Metals Exploration Share Discussion Threads

[mikey34] 30/7/2010 15:57

I think its time we had some sort of initial response from the board,or is it just me?

[benson384] 30/7/2010 09:49

Well said Milo

[milo78] 29/7/2010 23:30

hang on boys. i believe that the game is not ended. What does the letter of intent say from Baker Steel to give the Candies control? maybe something can happen to change that letter? What happens if the board find their own financing with no share dilution? Stay put - the party is just starting

[benson384] 28/7/2010 13:51

Its below 3% so don't need to announce.

[chipperfrd] 28/7/2010 12:24

So where is the holding announcement?

[benson384] 28/7/2010 11:59

Been there since 30.06.10, at least.

[chipperfrd] 28/7/2010 11:45

benson384,

Well, I missed it if they did and according to Altus, they were not showing a holding in their June update.

[benson384] 28/7/2010 11:34

Altus had stake for a while Chipper.

[chipperfrd] 28/7/2010 11:32

So Altus have come on board with 5.95m (2.21%). They obviously believe that 13p is not enough for MTL. I had wondered about picking up some more myself.

[warre] 27/7/2010 10:30

You're right holism; whilst remaining cynical, I may be jumping the gun. The board has a duty to shareholders to get the best possible price. This doesn't necessarily require it to recommend a derisory offer just because it has been forced or foolish enough to let Solomon Capital get control by the back door. The question is whether there will be enough shareholder resistance to prevent them getting to 75% in order to retain the listing and get fair value for shareholders or force Solomon to come up with a fair offer rather than rolling over on a siting shot. The reputations of messrs Holzberger and Beardsworth are on the line.
The offer is being made under the guise of being mandatory; the reality is that they are trying to get MTL on the cheap. This offer is not stated as final. They have left themselves room to manoeuvre.

[holism] 27/7/2010 07:04

Warre you will only find out when the company is refloated on another exchange!! Lets wait until we see the defence document.

[benson384] 26/7/2010 12:01

A hedgy bought 3.2m shares on Friday @ 12.74p..............looking for higher bid.?

[ploppy nobkin] 26/7/2010 10:49

newsweller - I took my 12.75p on Friday as I could see other opportunities to invest my money in rather than wait for an extra few percent. The chances of a higher offer here are negligible, IMHO.

I bought into UEN and that strategy seems to be paying off already, with impending news.

Good luck to all who still hold.

[newswseller] 26/7/2010 10:45

If your not in a rush why bother selling now for 12.75p when if you wait you will get at worst 13p?

[benson384] 26/7/2010 10:43

How many people on here are not going to accept the derisory offer of 13p, in expectation of it being blocked,with the chance of a higher offer.

[agreeable] 26/7/2010 10:43

Who is going to come in with a counter bid when 54% is already under Solomon control?. In truth all the money to develop the mine would have to come from them so I suspect they thought they might as well take 100% of the return.
Take money and run is my advice

[unconscious] 26/7/2010 10:03

Wise words Wendy.

[chipperfrd] 26/7/2010 09:35

Wendy - too true!

[wdurham] 26/7/2010 09:18

chip -

The market presently knows the price of everything and the value of nothing.

[chipperfrd] 26/7/2010 09:06

Another way to look at the situation is to consider the in-ground valuation of the gold resource (leaving the Moly in for free). This offer equates to c. US$28/oz (of which 900k is M&I).

Another company on AIM has recently purchased a 130k inferred resource at US$34/oz.

Perhaps Candy will get his way on this one but there must be a reasonable chance that there are others who are looking across at this proposition and seeing a development-ready project available at an explorer price. We shall see!

[chipperfrd] 26/7/2010 08:36

As an example of how crazy this market has become with regard to valuations:

Over the weekend I was evaluating a gold explorer that has yet to prove up a JORC categorised resource. It's house broker is estimating an initial c. 500koz resource for their bulk tonnage, low-grade project (1g/t). Market Cap of that company is currently £35m.

In contrast we have MTL which has a JORC resource of 1.5m oz, of which 600koz is measured and 300koz is indicated. It also has a sizeable Moly resource with a reasonable probability of gaining useful credits against overall costs. MTL has also taken the project through to BFS and is ready for financing and construction. Yet the market cap of MTL under this pitiful offer stands at only £27.7m !!

Chip

[mikey34] 26/7/2010 08:24

Me too,chip.

[chipperfrd] 26/7/2010 08:19

I have decided to hold until the bitter end. This offer is way too low.