Mining Minerals & Metals Share Discussion Threads

[share_shark] 12/8/2009 09:52

Aye, BB, one would like to think that the management would indeed, get their Isandwana and Rourkes Drift, in this life but unfortunately with those options etc. they are more than set up for life.

Paddy, you have put the mockers on me, with your hardhat comment as TWO quarter ton ,15 metre ,RSJ's instead of two tiny,12ft. 6inch R's were delivered this morning,to MK. My structural engineers explanation for this ,this morning is " I thought better be safe than sorry". I will kill him when I get home. So no more C but MK this weekend. ;-)A project manager should never leave her job, whilst its ongoing, even if her builder has worked for her for 30years. Ya see, Bon Ton, was never me. I will leave that to the beautiful people. LOLS. Oh yes. G.S.M.J did shimmy okay !.Brain on him like a rocket scientist with background to match. Ah well back to me East End roots.

PS. WHO is going to be King Ketchawayo ?. BB, 1Waving or Serpico ?. I have my assagi at the ready, chaps. ready to run that 30miles, barefooted, with the Impi,THEN do battle( after I have finished with my structural engineer) !.

[dr fillip strange] 11/8/2009 18:47

Joining a few dots I think Loeb Arbitrage Management LLC are tied to Macquarie, see the article below "Aussie bank Macquarie and its agents Loeb Aron" They seem to have left it a bit late to accumulate shares..

If they are going to play their hand, it sould be before Sept 4th deadline....

I was going to phone Loeb Aron to sound them out, I think there is a contact name & number at the bottom of the RNS.. however there are people on this board that have more knowledge of Glencar than me and would be better placed to make that call...


By Nick Webb


Sunday June 28 2009

GOLD-exploration firm Glencar, led by Hugh McCullough, faces a shareholder revolt over its decision to hand over control of its Komana gold mine to giant South African resource firm Gold Fields.

Aussie bank Macquarie and its agents Loeb Aron have been lobbying shareholders to vote down the deal at tomorrow's AGM.

In March, Glencar agreed a complex joint venture deal with Gold Fields which may see it earn up to $40m for exploration, whilst ceding effective control of Komana to the South African firm.

- Nick Webb


1794621.html

Disconnect between Glencar share price and gold cannot last forever
Share

Cash-rich Glencar posts $730,000 loss
Glencar eyeing Komana partner
News In Brief
Sitting on a gold mine
Mali drilling to help Glencar stock get back on track
Funding coup gives rosy glow to future for Glencar explorations
Glencar squeeze
TopicsGold Fields Ltd. Gold Mining and Processing Materials Sector Metals and Mining Sector Precious Metals Mining and Processing Mali Macquarie Group

By Pat Boyle


Thursday July 09 2009

GLENCAR shareholders now face a longer wait as the company embarks on the search for a new development plan for its gold prospect on Mali.

This week the company terminated talks with Gold Fields on a proposed joint venture for the Komana gold prospect in Mali after they were unable to agree the final terms on the deal.

The terms on the table would have allowed Gold Fields to earn a 65pc interest in the Komana project through funding a $32m exploration and development programme.

As part of the initial, non-binding agreement, Glencar raised £1.2m (€1.39m) through a share placing with Gold Fields.

However, not all Glencar shareholders backed the plan, notably Macquarie Bank, an investor with a wide range of resource-related interests.

Campaign

Macquarie actively campaigned against acceptance of the offer, leading eventually to the withdrawal of motions which would have allowed it to proceed.

The Gold Fields deal was being negotiated in the face of the refusal by Macquarie Bank to provide further funding for Glencar other than by way of a very large discounted share deal. Glencar directors maintained this would have involved substantial dilution for other shareholders.

The board is now looking at alternative development plans, including independent financing and possible mergers with other companies, it said this week.

