Share Name Share Symbol Market Type Share ISIN Share Description
Latitude Resources LSE:LTR London Ordinary Share GB0009587568 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 3.00p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Unknown - - - - 8.09

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Date Time Title Posts
27/3/201722:07Latitude Resources (formerly Latin American Copper on OFEX)972
27/7/200506:23Latitude Resourses - Formerly Latin America One to watch1

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rickus: "As the Offer has now become unconditional and CdM holds over 50 per cent. of the issued share capital of the Company, in addition to their own individual investment requirements and objectives, Latitude Shareholders and Optionholders are encouraged to reconsider the issues set out in paragraph 5 of the letter from the Independent Director contained in the circular to shareholder dated 13 November 2008 (the 'Circular') when evaluating whether or not to accept the Offer and the proposals put forward to Optionholders respectively. A copy of the Circular is available on the Company's website at" PARAGRAPH 5 as referred to above: 5. Factors for consideration by Latitude Shareholders and Optionholders in evaluating the Offer Introduction Under the Code, the Independent Directors are required to circulate their advice on the Offer to the Latitude Shareholders and Optionholders. Latitude Shareholders and Optionholders are encouraged to consider a number of issues set out below when evaluating whether or not to accept the Offer and the proposals put forward to Optionholders respectively. Your decision as to whether to accept the Offer will depend on your individual circumstances. If you are in any doubt as to the action you should take, you should consult an independent financial adviser authorised under the Financial Services and Markets Act 2000 if you are in the United Kingdom or, if you are outside the United Kingdom, an appropriately authorised independent financial adviser, without delay. Share price performance and current equity market conditions The Offer represents an opportunity for Latitude Shareholders to realise their investment in Latitude for cash at a price of 4 pence per Latitude Share. This represents a premium of 33.3 per cent. to the Closing Price on 29 August 2008 (being the last business day prior to the suspension of Latitude Shares from trading on AIM). Latitude Shares have not traded at a premium to the Offer Price since 26 October 2007. In addition, you should be aware that as a result of the current economic crisis equity markets have fallen significantly over recent months. The FTSE All Share and FTSE AIM All Share indices have fallen by over 30 per cent. and 40 per cent. respectively since Latitude was suspended on 1 September 2008 and by over 50 per cent. and 60 per cent., respectively since Latitude last traded above the Offer Price on 26 October 2007. Given the severity of the current economic crisis there can be no certainty over how long it will take equity markets to recover. Financial position As set out in paragraph 4 above, the Offer Price of 4 pence per Latitude Share represents a discount of 25.7 per cent. of the NAV per Latitude Share of 5.38 pence as at 30 June 2008. Controlling shareholder CdM currently owns approximately 46.1 per cent. of the existing issued ordinary share capital of Latitude, giving it significant influence over the future strategic direction of the Company. CdM currently has the capability to exercise effective control over Latitude and, if it obtains a sufficient number of valid acceptances under the Offer (or otherwise makes further market purchases) to take its interest in Latitude Shares to over 50 per cent., then CdM will have actual control over Latitude. In order to achieve this level of acceptances CdM needs to acquire, whether under the Offer or through market purchases, a further 10,437,689 Latitude Shares, representing just 3.9 per cent. of the existing issued ordinary share capital of Latitude. Latitude Shareholders and Optionholders should be aware of certain protections that Latitude Shareholders will no longer possess if CdM acquires over 50 per cent. of the voting rights in Latitude Shares. CdM will hold sufficient voting rights to ensure the approval or rejection, if it so wishes, of ordinary resolutions of Latitude including, for example, to determine the appointment and removal of executive and non-executive