European Nickel Share Discussion Threads

[richscotsman] 27/8/2012 22:30

Well... I hold and hope... Still very annoyed by management... Forgiveness is possible.... Still plenty of cards in the deck left to be played...

[metex] 27/8/2012 17:41

Togglebrush....agree with you!

Because there is absolutely no "excuse" for the BFS....not being available this week....when you`ve got £20m in the Bank....and your company is in....the situation it is....and you should be doing your very best....for all your investors....DYOR.

[ian 50] 27/8/2012 16:09

Well it could be directors are talking behind the scenes talking
G to institutional holders

You never know

The clock is ticking

[togglebrush] 27/8/2012 14:32

The Wild Card in this 25 hand POKER GAME is the arrival of the BFS update

RNS Number : 5546I
26 July 2012
'
COMPANY UPDATE AND QUARTERLY ACTIVITIES REPORT
FOR THE PERIOD ENDED 30 JUNE 2012
,
HIGHLIGHTS
-- Acoje Bankable Feasibility Study continues to make significant progress
- The Acoje BFS is currently on track to be finalised during the current quarter. Much of the test work is now complete and entering the economic evaluation and write-up stage.
- The estimated remaining cash cost to complete the BFS is $6.5m.
- Resource upgrade at Acoje resulted in increase in contained nickel of 36%


The RNS was one month ago and with all that has happen since it is probable that pressure has been applied to get this report before the AGM.

Only DMCI Holdings, Inc had increased its holding to 23,109,757 or 8.5% and has put more money on the table. All the others seem to have kept their hands in their pockets. The BFS could split the supporting concert party on or before Thursday.

[ian 50] 27/8/2012 11:47

ive just had from computershare the----

RECOMMENDED CASH OFFER DOCUMENT

it is 67 pages of boomf and all i can see is

1.lots of lawyers to try stop the takeover

my personal gut feeling is this is an up hill battle

by the very fact the BB's are getting quieter tells me resistance has slowed,

yes!! its bank holiday

unless someone has very deep pockets and can get 8.5% more share its done

or DMCI dont actually get 90% by the 30/8/2012

or the institutions push for a higher bid???

the clock is ticking


4 DAYS LEFT

[metex] 27/8/2012 08:10

"Offer Document" sent out to ENK shareholders....on 24th August 2012.

This out overnight in Oz:

[metex] 25/8/2012 14:34

Togglebrush....thanks again.

The P.I. "No vote" Campaign....is doing a fantastic job....but believe....as you....it will be the "rump"....of the "None DMCI/D&A camp"....the larger Institutional Investors....plus the Directors....(excluding Mr Walker)....that will probably....have the greater effect....or not!....as the case maybe....DYOR.

[togglebrush] 25/8/2012 14:19

Going on from my earlier post and using a back of a Beer Mat numbers
'
Rough holdings to date by sector
'
Shares in Issue_________262,104,003
'
Offeror__________________30,472,068 _11.6%
Bought by RNS_____________7,338,912 __2.8% added to Offerors holding
Undertakings_____________88,769,093 _33.9% to Offeror
Majors__________________157,964,395 _60.3%
PI's______________________8,031,603 __3.1%
'
Total___________________262,104,003 100.0%
'
Assuming that each sale in the market was a discrete buy or sell and that offeror was sole buyer then I calculate that in the Market 20,193,516 were transfers therefore someone else may be playing in the market

The PI's on the vote no campaign are roughly 2.8%

Therefore the Majors are going to be the deciding factor.

It is a POKER GAME. POKER has an element of bluff in it. These numbers are rough but seem to highlight the Bluff element. DYOR

[metex] 25/8/2012 11:55

Togglebrush....thanks for your analysis....it`s appreciated.


Sorry O/T....fellow ENK investors.

As it`s just about "up and running" smoothly now....lol 8O)....you`re very welcome to visit....a new thread by "metex".

No "implied or otherwise"....investment recommendations....and all that jazz etc....but it will be nice....to hear from fellow posters on this thread....going forward....whatever happens to ENK:

[humbagash] 25/8/2012 11:14

If they don't get their desired 90% they will probably extend the offer period.

