Central African Mining Share Discussion Threads

[romantic rambo] 19/9/2009 21:36

what happened to the GLOBAL BIDDING WAR???
can this really be over?
what was all the hype about?

[wooosh2] 19/9/2009 17:32

NEVER SOLD :-

[cocaine nights] 19/9/2009 17:29

There will be no counter bid.

[b m n 1] 19/9/2009 13:47

Maybe its not a "done deal", looks as though Dan HASNT sold his shares.....

[dealy] 19/9/2009 13:13

It's not too late but it would not be easy. Technically ENRC do not yet own more than 30%. The LoI's / Irrevocables that they have for the extra 25% or so would be void if a higher offer came in. ENRC may themselves actually elect to sell their shares to the new bidder or work out some arrangement. Generally though once the bidder has acquired a large stake it makes it very hard for a counter bid to succeed.

Based on this I would say the chances of a counter bid are less than 20% but not zero.

[metamorphosis] 19/9/2009 10:51

every one LOOK AT THIS!!!

[saltaire111] 19/9/2009 08:21

What we need is Vale or another (China)to come in with a counter bid. But I fear it is too late for that.

Salty

[the jackel] 19/9/2009 08:00

I wondered what are most people doing? Are they going to sell there shares or wait for ENRC to purchase them? Let me know your thoughts guys with pro's and con's for both.

[leedskier] 19/9/2009 07:29

The Kazak-based mining group Eurasian Natural Resources Corporation (ENRC) has agreed to buy the Central African Mining & Exploration Company (CAMEC), for 20p a share, valuing the group at £584 million in a move that will diversifying both its asset and geographical portfolio.

[josels] 19/9/2009 07:13

sdt7618
thanks. Nothing to do with cfm then
Regards
J

[sdt7618] 18/9/2009 22:40

josels,,

this what your looking for

[robson1974] 18/9/2009 22:07

you might want to try the First Quantum board (FQM)

Farewell, Katanga

A mining veteran packs his bags, as jaws savagely tighten around the two biggest mining companies in the central African copperbelt.
Author: Barry Sergeant
Posted: Friday , 18 Sep 2009

JOHANNESBURG -

A mining veteran who has tried to crank up broken down vehicles more times than he cares to remember has decided to pack his bags, days after First Quantum announced that it had suspended work at the 65% complete US$600m Kolwezi tailings project, Katanga Province, Democratic Republic of the Congo.

Katanga Province, which hosts some of the world's biggest and highest grade copper deposits (with cobalt as byproduct) employs a general prosecutor, who sealed Kolwezi tailings, an action described by First Quantum as "illegal". The insane move on Kolwezi tailings has been long in the making, and was no surprise to anyone familiar with the story.

[suncanaria] 18/9/2009 21:41

I sold way back at 14p in May , 20p does sound cheap.

[josels] 18/9/2009 21:28

Has anybody watched the BBC news at 10?

Someone mentioned a rumor, I cant confirm


apparently the BBC reported that a purchase process of a miner in Congo has been suspended due cobalt been bought from rebel areas, I practice that has brought world condenation....

Anyone has watched the news?

[ldmachin] 18/9/2009 21:16

Yep, we've been mugged. And hindsight will confirm this. The bidding war didn't happen... we were all a stitch up job with the board having their bellies tickled and patted on the head by ENRC.

Was looking for a more than 600% return that i got for this... and i was willing to wait years for it.

A bitter sweet ending at best.

[dealy] 18/9/2009 20:11

If the stock hadn't spent 6 months below 5p I would agree with you saltaire. But that period of madness made it hard for the board to turn away somebody offering 20p.

[saltaire111] 18/9/2009 19:15

We've been mugged. Really, really unhappy about this.

Salty

[hydrus] 18/9/2009 19:01

Congrats to all, I bought these at 3p and sold at 16.5p so pretty happy with that. Since then been investing the profits in PELE. Take a look at it, fantastic little company with loads of upside IMO.

[aa04] 18/9/2009 17:57

hmmm Still feel like i've been mugged. Well onwards and hopefully upwards

[jackal2] 18/9/2009 17:55

thanks Davius, not to hot on takeovers.. but at least i've made a good screw..

[davius] 18/9/2009 17:26

Yes jackal, along with everyone else.

[jackal2] 18/9/2009 16:38

will PI's have to sell there shares?????

[strangeglow] 18/9/2009 16:31

yep so long everyone,it's been a good ride and it is always interesting in hindsight to see who was right and who was so hopelessly wrong.

some of those who fell along the way.....eish(although their input was at times convincing,but go short at 2p lol),silverbackalpha(I will wait until 1.8 before I buy),and some daft cow I cant recall her name lost a bundle on t20's before giving in),

to the regulars see you around the other boards in due course probably.good fortune.to those who didnt make anything or lost,well there is always a next time.

its been fun.

[darklord2] 18/9/2009 15:55

Come on lads lets nopt clutch at straws its silly

[dealy] 18/9/2009 15:43

max is right.

But an alternative buyer wouldn't be able to get control with ERNC's agreement because they do have 29% of the shares and that's enough to block a bid.