directors of the Company. Loss of Code protections In the event that CdM holds over 50 per cent. of the voting rights in Latitude and, pursuant to Rule 35.3 of the Code, following a period of six months after the closure of the Offer, CdM may increase its aggregate shareholding in Latitude without restriction and without incurring a further obligation under Rule 9 of the Code to make another offer for the remaining Latitude Shares it does not then own or control. Loss of AIM quotation If CdM acquires Latitude Shares representing 75 per cent. or more of the existing issued ordinary share capital of Latitude, it would have the ability to pass the necessary resolutions to cancel Latitude's AIM quotation. The Independent Directors anticipate that CdM will exercise that right if it has acquired or agreed to acquire sufficient of the voting rights attached to Latitude Shares to enable it to do so. Latitude Shareholders who have not accepted the Offer at that time would then be left with shares in an unquoted company with significantly reduced liquidity and marketability and with a dominant shareholder. Even in the event that CdM acquires Latitude Shares representing less than 75 per cent., but more than 50 per cent. of the existing issued ordinary share capital of Latitude, there is still a risk that Latitude will cease to satisfy the requirements of the London Stock Exchange for its shares to remain suitable for trading on AIM if, for example, the Company's nominated adviser ceased to be satisfied that Latitude would be able to maintain sufficient systems, procedures and controls in order to comply with the AIM Rules. Compulsory acquisition If CdM receives acceptances of the Offer in respect of, and/or otherwise acquires, 90 per cent. or more of the Latitude Shares to which the Offer relates, i.e. the Latitude Shares that CdM does not already own, and in the case where the Latitude Shares to which the Offer relates are voting shares, not less than 90 per cent of the voting rights carried by those Latitude Shares, CdM stated in its Offer Document that it may exercise its rights pursuant to the provisions of Chapter 3 of Part 28 of the 2006 Act to acquire compulsorily the remaining Latitude Shares in respect of which the Offer has not been accepted i.e. as stated in paragraph 2 above if CdM has acquired or contracted to acquire approximately 94.6 per cent. of the issued share capital of Latitude. The Independent Directors anticipate that CdM will exercise that right if it has acquired or agreed to acquire sufficient of the voting rights attached to Latitude Shares to enable it to do so. Liquidity of Latitude Shares The presence of a controlling shareholder, as in the case of CdM, and assuming the Company remains a publicly quoted company and that the suspension in trading on Latitude Shares is lifted, could lead to a lack of a liquid market in Latitude Shares which could determine a lower value for your Latitude Shares should you wish to sell them in the future. Directors and Employees Save for confirming that following the Offer becoming unconditional, the existing employment rights, including pension rights, of the management and employees of Latitude will be safeguarded, CdM has stated that it may make changes to the Board as appropriate upon the Offer becoming wholly unconditional. However, Latitude Shareholders and Optionholders should note that, should the Offer become or be declared unconditional, then CdM will have the ability to appoint new individuals to Latitude's board of directors and that, in the event of the Offer being declared unconditional and CdM having received valid acceptances in respect of 75 per cent. of the Latitude Shares, it is the Independent Directors current intention to resign upon the cancellation of the trading of Latitude Shares on AIM. Even without the Offer becoming or being unconditional, CdM would have a strong, if not determining, influence over any such appointments. The Independent Directors believe that the factors set out above are those to which considerable weight should be given by Latitude Shareholders and the Optionholders in determining their own intentions in respect of the Offer. There may be other factors relevant to your personal circumstances which you need to consider. If a Latitude Shareholder is in doubt about the Offer or the action which he should take, he should consult his own independent financial adviser duly authorised under the Financial Services and Markets Act 2000.