[togglebrush] 25/8/2012 09:00

Nothing appears as it is in this GAME OF POKER and nothing is certain
.
A) Assuming that Offerors are scooping up the shares in the market they are nowhere near their target
B) Major shareholders have yet to be seen to make a move
C) Offerer is a diverse concert party with possible fractions
D) NEWS from all parties is as scarce as hens with teeth
'
Below are a few of the facts as published
'
To meet the takeover of 10.00am on 30th August the offeror's required 90%
'
Issued_______262,104,003
Achieved_____134,241,161 or 51.2% by 8th August
Needed_______101,652,442 to achieve 90% by 29 August close
Target_________8,471,037 per trading day from 9th August for 15 days
Achieved_______3,365,586 average per trading day from 9th to 24th

'
Shareholders as 31st May 2012
'
Pershing Nominees Limited 'KSCLT' _____________________47,805,809 18.24 aka Montoya ?
W B Nominees Limited __________________________________31,810,917 12.14
AAA Australian Control Account_________________________30,654,796 11.70
Hanover Nominees Limited 'HAYC2'_______________________19,500,000 _7.44 aka Corporate Foresight ?
Vidacos Nominees Limited 'FGN'_________________________18,370,327 _7.01
Goldman Sachs International 'CREPTEMP'_________________13,321,513 _5.08
Chase (GA Group) Nominees Limited 'GA' _________________8,041,869 _3.07
TD Direct Investing Nominees (Europe) Limited 'SMKTNOMS'7,665,770 _2.92
The Bank of New York (Nominees) Limited 'UKREITS' ______7,333,000 _2.80
Lynchwood Nominees Limited '2006420'___________________ 5,823,484 _2.22
Barclayshare Nominees Limited __________________________5,213,126 _1.99
The Bank of New York (Nominees) Limited 'BIL'___________4,782,257 _1.82
Pershing Nominees Limited 'PSL981' _____________________4,025,100 _1.54
KBC Securities NV 'CLIENT'_____________________________ 3,605,078 _1.38
L R Nominees Limited 'NOMINEE' _________________________3,554,701 _1.36
James Capel (Nominees) Limited 'PC' ____________________3,244,393 _1.24
HSBC Client Holdings Nominee (UK) Limited_______________2,950,464 _1.13
Investor Nominees Limited 'NOMINEE'____________________ 2,896,074 _1.10
Skandinaviska Enskilda Banken AB (PUBL)_________________2,696,526 _1.03
Goldman Sachs Securities (Nominees) Limited 'ILSEG'_____1,975,000 _0.75
=======================================================================
Total________________________________________________ 225,270,204 85.96

Category (number of shares) Number of
Shareholders
1 – 1,000____________________________________________ 1,080
1,001 – 10,000_________________________________________ 988
10,001 – 100,000_______________________________________ 413
100,001 – 1,000,000____________________________________ 135
1,000,001 and over________________________________________2
______________________________________________________2,618
The number of shareholders holding less than a marketable parcel is 1,420. The minimum parcel size is 3,449 shares.

Sales
09/08/12__Aviva was 8.041,869 now 3,301.869

Offeror
DMCI Holdings, Inc. ("DMCI") and D&A Income Limited ("D&A") (together the "Joint Offerors")
Joint Offerors own 30,472,068 Ordinary Shares at time of Offer or 11.6%
Latest RNS DMCI Holdings, Inc had increased its holding to 23,109,757 or 8.5%
There are no RNS from D&A Income Limited
'
DETAILS OF IRREVOCABLE UNDERTAKINGS
'
The following ENK Shareholders have irrevocably undertaken to accept the Offer in respect of the Ordinary Shares set out below:

Name Number of Ordinary % of issued share capital
Shares
Montoya Investments 47,805,809 18.24%

Corporate Foresight 19,500,000 _7.44%
Star Bird Holdings
Limited ___________ 17,763,284 _6.78%

Gina Suzanne Edwards 3,700,000 _1.41%
------------------- --------------------------
Total _____________ 88,769,093 33.87%
------------------- --------------------------

[metex] 24/8/2012 20:13

Tourist07....not quite....because the Offeror....has informed his own stock exchange....stating 19p as his offer.

He has to work to his local stock exchange rules....and if he went outside what was stated....then he could be penalised there.

Not perfect perhaps....but not quite the "Law of the Jungle"....as some investors think.

Next week should reveal more....if not all!

Is it to be....capitulation!....a superior offer....through third parties....or even...."a management buyout"?

It`s all in the mix now.

Is anyone from this thread....going to the AGM?

All the best....for the weekend!

[tourist07] 24/8/2012 17:45

Isn´t the 90% a bit of a red herring? Once the acquiring party has over 75% it can do pretty much what it wants (other than a fraud on the minority) including, as it has mentioned/threatened, take the company private.

