Mariana Share Discussion Threads

[bittorrent] 04/5/2017 09:42

So Stompy, honest question, where do you see this ending up?

[stompy jones] 04/5/2017 09:29

Pick a nice tree to sit under while you do it because it's possible you'll spend so much time in consideration you'll achieve something like mystical enlightenment before it happens.

[goldenshare888] 04/5/2017 08:04

Sandstorm shares still falling further yesterday - hence MARL still falling.

I was lucky to get out at c 95p I think.

I would consider a re-entry punt in the 70's.

[pr0t0n] 03/5/2017 18:10

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or
more of any class of relevant securities of an offeree company or of any
securities exchange offeror (being any offeror other than an offeror in
respect of which it has been announced that its offer is, or is likely
to be, solely in cash) must make an Opening Position Disclosure
following the commencement of the offer period and, if later, following
the announcement in which any securities exchange offeror is first
identified. An Opening Position Disclosure must contain details of the
person's interests and short positions in, and rights to subscribe for,
any relevant securities of each of (i) the offeree company and (ii) any
securities exchange offeror(s). An Opening Position Disclosure by a
person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm
(London time) on the 10th business day following the commencement of the
offer period and, if appropriate, by no later than 3.30 pm (London time)
on the 10th business day following the announcement in which any
securities exchange offeror is first identified. Relevant persons who
deal in the relevant securities of the offeree company or of a
securities exchange offeror prior to the deadline for making an Opening
Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested
in 1% or more of any class of relevant securities of the offeree company
or of any securities exchange offeror must make a Dealing Disclosure if
the person deals in any relevant securities of the offeree company or of
any securities exchange offeror. A Dealing Disclosure must contain
details of the dealing concerned and of the person's interests and short
positions in, and rights to subscribe for, any relevant securities of
each of (i) the offeree company and (ii) any securities exchange
offeror(s), save to the extent that these details have previously been
disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule
8.3(b) applies must be made by no later than 3.30 pm (London time) on
the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or
understanding, whether formal or informal, to acquire or control an
interest in relevant securities of an offeree company or a securities
exchange offeror, they will be deemed to be a single person for the
purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company
and by any offeror and Dealing Disclosures must also be made by the
offeree company, by any offeror and by any persons acting in concert
with any of them (see Rules 8.1, 8.2 and 8.4). Details of the offeree
and offeror companies in respect of whose relevant securities Opening
Position Disclosures and Dealing Disclosures must be made can be found
in the Disclosure Table on the Takeover Panel's website at
www.thetakeoverpanel.org.uk, including details of the number of relevant
securities in issue, when the offer period commenced and when any
offeror was first identified. You should contact the Panel's Market
Surveillance Unit on [phone] if you are in any doubt as to
whether you are required to make an Opening Position Disclosure or a
Dealing Disclosure.

[pr0t0n] 03/5/2017 18:06

5 RNS`s today with one correction , aren`t we spoiled?!

Exbroker mentioned few days back they all have 10 working days to declare interest.
4 days to go.
Sprott holds or he doesn`t. Maybe that`s why he is not on the list?!!

[pr0t0n] 03/5/2017 08:55

The following holders of Mariana Shares have given irrevocable undertakings to vote in favour of the Scheme at the Guernsey Court Meeting and the resolutions to be proposed at the General Meeting which are necessary to implement the Combination and any related transactions (and to vote against any resolutions which may result in the Combination not being implemented) in relation to the following Mariana Shares, respectively:

Directors

Name Number of
Mariana Shares Percentage of issued
share capital of Mariana

John Goodwin 62,000 0.05

John Horsburgh 843,050 0.66


Glen Parsons

337,250

0.26
Eric Roth 649,371 0.51


The undertakings referred to above will remain binding if a higher competing offer for Mariana is made. The undertakings will cease to be binding if: (i) the Announcement is not made by 5.00 p.m. (London time) on 26 April 2017 (or such later date as the Company and the Offeror may agree); or (ii) the Panel consents to Sandstorm not proceeding with the Combination; or (iii) the Scheme does not become Effective by 31 August 2017 (other than in circumstances where Sandstorm has elected to proceed by way of takeover offer and such offer has not lapsed or been withdrawn).

Other shareholders

Name Number of
Mariana Shares Percentage of issued
share capital of Mariana

AngloGold Ashanti Holdings PLC 4,898,295 3.82

Australian Investors Pty Ltd 3,819,794 2.98


The undertakings referred to above will remain binding if a higher competing offer for Mariana is made. The undertakings will cease to be binding if: (i) the Announcement is not released by 5.00 p.m. (London time) on 27 April 2017; or (ii) the Panel consents to Sandstorm not proceeding with the Combination; or (iii) the Scheme does not become Effective by 31 August 2017 (other than in circumstances where Sandstorm has elected to proceed by way of takeover offer and such offer has not lapsed or been withdrawn); or (iv) an offer is announced by a third party on terms which represent in the reasonable opinion of KPMG LLP (in the case of Australian Investors Pty Ltd) or RFC Ambrian Limited (in the case of AngloGold Ashanti Holdings PLC) an improvement of ten per cent or more on the value of the consideration offered under the Combination.