johnmc: Shoggoth Whilst I am not a fully paid up member of the directors' fan club, I would suggest that it is important to seperate the three issues: 1. The directors' expertise; 2. The Company's performance; 3. Possible malfeasance on the part of the directors. 1. When Konig and Rowland came on board thay brought a most welcome injection of cash (from memory GBP1M) and the hope of a new page for a company which had lost over 2/3 of its value in the calendar year 2004 - probably the best year EVER for the small cap resources sector. I think they also provided relief for Tony Williams' Dragon group who never intended to have to manage the company; they just got sucked into a management and administrative vacuum. Certainly there was no pretense that the new directors were bringing exploration expertise to the board. Personally, had their expertise been haute couture, as a shareholder my only question would have been "Can they make money for us from it?". 2. Between their arrival and the AIM float, they announced that part of their business would be investment, so anyone who didn't want to stay in a fund could have bailed on that news. I thought that it was quite a sound idea. You could analyse their performance in a number of ways: Share price from Feb 05 to August 08 - not bad; Share price from July 05 to August 08 - pathetic; Cash at bank as above - pretty good; The exploration arm's use of capital and contribution to shareholder value - mediochre; The investment arm's use of capital and contribution to shareholder value - pretty good; The UK cost base and quality of exploration management in Chile - spotty, but generally horrific. However, none of this constitutes any reason for the shareholders to complain to an outside body. Let us face it, there are a great many companies in thios sector trading at a fraction of their value of 4 years ago. 3. Given a final trade of 2.75p and a NAV of ca 6p, the directors had a clear obligation to provide some defence from a smash and grab raid on the company's cash. If that raid had come from outside, the directors could have claimed that they were taken by surprise. However, the raid has come from inside, the basis for complaint is that either the directors were taken by surprise, in which case Mr Rowland should have some explaining to do, or they were not, in which case they have some explaining to do. This third question is quite seperate from the comercial success or failure of the Company and to mix the two merely muddies the waters. Shoggoth, please do not get the impression that I do not recognise the right of the public to discuss managements' competence, it is just that I am trying to clarify the difference between your quite legitimate points and the issue which has arisen to the quite considerable annoyance, and potential cost, of the shareholders. Cheers JMc
allini245: Steady decline in share price, still lack of news, lets hope something better in the pipeline. Good luck to all.
ammons: Had a browse through Inv Chron in my local library yesterday and they marked LTR as a buy. Cash minus tax and any expences amount to more than the current share price. The magazine argued that there'll be many attractive mining companies unable to raise neccessary funds due to credit squeeze who'll give an outfit like LTR who has cash very favourable terms to climb aboard. It was a very positive write up. Personally I'd rather have the cash back.
cerrito: Loinerscum I am hoping that I will not have to go the AGM because by then we will have had some corporate solution which will have allowed us to exit at around 5p. Todays' share price action and little volume was to be expected.
sivadnoj: Presumably the reference to the cancellation of the share options means that LTR will have received no value for them? I think they were exercisable at a price of Aus$0.3 to Aus$0.5 compared with a Tamaya share price of Aus$0.15 at the moment.
