European Nickel Share Discussion Threads

[richscotsman] 09/8/2012 13:24

Ian

Would be great if you could do the honours with the FSA - Give them the heads up on the MTL history and ENKs claim to be above the law....

I'll be writing to them also at the weekend in relation to some thoughts that I have here. The more of us who write the more chance we have that they will look at it.

Rich

[ian 50] 09/8/2012 13:07

1 has anyone contacted the fsa

2 remember mtl well the same thing happened there I have written about this scenario a couple of weeks ago -- the candy brothers took out MTL at a much reduced value to nav etc just like Enk


HOWEVER guess what guy walker is on MTL such a coincidence also there's a lawyer Steven smith in Th back round in guensey --this is giving me conspiracy theories but I'll tell u all

MTL had to fight and got something better so if montoya get wind of this post it
WIll MAKE THEM THINK -- what happened at MTL

[hectorp] 09/8/2012 11:51

Dreadful outcome. Had high hopes of much better return.

[frogkid] 09/8/2012 11:44

vksingh over on the other board has set up a tally sheet for PIs. Please email him with your holding and intended vote. Maybe we can put a cat among the pigeons. As a matter of interest I know that Mark Hanlon does hava look at these boards from time to time.

email your holdings chaps, and ladies. Let's pull together...

[e-mail]
here is the progress so far. Well done to VK for setting this up. I am IN.

[boobly] 09/8/2012 11:21

GS :......

"I wonder what will happen on the ENK berong sale."

I don`t `Think` they are able to do that....but...

Of more interest.....
I wonder what will happen to Berong ? !

[metex] 09/8/2012 11:17

Giant Steps...."ENK will probably....still be ENK"....so Berong completion....shouldn`t be affected....only their shareholder base will change.

Still nothing from ENK....remembering that no official offer has been made in writing to shareholders....from DMCI/D&A Income.

Remember what ENK said in the RNS....dated 27th July 2012:


"Further updates will be made as appropriate".


For the moment....it`s a waiting game....because most of DCMI`s backers....purchased ENK shares....at a lower price level....than 19p....while quite a few others....bought at much higher levels....and could be talking to each other.

ENK said on the 27th July 2012....that talks were at an early stage....well 12 days later....DCMI are out very quickly....looking to pick up more support....and that means "shares"....while having the ENK board "over a barrel".

This from yesterday`s RNS:


4. Recommendation

The Independent Directors (being Peter Rowe, Robert Gregory, Mark Hanlon, Paul Lush and Neil Herbert) believe that the Offer comes at a favourable time for the Joint Offerors when the shares are depressed by the current state of the equities market and ahead of the release of the bankable feasibility study on the tank leach project at Acoje in the Philippines.

Despite these factors, the Independent Directors unanimously intend to recommend that, in the absence of a superior proposal, ENK Shareholders should accept the Offer.

In arriving at the above recommendation, the Independent Directors are cognisant that the Joint Offerors either own or have received irrevocable undertakings to accept the Offer in respect of approximately 45.5 per cent. of the issued share capital of the Company and the strong likelihood that they would be successful in replacing the ENK Board and influencing the strategy of the Company should they wish to requisition a general meeting of the Company. The Independent Directors also do not believe that it would be in the best interests of ENK Shareholders to remain in a minority equity position in a company where there may not be liquidity or an opportunity to sell their shares. In these circumstances, the Independent Directors consider that, in the absence of a superior proposal, the Offer is in the best interests of ENK Shareholders as a whole.

Guy Walker, a non-executive director of ENK, is a nominee of Montoya Investments and D&A and is not regarded as being independent in relation to the Offer. Accordingly, Mr Walker has not participated in any of the deliberations of the ENK Board in relation to the Offer.


Hence patience is probably the name of the game now....as the next announcement from ENK....could probably be....the most important....either way....DYOR.

[zhockey] 09/8/2012 11:00

LOL I was close with 18p!

[ian 50] 09/8/2012 10:50

To me guy walker is the smelly here a little toerag with feet in all camps I've said it before to metex and say it again he's the problem!!!!!!