[pr0t0n] 02/5/2017 16:41

I was wrong there.
Alacer published financials today :

The Corporation ended the first quarter of 2017 with cash of $154.0 million and no debt.

Drawdown facility $350 Million/ $130 Million used

[pr0t0n] 02/5/2017 16:28

Maybe they should sweeten the deal, more cash, fixed premium and less shares, even in tandem with Alacer Gold for %.
Could be just opening salvo.....
Alacer Gold has handful of JV`s with Lidya...$200 million in cash !

[steeplejack] 02/5/2017 16:13

Maybe Sandstorm management should buy stock p.a. :)

[jimbowen30] 02/5/2017 13:39

Bit
As previously stated, I've been a shareholder in SSL for a few years and I think the business model and company is first class, but it's no Franco Nevada in terms of size. Your post above is 100% spot on imo. It's certainly a change in approach for SSL and this has definitely spooked/upset some shareholders, hence the fall. That said I do rate Nolan Watson and have spoken to him at length personally at conferences in London. He is young and hungry to build a successful company. The fact they are doing this deal indicates the huge potential of Hot Maden. Without Sandstorm, I don't beleive MARL will see the maximum benefit, so the deal makes sense to me - from both sides. The downside, is that the project is in Turkey but this won't change whether MARL merges with SSL or is a stand along company. My view is that the risk is far less if MARL is part of SSL. So in the short term, I see volatility (hence the share price fall) but longer term I think this could be a company transforming deal that we all benefit from.

[barrywhit] 02/5/2017 13:37

Very good read.........

[steeplejack] 02/5/2017 11:30

Yes,that's a fair summation.

[bittorrent] 02/5/2017 11:25

As a poster on the SSL thread pointed out, this deal represents a sudden lurch in direction for Sandstorm, which was not signalled beforehand. Giving up a fifth of the company for one asset in a region not considered ultra safe has clearly disappointed some Sandstorm shareholders.
So what are the possible options?
1. The deal goes through, Marl holders get their SAND shares and a bit of cash, maybe SAND shares start to recover, depending on whether SAND can get a royalty deal with Lidya or a third party.
2. The deal falls through, MARL shares fall back to pre announcement levels.
3. A counter bid emerges at a higher offer, possibly with more cash on offer, Marl shares jump up.

[steeplejack] 02/5/2017 10:48

Despite getting Mariana at a cheap price,I'm not that enthused at getting Sandstorm shares which have halved from their high in the last year.For what ever reason,the fall in the Sandstorm shares since the deal was announced suggests that there are concerns on the part of existing Sandstorm shareholders as to the merits of the "merger" with Mariana.Perhaps Sandstorm holders are concerned about Turkey, the short term dilution and the uncertainties of arranging a HM gold stream royalty franchise and the time span involved in such an exercise.
Thus,if you can convince me that Sandstorm is a raging buy,I'll be more than happy but the market seems less than convinced.That's the problem.If Sandstorm had shot to $5 on the news of the merger,we'd all be happy.That hasn't happened,the fall in Sandstorm has exacerbated what was lowball offer to start with.Anyway,what do I know about Sandstorm's other interests which appear to have underwhelmed the US market of late.Mariana will be less than a fifth of the combined group.
If share price movements are to be believed,neither Sandstorm or Mariana management are convincing the majority of shareholders in either company of the merger's merits.

[stompy jones] 02/5/2017 09:38

There is another way of looking at this: don't look at a MARL cash back. Instead, look at the discounted SAND shares in the deal.

In a way, it's as if MARL were taking HM to production and getting the cash flow. But MARL needs SAND to do it.

There could be a case for buying MARL maybe for the chance of a higher bid but mainly to get SAND shares at a bargain price. Be like Glen: put a SAND hat on and see it from that angle.

Comments welcome.

[pr0t0n] 02/5/2017 09:28

% Chg from
Prev Qtr

Total Shares Sold (Mil) 3,809.78



Oppenheimer Fund, is out with 1.4 million shares, the rest I don`t know, (premium service)

[doublestexan] 02/5/2017 08:04

All- thanks for all the thoughts
about this situation we find ourselves in. Like Little Alice
I have a fairly nice size investment in Mariana and though it's a two bagger for me right now,
I view it as a pretty meager deal and am considering buying more shares. In general, I believe the Sandstorm investors aren't too crazy about a junior resource company
and can't speak for others, but the Sandstorm arrangement doesn't appeal to me. Mariana shareholders
Whether they have a hundred shares or a million shares are entitled to
( there is that word again ENTITLEMENT) fair treatment.

