Circle Property Share Discussion Threads

[19joyns59] 09/12/2007 18:10

Anyone got an update on this. Why did the share price rise by 20p on Friday, when Metorex's share price didn't really budge. On current offer it is either 125p cash or 0.73 per share of a Metorex share, which equates to just under the cash offer. Mid 140s it is not. Does someone know something I don't!

[nirvs] 02/8/2007 11:57

Picked some up today at 145 on the b/o...Chart held up well in the turmoil and looks set to go higher

[4237] 29/7/2007 22:50

Gart

Looks like financial engineering to me.

With a chart like that - not for me

[saraho] 12/7/2007 11:15

The value baised on todays price is equivalent to around £1.51 I have been advised.

[smiling mickey] 06/7/2007 14:58

Metorex share have advanced significantly since the offer. They are certainly getting some cheap assets.

I calculate the bid price is equivalent to more than £1.40 in Metorex stock value.

[addas99] 05/7/2007 07:38

Second para looks interesting to those still holding....

5 July 2007

Copper Resources Corporation

Re: Substantial Shareholding

The Board of Copper Resources Corporation ("CRC" or "the Company") notes the
announcement by Metorex Limited ("Metorex") of its acquisition of 29,247,126 of
the Company's common shares from the Forrest Group.

In particular, the Board notes that Metorex intends to make an offer to the
other shareholders of the Company.

The Board further notes that the acquisition of the shares held by the Forrest
Group is subject to a number of pre-conditions, including satisfactory due
diligence by Metorex.

In view of the interest of three Directors of the Company who are directors of
companies within the Forrest Group, a committee comprising Sir Samuel Esson
Jonah and Mitchell Alland (the "Independent Committee"), which was set up in
February 2007, will review the strategic options for the Company, including the
consideration of the possible offer by Metorex.

At the present time, the Independent Committee has had no discussions with
Metorex about the terms of the offer referred to above and therefore is not
currently in a position to advise the Company's shareholders on the action that
they should take. Once further details of the progress of Metorex's transaction
and the possible offer are available, a further announcement will be made.

The total number of the Company's shares currently in issue is 70,694,191.

As announced on 26 February 2007, the Company agreed to issue 5,025,873 new
common shares to the Forrest Group to settle certain debt obligations. These
shares have not yet been issued, but are included in the above mentioned number
of shares being sold by the Forrest Group.

Although incorporated in the British Virgin Islands, the Company has adopted
certain provisions of the City Code on Takeovers and Mergers within its
Articles of Association, as was disclosed in the Company's Admission Document.

[badgerry] 04/7/2007 19:16

I stand corrected - the share exchange details were not on the earlier statement. Apologies for earlier misinformation - I blame the advisors for not making these deals perfectly clear straight away. Not giving any views re: sell or hold as I dont know enough about Metorex.

[unionhall] 04/7/2007 15:15

Just sold out at £1.20 so see you on the other threads guys.....

[smiling mickey] 04/7/2007 15:14

Badgerry,

It's not a cash deal. Metorex will issue 21.3 million shares to Forrest in eachange for their shares in CRC.
The CRC assets that Metorex are buying are cheap, the market appears to like the deal and Metorex shares are up since the offer was made. I make the current value of the bid in excess of 130p.
CRC shares are now really equivalent to owning Metorex whose shares have put in a stellar performance in the last few months. So I have the feeling that CRC shares may appreciate a little more ove the next few days as the news sinks in.

[badgerry] 04/7/2007 13:56

Simple maths really - they are paying Forest 125p cash and will have to offer minorities 125p aswell. Cant see any other outcome as Metorex have control of CRC post this purchase. You can either take a slight discount in the market or wait to get 125p from Metorex. Its all over - onto the next one.

[douggy b] 04/7/2007 10:09

38.7% for 36.56m = £94.5m share capital how the hell do you get 145p when there are 70.594 shares in issue, 6.8m warrants & 4.9m options?

Just taking the shares alone only equates 133p!
Take out the options and you're down to 125p. If the warrants are taken into account its 115p.

[bigbobjoylove] 04/7/2007 10:03

no wonder they are offering over mid for shares. Wakey wakey.

