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Share Name Share Symbol Market Type Share ISIN Share Description
Cerillion Plc LSE:CER London Ordinary Share GB00BYYX6C66 ORD 0.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 620.00 610.00 630.00 630.00 620.00 620.00 13,675 08:00:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 20.8 2.6 8.8 70.5 183

Cerillion Share Discussion Threads

Showing 10901 to 10922 of 11150 messages
Chat Pages: 446  445  444  443  442  441  440  439  438  437  436  435  Older
DateSubjectAuthorDiscuss
18/10/2007
21:23
Zolota, as you say volume is low so it would seem Severstal will have trouble in getting more stock unless they increase their offer.One doesnt need to be a Rhodes scholar to see the increase in production and upgrade at Suzdal, will see a value of around 450p- 500p by next year, add to this, a rise in the gold price and we have a very nice company.The following years can only be better.Some further concentrates to be treated and we will have a very profitable outlook. I find it interesting that in the view of Celtic management, Severstal have, at this stage, not made, a genuine offer.I guess they are waitng to see if another bidder comes to the table.Lets hope this is the case and then we will see some action.But all this aside, surely our best result is to survive on our own. Anyway, it seems fellow s/holders think we are worth more, so the few of us on here,are not completely alone. Chevyplus
chevyplus
16/10/2007
14:55
Gold is still steadily rising, with production up and unit costs down the margin per ounce will also go up significantly. >400 per ounce is realistic at current prices . The case to invest in gold will only get stronger for Severstal and as a consequence the case to pay significantly more as well. It is good to see that there are few week hands. Volume has dried up so Severstal should come up with an signficantly better offer, because the value of CER will only go up, supported by steadily improving production numbers and the gold price and possibly exploration results.
zolota
14/10/2007
15:04
I agree - just rounded down to be even more conservative.
tigerinvest
14/10/2007
13:08
TigerInvest, I just checked Celtic website, the share of moly production is 0.75m lb per year. By the way, I think CER worth 470p including the cash, without any other exploration assets with a PE of 15.
eastwind
14/10/2007
12:33
Sagem, let's do the maths: Celtic states that they will produce around 90,000 ounces in 2007 (profit of around $30 mln) and 150,000 in 2008 (profit of around $50 mln). On top of this you should take into account: - molybdenum production anticipated to reach 1.5 million pounds in 2007 - profits from the BIOX(R) plant - cash of US$34.4 million at 30 June 2007 and a further US$26.5 million in cash received for the sale of Miheevskoye at the end of July 2007 => $60.9mln cash! Most gold producers easily have a p/e of 20, which we could see if production was realised now. For the sake of argument look at 20 (15) times estimated 2007 profits => we get a value of $600mln ($450mln). Adding the cash etc, we get close to $700mln ($550mln). Looking at 2008 estimates, the case becomes even more compelling. Compare this with the current Severstal offer of around $330mln and we see that a serious offer would normally be in the 400p to 550p range. Note that this is a cautious valuation. 2007 is almost finished so Celtic must be pretty sure about the 90.000 ounces. It is not unreasonable to assume that they will be able to increase production in 2008. Also a p/e range of 15 to 20 for a gold producer is pretty conservative these days.