According to stockbroker Davy, the Komana project is shaping up to be an economically sound mine. As of June 2008, Glencar had discovered 1.25 million ounces of gold at Komana and expects that further drilling will increase this reserve figures.

If this does turn out to be the case, then the delay caused by the breakdown of the Gold Fields talks may not be that disastrous.

Problem

The problem for frustrated shareholders is that, in the meantime, the share price has been the big looser.

On the day it announced the termination of the Gold Fields talks this week the share price fell 14pc and it shed another 10pc yesterday, trading under 5c.

This time last year the shares were trading at twice this level, two years ago they were pegged at 16c.

For shareholders this has been a painful process. Despite the good work being done in Mali and the huge gains on the gold markets, Glencar's stock has been heading in the opposite direction.

Assuming the board can come up with the goods, the disconnect between Glencar's stock price and the underlying gold price can hardly last for ever. Assuming that we have reached or are close to the bottom, then there is only one way to go.

- Pat Boyle

[pecker1] 11/8/2009 13:50

Another JV in Mali:



Wonder if Iamgold ever did a site visit to Komana as they seem keen to expand their Mali presence.

[bongo bwana] 11/8/2009 10:12

That is not a surprise!!!!!

Good find Hay.

The more i think about GEX folding into Gf's arms the more sickened I am and Gf will sell this interest onto someone for £30m in time - wait and see!

[haydock] 11/8/2009 10:05

The Ghana site was very interesting, very commercial it seems.

[haydock] 11/8/2009 09:38

Down the river & gone with GPC, the board transcamped with the good N.Sea blocks abroad.
Still hoping for more from GEX. it will take some time to decide on this one, less complicated, unless they go to the courts to prove they are Irish & beyond the jurisdiction Aim, which is what seems to have happened with GPC.
That seems to make it legal for the board & the insti's to run off & leave the pi's with the minimum.

They can of course easily buy back shares in the european traded entity that took the company out, & since the major holder had a place on the board in this case no doubt it was a backstairs deal of some kind.

The masters of the Universe again!!!
We have to watch the volumes on GEX from now on.

Just nipped into CDN which has take-over talks on,to see if I can get more luck & the hat- trick.

[pecker1] 10/8/2009 19:07

Regrettably, the one thing we really do not know is "there are millions more ounces to come from there". We can hope for it,think it possible etc but we simply cannot know it until the drill results tell us it is there. And that will cost millions of $ and there is always the risk that despite the prospectivity, viable deposits with continuity of mineralisation will not be found.

Don't get me wrong - I'm very disappointed that it had to end like this with what I consider to be a derisory offer and I still hope that another player will be interested and offer a better deal. I shall not be accepting the offer as it stands and hope that failure to get more than 50% might encourage another to come in with something better.

[pecker1] 10/8/2009 18:32

Well worth reading the offer document on the website. The comparisons per resource oz are with IAMGold's acquisition of Orezone and Randgold's of Moto, both of which are less than GEX is being offered.

I can't help thinking it was the unexceptional Solana drill results which knocked the stuffing out of Hugh et al. and made them "take the money" after they had rejected Goldfield's first offer. Anything like a repeat of the 150g over 4 metres and I think we would now be in a different ballgame.

[stenick] 10/8/2009 18:03

Could it be they are just after the .25p? would it be worth it? the costs would surely be a few quid? so would it be worth the risk? If GF don't get the 75%/80% would the share price collapse?? Intriuging.

