Mining Minerals & Metals Share Discussion Threads

[seagreen] 24/7/2009 16:28

This looks suspiciously as though it might go higer I am regreting selling a few already they took them too eagerly!

[chrissey] 24/7/2009 16:27

it's a sell out by the board but I guess their options were limited.
I think it undervalues significantly but clearly, Glencar were never gonna realise the value other than through selling the Co.

I think we will see a counterbid, the gold in the ground is at close to half fair value.

[1waving] 24/7/2009 16:27

Reply from Hugh already but please don't let it stop anyone from registering their opinion to Hugh:--

Dear ---------

Thank you for your email.

I am sorry you feel the way you do about this bid. I am constrained by Takeover Code Rules in what I can say to anyone at the present, shareholders included. However, I hope that I will get the opportunity to discuss this with you at some stage in the future.


With regards

Hugh




From:
Sent: 24 July 2009 15:41
To: Hugh McCullough
Subject: Gold Fields Bid -- Shareholder rip off.



Dear Hugh,


I am saddened and distressed that after the board giving an impression of looking to deliver shareholder value that they can condone this derisory bid from Gold Fields.

Not only that, but the board unanimously recommends this offer by Gold Fields and gives irrevocable commitments for their own shares and options. I note that recently a substantial amount of options have been awarded at Euro 0.045 cents to the board. The board may benefit dramatically but shareholder value has been totally ignored.

This offer severely undervalues Glencar's assets and I ask the board to reconsider their recommendation immediately and seek to actively achieve shareholder value either from Gold Fields or another bidder or realise a deal that at least comes close to representing value for shareholders.

This current offer by Gold Fields is derisory.

Yours in total disgust,

-1waving-
Shareholder

[willyworm2] 24/7/2009 16:20

didn't think they would bite quite so lowly as this

[bo doodak] 24/7/2009 16:17

I'm slightly annoyed - more with myself for not averaging down more in time - didn't think they'd bid quite so quickly as this

[spaceparallax] 24/7/2009 16:11

I suppose most significant is the continuation of minnow takeovers - should help the share price revaluations for decent minnows.

[1waving] 24/7/2009 16:10

Bo Doodak - Reckon Randgold may be interested.

[moneymore2] 24/7/2009 16:09

This was always on the cards, i go from a loss to a profit now, do think company worth more than 9p,feel sorry for long term holders now shafted.

[bo doodak] 24/7/2009 16:01

Could RRS be interested?

[dr fillip strange] 24/7/2009 16:01

yep 16m bought since rns, that bodes well..

[spaceparallax] 24/7/2009 16:01

unless of course GF have placed large buy orders.

[spaceparallax] 24/7/2009 16:00

presumably some feel very confident that 9p significantly undervalues the Company and that this is an initial offer that will be exceeded.

[stenick] 24/7/2009 15:59

Why would anyone buy at 9p now? Or is it not over yet?

[seagreen] 24/7/2009 15:57

large buys going through at 9p now

[1waving] 24/7/2009 15:49

There are also 5,625,000 warrants outstanding at 13.5p which were awarded to Macquarie following a placing at 9p --- they won't want these wasted will they ?

[seagreen] 24/7/2009 15:48

yep guess so but lets hope it flushes out a hostile bid......still if not better than nowt.......as been sitting on it for some time and can recirculate the cash into other gold projects



1waving its what happend when they run out of cash look what nearly happened round at VGM but for some financial gymnastics by the ceo we would have had a similar result.......at least people have had a chance to average down had ratehr given up on it to be honest, so some more money to put inot VGM

[robbi123] 24/7/2009 15:44

Gold Fields Neitherland Services B V 9.09% 22-05-2009
Macquarie International Ltd 6.88% 22-05-2009
CDC Group PLC 6.47% 22-05-2009
JP Morgan Chase & Co 4.22% 22-05-2009

That could be it space, seems like they have accepted 9p to me, unless a counter offer comes in! Im actually fuming that Goldfields have picked us up on the cheap! Seems like Hugh's patience has worn thin and he is happy to walk with the cash in his pocket!

[ukgeorge] 24/7/2009 15:44

nice surprise, still undervalued at 9p especially as gold looks ready for the next big rise through $1000.

[spaceparallax] 24/7/2009 15:37

Having just come back to check GEX, I was confused, thinking that the share price had reacted to the earlier RNS.

Great news on the 9p - what does this really i.e. will that be it or is it an opening gambit?

[dr fillip strange] 24/7/2009 15:34

anyone have an up to date list of the major shareholdings

[1waving] 24/7/2009 15:19

Gentlemen --- I think we have posted simultaneously and said the same thing.

I for one will be emailing Hugh McCullough directly to express my total disgust at such a derisory offer and also will point out that directors have recently changed all their options to lower strike prices which will benefit them greatly.

Gentlemen, will you join me -- email address below.


Hugh McCullough E-mail Address(:

[e-mail]

[robbi123] 24/7/2009 15:17

I will be EXTREMELY disappointed if this goes through!

[willyworm2] 24/7/2009 15:16

there salso a Komana update in the bid documents if you look down far enough. looks good to me