The Mission Share Discussion Threads

[simontemplar] 01/10/2007 16:41

At least one of the CGA directors knows more than most whether TMG is worth buying.

[bbbb] 01/10/2007 15:59

with mines, quoted big holders help share price management and enable
pyramid control. they also enable red-herring value by
showing the holding as sometimes 'worth' more than the holder's
own market cap, thereby fooling the unwary into thinking there's
a bargain going cheap.

[giant steps] 01/10/2007 15:47

receivership may not provide best disposal values for creditors

[bbbb] 01/10/2007 10:46

if cga wanted to buy their shares back it would make more sense for them
to buy or control an entity holding those shares, like tmg.
unless they are a charity for minorities I would expect a neat solution
for mc/c and a handful of peanuts for the rest, if that.

[katsy] 01/10/2007 08:57

Gold is now about $80/oz higher than it was 6 weeks ago, surely PSGM must now be cash positive again, (For now at least). Surely it would be very wrong to call in the administrators now.

[tim00] 01/10/2007 05:50

CGA still suspended but planning a new share issue to finance Masbate (see their Annual Report). I had thought they had raised all finance needed already but can't be sure. As I've said, a possibility is that CGA buy back the TMG shares.

Prediction: HoT will post again on this thread and say he is once more a holder!

[giant steps] 29/9/2007 20:07

Thistle owe significant money and the creditors want it back.
Just how much clarification does bbbb need ? LOL !

Actually MC/Casten have made their position very clear, no more substantial
additional funding, want moneyback asap, prepared to debt restructure in
return for transfer of CGA shares. Seems a very open and reasonable position.

[giant steps] 29/9/2007 19:53

to be determined if the tears will be that of joy for shareholders

yes tim, guesswork is futile but good fun for those retired and with time at hand!

[bbbb] 29/9/2007 19:29

without the cga lock-in mc/casten through tmg could cause grief to the cga share price by selling any or all of the holding to unbalance the market. also the lockin ensures that if masbate has undisclosed snags mc/c/tmg can't do a runner with the proceeds of masbate sale.

the many variables and lack of effort to clarify or simplify leaves several possible conclusions. incompetence compounded by greed or a deliberate intent to add uncertainty and complexity using several jurisdictions and currencies
perhaps to add extreme volatility and probability of creating scenarios of either no residual value or value unknown to be disclosed at the option of those in control, if and when relevant to their own purpose.

neither seems specifically tailored to wealthbuilding without tears for minorities.

[tim00] 29/9/2007 16:23

GS, the TMG RNS mentioned its financial position. To me, this means either a new share placing at under TMG's current true worth or liquidation. But as you've said before, not much point in guessing as news is due very shortly.

[giant steps] 29/9/2007 16:10

Tim - receivership is a risky route for MC/Casten, i don't think that will happen.

As for CGA shares 'lock-in', it's an insurance policy, though i wonder if it
is applicable now that masbate project funds are almost in place.

CGA share transfer and debt restructure in November is what i would like to see.

[tim00] 29/9/2007 15:23

I should add that there are not many companies that are as interesting as this! Btw if these guesses are correct, the strategy was implemented when the TMG shares suddenly had some value to its majority shareholders, due to the sharp increase in the CGA share price

[tim00] 29/9/2007 15:19

st, I guess the value of the CGA shares is what someone will pay for them! I suspect that there is demand for the shares and that it is just possible CGA will bid for them and then place them with an institution themselves (in practice any RNS might just state the new holders). There would probably be some discount to the current share price Alternatively, if MC/Casten fancy the outlook for CGA and Masbate, they would outbid any institution and take them at around the current share price I suspect the RNS delay and the CGA suspension might revolve around sorting these issues out.

[tim00] 29/9/2007 15:11

rainydays, I think this is quite possible. Putting TMG into receivership will (I guess) circumvent the lock-in period for the CGA shares and avoid the need for the TMG AGM to agree the sale of PSGM. The main question mark over this scenario is whether it would affect the operations and sale of PSGM, which underpins the strategy.

I don't think the CGA placement is a negative, it secures the Masbate project and its timing.

[simontemplar] 29/9/2007 15:09

I have a question for any would be experts out there! IF MC/Casten did call in the debt how would the CGA shares be valued in terms of paying off a proportion of the debt. Would it be the value of the shares at the time of the debt being called in, i.e the most recent market price? Alternatively, IF CGA continue to refuse the handing over of the shares until the 12 month expiry of the lock in, would the shares be valued at the date when the value can be realised by MC/Casten being at liberty to sell i.e at the end of the 12 month period?

Am I correct in assuming that even if MC/Casten obtained the shares prior to the expiration of the lock-in by calling in the debt they would still be bound by the lock-in depending on CGA?

[giant steps] 29/9/2007 15:06

Calling in the receivers would take away the control that MC/Casten
exercise over thistle, may not yield the desired result for majorities !

[bbbb] 29/9/2007 08:09

sum includes minuses, which can exceed pluses quantitatively
giving the concept of negative numbers, sometimes ill-understood.

[giant steps] 28/9/2007 19:15

Sum of the parts my friend makes thistle very attractive, imo

Not the time to celebrate, agree.

[bbbb] 28/9/2007 19:06

although cga now runs nasbate and some cga are held by tmg offset against the
huge debt due to mc/casten, this fundraising is for cga and not tmg.

so celebrations are premature or irrelevant until tmg issues are resolved.

[giant steps] 28/9/2007 18:57

For price conversion, 1 Canadian dollar = 1.134 Australian dollar

So issue price is AUD$0.94

[giant steps] 28/9/2007 18:52

Nice that TMG have doubled the value of their investment in 6 months.
Another 50% rise and we wipe the MC/Casten debt!

Bodes well imo.