Centamin PLC Share Chat (CEY)

Kitco news ,pardon me

Can only be good.
Well done Joseph.
For now.
GLALTH.

Please retweet if you agree. The more scrutiny & exposure the matter receives from all parties the better.

https://twitter.com/CityAM/status/1207324780673679360

Rebess I wouldn't worry too much about Pardey leaking anything as he didn't know too much about what was going on anyway.

Supercharger Anglo American don't do gold they offloaded Anglogold a good while ago maybe about 12/13 years ago. The latter could be an interesting fit given they are Anglogold Ashanti and they do know a lot about underground mining with Obuasi in Ghana that is a very rich complicated deep mine and I don't think there is a problem that those guys won't have encountered as must have been mining the resource for a hundred years.

My money's on Endeavour. - The Sawiri/Egyptian connection is very strong, moreso than any other connection. - The sort of maneouvering and commentating that we are seeing is to be expected, in order to present the pretence that their approach is unacceptable. - How cynical can you get? - This is extreme even for me. :-) -

Talking of leaks; Pardey's good at that when it suits his plan. - We'll see.

Tibbs, as asked before where did Kees say this, it is the very best news if Keys who has always said Cey is overvalued now says undervalued. Thanks

Did I read the new Chairman elect has come to us from Anglo American? perhaps with all the information they might want to join in a bid process?, certainly our new Chairman would have many contacts-perhaps?
Maybe we should have a bet forecast who is going to "Talk Turkey" first, Anglo or Barrick? The great ship Endeavour looks like it has sprung a leak?

Thank you Bob, looking forward to your future posts!
Just hope as our board kick Endeavour up the ar(se and send them packing otherwise it may be the end of our forum!

Tibbs,
A salutary lesson that all would be advised to consider carefully.
I can share equal experiences . Many initially try a demo trading account and that can be fun without the financial obligations. However when ones skin is in the game the stakes and decision making processes alter.

NOTE

For some reason my posts have been under martyhopkirk tag . I am not he , and have no connection other than posting a reply to him where the cross over may have occurred. I always sign off as Bob.
Have now rectified and hopefully now posting under the correct name tag.

Bob

Kees Dekker made this very point when the Endeavour approach was announced, although he thought Centamin was by far the superior party for all the reasons we have discussed on this forum.
Although the Kees opinion aside, in this case the glaring dissimilarities between the two parties are so evident you don't really need to be a mining analyst, just an interested investor to soon realise that Endeavour embarked on this clumsy exercise because it is in a really tight corner with huge debt and mediocre mines, some of which are at risk from insurgents threat or future political uncertainty.
We also have to be aware that some of those financial institutions and financial media analysts that are in favour of the Endeavour bid may have ulterior motives, divided loyalties or just want to make a quick profit or commission out of an Endaevour take over/partnership.
After all a bit of insatiability or panic is always good for churning the shares,especially during a period when volumes are traditionally low!

Please as I said early this morning the BOD are working behind the scenes. Why would Endeavour be stopping our own due diligence when they owe so much money, perhaps they are afraid of a reverse takeover? This could well happen when the merger percentages are so similar? Perhaps Centamin share should be 51% rather than 47% ? only a thought?
I see our price rising up from here.

Quite so Bob, Josef handled this well!

We certainly don't need a partnership with a company without integrity and honour, not to mention a huge debt, mediocre mines some under threat of insurgents attack and little experience of underground mining techniques.

I believe the experienced and enthusiastic Jeremy Langford will motivate the Sukari staff and invigorate production output.
Also long awaited changes to the regulation of the Egyptian mining sector seem to be starting to be implemented which can only help Centamin in the long term.

If Endeavour are as good at running a mining business as they claim to be then let them demonstrate it by building and operating a mine in Egypt from scratch just like Centamin did!