stemis: I posted a review of LTR on Motley Fool:- -------------------------------------------------------------- As a result of recent transactions Latitude Resources (LTR) has effectively become a pure mining investment house. Despite initially rising on the back of some strongly positive transactions it has fallen back with the general weakness in the markets. As a result I think it now offers a very attractive upside, with good downside protection (if such a thing exists in the current climate). Key statistics:-Share in issues 269.5m Share price 3.75p Market capitalisation £10.11mThere are 20m warrants/options in issue. All are out of the money [5.25m of them, exercisable, at 4.0p expire at the end of January leaving 14.75m exercisable at 5.0p]. On 13 August LTR announced it had sold its Chilean mining operations to Tamaya Resources for £9.4m in shares. In the same announcement it revealed that, as a result of the transaction, its remaining assets comprised:- £m Cash 2.9 Shares in Western Goldfields 3.2 Shares in Tamaya Resources 9.4 Shares in Tanami 0.5 Total 16.0Since then LTR has sold its shares in Tanami for book value and sold 54m of its 85m shares in Tamaya for £7.2m. The sale of shares in Tamaya Resources looks a pretty astute deal in light of subsequent weakness in the share price. As a result of these transactions (and revaluing its remaining assets to market value) and assuming they have not made any other investments, I calculate that the balance sheet of LTR looks like this:- £m Cash 10.6 Shares in Western Goldfields 4.4 [2.5m shares at Can$3.54] Shares in Tamaya Resources 3.0 [31m shares at Aus$0.215] Total 18.0This equates to around 6.7p a share (or 6.6p fully diluted). LTR also hold 5 million options in Tamaya Resources at Aus$0.3 and 5 million at Aus$0.4 to which I have attributed no value. So the balance sheet suggests that not only is LTR's net asset value 78% higher than its market capitalisation, but that its market capitalisation is more than covered by its cash balance. There is one potential fly in the ointment; tax. LTR does not mention tax in its announcements and implies that the figures are net of any tax. However lets suppose as a super prudent worse case scenario that tax is/will be payable at 30% on the whole of the shares in Western Goldfields, shares in Tamaya Resources, and proceeds from sales of shares in Tamaya Resources and Tanami. That would come to £4.5m. Even under those circumstances, which I don't believe, it would leave the net asset value at £13.5m or 5.00p per share; still a pretty good deal. I don't know much about Tamaya Resources [], which is TSX listed, although beans4tea posted briefly on them a while ago I suspect LTR will offload the rest of the shares when they are able. Western Goldfields, which is ASX listed, however looks an attractive investment. The company is an emerging gold producer expecting to commence production very shortly in USA. The company expects to achieve 160,000 oz production at $360/0z in 2008. I make that an ebitda of around £40m for a £254m valued company. In 2009 it seems to me that they could be doing as much as 200,000 oz at $290/oz; an ebida of around £60m. The company is fully funded and debt is low. The share price has been rising pretty steadily and I could see another 50% in the next 12 months (= an additional 0.6 – 0.9p per LTR share). Just my opinions obviously. Total gold reserve is 2.8m oz with a further 1.1m measured and indicated resource. There appears plenty more to go at however. In conclusion we have a share price trading at a big discount to underlying cash and quoted investments, with the current price probably underwritten by cash, and an exposure to an emerging gold producer. Management look astute deal makers and in the current climate there may be good opportunities for those with cash. However they may not get chance to use the cash. Investec have been quietly (?) building a large stake in the company, increasing from 15.95% to 29.19% since early August. Gartmore also hold 4.69% and, as far as I can tell, Bruce Rowan holds 3.86%. There are other sizeable holders. Although Investec seem to have had no trouble getting the shares (there have been no announcements from other major shareholders of any reduction in holdings) its not an easy company to trade in volume. I suspect there are quite a few stale bulls around; the company floated on AIM in July 2005 at 5p. Nevertheless I have gradually managed to get what I wanted without disturbing the price too much. There was an article on proactive investors some months ago As ever DYOR, no guarantees given!
