Centamin PLC Share Chat (CEY)

It is possible with El Raghy families money and BOD plus 300miillion in the kitty to defectively do a buffer, or share buy back now .
They do not need a vote just do it.

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.

Jeph , you hope cey shareholders get shafted ?

Hope this happens for us long term PI's

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.

EDV offer - 140
CEY response - go away
CEY Dividend - 10 c
Year end SP - 1.75

Hi Siko, thanks for the posts with confirmed activities, I wanna know what happened with the new mining law is it out or not Yet?
Thanks,
GLTA,
Dan

Hi Rebess,
Well this is probably normal Endeavour business tactics, after all their CEO is under investigation by the French authorities!

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:

https://m.elwatannews.com/news/details/4413895

Re US-based BlackRock. Naguib Sawiris’ La Mancha, the largest shareholder in Endeavour,

So Mr Sawiris wants Centamin to make it work,of course he does so that he can recoup some of his losses in Endeavour, Blackrock have hardly been supportive of Centamin so far!

Thank you for the update Siko!

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.

https://enterprise.press/stories/2020/01/12/endeavour-to-make-new-merger-offer-for-egypt-focused-centamin-within-days-sources-9651/

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.

They would need to maintain production In order to sustain their SP.- They needed their SP maintaining and the CEY SP to fall to accomodate their cunning-plan. - It seems they pulled it off.

Hi again Mr Bond

Good to hear your hands on experience of seasonal variationss on production.
This season however the wet season (last quarter) was 4 times the annual seasonal average. Endeavour however maintained approximately the same production output albeit by utilisation of reserve grade and higher grade resources.
https://s21.q4cdn.com/954147562/files/doc_financials/2019/q3/191105-EDV-Presentation-Q3-Results.pdf

Bob

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.

Might explain denial that 900 mm of rain would not adversely affect production at END flagship mine and why I was anxious to know whether CEY due diligence was to include mine visits. MMMMM

Bob

The narrative is spookily familiar.

I love a ratcatcher! I noticed a really good one over on Stockhouse TSE:EDV

https://stockhouse.com/companies/bullboard/t.edv/endeavour-mining-corp
Seems that another rat has been caught out!

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