[zangdook] 09/8/2012 10:12

They have shares plus irrevocable undertakings to accept the offer from 45.5%, but 8.2% of that is just undertakings, unless there's some undisclosed connection between the Offerors and Star Bird Holdings Limited and Gina Suzanne Edwards.

Still, even 37.3% is enough to give another bidder difficulties, unless they bid enough to tempt one of the offerors

edit: Stupid of me. GS Edwards will be connected to Montoya via Graham Edwards. That still leaves them under 40%.

[giant steps] 09/8/2012 09:59

I wonder what will happen on the ENK berong sale.

[ perhaps they will cancel ]

[jay083] 09/8/2012 09:40

I think that an alternative bidder would struggle given that DCMI/D&A have 45% between them ..and that will probably be enough to keep them away.

[metex] 09/8/2012 09:34

Caution has to prevail IMHO....as DMCI....have done everything in their statement....to ensure ENK management don`t work tactically....to stave off their offer.

There is a clause in yesterday`s RNS....that states....that if the ENK management gave out a special one off dividend....during this time....that would be deducted from their share price offer....should they win this game.

So there are still things to play for....at the moment....and a third party bid....allowing a special dividend for ENK investors....from the cash in hand at ENK`s bank....might....(and that`s a very small might)....just be a "game changer"....DYOR.

[chipperfrd] 09/8/2012 09:14

What a desultory offer. I feel the same as Metex. Will probably sit on my hands for a while but do not enjoy being stitched up. But in such a poor market we were very vulnerable and it does look as though DMCI has taken full advantage.
Chip

[chipperfrd] 09/8/2012 09:11

Rich - don't be ridiculous!!

[ian 50] 09/8/2012 09:11

Well guess what share pr 19 p now we have too see how it pans out

I eeally hope something happens but I not so sure


It would help if ENK communicated regularly whats going on ,,, on a regular basiss


Also if anyone has dug up any useful press on this diabolical t/a most welcome

[richscotsman] 09/8/2012 09:05

Giant Steps

I would never say such a thing on a BB or intentionally infer it. For the avoidance of doubt that is not what I am stating. Chip, please confirm to GS that you are not a Director.

Rich

[mdr128] 09/8/2012 08:59

metex, sitting and waiting seems like a good plan. Unless one is desperate for the cash it seems like 19p minimum is a given, and so on the face of it there is no reason to sell up now.

Whilst a "no" vote may not be a hugely likely proposition, I would think there is certainly some possibility and I would also expect the odds of a rival bid to be worth holding on for.

[hardie1961] 09/8/2012 08:40

zangdook your post smacks of idiocy beyond incompetence.

[frogkid] 09/8/2012 08:34

mdr, that is more like it.

[metex] 09/8/2012 08:32

mdr128....agree with you.

Was expecting a statement from ENK this morning....at least explaining....and confirming....the board`s position....in view of DMCI`s RNS.

It all depends now....on which side of the fence....the ENK board really are....if the comments reported in the RNS last night are factual....then there is still an outside chance....that someone else....will come to the party.

Very surprised....that it wasn`t GHGC....that made the offer....but maybe they are already connected to DMCI.

Sitting on hands presently....watching how it plays out....over next few days....DYOR.

[mdr128] 09/8/2012 08:14

Zangdook, or maybe the offerer happy to pay a bit more than 19p on the open market to further increase their stake!

[zangdook] 09/8/2012 08:12

Someone's expecting a counter-offer, it seems

[mdr128] 09/8/2012 08:11

Struggling to get my head around this, despite various comments that this is recommended by the key directors, I do find it odd that the statement hasn't come from ENK.

At first glance it does have the hallmarks of a done deal, I wonder whether any other interested parties might have enough cash to make a quick rival offer?

Feels very weak, but as a number have said before, it wouldn't be the first time that the big boys have taken advantage of rather stupid market conditions.

[wookie77] 09/8/2012 08:11

well done guys...good result.

If you like ENK run the rule over Metminco if you havent already....seriously seriously undervalued copper miner. Sorry for off topic and nice result again.