Ridge Mining Share Discussion Threads

[laserdisc] 27/3/2009 08:52

Yes just a rumour was also mentioned in guardian yesterday i have some more shares not paid for from last week so may close them but intend to sit out the core holding

will have to work out the timetable of events from here now are any dates around

[perfect choice] 27/3/2009 08:45

MW commented on the Zijin rumour in his article last night laserdisc, there is no foundation in it is his view but a rumour is a rumour and if it has a benefit on the price then take advantage of it I say! Much quieter today, AQP pulling back a little.

[harryg] 27/3/2009 08:35

Sorry Arja you are right it will only make approx 5% difference to the AQP price once the 1 for 9 @ 115p is completed. There is still some value with small risk.

[laserdisc] 27/3/2009 08:34

extract from this mornings TIMES
Aquarius Platinum jumped 24p to 208p after agreeing a share and bond issue partly to help to finance an all-share bid for Ridge Mining, a fellow South African platinum miner, which rose 12½p to 64½p. There is speculation that China's Zijin, a 20 per cent shareholder in Ridge, will buy Aquarius after the deal completes

[murrayteller] 27/3/2009 08:28

It's looking less likely monhearme, but AQP is getting tastier by the day. Zijin, or dare I say it, Impala, which made a very tidy sum on Aquarius just 18 months ago, could well be interested

[arja] 27/3/2009 08:28

harryg,
but surely AQP will only drop marginally when it goes ex-rights if I have understood the terms correctly ?

[monhearme] 27/3/2009 08:26

what if the "something" is a counter bid !

[harryg] 27/3/2009 08:20

Silverfern
That sizeable gap will disappear once AQP go ex-rights. Doesn't appear to be any benefit now in owning RDG bearing in mind there is a slight risk that something may derail the merger. It's not good news that they have held the ratio at 2.75

[silverfern] 27/3/2009 07:39

I guess they will say it was based on net asset value and AQP can say they now have increased their assets ie cash. The offer now really does look done -to me - but whatever the price when the market opens right now there is still a sizeable gap which wlil lead me to keep my shares for now (though sold 10k yesterday to buy into PLAA)

[doshdabbler] 27/3/2009 07:06

Alas, the ratio stays the same

[the metal man] 26/3/2009 19:45

laser,

That article answers many questions. The fact that, according to Bloomberg today, there is also increased Chinese demand for platinum across the board for all uses would be a good reason for Zijin to consider AQP as a future target.

[laserdisc] 26/3/2009 18:54

interesting quote by fincap

[twosmiles] 26/3/2009 18:51

silverfern - no offence taken!

[laserdisc] 26/3/2009 17:02

i would think that bacs will accept this offer their fund closed at present but from what i have read they seemed to be in favour of the deal ,they hold around 13% do we think zijin could block this on their own

[the metal man] 26/3/2009 16:35

Let's call it 2.50 then.

The whole package is underwritten and so guarentees AQP bridging finance will be paid. That puts a floor under the share price. Together with the improving Pt price and the prospect of buying RDG on the cheap, should see AQP recovering ground. That has to be good news for RDG shareholders.

[laserdisc] 26/3/2009 16:20

i thought 2.48 but i am just taking 10% of the 2.75

old news

[the metal man] 26/3/2009 16:08

laser,

Rightly or wrongly, in trying to work out the maths on the dilution 'allowance' I get it back to about 1 for 2.55 or so. What are your thoughts?

[laserdisc] 26/3/2009 16:00

Aquarius Platinum Limited announces result of Placing and terms of Rights Issue

Further to the announcement earlier today, Aquarius Platinum Limited ("Aquarius
" or the "Company") is pleased to announce the successful completion of the
placing announced earlier today (the "Placing"), subject, amongst other things,
to admission to secondary listing of the Placing Shares on the Official List of
the UKLA (expected to occur on 31 March 2009).

A total of 46,330,000 new common shares of 5 US cents each in the Company (the
"Placing Shares") have been placed by Merrill Lynch International and Euroz
Securities Limited at a price of 180 pence, or AUD3.75 per Placing Share (the "
Placing Price"), raising gross proceeds of approximately £83.4 million. The
Placing Shares being issued represent approximately 14.2 per cent. of Aquarius'
issued ordinary share capital prior to the Placing.

Such new shares will rank pari passu with the existing common shares of 5 US
cents each in the capital of the Company, including the right to receive all
dividends and other distributions declared, made or paid on or in respect of
such shares after the date of issue of the Placing Shares and will also be
entitled to participate in the Rights Issue (referred to below).

Application will be made to ASX for quotation of the Placing Shares on ASX. It
is expected that dealings on ASX in the Placing Shares will commence at 10.00
a.m. (AWST) on 2 April 2009.

Application will be made to the UK Listing Authority and to the London Stock
Exchange for the Placing Shares to be admitted to a secondary listing on the
Official List of the UK Listing Authority and to trading on the main market for
listed securities of the London Stock Exchange, respectively. It is expected
that admission of the Placing Shares will become effective and that dealings on
the London Stock Exchange in the Placing Shares will commence at 8.00 a.m.
(London time) on 31 March 2009.

