There's a bit of an arbitrage, if you're willing to take the risk. At the current MTL price I make the offer worth around 31p, and you can buy CNR for 28.4p. Then you get the CVRs on top, and good luck with that.
I'm not biting. |
worse than I thought. Jimbo has promised to vote for the possible deal *even if they change the terms*.
(whether on the terms of the Possible Offer or including any revision or variation in the terms of any such acquisition which may be made by or on behalf of the Company from time to time) |
Oldie - that is incorrect.You have excluded the shares we get in MTL.
Its a poor deal from where i stand however i will stick my neck out and say that we may well get a counter offer before cob on Wednesday.
If we dont then noone else was willing to pay more. |
edit.
They seem to be acting tough, putting forward a possible offer and extracting an irrevocable commitment from Jimbo. |
£67.5m, and that's at the closing price on Friday. MTL has fallen back a lot today.
I wouldn't bank on the CVRs amounting to anything.
Metals Exploration plc (AIM: MTL) ("Metals Exploration", "MTL" or the "Company") is pleased to confirm, further to its announcement earlier today, details of an irrevocable undertaking received and the proposed consideration in respect of its Possible Offer. Pursuant to the Possible Offer, each Condor shareholder would be entitled to fixed consideration comprising of 4.0526 new ordinary shares of £0.0001 each in the capital of the Company ("MTL Share") and 9.9p in cash for each Condor Share held (the "Fixed Consideration").
Based on the closing middle-market price per MTL Share on 29 November 2024 (being the last Business Day prior to this announcement), the Fixed Consideration values Condor's existing issued ordinary share capital at approximately £67.5 million, representing approximately 33.0p per Condor Share. |
Guys, you will get 9,9 p per CNR share from MTL.
Scroll back some months, this is exactly what my predictions were.
And, read the MTL RNS carefully, it’s about a POSSIBLE offer |
Pursuant to the Possible Offer, each Condor shareholder would be entitled to fixed consideration comprising of 4.0526 new ordinary shares of £0.0001 each in the capital of the Company ("MTL Share") and 9.9p in cash for each Condor Share held (the "Fixed Consideration").
metals exploration has 2,106 million shares!
still better than no bid. |
Agree
Not a bad ending
It could have been worse
Now to bet is even safer
Risk has reduced, a producing miner is buying us |
Based on how poorly CNR has been managed, I'm happy with this. MTL will make it produce and I'll keep their shares. |
Looks like Jim has accepted the offer?Will be up to shareholders to approve it though - needs 75%.
Have to say it stinks a bit with the ex Hannam banker now on the bod of ME.All a bit odd.
I did say i thought we would get another offer pre Christmas but i didnt think it would wind up so quickly. |
Much better than old cabibre’s offer in the lower 20s |
This is a done deal, Mellon has agreed it.
Only way it wont happen is another higher bidder - unlikely. |
 Calibre Last NightToday 11:21
Calibres statement last night:
“ VANCOUVER, British Columbia, Dec. 01, 2024 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) ("Calibre" or the "Company") reports that it was referenced in a Condor Gold news release. Condor Gold initiated the sale process for their La India gold asset two years ago. During this time, Calibre acknowledges having engaged in discussions with Condor regarding the potential acquisition of the La India gold asset, which aligns well within Calibre's Hub & Spoke operation. However, Calibre confirms that it is not currently in discussions with Condor, nor does it have an active offer. At this time, unless Condor is willing to reengage in meaningful discussions, Calibre does not envision completing an acquisition
Read more at: hxxps://www.lelezard.com/en/news-21623867.html”
Note particularly the final sentence which makes it clear that if Condor re engage in meaningful discussions an acquisition could occur. Its clearly just about price and one would expect Calibre to top any other bids as it’s a no brainer deal for Calibre on every level. |
They are spinning with the old Calibre’s offer |
oldie,
I think you need to re-read the Condor announcement which was released via the LSE and is on their website.
Statement Re Press Article
Commencement of Offer Period
Condor Gold plc (AIM: CNR; TSX: COG) notes the press article released today and confirms that it has received two non-binding offers from Calibre Mining Corp (“Calibre̶1;) (TSX: CXB; OTCQX: CXBMF) and Metals Exploration Plc (“Metals”;) (AIM: MTL) which may lead to an offer for the entire issued and to be issued capital of Condor (“Possible Offer”).
Source:
hxxps://www.condorgold.com/sites/default/files/news/Condor%20Gold%20-%20Leak%20announcement%20-%201.12.24.pdf
In view of the response by Calibre Mining, do you think Condor's statement true and accurate? |
No active offer
No good
No new offers from the early discussions |
They said this morning that they had
received two non-binding offers from Calibre Mining Corp ("Calibre") (TSX: CXB; OTCQX: CXBMF) and Metals Exploration Plc ("Metals") (AIM: MTL) which may lead to an offer for the entire issued and to be issued capital of Condor ("Possible Offer").
Calibre say they never made an offer for the share capital. Perhaps MC would argue in court that Calibre offered him a ride home from the brothel and MTL offered twenty quid for the entire share capital, so they both made offers, but in my book the RNS was misleading. |
Most of likely calibre put an very low offer many months back which Cnr rejected
Has calibre increased its original offer? |
CNR didn’t put out anything misleading, they left this to SKY NEWS, which is I use to call „flat earther‘s BBC“ |
Isn't anyone concerned that CNR put out a misleading news release?
Calibre have immediately said it is not true, surely market regulations have been broken here? |
888
"My guess would be MTL are being used to flush out a decent bid for CNR from Calibre"
My thoughts exactly when I read the news. |
You forgot that „land is not an issue“ |
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