Mining Minerals & Metals Share Discussion Threads

[willyworm2] 28/7/2009 15:58

wouldn't surprise me if JPM had been sounded out as to what price they would sell at.

[1waving] 28/7/2009 15:19

That JP Morgan sale was on Friday so it is already in the 21% that Gold Fields have announced in their RNS.

Not such a nail in the coffin then, particularly with volume slowing dramatically.

Watch volume closely for the next couple of days -- GF could be struggling.

[1waving] 28/7/2009 15:13

Was a tad over 4%.

Largest 2 Institutional holdings

Macquarie 6.9%

CDC Group 6.5%

[dr fillip strange] 28/7/2009 15:09

lol 1w, another nail in the coffin..?

[1waving] 28/7/2009 15:07

Got that previous post in just in time !!!!!

Pity it doesn't say who to though.



EDIT ---- That JPM sale was on Friday

[dr fillip strange] 28/7/2009 14:59

Rns out JP Morgan have sold up (12.742m), to GF at a guess..

[1waving] 28/7/2009 14:46

In a takeover situation the reporting of holdings is strict and every 1% increase or decrease has to be reported, on a daily basis.

We have not had the likes of Macquarie, JP Morgan, CDC Group or Credit Suisse coming out with holdings changes.

No institutional holdings RNS at all yet in fact --- Volume slowing today also.




By the way, the 4 institutions mentioned above own a total of a little over 21%

[wispaman] 28/7/2009 14:38

doc I banked some and moved some to (this is not a ramp for any other share) vgm,sxx,rpt.
lol

[dr fillip strange] 28/7/2009 12:21

Hi wispa, so you have a nice pot of cash, are you planning on re-investing or going on an extended holiday?
think I will hold here, if it's a done deal may as well get the full 9p
all the best DFS.

[wispaman] 28/7/2009 12:10

Thanks 1waving.

Hi Doc, yes all is well, still getting away. Sticking to Europe at the mo. the Leprechaun says all best to you and your better half.

You knew my holdings, well I intended to sell some if it ever reached 7.5p, so sold nearly half and banked a good profit.
lol wispa

[dr fillip strange] 28/7/2009 11:30

I think this whole JV letter of intent was a decoy with the intention of interfering with Glencar's drill season, we would be waiting on a substantial resource update at present, only for efforts spent on duff negotiations and not firming up the ozs.
The fact that the board are backing this is beyond belief, still can't figure that out, have HmC et al been offered work with GF?

Hi wispa, hope you and the leprechaun are well!

[1waving] 28/7/2009 11:03

maniac3 ----
I do not think we have full disclosure on the 3 Sankarani licenses but if you look at what has been discovered at the Bokoro/Fie deposit, Fingouana and the Sanioumale East/West deposits each of those three look to have the capability of becoming major deposits and becoming mines in their own rights.
Bada, Sindo, Kabaya South and so much more potential on the 3 Sankarani licenses but no official JORCs there yet.
We have more clarity on Komana and Solona but the one thing that is clear is that valuing GEX on just the Komana deposits of 1.25million ounces is absolutely ridiculous !!!

Gold Fields put in a strong drilling season at Sankarani and now have a damned good idea what the full potential is there, but they are not letting us in on it.

I think you could put a value of £50-60 million on GEX and that could very well turn out to hopelessly undervalue Glencar. Within a year I would expect the JORCs on all the 5 licenses to reach over 4 million ounces with a fairly aggressive drill programme in the coming drill season.

I have no doubt whatsoever that Glencar shareholders are being well and truly shafted by Gold Fields with this absolutely derisory offer ---------------

Which follows on from their deliberate walking away from the Letter of Intent on the proposed Komana JV in order to set up ripping off Glencar and it's shareholders through deception.

Hope that is clear !!!

[1waving] 28/7/2009 10:45

Wispa

Simple answer is yes.


I was just looking at the major shareholders list and both Macquarie and JP Morgan strike me as being able to stir the pot and find a counter bidder. CDC group are the third largest shareholder. Credit Suisse are major shareholders on the shareholder list on minesite and they are also very able.

These institutions will not be deceived by the Gold Fields deception, disinformation and spin and will understand how derisory this bid is. Quite sure they will be trying to squeeze out a better price, whether it is an improvement on the GF offer or a counter-bidder coming in. Still early days though.

[maniac3] 28/7/2009 10:43

1waving

In your opinion what WOULD a sensible/reasonable offer be?

[wispaman] 28/7/2009 10:31

1waving
if things do not go as GF want can they at any time raise the offer?

lol wispa

[1waving] 28/7/2009 10:19

Willy --- the volume has had an initial spike --- but watch it over the coming days. 80% is the level GF are looking for, long,long way to go to get there.

[willyworm2] 28/7/2009 10:02

would think that any competing bid will need to declare any interest fairly quickly or GF will be over 50% sooner rather than later. Much as it pains me to say it I don't think there will be one and we'll have to take this derisory offer.

[wispaman] 28/7/2009 09:59

confirmation that GF has 22%

How do the gex directors stand with their shares. Can they sell, have they sold.
wispa

[1waving] 28/7/2009 09:29

S-S, -------- I do hope that many more will reflect their disgust at the current disgraceful state of affairs and contact Hugh about this derisory bid.

Please do have a go at the directors and the deception by Gold Fields in putting Glencar into this position ---- I have already, but the more the merrier.

HMc email address ------------- [e-mail]

[share_shark] 28/7/2009 09:14

Well done I waving

[1waving] 28/7/2009 09:08

Extract from an email I sent to HMc with a bit of investor feedback and asking if the directors were looking after shareholder interests beyong a failed GF bid --- Not received a reply yet but would be unusual not to get one:--

'This gives but a small snap shot of the criticisms but it is also worth mentioning the disgust at Gold Fields conduct throughout, currently with it's " 2 drill holes which may be contaminated " attempt to discredit the assets of the 5 Mali licenses, including the ones they have drilled and have we had full disclosure on their exploration and drilling work, I doubt it !!!.

What might those two drill holes be contaminated with ---- platinum ???

Looking forward to your answer on the question of Glencar beyond a failed bid'

----------------

Appetite for this derisory bid really not looking too keen ---

[willyworm2] 28/7/2009 08:24

SteMis, thanks very much

m_j yes agreed, at 8p they have lots of upside, all the way back to £1.14 I paid for them in 2001.

[stemis] 28/7/2009 08:17

Its 75% to de-list the company and 90% to enforce a purchase of outstanding shares.

[willyworm2] 28/7/2009 08:07

stenick

at 51% Gold Fields would theoretically have control of the company but they cannot demand your shares. In theory Glencar would still be a seperate company - of which you would own a stake - and the directors of Glencar would still be mandated to work in the best interests of all shareholders. Anglo American owns around 70% of Anglo Platinum and it is run as a seperate company. In practice its not always as black and white as that but you get the idea.

I can't remember what the percentages are but I think if they own more than 90% they can apply to the court and delist the company, in which case you would own shares in a company but wouldn't be able to trade them. So why bother.