Consolidated Minerals Share Discussion Threads

[sammu] 08/8/2007 13:34

Most of it has now I think Chris, but not in the direction that one might have thought?

Sammu

[chriswatts] 07/8/2007 09:41

Following yesterday's market driven fall in the share price and today's smaller than Aus tick-up, these are now trading at a noticeable discount (about 6%) to the ASX shares. I would have expected this level of price differential to have been arbitraged out. Can anyone say why it hasn't?

C

[sharpshare] 06/8/2007 15:16

Good update at Diggers and Dealers conference

[phillis] 06/8/2007 10:06

Record prices for manganese agreed thru 08.
Chromite prices look v high as well

[sharpshare] 03/8/2007 12:48

Man with deep pockets buying Consmin?

[gryphon2] 02/8/2007 08:57

good analysis .. but doesn't say where things might go. The Ukrainians might agree to pledge/ sell their shares at a loss to kiernan in return for a guaranteed supply of manganese. whatever they probably bought another 250k in London this morning .. any further bidder might now be frozen out with such a big stake in a trade partners hands.

[phillis] 01/8/2007 11:43

pretty sensible analysis

[gryphon2] 01/8/2007 08:55

two worked trades through london yesterday and today . yesterday of about 250,000 at 156p, today the same amount at 153p and I don't believe they were sells!!

[geof2] 31/7/2007 20:03

Yes greenleaf, they are said to be representing Ukrainian buyers of manganese from Consmin who are worried that Pallinghurst intend to terminate their contract. If you put Palmary Enterprises into Google you'll find a lot of newspaper reports about this attempt to block the Pallinghurst deal. It seems that they may be working with Territory. They've certainly put some real financial muscle into their plan!

[greenleaf] 31/7/2007 12:02

So we now have Palmary Enterprises of Belize announced as a substantial shareholder with 12% of the equity

Does anyone know anything about them?

[gryphon2] 31/7/2007 07:49

back in again this morning .. 10K

[nickgrant2] 30/7/2007 20:08

Thats a trading day later than my figures

[gryphon2] 30/7/2007 07:37

consmin closed at 3.64 aus = £1.53

[nickgrant2] 29/7/2007 19:55

Folks,

the ASX website give a price of 3.96aud for CNM. At the current exchange rate of 2.34 that equates to about £1.70 share price.

Does anyone know why the AIM share price is so far adrift of this?

Nick

[sharpshare] 27/7/2007 16:36

Third player joins battle for ConsMin
Business Day
Jamie Freed
July 28, 2007



"
IT appears a third player has entered the hotly contested battle over Perth miner Consolidated Minerals, after the shares saw heavy trading and price gains on Thursday and Friday.

The manganese, nickel and chromite miner has already received two takeover offers in recent months - one from a private equity group led by former BHP Billiton chief executive Brian Gilbertson and another led by former ConsMin managing director Michael Kiernan.

Mr Gilbertson's Pallinghurst consortium has offered $3.30 a share for ConsMin. Mr Kiernan's company, Territory Resources, has offered $2 plus 1.5 Territory shares, valuing ConsMin at about $3.50.

Although nearly every resource stock took a pounding on Friday following heavy losses on Wall Street, ConsMin shares rose 10 per cent to close 36c higher at $3.96.

Nearly 13 million shares changed hands, compared with an average of 1.85 million a day over the past three months.

When added to Thursday's heavy trading, ConsMin's register saw its turnover approaching 10 per cent in two days. The heavy buying was led by Southern Cross Equities on Thursday and by Patersons Securities on Friday, but both brokers were very active on both days.

Sources said the purchaser was likely an overseas party and indications were it was a corporate player rather than a fund.

ConsMin is an attractive takeover target because it controls about 10 per cent of the world's high-grade manganese at its Woodie Woodie mine in Western Australia.

Mr Kiernan said Territory was reviewing its bid and it might make an increased offer next week.

"The bottom line is we've got two or three different alternatives with which we can go forward," he said.

Mr Kiernan said one of the alternatives was likely an all-cash bid, and it was possible Territory could raise the cash component of its current bid.

In a bidder's statement released on Friday, Pallinghurst provided more details of its funding for the offer. US coal group AMCI has agreed to provide at least $474.4 million, a Pallinghurst fund would provide $181.9 million from money it has not yet raised, investment bank Investec would contribute $87.1 million and NGP Mining would add $132.4 million.
"

Any guesses who the buyer is?

[dpmcq] 27/7/2007 08:54

Something does look afoot, are we to get another company entering the bidding?

[sharpshare] 27/7/2007 08:36

Massive volume in Australia.
Is this a dawn raid by a big mining company picking up stock all the way to AUD 4.00?

[sandpipers] 27/7/2007 07:56

Bets for Christmas. £2 perhaps!

[dpmcq] 27/7/2007 07:27

Went over AUS $4 last night and settled just below tha at close ;-)

[gryphon2] 27/7/2007 07:07

sadly I'm out closed most of my holdings yesterday .. waiting for turbulence to subside and getting ready to go opn holiday .. don't like to be too extended while I am away

[sandpipers] 26/7/2007 18:24

320K buy after hours!

[gryphon2] 26/7/2007 16:20

y .. could be a reaction to today in OZ tonight so maybe will get back in a bit cheaper

[gryphon2] 26/7/2007 11:21

Sandpiper .. well done.. maybe the shareholders should pass a resolution at the next AGM noting that the Price Waterhouse report was unreasonable and understated the value of the Company by 50% .. Imagine if people had actually sold shares based on the PW conclusion!!

[sandpipers] 26/7/2007 09:10

Just to think that the independent report, commissioned by the directors and undertaken by PwC, said that the original Pallinghurst offer was "not fair but reasonable". I contacted PwC at that time and said that their conclusion was ridiculous but the reply was that they did not discuss such matters with individual shareholders. I responded by saying that the original offer would not go through, that the share price would go up and that their conclusion was "not reasonable". PwC did not respond. Always good to get "independent" reports!

[sandpipers] 26/7/2007 07:22

rmjones
Thanks.

No news from Aus. Should be some tomorrow. Still if there is no increase in the offer the fundamentals are good enough for higher prices.