[1waving] 10/8/2009 15:37

Loeb continue to add to their position ----- Buying at 8.75p again:--


1. KEY INFORMATION


Name of person dealing (Note 1) Loeb Arbitrage Management, LLC
=-----------------------------------------------------------------
Company dealt in Glencar Mining Plc
=-----------------------------------------------------------------
Class of relevant security ORD EUR 0.031
to which the dealings
being disclosed relate (Note 2)
=-----------------------------------------------------------------
Date of dealing 7 August 2009
=-----------------------------------------------------------------


2. INTERESTS AND SHORT POSITIONS


(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)


Long Short
=--------------------------------------------------------------------
Number (%) Number (%)
=--------------------------------------------------------------------
(1) Relevant securities 3,500,000 1.16% 0 0
=--------------------------------------------------------------------
(2) Derivatives (other than options) 0 0 0 0
=--------------------------------------------------------------------
(3) Options and agreements 0 0 0 0
to purchase/sell
=--------------------------------------------------------------------
Total 3,500,000 1.16% 0 0
=--------------------------------------------------------------------



3. DEALINGS (Note 4)


(a) Purchases and sales


Purchase/sale Number of relevant securities Price per unit (Note 5)
=----------------------------------------------------------------------
Purchase 250,000 8.75 GBp
=----------------------------------------------------------------------

_____________________________



Loeb must believe there's something to come !!

[bongo bwana] 08/8/2009 11:27

1W - will communicate privately with you during week.

Its not hard to pick holes in the offer document -e.g.
NO mention of Sankarani,
Issue of possible contamination of GEX drill results in 2 holes but NO
mention if it was E or W Komana,
The GEX statement [made by the Chairman] in suport of the offer is very very
watery,
Davy's role doesnt inspire confidence - Id like to see how this offer stands
up against Davy's most recent case for investing in GEX given the
prospectivity of Komana, Solona and the Sankarani Project


I would be surprised to learn that there isnt a substantial body of shareholders who consider the GF offer a complete and utter act of piracy aided and abetted surprisingly by the GEX Board.

As no counter offer has materialised at this stage Id be surrised if one appeared now.

It looks like KMR and or KMRW might be a reasonable home for GEX profits!

[1waving] 08/8/2009 10:09

Cannacord act for GF who both have to disclose their beneficial interests.

Looks to me like Loeb are acting for themselves buying at 8.8p and will look for a far greater price than 9p either through encouraging a competitor or looking to force GF price up by declining the current offer. At worst they have a margin of 0.2p so will not come to harm.

Looks like Loeb are a shareholder friendly holder of GEX --- Good to see.

[stenick] 08/8/2009 08:36

Oh they seem to be a Hedge Fund.

[stenick] 08/8/2009 07:49

Loeb Arbitrage Management are buying!!!!! anyone know if there on behalf of GF?

[stenick] 07/8/2009 17:47

Well I can't see GF doing us a favour,so if they want GEX...................

[loafingchard] 07/8/2009 15:18

Its a "No" from me , and my two buddies who also hold .

[dogdig] 07/8/2009 14:49

It's still "No!" from me - daylight robbery!

[stenick] 07/8/2009 14:06

The offer doc is out and we have to the 4th sept to accept.As my birthday is on the 5th I hope they make a better offer then.

[haydock] 07/8/2009 08:38

They are only plodding.
The offer doc, deadline will see the real push, then we shall see, what will happen.
They may have to up the price at this rate.

[stenick] 07/8/2009 08:30

Am I being stupid,but is it all over then.GF have less than a third of GEX a selling has slowed right down,what happens if if they only get about 40% by the time the offer ends?????

[haydock] 07/8/2009 08:22

Well S. at least you had a 100% premuim on this.
GPC my other bid share : have some great N.Sea blocks & the board has just deserted for no premium to another company. Just as there will be drilling in one of the same blocks.
I shall watch with interest the growing oil fields.

Sadly it happens: I am winning with CEY.
You win some, you loose some, keep on going is the only way.A recent article said of share buyng, that the key was to keep going after the first set back,for the long term.
You will have made your pile by then!!!

[serpicouk] 06/8/2009 20:36

When this all over; I think I'm going to do my level best never to read another article on Mali or GF.

The thought of seeing the GF 2016 GF annual report listing how 'our' concessions have yielded half a million ounces that year and a resources that now stands over 10 million ounces...etc...etc...

...think it would make me physically sick.