It would be easy to argue that the costs of remaining listed outweigh the benefits, and that therefore the company should be taken private. Dissenting shareholders may or may not get a "last chance saloon" offer prior to the vote on that .... but it is almost inconceivable that such offer would be over 19p.

People should take a look at what happened to small and dissenting shareholders in Mapely, PLC a few years back which WAS subject to the City Code, to see what the real downside is. Who wants to be left with an insignificant % of a private company and no liquidity?

[jezza123] 24/8/2012 17:22

if you read the RNS that came out on the 10th you will see

The Offer is not subject to the City Code or the jurisdiction of the Takeover Panel and this announcement has not been prepared for the purposes of complying with the City Code.

[togglebrush] 24/8/2012 16:43

Agenda for AGM was set down on 6th August which was before the proposed offer
See
'

'
A long and usually boring exercise but an interesting resolution is
'
Resolution 10
'
Resolution 10 will be proposed as a special resolution. The Company has been subject to the provisions of the City Code on Takeovers and Mergers ("City Code"), which provide certain protections for the benefit of shareholders, ensuring inter alia equal treatment of shareholders during any takeover offer and restricting the number of shares that can be held by persons without making a takeover offer to all other shareholders. The Board considers that it is in the best interests of the Company and its shareholders that the Company either be subject to the City Code or (should it be determined that the Company is not subject to the City Code) to provisions equivalent to the City Code. In the light of the changes to the Board over the last year, the Board is proposing to change the Articles of Association to adopt a new Article providing provisions equivalent to the City Code.

[jezza123] 24/8/2012 16:35

I have already posted before that this 'takeover' has nothing to do with UK law.

So, why anyone should expect any UK legal entity to be the least bit interested,
or even that 'normal protocol' will be undertaken is a complete mystery to me - what is more, I think what mdr128 says is more than possible. After all, what's to stop them really?

[mdr128] 24/8/2012 15:57

Does anyone else think there is a risk that DMCI & pals will use the AGM to effectively force a hostile takeover of the board given they already claim to control 50%+ of the shares and then may not even bother with the 19p offer? Even as I type it it sounds like the stuff of daft conspiracy theories, but given the threatening tone of the initial RNS and the cheekiness of the 19p offer it doesn't seem so far fetched to me.

[giant steps] 23/8/2012 07:46

O/T

Boobly, i was thinking low-ball offer for tmc

[boobly] 22/8/2012 14:34

GS :.........
"Giant Steps
22 Aug'12 - 13:30 - 72681 of 72681

cf ENK, next step looks obvious "

Do you mean :
As / Like / Compare with ENK ?
or :
Bring together / Join with ENK ?

Either way , it seems blatantly obvious that TMC is soon to metamorphose
into a new entity .
Effectively now suspended until agreement reached .
(probably for our lowest valuation estimated .)

[togglebrush] 21/8/2012 10:03

Update to Post 7555
'
Swing__Date_____Open__High__Low___Close__Volume___Quartile
5.3% 09/08/2012 18.50 19.50 18.50 19.00 14,380,276 V High...Aviva sale
2.6% 10/08/2012 18.75 19.00 18.50 19.00 _3,253,301 V High
1.3% 13/08/2012 18.75 18.75 18.50 18.75 _1,487,642 V High
0.0% 14/08/2012 18.50 18.50 18.50 18.50 _1,014,185 V High
1.3% 15/08/2012 18.50 18.75 18.50 18.75 _1,225,171 V High
1.4% 16/08/2012 18.50 18.50 18.25 18.38 _1,603,875 V High
0.0% 17/08/2012 18.50 18.50 18.50 18.50 ___554,213 high
0.7% 20/08/2012 18.50 18.63 18.50 18.63 10,210,046 V High
'
Yesterday's RNS gave upto 16th Offeror's an increased holding . Yesterday it was the highest London Trading volume since the Aviva RNS and they have may added more. However they are only hitting half the daily average required to hit 90% by the close of trade on the 30th August
.
To meet the takeover of 10.00am on 30th August the offeror's required 90%
'
Issued_______262,104,003
Achieved_____134,241,161 or 51.2% by 8th August
Needed_______101,652,442 to achieve 90% by 29 August close
Target_________8,471,037 per trading day from 9th August for 15 days
Achieved_______4,216,089 average per trading day from 9th to 20th assumes they are sole buyers
'
Append
Todays London volume, so far, is only 14,250 which is very low.

[rimtalay] 20/8/2012 23:42

This open letter is being sent to ENK shareholders