Consolidated Minerals Share Discussion Threads

[sandpipers] 01/6/2007 13:21

Leadersoffice,
Any aggrieved shareholder can complain. The ASX link is as follows:

[alioshka] 01/6/2007 12:49

Regarding Gilbertson found this link through google:



Apart from the BHP rumpus, he parted company with Vedanta Resouces in July 2004 under a cloud. The circumstances are described in the above link.

As a PI, you have to ask yourself whether Gilbertson and the new outfit will bother to look after the proposed 40% rump of CNM shareholders.

Let's hope so. But my experience in other investments (e.g. MNA) is that the risk of dilution is high.

To me the scheme looks like a lot of jam tomorrow...

They should offer a decent cash price for our shares and finish with it!

Al.

[leadersoffice] 01/6/2007 12:40

SAND

How do u go about making a complaint to the ASX? Can any holder of CNM make a complaint to ASX?

[sandpipers] 01/6/2007 11:54

Baxter appointed MD, then his friend puts in a derisory offer to capture 60% of the shares and Gilbertson talks as though the deal was done on February. Does this seem coincidental?
I've lodged my complaint with the ASX. I know that there have been at least two complaints in already. I believe the market should be updated and that Pallinghurst should either buy the shares by tender or through the market.

[alioshka] 01/6/2007 11:43

Here's a quote from yesterday's Lombard column on ft.com which might interest to CNM holders:

"BHP Billiton knows the importance of getting the right chief executive. Four years ago, the mining group was engulfed in a boardroom row that led to the unceremonious departure of its boss, Brian Gilbertson. But Thursday's appointment of Marius Kloppers to the top job shows BHP has learnt a lot about succession planning since then."

So we shareholders are about to get Brian Gilbertson foisted on CNM?

Who is this guy Gilbertson anyway?

Anyone know the circumstances of his departure from BHP?

And what has he been doing in the four years since then?

Al.

[rdpounder] 01/6/2007 11:28

Fair enough. I just think in the amount of time that this whole sh*tfight is gonna take to get sorted, I can make the money work for me better elsewhere

[sandpipers] 01/6/2007 11:05

rdpounder,
Sorry to see you've sold. I hold 32,000 shares in CNM with a breakeven of 120p. Given changes in metal prices I believe the upside is greater than the downside. My judgement on assets is that the share is worth Aus$4 at current metal prices. That's why Gilbertson wants to steal the assets!

[leadersoffice] 01/6/2007 10:34

I would advise every holder in the land who has stock in this to VOTE NO to this prosposed deal... we will have a vote at the end of the day and I cant imagine it going through if everyone feels there being shafted.... which we are

[rdpounder] 01/6/2007 09:24

Well, sold my remaining shares this morning (at about a 25% loss I might add!). Fed up of all this, there's a bad smell about. Perhaps a better offer will come in and I'll regret it, but I've got a bad feeling about all this, and I'm sure I can find a better home for the money (TAN for example)

If someone wants to start a new thread then go for it, because I will not be maintaining this one anymore

[sandpipers] 01/6/2007 08:13

Baxter and Gilbertson are both friends from South Africa!
I should complete my complaint form today.

[alioshka] 01/6/2007 00:00

Nick

I think you'll find the anticipated timetable for the EGM outlined in the latest Pallinghurst update of 29th May on the CNM website.



Scheme of Arrangement documents etc mid June, EGM July

The timetable has slipped about one month since the original proposal on 23rd Feb.

Al.

[nickgrant2] 31/5/2007 21:18

So how do we force an EGM or some sort of official company action?

[sandpipers] 31/5/2007 13:34

We're only shareholders! Members of the board who own no shares seem happy to give away 60% of our company without proper consultation. Outrageous.
I note that the MMs in the UK are reluctant to increase the prices to Aus levels because each time they increase the price it draws in sellers but few buyers.

[rdpounder] 31/5/2007 13:09

Sandpipers. The MMs seemed pretty good at ignoring the AUS price (for once) yesterday too. It should have been around £1.25 here, to correspond to the $3 price in AUS

[leadersoffice] 31/5/2007 12:59

How can it be a done deal... we havent voted

[sandpipers] 31/5/2007 11:23

Something has gone wrong with the above chart. The closing price was Aus$2.98 not $2.93. MMs have forgot to update their prices.
In an interview today with Gilbertson he states that the deal was effectively done in February.
The company delayed asking shareholders because share price continued to rise. I guess they hoped for a decline and therefore stalled on asking shareholders. I know that a complaint has already gone in with a copy to an Australian newspaper. I am currently completing a complaint form.