tigerinvest
13/10/2007
14:54
So what price is a good price and what will the price be which will offered to secure this company.............somebody did mention or I remember reading at least £4.00
sagem
12/10/2007
11:52
* An excellent portfolio of assets, with gold production expected to reach 90,000 ounces in 2007 and planned to rise substantially in 2008; and molybdenum production anticipated to reach 1.5 million pounds in 2007 * The proven ability to use the technologically advanced biological process for gold recovery (BIOX(R)) for gold production in the Former Soviet Union * A track record of generating profits from the trading of mining assets * A strong financial position, with cash of US$34.4 million at 30 June 2007, and a further US$26.5 million in cash received for the sale of Miheevskoye at the end of July 2007 --------------------------------------------------------------------- Celtic Resources Holdings Plc Letter to Shareholders The below is the text of a letter being posted today to shareholders of Celtic Resources Holdings Plc: "Dear Fellow Shareholder, REJECT SEVERSTAL'S PROPOSED OFFER Background On 5 September 2007, Severstal approached your Board with an unsolicited and highly conditional potential offer of 220 pence per share for the entire issued share capital of Celtic Resources Holdings Plc ("Celtic" or the "Company"), which your Board unanimously rejected. On 19 September 2007, Severstal acquired shares in the Company at a price of 232 pence per share. On 27 September 2007, the Company announced that a third party, other than Severstal, had approached Celtic with a view to making an offer for the Company. On 28 September 2007, Severstal announced its intention to make an offer for Celtic at 270 pence per share. Your Board, who are being advised by Gleacher Shacklock LLP and Strand Partners Limited, unanimously consider that Severstal's proposed offer of 270 pence significantly undervalues Celtic. Severstal has still to dispatch its formal offer document, but has taken the extraordinary step of sending you a letter urging you to accept its offer, before it has been made. Accordingly, your Board felt it was appropriate to write to you now, rather than wait until Severstal sends you its formal offer document. I will continue to keep you informed of all material developments during the course of the offer. Celtic's key attractions Severstal's proposed offer of 270 pence per share fails to recognise the Company's excellent strategic position, planned growth in production against a background of a high and rising gold price and our cash rich balance sheet. Severstal is trying to buy Celtic cheaply. It is trying to take possession of: * A highly experienced management team with a strategy for driving shareholder value * An excellent portfolio of assets, with gold production expected to reach 90,000 ounces in 2007 and planned to rise substantially in 2008; and molybdenum production anticipated to reach 1.5 million pounds in 2007 * The proven ability to use the technologically advanced biological process for gold recovery (BIOX(R)) for gold production in the Former Soviet Union * A track record of generating profits from the trading of mining assets * A strong financial position, with cash of US$34.4 million at 30 June 2007, and a further US$26.5 million in cash received for the sale of Miheevskoye at the end of July 2007 * Direct exposure to the financial benefits of a high gold price Celtic's prospects as an independent company are excellent. Severstal is trying to buy Celtic without paying for these prospects. You should not accept Severstal's proposed offer. Response to Severstal's letter of 8 October 2007 In its letter which was sent to you on 8 October 2007, Severstal made a number of assertions which we can refute. (a) Severstal wants you to believe that Celtic's Board did not properly consider its proposed offer on 28 September 2007. We did. Severstal first approached the Company more than 3 weeks beforehand, on 5 September 2007. The uncomfortable truth for Severstal is that your Board, and its advisers, unanimously consider that 270 pence per share significantly undervalues your Company. (b) Severstal claims that Celtic's board has a "confused strategy". When Severstal first became a shareholder in Celtic in August of this year, it went out of its way to praise Celtic's management team. In its announcement of 14 August 2007, it said, "We think particularly highly of Celtic's management". It has changed its tune since it decided to try to buy the Company. (c) Severstal asserts that if its proposed offer fails, there is a likelihood that the share price of Celtic will fall significantly. Severstal cannot know this. It is also choosing to ignore the gold price - between 1 January 2007 and 17 September 2007 (the day prior to our announcement of an approach), the gold price rose by approximately 13% and Celtic's share price by approximately 24%. Your Directors consider that the combination of rising gold production levels and a high gold price will continue to underpin a strong Celtic share price in the absence of any offer. (d) Severstal has implied that I, your Chairman, sold shares in Celtic during the summer. I did not, and Severstal knows this to be the case. Conclusion Your Board, which has been so advised by Gleacher Shacklock LLP and Strand Partners Limited, believes that Severstal's proposed offer significantly undervalues Celtic and unanimously recommends that you should take no action in relation to the proposed offer. In providing advice to the Board, Gleacher Shacklock LLP and Strand Partners Limited have placed reliance upon the Board's commercial assessments. Your Directors' intention is not to accept Severstal's proposed offer in respect of their own beneficial shareholdings, amounting in aggregate to 5,844,462 shares, equivalent to 10.47% of the Company's issued share capital. When Severstal does send you its offer document and accompanying form of acceptance, do not complete it. In short, DO NOTHING. I will continue to keep you informed of all material developments during the course of the offer and will be writing to each of you again once the Severstal offer document is published. Yours sincerely, Peter Hannen Chairman