rickus: Tamaya Resources; the building of a mid-tier miner 28/09/2007 By: egoli Tamaya Resources Limited (TMR) recently finalised its purchase of Latitude Copper, effectively doubling the resource base in Chile . The resources are modest in size, but the potential of the tenements, in particular Filipina Grande, are substantial. The company plans to develop a second copper mine in Chile based around these tenements, where we believe eventual resources up to 100 million tonnes (mt) are a distinct possibility. With the development of the 100kozpa Lichvaz gold mine well underway in Armenia , the company's strategy of organic growth and acquisition is proving highly successful and setting itself up to make the transition from small-scale producer to mid-tier diversified miner in coming years. Current reported resources at Filipina Grande (JORC) are 12mt@1.28%Cu and 0.34g/t gold, along with 1.9mt@0.83%Cu in the oxide portion. TMR recently announced it's maiden JORC compliant resource for Lichvaz of 3mt@7g/tAu, 31g/tAg and 0.5% Cu for 0.67moz Au. Again, the tonnage is small, but we believe the company has only drilled out a small portion of the ultimate resource potential of the area, and with an initial grade of >9g/t gold equivalent, there is plenty of scope for further upgrades to the inventory. The theme for Tamaya is growing resources, expanding production. There are some near-term hurdles to overcome including resolution of the minority interest in earlier acquisition Iberian Resource Limited (IBR) and listing in Toronto , but we consider than TMR represents an excellent medium to longer term growth proposition, with a suggested investment timeframe of 2-3 years to enable the underlying value of projects to be unlocked. For a company of modest market capitalisation, the future cashflows generated from both the Chile copper projects and European gold operations will put the company in a good position to continue to grow the business at a moderate pace. Latitude Copper, Chile (TMR, 100%) TMR recently acquired a 100% interest in Latin America Copper Chile S.A ('LAC') previously a subsidiary of AIM listed Latitude Resources ('LTR'). The project is located approximately 250km north of the Company's existing operations at Cinabrio, and in close proximity to hydro-power and regional infrastructure. Consideration was $24.6 million based on a fixed issue of 85 million shares and 15 million options at varying exercise prices up to $0.50ps. LAC controls a majority interest in approximately 5 exploration properties in the prospective Andean IOCGU belt north of Santiago . LTR listed on the AIM in 2005, with an implied value for the Chilean assets of just under ₤7 million. Despite spending some ₤3 million on exploration in Chile, the market failed to recognise the true value, and prior to TMR's offer, was significantly discounting the asset value (according to LTR). TMR's offer was opportunistic and well-timed considering the release of the SRK report valuing part of the project at an NPV of just under US$90 million m. The report considered several scenarios around a potential 60mt resource at 1.28%Cu and 0.34g/tAu, with potential for significant increases to NPV from sales of iron concentrates as a by-product. This was based on a long term copper price of US$1.40/lb and US$500/oz for gold; US$235 million capex and recoveries of 75% for gold and 86% for Cu. Existing resources established at Filpina Grande are quite modest, at 12mt@1.28%Cu and 0.34g/tAu and 1.9mt@0.83%Cu of oxides. Based on a brief review of documentation, we consider there is excellent potential to establish a resource base at Filipina Grande of between 50 and 100mt, based on the limited drilling undertaken to date, and extensive distribution of mineralisation. Other exploration assets acquired through Latitude show promising results, including Santa Dominga with 76m@1.61%Cu and 0.33g/tAu. An initial resource statement is pending for this project. T The company is planning to conduct a substantial drilling campaign in Chile , focused on Filpina Grande, with 140,000m planned over the next two years. Over the next twelve months, depending on drilling results, there is potential for more confidence to be gained in the project. The present plan is to prove up sufficient resources to justify the 3mtpa operation at Filipina Grande, whilst evaluating the numerous other geophysical targets and identified prospects within the tenements. Punitaqui/Cinabrio Mine, Chile (TMR, 100%) The expansion of the Punitaqui/Cinabrio mine in Chile to 3000tpd (1mtpa) is well advanced, with the relocation of three second hand ball mills from Spain achieved last quarter. The new three-stage crusher, installed at a cost of $US2 million, is capable of crushing up to 4000t of ore a day. In the June quarter the company produced around 1400t of Cu and 40koz of silver, with production rates continuing to increase. Based on achievement of 3000tpd by early next year, we estimate total production of 11.6kt of Cu, generating revenues above US$70 million, and potential EBITDA in excess of US$40 million. This is based on an average copper price of US$3.20/lb for 2008. The feasibility study for the oxide