[joan of arc] 31/5/2007 10:12

Wouldn't this be a case for getting UKSA to form an action group (or would there be problems if it is listed in Australia as well)? If 10% commit to this then an EGM can be called.

In the Scheme of Arrangement (23/2/07)it says the proposal will be put to shareholders in meetings to be held mid May. Does anyone know what happened to this timetable and whether then can steamroll this through without a vote?

Unfortunately I am powerless at the moment as my entire holding is in a PEP.

[leadersoffice] 30/5/2007 18:28

This is a copy of an email i have just sent to Rbaxter @ Consolidated Minerals. Some time ago I wrote to you to express my total amazement that you had recommended a proposal from Pallinghurst Resources. It comes as no surprise that I received no reply from you or indeed any of your team at Consolidated Minerals. I don't believe you have the best interests of your share holders and your predecessor would almost have certainly sent me a reply. So I write to you once again on a day when we have had an announcement that Investec and associates are to pursue investment opportunities within the natural resources sector which I gather will help to aid the above mentioned company gain a more welcoming agreement with all stock holders of Consolidated Minerals. I only hope that it is a realistic offer price next time not selling the company off on the cheap and securing you and your colleague's places on a new board of directors of the proposed new company. What I would like to know and I'm sure many of our stock holders incase you have forgotten about them, that the current share price is well in excess of the offer. Under the circumstances and given the responsibilities of CNM directors why you are not issuing the impact of metal prices on current earnings and profits and also future prospects? Don't you think this is valuable information that you have a responsibility to inform the market and your shareholders? especially given the proposed offer by the above named company. I would like the company to make public this information but failure to act will lead me to make a complaint to the ASX. I trust that a statement will be forthcoming and perhaps a reply also to my written communication to you. Yours faithfully N.A.S CNM Shareholder

[sandpipers] 30/5/2007 14:32

ALL SHAREHOLDERS
E-MAIL BAXTER BECAUSE WE'RE BEING STITCHED UP! AUS SHAREHOLDERS HAVE BEEN E-MAILING HIM ALL DAY ABOUT A DONE DEAL WITHOUT ASKING SHAREHOLDERS.

[rdpounder] 30/5/2007 14:05

For the benefit of the MMs, there is a link to a currency converter at the top of this page, if you're having trouble getting today's price right! >;o)

[sandpipers] 30/5/2007 13:27

Q3 manganese ore and alloy contracts set for sharp rises
London 29 May 2007 13:23
Third-quarter contract prices for manganese ore and alloys will increase by at least 25 percent from the second quarter o n manganese ore shortages, producers indicated. Manganese ore producers are seeking a 50-80 cents gain in contract prices for the third quarter to around $3.60 per mtu on an fob basis, up from $2.80-3.10 in the second quarter. " We see the quarterly and monthly contract prices rising steadily, wit h the spot price through the roof, " said a large manganese ore producer. " I have seen $4.80 cif and we will see these levels going into quarterly prices. "" We will start negotiating next month, but people are hard up for ore, " said a second producer. " We will ask for a strong increa se. " He too said he expects a third-quarter price at around $3.60 per mtu. Ore spot prices have surged to $3.30-3.60 per mtu fob, their highest levels since the third quarter of 2005, from $3.10-3.30 previously, because of supply disruptions at major producers amid unabated strong demand (MB May 25). This has, in turn, led to manganese alloys prices surging, and third-quarter contracts are also set to see large increases. One silico-manganese producer mooted €1,000 ($1,345) per ton ne for the third quarter to customers, while others are talking about a minimum of €900. This represents a 25-32 percent increase from €680-720 in the second quarter. Spot silico-manganese prices have risen to €800-850 per tonne from €700-730 previously on rising ore prices and pending anti- dumping investigations on imports of the product into Europe. Ferro-manganese could rise close to 30 percent in the third quarter to €850-900 per tonne, from €655-700 in the second quarter, producers said. " Customers are getting worried about supply, " said a large manganese alloys producer . " I expect because of these concerns the negotiations will be quick. On the spot market we ' ve seen prices tested well above where I thought it would be and customers weren ' t even shocked. People are worried about getting their supply. "

[pecker1] 30/5/2007 13:01

Seeing through the smokescreen of hype and BS, this is about creating value for Gilbertson, Pallinghurst and Investec, starting by the shafting of CNM shareholders.

