The Mission Share Discussion Threads

[bbbb] 24/10/2007 11:24

st: quite.

'sum of the parts' nonsense needs to be replaced with arts of subtraction
of composite variables subject to compounding, present and future value
discount and overlaid with approriate currency conversion at certain
times.

not an easy feat for maths and forex experts, hence an ideal scene set for
uninformed ramblings!

[simontemplar] 24/10/2007 11:05

GS. Are you more inclined to congratulate MC/Casten rather than see a return on your own investment? In case you haven't noticed, the variable with the potential to considerably appreciate has been taken from you by those whom you are congratulating. You are left with the booby prize, if any!

[katsy] 24/10/2007 10:08

It's vever clear what the existing level of debt is to MC/C as this seems to be an ever increasing figure regardless how many payoffs are made. But if they get the CGA sahes for $35m + the PSGM buy off for another $35m will that cover there debt?

If the debt isn't covered? Then where does that leave TMG with no assets plus a debt!

Even if the debt is coverd that still leaves TMG with no assets. I know will weill still have some interest left in Pomdozi but how much?

[giant steps] 24/10/2007 09:58

well done mc/casten for retaining some of the masbate prize,
they took a huge risk lending to thistle, a just reward imo

minorities wait to see how it all washes out

[giant steps] 24/10/2007 09:23

tim, looks like all deals to complete in november, bodes well

[tim00] 24/10/2007 09:14

GS, at current exchange rates PSGM is worth $37 mn.

[bbbb] 24/10/2007 09:04

'the deferred purchase consideration of US$5m that was owing to Thistle has
been terminated and CGA's subsidiary Central Asia Gold Limited ("CAGL") has
agreed to pay to the Shareholders a reduced amount of US$4.5m, providing a
cost saving of US$0.5m, and the repayment date has been deferred to 31
December 2008 (with interest accruing at 12%'

I see 'the Shareholders' are defined as mc/casten, who will now be collecting
a traditional 12% interest to 31december instead of US$0.5m cash consideration
in addition to US$4.5m (instead of US$5m)

so by taking part of the masbate proceeds deferred as interest, mc/c presumably reduce the offset to tmg 'debt' owing to them by US$0.5m?

[giant steps] 24/10/2007 07:50

tim ->

Toowong sale above $35m (say) + $35m for PSGM + deferred $4.5m (12/2008)

sum of the positives to significantly outweigh negatives, very interesting, imo

[giant steps] 24/10/2007 07:29

Selected extracts for those with impaired link opening facilities

"
CGA has consented to the transfer of the shareholding in Toowong to the two major shareholders and creditors of Thistle Mining Inc., i.e., MC Resources
Limited and Casten Holdings Limited ("the Shareholders") and release of all
securities over the shareholding in CGA;
"

"
the deferred purchase consideration of US$5m that was owing to Thistle has
been terminated and CGA's subsidiary Central Asia Gold Limited ("CAGL") has
agreed to pay to the Shareholders a reduced amount of US$4.5m, providing a
cost saving of US$0.5m, and the repayment date has been deferred to 31
December 2008 (with interest accruing at 12%);
"

"
given the success of the project following acquisition, CGA and CAGL have
provided releases to allparties involved in the sale of the Masbate Project for any
existing or future claims in connection with the acquisition of the interests in the
asset by CGA and CAGL and any related escrow provisions
"

[tim00] 24/10/2007 06:32

interesting news from CGA overnight. TMG should be making an RNS today. CGA shares have been sold to MC/Casten, with CGA approval. The fact that the transaction has only just been signed off raises hope that the transfer will have been conducted at a reasonable price.

[katsy] 22/10/2007 11:34

Why did CGA shares shoot up like that? Lets hope it all adds to the bottom line of TMG and all its shareholders and not just MC/Casten!

[giant steps] 22/10/2007 08:13

05OCT2007 : CGA investment = 40.985m * A$1.045 * 0.89 = $38.11m

08OCT2007 : CGA investment = 40.985m * A$1.100 * 0.89 = $40.12m

10OCT2007 : CGA investment = 40.985m * A$1.140 * 0.89 = $41.58m

11OCT2007 : CGA investment = 40.985m * A$1.200 * 0.89 = $43.77m

22OCT2007 : CGA investment = 40.985m * A$1.300 * 0.89 = $47.41m

[simontemplar] 17/10/2007 20:26

Your guess is as good as mine bbbb but we'll soon know our fate!

[bbbb] 17/10/2007 20:05

simontemplar: could the jurisdiction in which toowong is registered affect rights over the shares it holds vis a vis cga's ongoing security against tmg over any masbate glitch?

the apparent unresolved matters of the share issue at 20p, the transfer of cga
from tmg to mc/c held up by cga and at what price will no doubt be raised at the agm, but short of hiring a bevy of international lawyers familiar with the
different jurisdictions, minorities remain, as always, in the dark to the point
where even if the stake shuffling and fundraisings were smoke and mirror flim
flam of a magic and mysterious nature, few would be any the wiser.

the strongest regulatory authority which might be applicable here is in rsa,
where infringements can result in prison sentences, but with such a palette of
jurisdictions in the group only the bee might have sufficient sting to stir,
- and that might disturb their cushy-looking deal.

[tim00] 17/10/2007 19:39

st, I've reread the full CGA announcement and I've changed my mind! As you say, they are reported each to have a 50% interest in Toowong. That does seem to preclude TMG! In that case, TMG should be announcing to shareholders what has been agreed with MC/Casten.

[simontemplar] 17/10/2007 18:55

TOOWONG was/is the holding company for TMG's shares in CGA but now MC/Casten are the 100% beneficial owners of those shares. I doubt that Mc/Casten would invest $10m if they hadn't already secured ownership of the CGA shares from TMG but under what terms?!

[tim00] 17/10/2007 18:45

TMG owned Masbate, TMG sold it to CGA, TMG got the CGA shares via its subsidiary. MC/Casten have no direct connection with CGA so they are not a related party (imo). There has been no announcement to the contrary. But time will tell st, as you say.

[simontemplar] 17/10/2007 18:41

My understanding is very different. The recent CGA share aquisition by MC/Casten has nothing to do with TMG hence no announcement by TMG. Simply a further investment in CGA by MC/Casten and nothing more, probably to keep a 25% stake. The $10m investment will be coming from MC/Casten's own coffers. Time will prove me 'right or wong'.

[tim00] 17/10/2007 18:03

I think the share acquisition will be financed either by a small sale of CGA shares to MC/Casten (if CGA give permission) or by the issue of new TMG shares to MC/Casten, or (and I guess least likely) further borrowing from MC/Casten. But surely this has to be positive, and suggests MC/Casten continue to see long-term value in their equity stake in TMG.

[dogberry202000] 17/10/2007 11:55

Nice to see some humour on this thread. It's been a hard grind for holders.

Good find, TimOO.

[simontemplar] 17/10/2007 10:58

I hope you're not wong!

[bbbb] 17/10/2007 10:50

st: well, at least two mr wongs may not be claiming the account,
as of 'right' geddit?

[simontemplar] 17/10/2007 10:46

It means TOO W(R)ONG in anglo-mandarin dialect! Quite apt for being invested here!