Rights Issue

Further to the announcement earlier today, Aquarius is pleased to announce a
fully underwritten 1 for 9 Rights Issue to raise gross proceeds of
approximately £47.7 million, through the issue of 41,491,737 new common shares
(the "Rights Issue Shares"), representing 10.0 per cent. of the enlarged issued
ordinary share capital of Aquarius, at a price of 115 pence per new common
share (the "Rights Issue").

The Rights Issue Shares will, when issued and fully paid, rank pari passu with
the existing common shares of 5 US cents each in the capital of the Company,
including the right to receive all dividends and other distributions declared,
made or paid on or in respect of such shares after the date of issue of the
Rights Issue Shares.

Under the Rights Issue, the Company proposes to offer Rights Issue Shares at
AUD2.39 per Existing Share to all Qualifying Australian Shareholders (other
than, subject to certain exceptions, Restricted Shareholders), 115 pence per
Existing Share to all Qualifying UK Shareholders (other than, subject to
certain exceptions, Restricted Shareholders) and ZAR15.83 per Existing Share to
all Qualifying South African Shareholders (other than, subject to certain
exceptions, Restricted Shareholders), (the "Issue Price") on the basis of 1
Rights Issue Share for every 9 existing shares that each Qualifying Shareholder
holds at the close of business on the Applicable Record Date.

The Issue Price for Qualifying Australian Shareholders of AUD2.39 per Rights
Issue Share represents a 36.1 per cent. discount to the Placing Price of
AUD3.75 per share on 26 March 2009 and a 33.7 per cent. discount to the
theoretical ex-rights price based on the Placing Price.

The Issue Price for Qualifying UK Shareholders of 115 pence per Rights Issue
Share represents a 36.1 per cent. discount to the Placing Price of 180 pence
per share on 26 March 2009 and a 33.7 per cent. discount to the theoretical
ex-rights price based on the Placing Price.

The Issue Price for Qualifying South African Shareholders of ZAR15.83 per
Rights Issue Share represents a 36.1 per cent. discount to the equivalent
Placing Price of ZAR24.77 per share on 26 March 2009 and a 33.7 per cent.
discount to the theoretical ex-rights price based on the Placing Price.

The Rights Issue is fully underwritten by Merrill Lynch International, Global
Coordinator and Bookrunner and Euroz Securities Limited, Co-Lead Manager and is
subject to the satisfaction or waiver of certain customary conditions,
including the admission of the Rights Issue Shares (nil paid) to secondary
listing on the Official List of the UKLA and to trading on the main market for
listed securities of the London Stock Exchange ("UK Admission").

A prospectus, prepared in accordance with the Prospectus Rules of the UK
Listing Authority, concerning the Rights Issue will be sent to shareholders.
Further details of the Rights Issue are set out in the Prospectus, which will
also be made available on Aquarius' website www.aquariusplatinum.com in due
course.

Further Information on the Rights Issue

Application will be made to ASX for quotation of the Rights Issue Shares. It is
expected that trading in the rights on ASX will commence at 10.00 a.m. (AWST)
on 3 April 2009.

Application will be made to the UK Listing Authority and to the London Stock
Exchange for UK Admission of the Rights Issue Shares. It is expected that UK
Admission will become effective and that dealings on the London Stock Exchange
in the Rights Issue Shares (nil paid) will commence at 8.00 a.m. (London time)
on 3 April 2009.

Application will be made to the JSE for the Rights Issue Shares to be admitted
to listing and trading on the Main Board of the JSE. It is expected that
trading in rights will commence at 9.00 a.m. (CAT) on 3 April 2009.

[laserdisc] 26/3/2009 15:58

316000 record TRADED ON PLUS markets

[laserdisc] 26/3/2009 14:46

hi pc glad you are back aboard this share i looked for your deal this morning i take it you had to break the 30k down.MW MAY BE PLEASED HIS 90p FORECAST TOPS looks achievable if all falls into place.
I will post a few links here but most now is news that is known

[tj222] 26/3/2009 14:04

PC

If AQP dilute by 14%, then the 1 to 2.75 offer should improve by 14% no. RDG holders would get the same number of shares in a bigger pie, so would need to be compensated. The 14% dilution should already be reflected in the price of AQP shares.

[chrisrby] 26/3/2009 13:25

platinum is now $1160 per oz making it more expensive than rhodium. wonder how long that will last.

[perfect choice] 26/3/2009 13:16

Well with AQP hanging around 205p, then even with a further 14.2% dilution in the 1:2.75 offer I make it that RDG should be around 64p right now, so we are about where we should be right now.

The interesting opportunity is that with AQP sorting out their debt financing, AQP could jump further in its own right and drag RDG with it.

Zijin are now the dark horse and their intentions will be critical due to the size of their holding.

[murrayteller] 26/3/2009 13:04

Good news PC. Nice immediate profit and there may be a few twists to come