Cerillion Share Discussion Threads

[shutler] 19/11/2007 14:35

Eastwind - Thanks for correction. Yes seems things are looking even better then. Getting very confused with all the various ways of stating who has accepted/made irrevocable acceptances...but extremely pleased to see them struggling to even get 50%. Clearly there are plenty of folk that recognise this for the shoddy bid it is.


edit...so am I'm right that in between the announcement of the revised offer of 9/11 where they stated "The Celtic Shares held by the Celtic Board, when
aggregated with the existing irrevocable undertaking and letter of intent to
accept the Revised Offer referred to above, represent 45.3% of the entire issued
share capital of Celtic."...they have managed to acquire a further .3%!!!! That would be hilarious...things are looking better than I thought.

[eastwind] 19/11/2007 10:01

shutler, in Severstal's 9th November announcement, they had acceptance of offer of 45.3%. Now, they have acceptance of 45.6%. That's 0.3% extra.

I think Severstal will struggle to get 51%.

I think we do not even need to have a VOTE NO campaign.

Celtic Resources Hld Severstal extends offer for Celtic Resources to Dec 7; has 45.6 pct acceptances
LONDON (Thomson Financial) - OAO Severstal said its Centroferve Ltd
subsidiary has extended its revised offer for Celtic Resources Holdings to Dec
7.
The company said as of Nov 16 Centroferve had received acceptances
representing about 15.9 pct of Celtic.
Its Bluecone Ltd unit holds 29.7 pct of Celtic, and has given an irrevocable
undertaking to Centroferve to accept or procure acceptance of the offer in
respect of those shares.
On Nov 9, Severstal had agreed to acquire Celtic Resources, through
Centroferve, for a minimum 280 pence per share in cash. Celtic had previously
rejected Severstal's initial offer of 220 pence a share and a revised offer
pitched at 270 pence a share.
[e-mail]

[tsmith9426] 16/11/2007 16:33

"Two companies interest us, Highland Gold and Celtic. These companies can be
bought for a fairly good price," Alexei Mordashov said at a UBS investment
conference in Moscow.
says it all i guess

[bonzophil] 14/11/2007 17:03

Still here too. Like you shutler, as an ex EKA holder I will not be investing in Foo again. He is obviously intent on putting his own interests above his shareholders. I am satisfied in the situation where I have recouped about 90% of my original EKA investment, and with put the remainder down to experience (or rather lack of it ).

[hpreston] 14/11/2007 12:56

Still here and did the same as your self dont expect a reply but
H

[eastwind] 14/11/2007 12:55

I am still in. I will wait until I know the aceptance rate as well.

[shutler] 14/11/2007 12:10

I'll take it everyone's left then?

Just phoned the supposed shareholder helpline and left my words of disgust for the board and this shameful deal. I'll probably wait for the revised offer details and see what kind of acceptance rate they get before considering the matter further.

[shutler] 10/11/2007 15:58

Oxus, which definitely felt like a multiple mugging exercise...thankfully managed to exit around level in the end (so a prolonged period of dead capital). More recently Ovoca, which again I've not lost anything on, but did see the share price go up over 50% only to see some Russian civil servant (for whom one broker has developed a specific term to apply to his impact in share prices - 'the Mitvol factor' I believe) trot out various statements of breach of environmental law, apparently wholly unsubstantiated, nevertheless the share price dropped around 50%. Following the drop, Ovoca purchased the remainder of the Goltsovoye Licence which required the issuing of loads more share options to the majority Russian shareholders at around 8p, rather than what would have been substantially less shares had the price remained or exceeded the 14p it had reached prior to the statements of breach...

Whilst it's impossible to be sure what's going on here, I certainly have the feeling of a theme developing with investments in this part of the world, one which makes me consider them undesireable.

[eastwind] 10/11/2007 14:24

Shutler, thanks for your opinion.

I also believe we are sold off cheaply because the directors can get better compensation in related deals.

You had bad encounter in FSU investments, eg EKA, what are other companies?

[eastwind] 10/11/2007 10:50

Shutler, I agree with you. I will certainly not accept the offer and hold on until it is compulsary taken.

I think no one else has given the support to the offer.