tigerinvest
12/10/2007
11:48
Finally some proper coverage:-) Celtic board rebuffs Severstal By Lucy Killgren Published: October 12 2007 09:56 | Last updated: October 12 2007 10:52 Celtic Resources, the Aim-listed gold miner, on Friday moved to reassure shareholders over its share price and gave further details of its reasons for rejecting a revised potential bid from Severstal of 270p a share last month. Celtic said in a letter to shareholders: "Severstal wants you to believe that Celtic's board did not properly consider its proposed offer on September 28. We did. The uncomfortable truth for Severstal is that your board and its advisers, unanimously consider that 270p per share significantly undervalues your company." Celtic's comments came in response to a letter earlier this week from the mining arm of Russia's biggest steelmaker, to Celtic shareholders in which it said the board had a "confused strategy" and warned of the possibility of share price fall if the Russian group withdrew its indicative offer. It also said that if it did not receive the 80 per cent acceptances from shareholders necessary for compulsory acquisition, as the largest single shareholder, it would run Celtic as a subsidiary. Celtic rebutted Severstal's claims saying that Severstal had gone out of its way to praise Celtic's management team when it first became a shareholder in Celtic in August. Celtic also moved to reassure shareholders over the possibility of a share price fall. The Russian steelmaker had said that if its £161m all cash offer was not accepted or withdrawn, Celtic's share price could collapse. Celtic on Friday said the combination of rising gold production levels and a high gold price would continue to underpin the share price in the absence of any offer. A spokesman for Severstal said on Friday that the 270p offer represented a significant premium to the undisturbed share price before the company became a target. He also emphasised that it offered the certainty of cash. Celtic has been fending off Severstal since September, first rejecting a 220p a share proposed offer on September 25, then days later took just half an hour to spurn a revised 270p all cash offer, saying it was pursuing a possible rival deal. Celtic on Friday added that the proposed 270p offer failed to recognise the company's strong strategic position, its planned growth in production against a backdrop of a high and rising gold price and its cash-rich balance sheet. Celtic said: "Severstal has still to dispatch its formal offer document, but has taken the extraordinary step of sending you a letter urging you to accept its offer before it has been made." On September 27, Celtic said a third party, other than Severstal, had approached Celtic, although Celtic has not said who the new suitor is. Earlier this week, Severstal said its 29.7 per cent stake could be used to "block any other party from acquiring full control of Celtic and could potentially dissuade third parties from making a competing offer". Since news of the bid interest in Ireland-based Celtic, the company's share price has risen dramatically, from 149p in early July. On Friday, shares were unchanged in early trade at 278p in London. Copyright The Financial Times Limited 2007
tigerinvest
12/10/2007
09:38
Yes, and it says Enquiries to Kevin Foo and JSB of EKA fame...........utter something or others in my view.
papalpower
12/10/2007
08:28
I particularly like this statement in their letter "A track record of generating profits from the trading of mining assets". I hust hope that ex EKA shareholders take it positivly (I think it means "we sell off our assets and then buy them back much cheaper, watch out VOG")
wolstencroft
09/10/2007
21:12
tsmith9426 Today in the Press Tuesday, 9 October 2007 08:53 CELTIC DEFENDS SEVERSTAL REFUSAL - The Irish Times is reporting that the board of Irish-registered exploration group Celtic Resources yesterday stood by its decision to reject a €233m takeover offer from Severstal. The deal was turned down, despite the Russian miner writing to all Celtic shareholders offering to buy their stock. Responding to the letter sent to shareholders and to the London Stock Exchange, where Celtic's shares are listed, a spokeswoman for Celtic said the offer still significantly undervalued the company. She said the letter was not an offer document and, as a result, the position of the board was still that the bid was not in the interest of shareholders. 'The board's job is to act for all shareholders and they will not be distracted from their duties.' Chevyplus
chevyplus
09/10/2007
11:17
TigerInvest I think the Severstal P/Release was a P.R. letter that seemed to have a few things of interest in particular the mention that Celtic could be a subsiduary of Severstal.I think they have the bull by the horns.If anything with them in ownership of approx.30% of shares one would think they have a way to go before they can call the shots.Nice try.chaps.And then some bolloks about blocking anyother bidders.Once again they cant stop someone else from bidding but that of course will get some competition and ahigher price now we dont want that do we. I would expect Celtic to have a letter to shareholders as well so things are on the move. You are correct in your suggesting that higher production next year will make the share worth more hence the move by the Russians.As for Barrick one would think they will go with whoever gets control or just sit tight.Small fish for these chaps it would seem.Anyway some interest is being shown with Celtic and the so called city will see things going on and they will be in for their cut dont worry about that. Lets wait for the next move. Chevyplus
chevyplus
09/10/2007
08:45
they need to come up with something tiger, no responce from yesterday
tsmith9426
09/10/2007
08:34
To summarise: "bull%^&$ walks, production talks". That's why the timing of the Severstal bid is so perfect (or bad for us). They are pretty sure now that Celtic will reach very high levels of production in 2007/ 2008 and matching profits. As the market still wants to see profits before raising the value of this share, Severstal might succeed in getting Celtic at a bargain. Maybe Kevin should come with some new (estimated) production/profit update?