project is underway, with results anticipated soon, and construction underway in 2008. Capital cost will be low, with initial production of 200ktpa increasing to 400ktpa over two years. Lichvaz Gold Project, Armenia (TMR, 86%) TMR recently announced a maiden JORC resource for the Lichvaz mine of 3mt@7.0g/tAu, 31.5g/tAg and 0.5%Cu for just under 0.7moz gold. This superseded the earlier (non-JORC) estimate of around 9mt@3.75g/t, 24.5g/tAg and 0.3%Cu. The company is in the process of finalising a US$60 million debt raising to fund construction, with first gold pour at the new facilities due early in 2009 at an initial rate of 100kozpa. Approximately 500kozpa of silver will be produced, taking the total to 110kozpa on a gold equivalent basis. Total capital cost, including contingencies and working capital is estimated at US$60 million. The company believes that ultimately, depending on resources established and particularly a large, lower grade bulk stockwork resource, an operation producing up to 200kozpa may be feasible at the site. The company purchased the 800ktpa Rishton Mill in Queensland , and will be relocating the refurbished components to Armenia in 2008. The site currently has a gravity circuit installed and is producing a small amount of gold (6kozpa). The mine has experienced a significant amount of development over its life, with substantial declines and adits already in place. Since ownership of the asset by Iberian (IBR), the infrastructure has been upgraded (left). There is good access at the site, with sealed roads, power and plenty of water. Due to the favourable operating environment in Armenia , operating costs are forecast by the Company to be below US$300/oz. A 20,000m RC drilling program is due to commence at the mine in coming months, and we anticipate significant upgrades to the resource base over the next 18 months leading up to full scale production at the site. Monetmor/Portalegre Gold, Portugal (TMR, 86%) TMR, through it's majority owned subsidiary Iberian Resources hold almost 1,400km2 of tenements in Portugal , including almost 1moz of gold at the Montemor and Portalegre deposits. Additional projects held by the company include Caviera base metals and Regua tungsten. The company is moving towards feasibility with the Montemor project, following scoping studies indicating a production rate of 60kozpa at a cost below US$350/oz. The current resource base consists of shallow shear-hosted deposits, with potential for extensions to known resources along strike and at depth. The initial JORC inferred resource at Montemor has previously been established at 6mt@2.2g/tAu for 0.61moz. Over 50,000m of drilling has previously been undertaken at the deposit. During the feasibility phase, the plan is continued drilling and completion of baseline environmental studies leading to completion of an Environmental Impact Statement (EIS). An initial resource of 7.4mt@1.37g/t Au (327koz) has been delineated at Portalegre, approximately 100km to the north-east of Montemor. The company considers the shallow oxide ore to represent an excellent opportunity to establish a heap leach operation, also at a production rate of around 60kozpa. We anticipate development of both Portuguese projects is a few years away, with the exact timeline yet to be determined. Initially, the Company plans to establish a resource inventory of 2moz, which will aid in deciding the most appropriate development strategy for the projects. Provided activities are progressed promptly, first gold production could be achieved by mid to late 2010, based on a simple cyanide heap-leach style processing plant to produce around 60kozpa. A second operation at a similar rate may start twelve months later. Board and Management The board of directors have significant experience in developing gold and base metals projects. Executive Chairman Hugh Callaghan is a former Rio Tinto Limited (RIO) executive, partly responsible for developing Riversdale Mining into a $600 million company, and share price appreciation well over 1000%. Previous experience also includes working at the Escondida mine in Chile . MD, Mike Fischer is a seasoned mine manager, joining TMR from CBH Resources Limited (CBH), where he was EGM operations. TMR have executives on the ground in Chile and Armenia , actively overseeing the exploration and expansion plans, including Steve Playford, mine manager at Cinabrio. Conclusion In summary, we have been impressed by the progress made by management to date in the short time since the acquisition of Iberian resources. The team appears to have a genuine commitment to growing the business at a manageable pace, and the next eighteen months will be a critical period of transformation of the company from small-scale producer, to diversified miner. A total of five mining projects have potential to be in production within three years, which represents an ambitious target, however one that the company believes is achievable. We believe the growing production base, excellent potential for further substantial increases to the global resource inventory and potential production/earnings profile going forward should continue to see the company attract a high level