[sandpipers] 30/5/2007 12:32

From South Africa

Inl/inp - Investec - Pallinghurst, Amci And Investec Announce A Strategic

Release Date: 28/05/2007 12:00:02 Code(s): INL INP
INL/INP - Investec - Pallinghurst, AMCI And Investec Announce A Strategic
Alliance Within The Natural Resources Sector
Investec Limited

Incorporated in the Republic of South Africa
Registration number 1925/002833/06
JSE share code: INL

ISIN: ZAE000081949
Investec plc
Incorporated in England and Wales
Registration number 3633621

JSE share code: INP
ISIN: GB00B17BBQ50
As part of the dual listed company ("DLC") structure, Investec plc and Investec
Limited
notify both the London Stock Exchange and the JSE Limited of matters
which are required to be disclosed under the Disclosure and Listing Rules of the
United Kingdom Listing Authority (the "UKLA") and/or the JSE Listing
Requirements.

PALLINGHURST, AMCI AND INVESTEC ANNOUNCE A STRATEGIC ALLIANCE WITHIN THE NATURAL
RESOURCES SECTOR
Johannesburg, 28 May 2007: Pallinghurst Resources ("Pallinghurst"), AMCI ConsMin
(Cayman) L.P. ("AMCI") and
Investec Limited and Investec plc (collectively,
"Investec") are pleased to announce that they have concluded an agreement in
terms of which the parties ("Cooperation Partners") will cooperate in pursuing
investment opportunities within the global natural resources sector

("Cooperation Agreement").
The Cooperation Agreement brings together parties with a common strategic
mindset, financial ability and distinguished track records in order to establish
an alliance with unique expertise and executio
n skill in the natural resources
sector. AMCI and Investec have, under the terms of the Cooperation Agreement,
allocated for investment an amount of up to USD 200 million. Furthermore, the
Cooperation Partners are in advanced discussions with a leading Asian steel
company regard
ing an additional commitment of USD 100 million. It is expected
that these commitments, when pooled with those being sought from investors in
Pallinghurst, will total between USD 1 billion and USD 1.5 billion.
The Cooperation Partners will utilise their complimentary skill-
sets and in-
depth industry knowledge to identify opportunities on a worldwide basis and
across the commodity spectrum in order to transform and add value to the assets
invested in.
"The Cooperation Agreement bring
s together a wealth of experience and expertise
in the natural resources sector. I have, in the past, had the privilege of
working with each of the Cooperation Partners and, as a result, am confident
that our alliance will give us a unique competitive advantage in identifying and

executing innovative transactions." - Pallinghurst Chairman, Brian Gilbertson.
"Concluding the Cooperation Agreement with Pallinghurst and AMCI is an exciting
prospect for Investec. Both Pallinghurst and AMCI share a vision and
entrepreneurial spirit that is similar to that of I
nvestec. The Cooperation
Agreement will position Investec to benefit from the deal flow that is expected
to be generated" - Investec CEO Stephen Koseff.
Pallinghurst is a specialist natural resources investment vehicle that seeks to
develop strategic p
artnerships with natural resources companies in order to
create shareholder value. Pallinghurst is chaired by Brian Gilbertson, widely
regarded as one of the leading figures in the natural resources industry, with a
notable history and proven track-record of value creation.

AMCI is an affiliate of American Metals & Coal International, Inc. ("AMCI
Inc."), one of the world`s largest and most successful privately owned coal
mining companies. AMCI Inc. has made investments in resources businesses in
Australia, the United States of Am
erica ("U.S.A"), Europe, China, South America
and southern Africa. The company was founded in the U.S.A. by Fritz Kundrun and
Hans Mende in 1986.
Investec is a leading provider of financial services to the natural resources
in
dustry, with an integrated product offering, pulling together significant
technical skills, transaction experience and broad access to the global
financial markets. Investec has a proven track-record in providing creative and
value enhancing services and product offerings to its
clients.
Mr Koseff added: "Investec`s core operational and geographic focus in the key
markets of Africa, Australia and the United Kingdom ideally positions it to add
value to the natural resource opportunities envisaged in the Cooperation
Agreement".

