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Sorry, but I think you read me wrong. I am desperate that we (& especially me ) DON'T get shafted. I can see that IIs don't care about long term shareholders & just want short term profit so would go for merger. I was looking for some re-assurance from others that Institutional Investors might NOT be able to force the merger through, against the wishes of the board & private investors.
EDV offer 129. CEY board reject Institutional investors find some legal loophole to force investors vote. IIs win vote Merger happens CEY investors get stuffed. (Including me - in at 160 for 2 years) Really hoping that someone can tell my why this will never happen . . . . PLEASE.
DV offer - 140 Barrick offer 180 CEY response - go away CEY and ABX enter a bidding war CEY Dividend - 10 c Divi 10 c Plus rewards to existing long suffering Shareholder of rights issue at 65p Year end SP - 1.75 Year end share price 1.75.
Siko many thanks for your views something we all need to understand and I am sure Mr Sawiris is fully aware is to start a new mine in a market that has limited people resource is expensive as there is a need to bring in people from outside or pay big bucks to poach those employed in the only producing mine. This is why I have banged on about "goodwill" as Centamin have gone through some serious growth experiences and are pretty much solely responsible for training the Egyptian work force. Does Endeavour have this type of experience in West Africa yes but to a lesser extent as mining is an established market throughout West Africa. So it isn't just the cash in the bank that Endeavour Investors want it is the gold and people resource so Centamin have so much to value and can't be sold off cheaply. If it did happen I can see more movement of people from Egypt (lower cost than Canadians) to West Africa filling supervisory, junior management roles than the other way around.
Hi Dasut, Mr N Sawiris and his brothers are by far Egypt's No.1 business family. From the outside, you could not say that they are influential as such, his brothers keep very low profiles, but of course their business is vital for the Egyptian economy. Their reputation is brilliant and as far as I know never been accused of any wrongdoings despite the widespread of corruption and bribery in Egypt. We don't know what happens behind the scenes though, this is from the outside.. If you are asking to get the feeling whether Mr Sawiris could apply a pressure on EMRA to apply pressure on Centamin regarding the merger offer, I honestly don't know.. of course Mr Sawiris knows all the top people in Egypt very well, and last November he was on TV and mentioned that he has been conducting meetings for months with the PM and the petroleum minister to start a gold project in Egypt.. here is the link for what he said:
Siko good to hear from you tell me is Mr Sawiris as influential in Egypt today as he was in the past? The reason I ask is that when president Mubarak was in power there were a number of influential individuals/families who fell out of favour after Mubarak was ousted. Many of these individuals/families were leaders of industry and Mubarak even conscripted them into government/civil service I can't remember the dates but must have been about 2005/2006 when Egypt was going through difficult times. Certainly during Arab Spring many of these individuals and their families left Egypt and whilst I know most of these have returned I am not sure they are as high profile.
Sunday, 12 January 2020 Endeavour to make new merger offer for Egypt-focused Centamin within days -sources.
M&A WATCH- Endeavour to make new offer for Centamin within days, sources say: Canada’s Endeavour Mining is set to lodge in “a few days” a new, higher offer to acquire Egypt-focused Centamin, Al Mal reported, citing sources close to the matter. There’s also a possibility that we could be seeing a rival offer from another “major gold company.”
We already know that Endeavour’s last chance is Tuesday: Centamin received approval from a UK regulator late last month to give Endeavour an extension for a “put up or shut up” deadline that was triggered when Endeavour made an initial takeover offer, which Centamin had rejected. The new deadline is now Tuesday. The deadline extension came amid mounting pressure from major shareholders in both companies, including VanEck International Investors and US-based BlackRock. Naguib Sawiris’ La Mancha, the largest shareholder in Endeavour, has also urged Centamin to make the merger work.
This all comes as Centamin’s operations in Egypt are doing well: The London-listed gold miner reported a 51% y-o-y increase in 4Q2019 production at its Sukari gold mine in Egypt during 4Q2019, according to a press release. Centamin produced 148,387 ounces of gold from the mine during the quarter, marking the strongest performance since the end of 2017.
The rainy season lasts 4 months ,give or take. That mean a a colossal stockpile ,or a processing plant not up to rate of production. Or they are telling porkies. But then they have their Andrew Pardey back.
You are right. I have been invested in another mine in Burkno Faso for many years ,every rainy season production dropped dramatically. Access roads washed out,mud slowing and stopping dump trucks , a lot more costs and lost production.. Not at all the same as Egypt.
Thanks EL P and I hope we stay in the FTSE - we have now lost too many Gold miners Randgold and Acacia (another one Politically sold off on the cheap) and so for me this is their natural successor. If we could have only branched out and got more than the one Premier mine going we would not even be in this position as we would have been out of the Endeavour price range. As it is we must be a bargain and I don't blame them for going after us to be honest. I hope we can find some other way to stay independent but it does look like they have some big backers - who can pay a lot more IMHO.
As usual Rebess you hit some nails on the head, UB40 summed up the problem we had! There's a rat in me kitchen what am I gonna do? There's a rat in me kitchen what am I gonna go? I'm gonna fix that rat that's what I'm gonna do, I'm gonna fix that rat. When you open your mouth you don't talk, you shout And you give every body the blame, But when they catch you up, They will shut you up And you got no one to blame [Chorus] There's a rat in me kitchen When you out on the street, You practice lies and deceit And you scandalize my name But when I catch you up I'm gonna pull you up! https://www.youtube.com/watch?v=LCxZeCere1g&list=RDLCxZeCere1g&start_radio=1&t=0 I'm gonna check-out inside your brain
https://www.fool.co.uk/investing/2020/01/09/isa-investors-a-growth-and-dividend-stock-id-buy-in-january-and-hold-for-10-years/ There’s an abundance of top income shares available to buy today and Centamin (LSE: CEY) is one that I’d happily purchase before the close of January. I’d load up not in anticipation of some hot financial or operational updates but in case gold prices heat up again. The Egypt-focussed miner has already impressed the market today with some splendid production numbers. In a release, it advised that fourth-quarter gold production at its Sukuri mine leapt 51% from the previous three months to 148,387 ounces, meaning that year-on-year production rose 2% in 2019 to 480,529 ounces. And Centamin said that output should creep higher again in 2020 and clock in at between 510,000 and 540,000 ounces. The FTSE 250 digger’s share price has crept 3% higher in Thursday business on the back of the release, one so strong that market makers have shrugged off a serious pullback in bullion prices over the past 24 hours. With tensions easing between the US and Iran following earlier military hostilities, gold was recently back at $1,550 per ounce and some way off the seven-year peaks above $1,580 struck on Tuesday.