My question is: if Severstal holds 45% of the company, will other shareholders suffer when the company is managed by Severstal? If they are good manager, I do not mind being a shareholder of the new Celtic.

[kibb2] 10/11/2007 08:57

I read that they now are able to get their hands on 45% of the shares (Telegraph), it sounds like the Company realised the game was up, hence the about turn.... it seems that quite a few holders were happy with the price after all. It's a shame really as the cash flow over the coming year is going to be very impressive and in my opinion worthy of a higher price.

Also the company has a lot of cash, perhaps we could have had some of this returned via a special dividend prior to the sale (say $50 m returned, would have been nice).

[sh4nnon] 10/11/2007 08:19

Disgrace, when the extra 10 p would hardly pay for the letters sent out to shareholders...not to accept 270...........especially with the strong fighting talk those letters contained.


Surrender Monkeys, another fudged deal, but obviously no faith in their own ability to make a go of it anymore, but i guess as a long term shareholder , i lost faith in them long ago.

Foo Hannen and Co must have been bought off, just like the missing shares of NEZDANISKOYE this company has been run by crooks and wide boys and questions should be asked.

[papalpower] 10/11/2007 01:40

Not really - I might keep on about EKA, but with these kind of people around, did you really expect CER to be anything different.

[munin] 09/11/2007 19:06

Why the sudden surrender?

[rupe1958] 06/11/2007 09:12

SHutler - thanks for that.

[shutler] 06/11/2007 09:03

Rupe1958

I'd suggest you read back through the posts over the last couple of weeks, as plenty of folks have expressed views about this offer and whether or not it would be worth accepting. I certainly won't be accepting it as I consider it to significantly uncervalue the Co. and its' prospects over the next couple of years. As regards Barrick, please correct me if I'm wrong but from memory, I think Barrick said their shares would be available following a 'successful offer' by Severstal, I'm sure someone else will know precisely what percentage acceptance is required for this to occur.

There is still of course the possibility of another bid at present, although things have gone quite quiet on this, but my preference is for Celtic to remain independent, so I won't be tendering my shares, and I'll be using my shares to vote against any proposal by Severstal to oust the current management, should they fail to secure a takeover.

[rupe1958] 06/11/2007 08:47

Can anybody offer a view on whether or not to accept the Severstal offer at 270p?
Seems to me that Severstal will defiitely get control, as they already have Barrick's 6% lined up. Once Severstal has control, CER will presumably continue to be listed, and its shares might rise with Kevin Foo out of the way. But this is a nice profit from 163, and it is tempting to take it.

[kermit] 06/11/2007 07:53

Celtic Resources sells off Russian stake
Tuesday, November 06 07:15:20

(BizWorld)

Celtic Resources has announced proposed sale of its 70pc stake in the Tominskoye copper project to a subsidiary of The Russian Copper Company.

Anime Global, Celtic's joint venture partner in the project, is also selling its 30pc interest in Tominskoye to RCC as part of the transaction.
The consideration received by Celtic and AGL at completion will be approximately USD25 million in cash


Commenting on the disposal, Kevin Foo, Managing Director of Celtic, said, "this transaction further demonstrates our ability to add value for shareholders. Once the disposal is complete, we will have raised approximately USD44 million in cash from the sale of assets which came into the Celtic Group through Eureka which cost approximately USD32 million. It also allows us to focus on development of our core gold and molybdenum assets which includes the highly attractive Shorskoye molybdenum mine,which was also an asset of Eureka."

Celtic said the purchase price may be adjusted after completion, depending on the results of a joint drilling programme to determine the actual copper tonnage present in Tominskoye.

The costs of this exploration programme are currently estimated by Celtic to be USD1.9 million, of which Celtic will fund 35pc.

The minimum sum, which Celtic will receive for its stake in Tominskoye will be USD 14 million and there is no limit on the maximum amount which Celtic may receive.

[papalpower] 05/11/2007 23:56

I just take exception to the fact when Foo goes around saying things like that. He could have perhaps removed the reference to Eureka, and I would not have been offended by the rest of the statement.

[hpreston] 05/11/2007 23:12

No one said he wasn't right just sick of the repetition whining.
H