Hummingbird Resources Takeover Rumours (HUM)

Can we ask the court to bypass the 90% acceptance rule,like they bypassed the aim takeover code?

People need to realise they cannot really say anything due to the situation of a takeover. Key dates 19th November for the restructuring then early December Sounds pretty much a done deal in my view on the restructuring at 2.66 which means the shareholder vote for them to take it private will be almost a given. If shareholders vote no I think it will continue as a going concern now it’s making money. Coris are trying to get the asset but I don’t blame them. But if they fail maybe more value can be realised from 2.66 if left alone.

TBT, This was announced on 17th September along with the exclusivity deal. I expressed the thought at the time that insiders like Betts might be getting themselves a favourable deal. I don't understand why they need so little ahead of a takeover.

Trader - my source re: Doropo is that famous one, "the word on the street". But wait and see it will be so. It's a nice medium sized project in a not too awful jurisdiction (Ivory Coast) for somebody to pick up. But too small for Anglo Gold Ashanti. Sale of course depends on CEY takeover going through without a hitch. Backmarker - In truth, Dugbe should have been dropped as a project years ago. It's been a money pit for years. HUM and Pasofino have spent nearly $100m developing it, but they won't get anything like that back, IF they can find a buyer. Dugbe always had to be a spectacular gold find to compensate for its location etc., and it was never that. Not even nearly.

“Doropo project will apparently come onto the market once the takeover with Anglo Gold Ashanti goes throughâ€￾ How did you reach that conclusion? Apparently?

RE: RSG 1g/t material near surface + easy to process with good recoveries + close to existing producing mine in reasonable jurisdiction. Yes, this equation just about works to extend the mine life in Togo for RSG. It's a completely different equation for Dugbe and Liberia. - No mine, no roads, no power, Ebola, jungle, terrible jurisdiction (potential revival of civil war, total corruption), hard rock to mine and process etc. Oh, and Centamin's West African Doropo project will apparently come onto the market once the takeover with Anglo Gold Ashanti goes through. Anybody care to explain why a buyer wouldn't prefer that project over Dugbe? Dugbe is crippled by the poor jurisdiction and its high Capex requirement. In plain terms, it's too much risk for too little reward. HUM / Pasofino needed to find much better grades (5g/t+ in bulk) at Dugbe than they ever did for the project to be viable.

Acquisition activity picking up in the gold sector. Hardly surprising given the sector's jump in cash flow generation and low valuations. Hopefully, that will be reflected in Pasofino's valuation. https://thewest.com.au/business/mining/takeover-speculation-as-perseus-mining-climbs-up-predictive-discoverys-register-with-199-per-cent-stake-c-15962168

IMO, right now Coris Bank would happily sell-out for little more than payment of the money they are owed. God only knows, they must be worried about the debt. So those hoping for a takeover by Resolute might want to think again! By the way, just to burst the bubble of PlatHunter's lies again, "commercial production" is a term with a precise technical meaning in mining. Here goes: "Commercial production is defined as a period of 30 consecutive days of operations during which the mill operates at a minimum of 60% of nameplate throughput" It's telling that HUM have not yet been able to announce that they have met even this low bar. p.s. Lots of probable broker accounts infesting the other board with ramping posts. Does that mean what I think it might? I thought the almost inevitable equity raise would be announced last Friday - will it be this one instead?

No crystal amber here.. :o), but it is encouraging to see/read about recent takeover bids/offers that have taken place and proved that a lower grade mine is still desirable.. Anytime this month for a exclusivity RNS, then FY for a deal IF Dugbe/VEIN pass all due diligence, and that is why the DFS is there, already done to give confidence to a buyer or a mine builder/operator.. :o)