The Mission Share Discussion Threads

[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!

[bbbb] 17/10/2007 10:36

katsy, good point, though.

it highlights transparency challenge risk, a concept
unlikely to be understood by all investors.

do we know what too wong means in mandarin as well as
the vernacular?

neither do I!

[katsy] 17/10/2007 10:26

Ok thanks GS, misunderstanding on my part.

[giant steps] 17/10/2007 10:07

Katsy - no mention of transfer, Toowong Mining acquiring new shares,
Toowong 100% owned by tmg, thistle 70% controlled by MC/Casten (i.e. beneficial)

[katsy] 17/10/2007 10:04

Excuse my ignorance or misunderstanding but if these CGA shares are already in MC/Casten name then when did the transfer take place and at what price has TMG transferred them for? Is that the right thing to ask or are they still TMG's property?

[giant steps] 17/10/2007 10:01

printer definition file on the asx exchange, very risky LOL !

bbbb - what do you have to hide ?

[bbbb] 17/10/2007 09:48

but they may also point to other hidden tools,
some of an analytical or even of a vexatious nature.

[giant steps] 17/10/2007 09:21

hyperlinks are pointers where origination has no bearing on the final result

[bbbb] 17/10/2007 09:09

links to is not the same as links posted by. lol

[giant steps] 17/10/2007 08:52

bbbb comment = "not all readers will want to click links
unless from trusted sources."

Do we think the Australian stock exchange is a trusted source ? LOL !

[bbbb] 17/10/2007 08:43

st: thanks for that. not all readers will want to click links
unless from trusted sources. some may alsol lack the sophistication
to equate C$ price with Au$ share price

[giant steps] 17/10/2007 08:36

thanks simontemplar, keyword is "beneficial", MC/Casten control 70% of thistle so
beneficial is appropriate wording

CGA transfer vs debt restructure, we should know in the coming weeks

[simontemplar] 17/10/2007 08:27

Page 14 of the latest ASX announcement states that MC/Casten are already the beneficial owners of TOOWONG!

[giant steps] 17/10/2007 08:18

bbbb comment = "no mention of the placing price vis a vis market price,
or the purpose for needing more cash."


Extract
'
You are cordially invited to attend the special meeting (the "Meeting") of
Shareholders of CGA Mining Limited ("CGA", or the "Company"), which will be held
at the Ground Level, BGC Centre, 28 The Esplanade, Perth, Western Australia on
15 November 2007 at 10.00am (WST).

At the Meeting you will be asked to consider and approve the issue of up to
48,200,000 new fully paid ordinary shares at an issue price of C$0.83 and
6,250,000 warrants expiring on the date 3 years following the date of issue,
entitling the holder to acquire one (1) fully paid ordinary share per warrant,
at an exercise price of C$1.03 per warrant. The number of fully paid ordinary
shares issuable pursuant to these offerings will be 54,450,000 representing
33.77% of the current issued and outstanding ordinary shares of the Company.

These securities have been, and will be, issued to raise additional funds to
allow the Company to commit to the development of the Masbate Gold Project.
...
'

[bbbb] 17/10/2007 08:14

no mention in the extract posted of the placing price vis a vis market price, or the purpose for needing more cash.

let's guess, another dilution at below market?

the past history of tmg might suggest reiterative serial dilutions might not always be 'interesting' news for existing shareholders.

...as they can keep the lid on further share price rises.