[steeplejack] 01/5/2017 19:28

This is well worth listening to.

Firstly,we have all the implicit faith in Hot Maden reiterated but now that faith is appreciated from a Sandstorm point of view.Glen P. is already wearing a Sandstorm hat.Further drill results from HM can be expected in June and updates from Cote D'Ivoire and Argentina interests can also be anticipated as part of a precursor to the creation of the "spin off " entity.

Sandstorm is known to Lidya.I think this is important.It could be that Mariana was pushed in Sandstorm's direction by Lidya who are happy with the gold streaming franchising idea by all accounts.Why on earth Parsons should strike a deal with Sandstorm prior to further drilling data is extraordinary.Mariana are funded into next year and it's highly likely that further drilling data might confirm Mariana as a more valuable asset thus benefitting Mariana shareholders in the merger proposal..It's got to be about politics and the Mariana management getting a nice deal for themselves because the economics don't seem to make sense.Mariana are being sold out on the cheap.The irony is that Sandstorm shares are declining such that is questionable that the deal will go through.It could be that Sandstorm are falling because of an indifferent gold market of late or concern that it won't be able to tie up a Hot Maden gold streaming franchise deal but frankly Parsons seems to have no doubt that it can be done,very much to Sandstorm's profitable advantage.Hopefully,there's another bid in the wings.One that will recognise Mariana's full potential.One that Parsons won't champion unreservedly because it might not assure him a very lucrative future.

[exbroker] 01/5/2017 17:44

barrywhit
I don’t think it’s the arbitrage against MARL, the volumes have been much too high for that to be the case, that does not mean that the selling is not short of course.

[little alice] 01/5/2017 16:02

As low as they can!......Big run on MARL stock for sure in the interim.

[barrywhit] 01/5/2017 15:55

How low will the shorters take Sandstorm????

[barrywhit] 01/5/2017 12:36

From approx.9 mins in.....

[steeplejack] 01/5/2017 11:15

The bid looks too low and with that in mind,the 75% share acceptance is a tough call.The oddity is that the Sandstorm price has fallen by over 15% on the announcement of the bid.Strange if it is generally accepted that the bid represents such an excellent "cheap" deal for Sandstorm.If this is such a steal for Sandstorm,the share price should rise and the value of the bid to Mariana shareholders increase.That'd encourage widespread acceptance and Mariana would be taken over.Perhaps Sandstorm brokers are shorting Sandstorm to drive down and acquire cheap Mariana stock but it this puts off acceptance from the likes of holders here,then the exercise is self defeating.

Even if Sandstorm were to raise their bid would it now surpass the original 110p bid value calculation and if it did,how long would that new valuation be sustained, bearing in mind that Sandstorm shares could weaken.I'm not sure Sandstorm are awash with monies to increase the cash element of the bid.I reckon Sandstorm are going to have to drive up the value of their own stock if they are to get Mariana on current terms.An obvious observation but maybe not easily achieved in which case they could lose the day despite Mariana board approval.I think Mariana management have possibly paid more attention to the attraction of new jobs in the Sandstorm empire than the terms of the bid itself.This is not a done deal as its turning out.

By the by,if Mariana/Sandstorm wanted the deal to go ahead smoothly,it might of been sensible to heed the complications caused by a disappearing AIM listing.The wording of the original RNS seemed only too keen to talk about the liquidity of Sandstorm stock on the US market but it's somewhat disingenuous,most Mariana punters won't be trading Sandstorm stock.All too complicated and anyway,the Inland Revenue will probably regard the acceptance of Sandstorm stock trading on a foreign exchange as a change of asset designation (i.e. capital losses and gains will be calculated on existing Mariana stock) and a holding of Sandstorm equity will be a new ballgame.I'm not sure his this is going to play out but I reckon that this lowball deal has been constructed on the basis that AIM punters can be expected to bank their profit and walk away.The MARL management rather oddly outlined this as one such option.Well,sorry,I'm not going to do that anytime soon.

[little alice] 01/5/2017 10:09

Will be buying more as there is a 'run on the stock' looking at the stats (market was offering 3 points over the advertised bid at times on Thurs/Friday).
Sandstorm stock should continue to fall until the 'nod' is given.
Lots of retail shareholders being short changed at present.
Need nerves of steel at times in this sector.
Good luck.

[pr0t0n] 30/4/2017 20:22

EX,

Well , I don`t know for sure.
Mining Journal reported it and Sprott is not on Sandstorm list.
Why ?!
I have emailed Steve Todoruk.
Maybe he answers...you never know.