Investec has, pursuant to the Cooperation Agreement, been invited by
Pallinghurst and AMCI to participate in a proposed transaction with Consolidated
Minerals Limited ("ConsMin"), an Australian resources company involved i
n the
exploration, mining, processing and marketing of manganese, chromite and nickel
ore.
On the 23rd of February, 2007 Pallinghurst and AMCI announced that, subject to
stakeholder approvals, they had conclude
d an agreement with ConsMin to create a
new diversified mid-tier mining company with significant domestic and
international growth opportunities. An investment vehicle of Pallinghurst, AMCI
and Investec ("Pallinghurst Investor") will own 60% of the newly established
company
("NewConsMin) via a scheme of arrangement ("Scheme"). In terms of the
Scheme, existing ConsMin shareholders will hold 40% of NewConsMin, thereby
providing them with participation in the value to be created by Pallinghurst
Investor`s strategic shareholding in NewConsMin.

Mr Gilbertson added: "We are delighted to welcome our partner Investec in the
proposed transaction with Consolidated Minerals. Investec`s strong resources
focus will complement the strengths and skills of the Pallinghurst and AMCI
teams, and provide incremen
tal benefits to all the shareholders of Consolidated
Minerals".
Under the terms of the agreement concluded with ConsMin, Brian Gilbertson, Hans
Mende and Pallinghurst partner Arne H. Frandsen will join the board of

NewConsMin.
This proposed transaction is consistent with the strategic objectives of the
Cooperation Partners and is an exciting initiation of this long-term alliance.
ENQUIRIES


Company Contact Contact number
Pallinghurst Sean Gilbertson [phone]
Arne H. Frandsen [phone]

Investec Corporate Finance George Nakos [phone]
Investec Limited David Lawrence +2711 2
86 7008

College Hill Johannes Van Niekerk [phone]
[phone]
Nicholas Williams +2711 4
47 3030
[phone]
BACKGROUND
Pallinghurst

Pallinghurst Resourc
es is a specialist natural resources investment vehicle
which seeks to develop strategic partnerships with leading resources companies.
Pallinghurst Resources draws upon the strategic and industry experience of its
management team, its capital markets relationships and access to high q
uality
opportunities worldwide to grow companies and create superior value for all
shareholders.
Pallinghurst Resources is chaired by Mr Brian Gilbertson. Mr Gilbertson is one
of the leading figures in the global re
sources industry, with a notable history
of successful value creation, including with Rustenburg Platinum Mines, Trans-
Natal Ltd, Gencor, Billiton plc, BHP Billiton, Vedanta Resources and SUAL.
Pallinghurst Resources has a co-investment arrangement with AMCI and Investec
and is
advised by Pallinghurst Resources LLP, a London-based firm authorised and
regulated by the United Kingdom`s Financial Services Authority.
AMCI

AMCI is an affiliate of the American Metals & Coal International group of
companies, which comprises a number of privately held coal and resources
companies with operations in mining, trading and investing in the resources
sector globally. Am
erican Metals & Coal International, Inc., was founded in
1986 in the United States of America by Fritz Kundrun and Hans Mende, and has
grown to become one of the largest private coal companies in the world. AMCI
group companies have made investments in resource businesses in Aus
tralia,
United States of America, Europe, China, South America and southern Africa, and
are actively looking for further investment opportunities across the resources
value chain.
Investec

Investec is an international specialist banking group that provides a diverse
range of financial products and services to a niche client base in three
principal markets, the United Kingdom, South Africa and Australia. The group was
est
ablished in 1974 and currently has approximately 5 000 employees. Investec
focuses on delivering distinctive profitable solutions for its clients in five
core areas of activity namely Private Client Activities, Capital Markets,
Investment Banking, Asset Management and Property Acti
vities.
Investec is a leading provider of financial services to the resources industry,
with an integrated product offering, pulling together significant technical
skills, transaction experience and broad access to the global financial markets.
Investec has a proven
track-record in providing creative and value enhancing
services and product offering to its clients within this important sector.
In July 2002 the Investec group implemented a Dual Listed Companies Structure
with listings on the London and Johannesburg Stock Exchanges. Last year
Investec
acquired NM Rothschild Australia Holdings Pty Limited, in order to enhance its
capabilities and presence in Australia. The combined group`s current market
capitalisation is approximately GBP4.6 billion.

[sandpipers] 30/5/2007 10:42

Good, we need to keep the pressure up. Disappointing opening in the UK. It should be 124p to be in line with Aus.

[leadersoffice] 30/5/2007 10:30

I also have sent another email to Rodney baxter also asking him to update the market on current forecasts given the rise in metal prices and failure to do so will also result in sending a complaint to the ASX should the board not do so. Its part of there responsilbities that they should be keeping the market and stock holders up to date.