of interest and support in 2008. RISK STATEMENT The analyst has determined that the risk profile for this company is significantly higher than for the market as a whole, and so may not suit all investors. Clients should make an assessment as to whether this stock and its potential price volatility is compatible with their financial objectives. Clients should discuss this stock with their advisor before making any investment decision. DISCLAIMER: This report is published by SHAW Stockbroking Limited ("SHAW") in good faith based on the facts known to it at the time of preparation and does not purport to contain all relevant information in respect of the Financial Products to which it relates. Any projections are estimates only and may not be realised in the future. SHAW has prepared this report for multiple distribution and without consideration to the investment objectives, financial situation or particular needs ("Objectives") of any individual investor. Accordingly, any advice given is not a recommendation that a particular course of action is suitable for any particular person and is not suitable to be acted on as investment advice. Readers must assess whether or not the advice is appropriate to their Objectives before making an investment decision on the basis of this report. Readers can either assess the advice themselves or if they require a recommendation personal to them, they should seek the help of their SHAW client adviser. This research has been prepared for the use of clients of SHAW and its wholly owned subsidiaries and must not be copied, either in whole or in part, or distributed to any other person. If you are not the intended recipient, you must not use or disclose the information in this research in any way. Nothing in this research will be construed as a notification to buy or sell any Financial Products, or to engage in or refrain from engaging in any transaction in a Financial Product. This research is based on information obtained from sources believed to be reliable but SHAW does not make any representation or warranty that it is accurate, complete or up to date. SHAW accepts no obligation to correct or update the information or opinions in it. Any persons relying on the above information does so at their own risk. Except to the extent that liability under any law cannot be excluded, SHAW disclaims liability for all loss or damage arising as a result of an opinion, advice, recommendation, representation or information expressly or impliedly published in or in relation to this report notwithstanding any error or omission including negligence. SHAW will charge commission in relation to client transactions in Financial Products and SHAW client advisers will receive a share of that commission. SHAW, its associates and their respective officers and employees may earn fees and commission from underwriting Financial Products and may act as principal in respect of or otherwise have interests in the Financial Products. Analyst Independence: The Research Analyst who prepared this document hereby certifies that the views expressed in this document accurately reflect the analyst's personal views about the subject company(s) and their Financial Products.
loinerscum: Frankly Cerrito, Latitude shareholders should want Tamaya shares to dip further because the value of Tamaya shares which will be issued is capped at A$24.7 million, which equates to around 29cents per share. Above that price the number of shares tails off; if when the deal is ratified Tamaya shares have recovered to last weeks high of 35.25 mid, LTR would only get 70 million Tamaya shares rather than 85 million. I certainly know where I'd like to see Tamaya shares for the next few weeks, thats below 29 cents, I've pasted the detail below for anyone interested. Cheers Andy P The consideration proposed is 85 million fully paid ordinary shares in TMR and 15 million options. The 15 million options are to be issued in three tranches of 5 million options each with exercise prices at A$ 30 cents, 40 cents, and 50 cents respectively. Each tranche of options may be exercised between 12 months and 36 months of the date of completion of the transaction. The share consideration for the disposal is valued, at yesterday's closing mid market, at circa A$ 22.0 million (£9.4 million). The number of shares to be issued is subject to the TMR share price shortly prior to completion but the aggregated value will not exceed A$ 24.7 million (£10.5 million).
zaitoon: I was v surprised to see Western Goldfields up at $ 1.89 yesterday morning - that was another substantial rise from the last posted price on here at 1.58. Unfortunately it was down quite considerably overnight - hopefully only temporary. On doing a limited amount of research so far it seems we should be in line for news on a number of fronts soon - including at Romarco. I think the LTR share price has moved up to take account of the rise in share price of Romarco and Western Goldfields but there does not seem to be much reflection of increasing copper prices on LTRs own prospects.
Latitude Resources share price data is direct from the London Stock Exchange
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