Mining Minerals & Metals Share Discussion Threads

[andy] 27/7/2009 00:15

A new article;

[bongo bwana] 26/7/2009 20:54

SS - Ur jaundiced response surprises me.

My text to U was made on the 1st shot of excitement of the T.O. news but when I learned the details here I became less than excited - more pi$$ed off actually.

Ah well, never mind. I do expect there to be developments in this story in the coming weeks. Im hoping for and close to expecting a counter bid and then GF to wipe out the opposition but its clear they want GEX badly.

Komana/Mali is corporately strategically important to them right now.

I tend to be optimistic in these issues and do need to temper my expectations on occasion but I pretty sure we havent heard the last of this story - not by a long shot.

Good luck all - including U Miskina - :-)

[fairdeal2008] 26/7/2009 14:59

Good post.

In 6 months time though the mid and large sized companies will be in the midest of a buying frenzy - but you have to be able to survive that long to take advantage of it....

[fairdeal2008] 26/7/2009 11:49

as high as possible hopefully - it is not hopelessly underpriced based on the recent average take out price of $34 per ounce in the sector (this deal is $31) but we are now in a much stronger gold market and in the coming months prices for gold companies will rise enormously....

[1waving] 26/7/2009 11:45

Significant post from beyno2 on sharecrazy:----

GEX )8.88p) A brief follow up to my post yesterday-the following was from a Mineweb article(It would seem that Gold Fields,who hold 9 pct atm with another 2pct+ of Glencar directors shares promised, still have plenty of work to do to gain control but we can only wait & see?):-

"According to a statement released by Gold Fields, "The offer is subject to the acceptance by shareholders representing 80% of Glencar's issued share capital.

However, Gold Fields may reduce this acceptance threshold, at its discretion, but to no lower than a percentage which is more than 50%.

Gold Fields Spokesman, Julian Gwillim, told Mineweb, the terms of the deal have been agreed by both parties but, there is still a formal process that has to be followed."
-----------------

Seems Gold Fields are willing to move the acceptance percentage down to get their way.

Institutions hold over 40% and will have their own thoughts on value. Wouldn't be surprised if Macquarie stir the pot quite a bit.

Gold Fields really do covet Komana in particular and have done so for years ---

Wonder what price they could be pushed to ???????

[fairdeal2008] 26/7/2009 11:44

A similar situation happened with MVA bought out by Dwyka Resources for £1.8million yet Dwyka now state their intention to build a million ounce resource and mine 65,000 ounces per annum. Just that MVA ran out of cash.

Have a look at SHG though. £3mn cash to provide a hostile low price takeover buffer and 2.6 million ounces for current market cap of £5mn - it has to be a takeover target for a mid or large firm looking for a multi million ounce resource.

imho

[fairdeal2008] 26/7/2009 11:41

I think we can expect more of the same. The only downside for GEX holders is that the deal has come at the start of the M&A activity ion the juniors - 3 months down the road and Goldfields may have had to pay 4x more....

[dr fillip strange] 26/7/2009 11:30

Deal gets a wee mention in weekend FT

Glencar Mining jumped 94 per cent to 8½p after Gold Fields of South Africa unveiled plans to buy the Dublin-based explorer for £28m, or 9p a share.

[stenick] 25/7/2009 19:14

Hi Jimmy, enjoy your holiday............

[stenick] 25/7/2009 18:11

I suppose Goldfieds after thier drill results are just doing us a favour!!

[stenick] 25/7/2009 17:22

Randgold Resources
Sell at 3824p (this week's price 3861p) suggests Evolution Securities. Rival gold miner Moto has recently become embroiled in a bid situation with Canadian-listed Red Back Mining, highlights Evolution. Subsequently, Randgold has teamed up with AngloGold Ashanti in order to make a counter offer. However, whilst Evolution believes Moto assets could add value, it is not convinced that now is the right time. The valuation for Randgold shares currently looks stretched, a fact which a bid for Moto will not rectify short term. Evolution estimates a fair value price of 2370p.


Why are they p#ssing about with this when they could have....................

[wispaman] 25/7/2009 16:36

If there is another company/ies watching this, then the statement made recommending acceptance, will bring them out quickly, and not let them sit in the back-ground awaiting developments.
lets hope there is, and more than one for all investors.
lol wispa

[share_shark] 25/7/2009 15:19

The Irish times.



Gold Fields offers €32m for Glencar
External »
Statement on Gold Fields offerThe Irish Times takes no responsibility for the content
or availability of other websitesShares in Glencar Mining rose by over 60 per cent after Gold Fields made a £28 million sterling (€32 million) offer for the company.

Shares in the stock rose to 9 at 2.55pm, marginally below the 9 pence offer level issued by Gold Fields.

The companies said the offer represented a premium of 105 per cent over yesterday's closing price of 4.38 pence.

Seán Finlay, Glencar chairman, said the offer was being unanimously recommended as it was in "the best interests of all shareholders".

[thx1138] 25/7/2009 11:55

Fair enough, although I did only pay about 4 pence for them 3 or so months ago.

[serpicouk] 25/7/2009 11:36

The problem as I see it:

a) the board have thrown the towel in and are now lame ducks
b) GF have all the information on the assets whilst other majors know squat

If the deal is rejected and no other major comes in the situation would be dire.

What price did the institutions get in at? Suspect at 9p it would only be a minor loss for them which probably fits into their risk/reward model for such an investment.

THX - I can assure you very few people on this BB are laughing at the moment.

[thx1138] 25/7/2009 11:28

I sold these a month a go or so if anyone wants a chuckle, doh.

[pecker1] 25/7/2009 11:09

As I understand it, 50.1 % of shareholders have to agree to be bought out at 9p for the deal to go ahead. So it is still possible we could get a higher price if enough shareholders both institutional and PIs hold out for more. I for one won't be saying yes to this shabby deal.

[tarbusiness] 25/7/2009 10:16

any clue how much are the shares going to rise on monday
hope i can get in at 9p