[dbj the first] 04/7/2007 09:59

145p it should be, warrants aren't included in a t/o deal. Getting a steal here under 140p.

[dave leach] 04/7/2007 09:57

yes people not worked it out, also this will go for more given the nav, plenty of co's will be looking at this if they think they can get it sub 150p. Sit back and relax.

[unionhall] 04/7/2007 09:52

douggy - 29.2m shares for £36.56m is £1.25 pershare......

[dave leach] 04/7/2007 09:51

no it will be over 150p, why do you think MMs been buying????????????????

nice chance as peeps not cottoned on here yet.

[douggy b] 04/7/2007 09:44

Coxewan updated my post.
Values CRC at 1.15p no premium to current price.
£36.56m paid for 38.7% of CRC, adjust for dilution from warrants & options & you get £1.15 the price all those shares traded hands for a few weeks ago.

[coxewan] 04/7/2007 09:41

I just foiund this :

Copper Resources Corporation:Metorex Limited announced that it has reached an agreement with Forrest Group, whereby Metorex will, acquire 29,247,126 ordinary shares representing 38.7% of Copper Resources Corporation (CRC) for GBP36.56 million (approximately R512million). Metorex Limited also announced to acquire 5 ordinary shares (5%) of the Miniere de Musoshi et Kinsenda SARL (MMK), a 75% owned subsidiary of CRC, for GBP6.29 million (approximately R88.00 million), from the Forrest Group. The transaction consideration of GBP42.85 million shall be satisfied by the issue of 25million ordinary Metorex shares. CRC holds a 75% interest in MMK.

If CRC own 75% of MMK and Metorex bought 5% for 6.29 Million then the CRC's other 70% is worth : 120 Million. Am I missing something here.

[douggy b] 04/7/2007 09:32

'Copper Resources Cor Metorex buys 38.7 pct of CRC, 5 pct of MMK for total 42.85 mln stg

LONDON (Thomson Financial) - Metorex Ltd said it has acquired 38.7 pct of
Copper Resources Corp (CRC) and 5 pct of Miniére de Musoshi et Kinsenda Sarl
(MMK) for a total of 42.85 mln stg from the Forrest Group, allowing the company
to enhance its copper interests in the Democratic Republic of Congo.
The acquisitions increase the group's contained copper resource by about 2.4 mln tonnes.
"With high grades, the resources offer great potential to add materially to
our future copper output. We look forward to working closely with management as
we develop the mines to optimum production," chief executive Charles Needham
said.
Yesterday, CRC had said the Forrest Group may sell its entire stake of 30.57 pct in the company to Metorex, adding that the South African company will bid for the remaining stake in CRC it does not already own on buying the Foreststake.
As Metorex has acquired the Forrest stake, it said it will now follow this
with a further offer to minority shareholders at Copper Resources.

[e-mail]
pmi/slm'

£36.56m for 38.7% = £94.5m for whole company with 70.6m in shares & 11.8m in warrants & options equates to £1.15.

Totally p*sses you off that insider dealing is so rampant in the city. The sale price was obviously known a couple of weeks ago hence the sudden rise to £1.15.

[unionhall] 03/7/2007 19:22

Not until I sell my shares here !!.

[douggy b] 03/7/2007 19:19

I suspect that this little gem was known by those in the know a couple of weeks ago.
Based upon the buys that went through the other week you'd guess at around the current price which is a bit of a steal.

You could always buy shares in Metorex (LSE:MTX).

[unionhall] 03/7/2007 19:07

What price I wonder ?

Is there a premium to be made or is it already in the price ?

[douggy b] 03/7/2007 16:54

Copper Resources Cor Copper Resources says Forrest Group may sell entire stake in company to Metorex

LONDON (Thomson Financial) - Copper Resources Corp said the Forrest Group
may sell its entire stake -- of 30.57 pct -- in Copper Resources to South
Africa-based Metorex Ltd.
If Metorex acquires Forrest Group's stake, it may also bid for the remaining stake in Copper Resources that it doesn't already hold on the same terms as agreed with the Forrest Group, the company said in a statement.
L'Enterprise Generale Malta Forrest sprl, a Forrest Group company, currently
holds 21.60 shares, or 30.57 pct, in Copper Resources.

Where is everybody today?