scheme of arrangement, requiring a majority of shareholders voting 75% of shares. |
zandook - rns arrived while I was composing 13360 - Anyway glad I got out earlier as timeline for CVR far too long for me - (imo) |
Mark Child, Condor Gold's Chief Executive Officer, has expressed his desire to step down from the Effective Date, although he is keen to ensure a smooth transition, and accordingly is willing to consider a temporary consulting role subject to agreeing mutually acceptable terms.
Not had his fill, needs more consulting fees. |
They've fiddled with the CVRs - half if they manage to produce gold within five years, and half if they find some more gold in the ground. |
book5 - RE Calibre - Maybe they know the difficulties and waiting for the MTL offer not to complete and then pick up the assets they would like in the fire sale - Remember they know all the correct people. |
Offer now been accepted by Jimbo who surprise surprise gets a seat on the new bod.
Absolutely farcical - 2 years $8 million and a dud deal - being really poilte.
I shall be voting n0 - they need 75% majority to carry it.I feel they will struggle. |
Too many moving parts. Land ownership. Artisanal miners. Nicaragua. Shonky majority shareholder. I would have a go maybe if my surname hinted at being Chinese or Russian or was Ortega. Otherwise it is in the too firkin difficult pile |
Did Calibre offer only to buy la Mestiza?
CNR must first buy all the land to get a decent offer for La India.
Maybe CNR can explain why Calibre has not engaged with us for more than a year. They bought a massive asset somewhere |
I agree the warrants would be better than the CVR, in fact anything would be better than the CVR. However what I want is for the negotiations with Calibre to get very serious so we get a higher offer from Calibre of at least 50p. I will be very happy if the offer is all paper. It is quite possible if the serious bull run in gold equities gets underway Calibre could do 100%. In that scenario my 50p would become £1 which is fair price for Condor’s shares imho. |
Calibre statement 2 days old
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.
end |
It's been suggested by someone over on LSE, the the current MTL deal could be amended to have warrants (at whatever realistic execution price) instead of the CVR. What are peoples thoughts, I personally like that idea much better. |
I guess they would put some minimum acceptance threshold so if only 10% of holders accept they don't end up with a minority stake in the company they were trying to take over. |
Is it not going to be a contractual offer though, needing 90%?-------Sir AndrewAbsolutely not! Never on a month of Sundays! |
The share price is still lower than it was six months ago. |
AIUI in a contractual cash offer if they get 50% then they have control of the company but holders who don't accept keep their shares as minority owners. If the bidder get 90% they can make a compulsory acquisition of the remaining shares. There's some other threshold for delisting.
I don't know if it works like that when it's a mixed cash and paper offer. That would be quite complex. |
Thanks book5 |
. Stepblues
U need to add a capital letter within https.
Supposedly protecting the trees, water, and environment from aggressive mining.
Many miners have lost their jobs in San Juan because they violated the reforestation requirements. Could this somehow help CNR? I found this interesting. |
I don't know enough re the missing land and if that really is a stumbling block to getting the mine up and running historically as some suggest but if it is I hope the due diligence will highlight this and if it's a real issue put an end to the bid |
Really? What are lth's expecting after 20 years of nothing? If the offer does not go ahead what will condor do, spend another 20 years in the wilderness trying to get the mine up and running? I find it interesting that after all this time of nothing, shareholders are expecting a white knight to come along and pay through the nose to compensate long suffering shareholders. I am a holder in mtl and trust and rate its management highly but on the face of it this does not look to be the best company to buy. The inability, for whatever reason, to get this mine even close to production after 20 years with such a decent gold resource seems to be grossly negligent. |
Is it not going to be a contractual offer though, needing 90%?
hxxps://resourcehub.bakermckenzie.com/en/resources/global-public-ma-guide/europe-middle-east-and-africa/united-kingdom/topics/effecting-a-takeover |
"Am I right on this percentage for a plc takeover or is it 75%?"------Sir Andrew That's unfortunately not correct! The 75% is only in certain arrangements. For example if it is management buyout or a majority shareholder taking over the company. Then 75% of the votes need to be in favour! In CNR/MTL merger, we simply need a basic majority (so 50.1% of the vote will be good enough to get it over the line). |
I think the potential offer of MTL is not lowball, but realistic.
It is in line with what I am repeating here for years now.
I would be very surprised if now a bidding war started.
On the other hand, sir Andrew is probably right in that most LTH and Onion evangelists expect (much) more and reject |
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