Consolidated Minerals Share Discussion Threads

[chriswatts] 28/8/2007 12:01

Sorry, Phyllis, can't see the purchase - not having L2. What was it? (Doesn't seem to have moved the price.)

C

[phillis] 28/8/2007 11:23

Impressive purchase!

follows the 349k bought last Friday

[leadersoffice] 27/8/2007 08:00

DONT FILL YOUR FORMS OUT ACCEPTING PALINHHURST OFFER OTHERWISE WE WILL ALL SUFFER.VOTE NO!

[leadersoffice] 27/8/2007 08:00

DONT FILL YOUR FORMS OUT ACCEPTING PALINHHURST OFFER OTHERWISE WE WILL ALL SUFFER.VOTE NO!

[tim] 26/8/2007 03:43

Energyi

If you would be so kind to answer. With a major trust like HTE the proven and probable reserves have a life of around 9 years. With their exploration program and budget (the remaining 30-40% of the earnings) I assume the goal is to try and replace lost years, so that for example if all goes well, in a years time they would still have 9yrs. Is this the case and how successfully are they at doing this.

Cheers

Tim

[makingheaps] 24/8/2007 14:36

Market seems to think so. We are up 10% or so sice I posted on 20th Aug. What should we read into the extension of the Pallinghurst offer. Possibly they think they have done enough and additional time will prove decisive or they don't want to declare acceptance before the third bidder reveals his hand? Seems Kiernon is also keeping quiet awaiting developments.

On the trading I agree it was a very positive outlook.

[dpmcq] 24/8/2007 07:42

The fun should now begin - great set of results (even though they did not benefit from soaring prices) with much more to come now they can charge the higher prices.
Surely the company must be valued higher than this now!!

[makingheaps] 20/8/2007 13:37

You can sell in the market right now for £1.30 ie. the value of the cash bid. Therefore the market has little faith either that Kiernon will be able to respond given the current banking situation or that the new third party wil offer substantially more. Our big problem in the UK as detailed above is that we are being pressed to take action by 24th August when things are unlikely to be any clearer. I regret not selling in the market 20% higherbut will now wait until 24th before making a decision.

[a3477681] 20/8/2007 11:23

The question is what is the company really worth and what are they likely to bid.
It would seem at these levels its tempting to buy a few more. Anyone got a take on this? Sandpipers are you still with this one?

[phillis] 20/8/2007 08:49

Hardly sniffing.

They have made an indicative offer which is being taken seriously.
Not usual at this late stage to permit DD so this is a very serious approach.
Yippee!

[leadersoffice] 20/8/2007 07:16

Someone else now sniffing around and is being allowed to access the books.
Wonder who it is, anyone have any idea??

[leadersoffice] 19/8/2007 19:58

Kiernen will need to strike pretty quickly, i'm at a loss what is goin on. I voted against the whole deal. There getting our company on the major cheap laughing at us shareholders in the process. Its a bloody outrage

[bigtbigt] 19/8/2007 12:17

Please someone decode this announcement for me, remembering I am UK investor with CNM shares on the AIM...

" Pallinghurst has decided to withdraw its standing on-market order on the ASX to acquire upto 11.35 million Consolidated Minerals shares at $3.30. The withdrawal will be effective after the close of trading on the ASX tomorrow. Consolidated Minerals shareholders that wish receive early payment for their shares (that is, within 3 business days), must seel into the on-market order by 4.10pm on Friday August 2007.
The Pallinghurst off-market takeover offer for Consolidated Minerals (Pallinghurst cash offer) will remain open after this time, but is scheduled to close at 7.00pm (Melbourne time) on 1 September 2007 (unless extended). Shareholders that accept the Pallinghurst Cash Offer will receive payment within one month after the later of teh date taht they accept and the date that the Pallinghurst Cash Offer becomes unconditionnal or in any event no later than 21 days after the end of the offer period (assuming the offer becomes unconditional)."

I note that in the 6 August Corporate Action letter I received, the deadline for registering my YES vote is 24 August.

So please confirm or correct my interpretation that:
Being a UK/AIM investor my only mechanism for getting their $3.30 per share was to register YES to Pallinghurst's bid for CNM. I never did have the option of selling shares on market for that price whilst not voting YES, since this option is restricted to Aussie market [though of course, selling them shares = sellinges votes]. So, despite their recent announcement, I still have the option of voting YES and will the get $3.30 per share assuming the overall Pallinghurst bid for CSM is eventually successful (assuming it is not withrawn ater 1st September).

Also, any info I've missed regarding...?
- when now will the Pallinghurst bid be voted on?
- anything new from Kiernen?

Thanks in anticipation of help!!

[chriswatts] 17/8/2007 12:24

Price closed in Aus at 327 yesterday - that's a premium of less than 1%

[brydenws] 17/8/2007 11:11

The recent falls do make P's offer of AS$3.30 seem more attractive??

Although it's only a 10% premium to today's price.

[phillis] 15/8/2007 13:50

Look girls, this is a standard procedure. You have to positively accept any offer made. If you do not accept and sign you will not have sold.
Period.
In the case of P's offer - if that turns out to be the only one on the table - you will end up as a continuing shareholder in CNM. This will be controlled by P if they get more than 50%.
However if they get more than 90% acceptances they will almost certainly acquire the minority through compulsory process

[chriswatts] 15/8/2007 09:23

I will post what advice I get from Etrade.

I also read the Target's Statement (40 odd pages) last night. It is pretty clear from there that a positive response is required to accept Pallinghurst's terms. The board is still strongly recommending acceptance and discounting TTY's bid on the basis of a part share offer, so identifying risk as to TTY share price.

I noticed CNM crept up again in Aus overnight, today's move down might be corrected later.

C

[nickgrant2] 14/8/2007 22:19

Chris,

I am having a similar converstion with etrade, I certainly dont want to sell but this devious approach is a disgrace. Can you let me know how you get on.

I am sure TTY were going to look into it.
NIck

[chriswatts] 14/8/2007 11:45

On the corporate action advice that I have received from Etrade, it tells me "The default option is for shareholders to elect to tender 100 per cent. of their shares". I was advised by Etrade, before seeing the note, that only acceptances were required, ie. no response to Pallinghurst meant "No".

I take the default option to mean that if you wish to accept the default is then 100% of your shares and you would have to specify to tender only a proportion of them.

I have Etrade for clarification.

C

[leadersoffice] 14/8/2007 05:42

It says on the forms that Pallinghurst sent we have till 1st Sept to submit our forms or we will have deemed to sell our our shares. I have to say this is very frustrating.I'm I not correct in saying that if the majority of shareholders ie over 60% vote against this offer its dead in the water? Pallinghurst arent half being over optimistic. The thing is we havent had any knock out blows or anything serios to rival this offer.

[culchi] 13/8/2007 20:53

Nothing happening except pressure to sell from bidders. Up to everyone to decide for themselves. I am waiting to see how this battle ends. At the moment i believe both bids undervalue the company and am holding for a better offer .If it doesnt come im just holding. The pressure is on the bidders not us . Dont let anyone railroad you into selling if you feel as i do that the business is worth more.

[sammu] 13/8/2007 20:29

I'm currently ignoring all existing offers as I feel they undervalue the company.

Sam

[leadersoffice] 12/8/2007 21:52

Is this deal in the bag or wat??

We now have received papers asking how we want to receive our money or sahres. I voted against this deal what the hell is going on?? can someone throw any light on wat happens next cheers

[chriswatts] 08/8/2007 15:15

mmm.... You're right :-(