The Mission Share Discussion Threads

[bbbb] 01/11/2007 11:34

theoretically, if there's a 'steal' there's a theft and a victim.

let's hope pamodzi create value from the swag which drives up their share price
AFTER tmg have subscribed with the zar 140m (i.e. in a years time). if it goes up before, tmg will
pay more per share and get fewer shares.

if the pamodzi placing flops, tmg get zar 50 0r 60m worth now instead of cash.

[giant steps] 01/11/2007 10:54

"We really got this for a steal," Steenkamp says.




Steenkamp said the President Steyn acquisition was one of the "nicest resources" around as it contained 9.8m resource ounces at a grade of 8.3 grams per ton

[bbbb] 01/11/2007 09:06

depends on whether pamodzi gets its act together and starts making profits.
they seem to be relying on the dilution model for funds, so it will be a
question of whether actual profit and locally perceived potential and pog overcomes the results of serial dilution. even tmg will be contributing to the funding in a years time with the zar 140m.

[katsy] 01/11/2007 08:53

Shame we would've been jumping up and down with joy if POG was at this level 1 year ago. Anybody hazard a guess as to the worth of pomdozi shares TMG will own if all goes to plan against level of debt to MC/C? How would that compare to the current Mcap of TMG and what WE really care about, a tradeable share price

[giant steps] 01/11/2007 08:47

Any thoughts for the next thread title ?

[bbbb] 01/11/2007 08:30

another of those have cake and eat it flexible option type let-outs to which
all have become accustomed. so it could be later than 1 February....or back to
square one!

[giant steps] 01/11/2007 08:25

"
Assuming the shareholders of Pamodzi and Thistle approve the Sale Transaction
and all other conditions to the completion are satisfied or waived, Thistle
expects that the Sale Transaction will be completed by December 14, 2007 ('
Completion Date'). Under the terms of the SSCA, the conditions precedent must
be completed by February 1, 2008 ('Long Stop Date'), or else the agreement will
never become of any force or effect and the status quo ante will be restored as
near as may be possible unless the Long Stop Date is extended by mutual
agreement.
"

[bbbb] 01/11/2007 08:20

so, the price lowered again to zar 240m.

the cash element to be adjusted by psgm working capital and loans 'at this stage
a downward adjustment of zar 40-50m is anticipated'

i.e. cash will be zar 50-60m rather than the zar 100m touted in earlier posts

note that if pamodzi doesn't get its placing away, thistle gets pamodzi shares
instead - but more of them, as they will be at a discount to the volume-weighted average price over the previous 20 days.

as the adjustment to the cash is in respect of loans to psgm it will be
interesting to see if that is set off directly to the debt from thistle
to mc/c as that was the ultimate source.

surprising there's no other detailed comment.

but then, the rns is longer than a tabloid paragrah.

no chicken counting until 1 february as that is the cutoff date for conditions
to be met.

[giant steps] 01/11/2007 07:59

Yes, the end of this saga nears completion !

[tim00] 01/11/2007 07:55

Yes, notice the potential downward adjustments though. Better hope that the pog breaks through $800 and stays there until end-December.

[dogberry202000] 01/11/2007 07:54

TMG has signed a binding agreement with Pamodzi.

[giant steps] 30/10/2007 08:57

katsy-> mc/casten took the huge risk, seems reasonable they are rewarded

Time is nearing for a new thread !

[bbbb] 30/10/2007 08:53

katsy: but, look on the bright side - mc/c should be okay!

[katsy] 30/10/2007 08:32

Just when CGA shares shoot up again we get rid of them. Shame maybe if TMG waited another 2-3 months then maybe most if not all the debt could have been wiped out with the CGA shares alone. never mind once TMG give away PSGM as well then we'll left with some debt and a few shares of some downward trending company.

[giant steps] 30/10/2007 07:55

Ceasing to be a substantial holder - 30th October 2007

[goggin] 30/10/2007 07:08

D. Day????????????????????????????????????????????????????

Accordingly, MC Resources and Casten have acknowledged payment, reduction of and
set-off against the MC Resources and Casten Indebtedness of an aggregate amount
equal to U.S.$42,301,781. The remaining outstanding indebtedness is estimated at
approximately U.S.$20.8 million of which U.S.$1.4 million is principal debt
outstanding and U.S.$19.4 million relates to outstanding interest as at 1
October 2007, taxes and fees. The transfer is expected to be completed by
October 30, 2007 in accordance with the obligations set forth in the Consent
Agreement.

[bbbb] 25/10/2007 21:10

they have to do a bee anyway, so pamodzi can leverage that,
and play hard to get.

[giant steps] 25/10/2007 20:00

st, when cga transfer completes thistle will not look like a distressed
seller, should be a stronger position to negotiate pamodzi deal.

[giant steps] 25/10/2007 19:56

2nd August 2007

"
South Africa's Competition Tribunal, the country's highest antitrust
authority, has unconditionally approved Pamodzi Gold's acquisition of
Harmony Gold's Orkney shafts
"

[simontemplar] 25/10/2007 19:55

Ah yes, very good.

[simontemplar] 25/10/2007 19:48

I confess I don't know what 'Orkney synergy' is? and neither does Mr google but you're right, that's why it's unlikely!

[bbbb] 25/10/2007 19:15

st: but what if the agm gives the ok rubber stamp to pamodzi?
are they going to fork out for another egm to look at another
offer? - although they might pick up the exclusivity fee in
lieu of sale to pmz.

another offer (unless it swallows pmz as well) will miss out
on the orkney synergy.