tigerinvest
08/10/2007
15:41
PapalPower: "I am not looking at the financial side here, only the personal side of things, and it would be nice to see the board thrown out." Kermit: "the city will never , NEVER give celtic its correct or near correct value because of the boards behaviour in the past" Well guys, I feel a lot of emotion here. Do you people really think that 'the City' (as if it is 1 person:-) would agree with such statements? If my 10 year City experience thought me one lesson, it is that greed is the strongest emotion. If 'the City' sees proof of a strong turnaround story (for example some solid growing gold and moly production), they will be opportunistic enough to hail Kevin & his team as a prime example of an successful management that under difficult circumstances made it in the FSU bla bla bla. And trust me, value would quickly follow....
tigerinvest
08/10/2007
14:25
Well its not about value here as the city will never , NEVER give celtic its correct or near correct value because of the boards behaviour in the past. So we are left with a serious bidder at 270p which i think is they offered 300p they would get their hostile takeover complete. these share have to be taken off the market as they will never fullfil any dreams of ours. I hope an a way that the management are ousted then they will have first hand experience of not being in control and at the mercy of someone else... just like some of us Eureka shareholders
kermit
08/10/2007
13:28
they are only picking up crumbs, something as to give soon
tsmith9426
08/10/2007
10:45
I'm not selling... I was in for the long-term and still am. Unfortunately, at the same time, none of this is good for long-term holders.
richardly
08/10/2007
07:20
bit of a slaging off there by severstal be intresting if and what cer response is.thy do need to respond unless they are ready for us to sell out cheap
tsmith9426
08/10/2007
01:23
chevyplus, I am a holder by default, as I got CER shares as part of the EKA takeover, where the board of CER screwed all EKA shareholders. Therefore, to see them all kicked out of their jobs would be wonderful imv. I am not looking at the financial side here, only the personal side of things, and it would be nice to see the board thrown out. As CER holders, kicking the present board of CER out and putting a new one in does not effect the value of the shares at all. In fact, with Foo and his team gone, and a new board in palce, you might even see the city then take CER more seriously, and give it a higher rating on the share price
papalpower
07/10/2007
15:11
dont see how they can unless they get a load of instituions on board and they will be after the best deal they can, they are not having mine at 270
tsmith9426
07/10/2007
14:26
Severstal only speaks for 29.7+6.6% of shareholders. How can it install a management of its own and treat CER as a subsidary? I used to be a shareholder of EKA. I got CER due to its acquisition (equivalent price of CER is 200p). I was glad that EKA was saved from bankrupcy by CER. 12 months ago, when EKA was in trouble, no other company came to its rescue. Although Foo is responsible for the demise of EKA, I think he did quite well in running CER recently. The value of CER is significantly higher than the 270p offered by Severstal. CER will produce 120kounce of gold and 0.8 mlb of moly in 2008. (The Company is currently completing advanced studies on the potential expansion of Suzdal to result in production in excess of 150,000 ounces per year by the end of 2008.) The cash cost of gold for 1H 2007 was $346/ounce and $12/lb. If we assume the cash cost will remain the same (although should be lower due to higher output), gold price to be $700, moly price to be $30. The pretax profit will be $56.9m. Assume tax rate of 40%, then after tax profit will be $34m = £17m. EPS = 17/60 = 28p. If we assume a PE of 15, then share price should be 420p. If we include CER's cash ($61m, 51p per share) and other exploration assets, the share price should be significantly higher. At 270 bid price, I will certaintly not tend my shares. If Severstal call an extraordinary meeting, I will not support installing a management of its choice. I am afraid that Severstal will ruin the company and buy CER on the cheap. PapalPower, on EKA days, you said it was worth a lot more than the price offered by CER. I totally agreed with you. Given EKA's acquisition by CER, I think the value of old EKA can be better realised. I migh tend my shares if the offer price is 420p or more.
eastwind
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