesn’t indicate anything about accepting a takeover offer. “The Centamin IR team will be ringing round institutional holders trying to secure their support………â€￾ Maybe they should have done that before recommending acceptance. If that’s the case it’s an example of very amateurish behaviour by the management team.

Beeezzz “ Feeling price not rising on being voted against...â€￾ If that’s correct I’m glad. I don’t want to be “robbedâ€￾ of my shares. As soon as the takeover offer collapses I intend to ask for a “ pre of confidenceâ€￾ in the current board. The rationale of their action in recommending the offer needs to be explained. With all their jam tomorrow and the forward looking capital expenditure to date how strange to throw it all away on a cheapskate offer. Even industry professionals have gone into print to say “Great for AngloGold but poor for Centaminâ€￾.

Midas article on the takeover today: “ Midas verdict: While gold is at an all-time high, gold miners are not. The South Africans have spotted a bargain: this story may have further to run. Sit tight.â€￾ Seems fair.

I get the impression that the majority on here feel that the takeover deal on the table is a bit skinny and so it is unlikely to get the required % of yes votes to push it through. How much does the deal undervalue CEY? I guess any improvement in the offer would need to be reflected in more AU shares for each CEY share as I suspect the cash part of the bid is all they have available. Having not looked at AU before would it be correct to say that it too is an undervalued miner so that all we are doing is swapping one undervalued miners shares for another similarly undervalued miner

I doubt that would affect the price with ds smith the share price has exceeded the offer price and another takeover at shares I own echo have recieved an offer of 54p happy days

This is more like an opportunistic stitch up, just like the HL. takeover.

Well done to anyone that was still in Centamin. I've been out for a while, but it was one of my best holds over many, many years. I came a cropper back in December 2012 when operations were suspended, but kept the faith and when it eventually recovered made quite a few grand. Centamin has finished as one of my top 5 investments, so despite missing out on today's jump it owes me nothing. It will be sad to see it delisted when the takeover is complete.