Mincorp Share Discussion Threads

[macansy77] 03/12/2007 09:59

my man's just had a chat with Steptoe - he's in London later this month to coincide with AGM and we'll get to have a meeting with him, apparently he'll also be drumming up some interest too

[topvest] 01/12/2007 13:49

Yes, new management had the opportunity to say...these were rubbish projects. They haven't, which is quite significant in itself putting to one side the ATPK opportunities.

[macansy77] 01/12/2007 13:44

also i'll have to concede that Cadig and Waverley etc do seem to be important to the new mgt - i was under the impression they weren't!

[macansy77] 01/12/2007 13:42

topvest - have understood that the money will be provided in a loan format to take up the required amount of ATPK stock. There's probably no rush to buy more MOP at the moment but it's one i'm happy to stick away as you don't get too many opportunities to get in at the bottom level...

edit: on second thoughts i'll be happier to be in now though if Cadig decision does come through soon...

[macansy77] 30/11/2007 22:40

ATPK will be under the control of MOP in due course...

[topvest] 30/11/2007 22:14

OK, I GIVE UP...I'M TOTALLY CONFUSED - CEO SEEMS TO HAVE A SLIGHTLY DIFFERENT MESSAGE:

While the company continues to review potential projects on an ad hoc basis, we
are actively seeking undervalued assets within Asia and our preference is that
our acquisition target be held by a listed company within the relevant
jurisdiction.

We see Asian resource assets trading at significant discounts to their non Asian
counterparts even after considering a discount for political risk. The company
is confident that such a target can be isolated in the near future and that this
strategy will deliver a positive result for shareholders.

[topvest] 30/11/2007 22:08

See ATPK are doing things as well + share price is rising again:

PT ATPK Resources Tbk Announces Acquisition of PT Otoma Global MitraMon Nov 26 05:00:00 EST 2007

PT ATPK Resources Tbk announced that the Company through its subsidiaries, PT ATPK Energy Resources and PT ATPK Power Resources, has acquired 7,500 shares, or equivalent to 100% shareholding in PT Otoma Global Mitra for a total amount of Rp 100 million.

[topvest] 30/11/2007 22:06

The company is aiming to capitalize on a trend that is currently emerging
throughout international capital markets whereby resource assets in emerging
(particularly Asian) markets are trading at steep discounts to their US and
Australian peers, and as such are proving to be attractive acquisition targets.

The company is seeking to make strategic acquisitions within markets that are
more likely to tighten over the longer term. Moreover, particular attention is
being given to the commodities required by the rapid industrialization of China.
Once such a target has been isolated the board believes that significant value
will be added to the company through exploiting the regulatory arbitrage that is
currently valuing resource assets of similar qualities but on different
exchanges at substantially different earnings multiples.

BASICALLY, I THINK THEY ARE SAYING THAT COMMODITIES IN THE FAR EAST ARE VALUED CHEAPLY AND SO LOTS OF MONEY CAN BE MADE FROM BRINGING THEM TO AIM ON A HIGHER MULTIPLE. INTERESTING. I SUSPECT THEY HAD A DEAL CLOSE WHEN THE SHARE PRICE HIT 2P, BUT IT FELL OVER.

[topvest] 30/11/2007 22:02

The company plans to complete a rights issue in the first quarter of 2008
raising approximately #915,000 predominantly for the discretionary (exploration)
expenditure required at New Waverly and in anticipation of a favourable ruling
on Mt Cadig which would allow us to complete the shallow pitting program and
assess the available options with this asset.

The lack of progress at Mt Cadig has been a major disappointment, and while any
strategy with this asset is contingent upon the outcome of the Supreme Court
appeal the board remains confident that this asset will be a significant
contributor to shareholder value.

RIGHTS ISSUE? WRONG WORDING I THINK - PLACING MORE LIKE!

ATPK, MT CADIG AND WAVERLEY ALL FLAGGED AS KEY ASSETS

[topvest] 30/11/2007 22:00

What does this mean?

This initial tranche should be seen as a strategic investment rather than one of
a speculatory nature and it is not the company's intention to trade actively in
this security in an attempt to make any short term gains. Moreover the company
plans to pursue the course of continued accumulation in ATPK until such a point
where the considerable asset base and future earnings of ATPK can be represented
within the company's own balance sheet.

Furthermore the company is of the opinion that a regulatory arbitrage
opportunity exists since Asian coal assets are currently trading at far steeper
discounts than their non Asian peers. The company recognises the enormous value
in its AIM quotation and the unprecedented access to capital that can be offered
to non listed or under valued assets or companies, such as ATPK.

As clear as MUD! Seems to indicate that they may try to reverse ATPK or a part of it into the company.

[topvest] 30/11/2007 18:25

I was right - results at the last minute possible. Interesting though; I've only skimmed. Surely a company this size wouldn't contemplate a rights issue? I'll read later and comment more. Going home now!

[maxbubble] 30/11/2007 16:58

very interesting

[macansy77] 30/11/2007 16:58

infact, the results statement reads very positively - i'm going in for more on Monday morning to stick away and will be taking up any rights issue stock...

[macansy77] 30/11/2007 16:53

reading the results makes a mockery of my post above, though i'm quite happy at that ;-)

[audereestfacere] 30/11/2007 16:51

e) I love a bit of manipulation, just ensure it's soon. If we win the Cadig case,won't the share price rise? It should, but only if the news is released, which it may not be.

[macansy77] 30/11/2007 15:51

colleague got through to RH...

quick summary

a) Cadig decision is due literally any day, still confident of positive outcome etc.

b) No further spending on Waverley at moment (as before)

c) RH stepped down due to "differences" with new guys (read, no further investment in "old" projects?)

d) ATPK is a goldmine (metaphorically!) and is the main concern for MOP. The rights issue shares were taken up (with a loan) and a 50% shareholding is the aim (more money to be raised and underwritten by the new mgt team. This money will NOT be from a placing or rights issue etc)

e) once that money has been raised, the share price will be on its way (in other words, the mgt want everything in place before the share price will be "allowed" to rise)

[audereestfacere] 30/11/2007 13:10

My mistake, MOP does have a working web site mincorpplc.investis.com
The AGM is being held at MOP's solicitors office.

[audereestfacere] 30/11/2007 11:07

That coach doesn't have much up top, so we'll need protection from that shower of MOP directors.

EDIT 13:01 Suspension looms plus a fine for not having a web site.

[maxbubble] 30/11/2007 10:49

aud...lol

will it be an open top one - if so we will need an umbrella

[audereestfacere] 30/11/2007 10:40

Maxbubble - Matron is arranging a coach for the AGM - Steve McClaren.

[maxbubble] 30/11/2007 10:39

topvest..did you buy anymore yet?

i see ATPK is on the up

[topvest] 30/11/2007 10:35

It will be this afternoon. I've never seen an am announcement from MOP. Maybe they don't get up early. They will probably put out a low profile RNS a few minutes before close!

[maxbubble] 30/11/2007 10:31

aud...will matron allow us all out for the day?