Metals Exploration Share Discussion Threads

[lord badger] 25/10/2010 11:31

The article has now appeared on This is Money

[holism] 25/10/2010 10:42

page 70 Mail on Sunday-
Points made
candy has been threatened by an injunction by minority shareholders trying to block takeover.
Candy told to extend deadline for bid indefinitely while Takeover Panel reviews deal.
Group of investors may seek an injunction in High Court this week forcing Candy to reduce shareholding etc etc.
Some shareholders argue that Candy and Smith are a concert party and therefore bid should be priced at 16.5p.

I don't think any of this is new apart from the High Court Action if there is one.

[drm4] 25/10/2010 10:02

Hi Benson,

Like Pelleeds I've not been able to find anything re: Sunday article. Can you give us the gist?

tia

[pelleeds1980] 24/10/2010 14:35

Any chance of a summary - just on the mail website cant seem to find it. If not any key words to search on? Tried metals exploration but no joy

[benson384] 24/10/2010 14:08

Another article in Mail on Sunday, fat lady still not sung yet.......

[benson384] 14/10/2010 14:13

Dilute or get a funding loan, to develop prospect.
Whichever, 13p as said before is day light robbery.

[drm4] 14/10/2010 14:10

Still holding here too. If JB is indeed attempting to dilute Candy I'm in support of that.

[benson384] 14/10/2010 14:03

here here !!!

[holism] 14/10/2010 13:54

A few maybe but I am with you guys sweat it out!!

[pelleeds1980] 14/10/2010 11:58

My thoughts exactly - now they are suspended maybe a few will be tempted to take the 13p.

[pelleeds1980] 13/10/2010 21:54

Another corporate action notice from TDW - again offering the 13p with a deadline of 21st October.

[agreeable] 04/10/2010 08:04

one consequence of shares being suspended is that the bid is technically on hold so management is free to issue new equity. I suspect JB is planning to offer new shares to outsiders to thereby dilute Candy's, watch this space. The only certainty is that JB goes

[benson384] 02/10/2010 12:46

Dougscv- I think Candy is forcing the issue,by withdrawing working capital,in order for 13p to look attractive. Poker bluff in my opinion.....Legal,but dirty tactic. You cant buy PLC's like property,there are rules to adhere to. Which it looks like he has not been made aware of.....like underbidding,when concert party looks to have made more per share than they are willing to admit to.
The call is 13p or nothing....or that is the impression they want to give.
IMHO.....

[dougcsv] 01/10/2010 15:57

Benson, I suspect you are closer to the truth. Candy has put a lot of money into this and (clearly) is going to put in a lot more - he certainly won't want an administrator coming in..... remember he wants to take over the company and take it private - he'll want to to do that as fast as possible and with as few other 'little' investors hanging around. When he relists it somewhere else later on at a significant profit he'll want to be on the receiving end of that profit.

IMHO

[agreeable] 01/10/2010 13:49

something about JB biting the hand that feeds him...or maybe has refused to carry on feeding him.
I suspect that getting in acceptances now and getting cash is better option than maybe seeing an Administrator appointed

[benson384] 01/10/2010 11:35

Bit like forcing your hand to accept 13p................wait and see...

[giantpeach2] 01/10/2010 11:08

That dont sound good, suspended over funding fears

[ploppy nobkin] 22/9/2010 17:00

Fair play to all those who continue to hold (I balied just after offer made). Hope this comes good for you.

[holism] 22/9/2010 12:18

So where do the shareholders stand is the matter being pursued and how?

[lord badger] 21/9/2010 18:28

As an update to my earlier post, and in the interests of balance, according to the local sports desk in Hull the matter between Hull City and Paul Duffen / Reef Securities was "Settled" out of court and went away.

[lord badger] 21/9/2010 14:55

A little digging on Steven Smith and Reef Securities throws up some interesting material. Reef Securities was implicated in the Hull City football club bung probe earlier this year, along with the club's ex-chairman, Paul Duffen.

Hull issued legal proceedings against Duffen and Reef in the High Court in January. The claim form reads: 'The claimants allege that in breach of his (Duffen's) employment contracts and fiduciary duties to them as agent and director, certain monies were paid by third party football agents to the second defendant (Reef), on the first defendant's behalf (Duffen), in return for which the first defendant (Duffen) procured that the contract with the agents for business.'

Mail Online]

[Times Online]

All very unsavoury.

IMHO the best article on the Solomon purchase of Metals Ex appeared on the Mail Online on the 28th August 2010 -

[heno614] 21/9/2010 10:04

Interesting question Sparkey, I'm in the same boat but shares held through Barclays.
I wouldn't want to sell them to Solomon now for 13p as I can get 13.25p on the open market.