Thank you Bob for your reply and good wishes of the season, I think all of us Centamin holders are in need of some good cheer and luck at the present!
Your warning about CFD trading should be heeded by all!
In 2011 after months of receiving daily telephone calls from a chatty partner in a London brokers I was foolish enough to be persuaded by him to open what he described as a CFD advisory account that he would personally look after.
I really didn't understand anything mush about CFD trading, although reading though the literature he sent me it seemed that one could make exceptional profits very quickly on leveraged CFD's.
What did concern me though was if such profits could be made so quickly then surely huge losses could also occur very quickly, so I asked him if this was the case?
I was told not to worry as he got 70% of the trades right and in any case he would be using "Stop Losses" to protect my portfolio.
So I was persuaded to transfer a very considerable part of my portfolio to his company and this was used for margin purposes through this brokers Saxo trading platform.
I won’t bore you with a long story, but move things on 12 months to when CFD trading had turned into a 24/7 nightmare for me and on the advice of my now not so chatty and nice but very persistent advisory CFD broker the part of my portfolio transferred to his company was now worth considerably less than the initial amount transferred.
I questioned my advisory CFD trader about this and he quickly pointed out that in the past month trading of mostly short positions on my behalf he had got 34 trades out of 47 right!
That was true, but then when I looked at my account it hit me between the eyes one investment consisting of numerous CFD positions was down over £30,000!
In the last month my brokers trading commissions were well over £4000 and yet my actual profit after costs etc was £370!
So partly because of this but mainly on my doctors advice who was concerned about my mental state I paid off my debt to Saxo bank and closed my CFD account!
I have never traded in CRD's or short positions since and although this was a very worrying and very expensive time the experience taught me a great deal about the dark side of trading the markets.
So since then I have tried to turn a negative experience into a positive by not making the same mistakes again and by trying to help other investors avoid getting reeled in by the very clever marketing tactics used by CFD brokers.

Well said Marmot, I agree entirely with your opinion on this approach by Endeavour!

Hi Tibbs,

Followed your posts on here since day 1 and particularly appreciated your "man on the train" narratives. Presume he now drives as fed up with train delays and standing room only.
With Endeavour disinclined to enter mutual due diligence and requesting an extension I am personally (and this is not an informed opinion but just my own thoughts and have no evidence to suggest this is the case) as to whether the Endeavour approach is a smoke screen to hide their true balance sheet position. Their debt and profitability situation is well documented of course.

Regarding trading into the book under leveraged CFD acess I would not like any private investor to consider this as capital depreciation can very quickly occur !!!! .

Kindest regards and seasons greetings

Bob

Top film , Harry Palmer
Let’s hope this is put to bed and we have some good production figures.

Endevour must be shocked that they have not been given the boot so far

IN all paper mergers, as a rule, you are offering a "partnership of equals" to merge management, shares and capitalisation. Thus it is a good idea to act with and project an image of goodwill, integrity and empathy to your target throughout the process. I would argue that since 3/12 EDV have ignored all rules of chivalry and common sense. Relying on the market to force the CEY Board to do your bidding requires a lot of variables to work in your favour. But EDV chose a hostile approach from the start and their financials appear to be their Achilles heel.

1) Going public 3/12 behind the back of the CEY Board. That was an ambush and a hostile act. Yet EDV's proposal clearly show they need the CEY Board to persuade all CEY shareholders that a merger is in their best interests. It was an odd start and it has just got odder since.

2) since 3/12 market makers, brokers and banks have been active in both CEY and EDV shares. Did EDV calculate that this new cohort would be enough to pressure CEY Board to roll over at the terms offered? Two weeks in and CEY is trading 5p above the pre offer price while EDV is -$1.93 -7.48%. At this stage the respective share prices are not a ringing endorsement for the merger.

3) If you sign (10/12) a Non Disclosure Agreement (NDA) that should trigger openness and honest dialogue. But since agreeing reciprocal due diligence face to face with J E-R in Perth 14/12 EDV appear to have reneged on the agreed protocol in less than a week. Why ? what are they trying to hide ? If you don't offer trust and integrity at this pre-offer stage why should CEY Board agree to your unfair to CEY shareholder terms ?

4) narcissists like to control the narrative. They like to give you their options and pretend that you have to chose from those options only. But that is nonsense. All individuals and company Boards have free will to exercise as they see fit. EDV's initial public announcements was all about ambushing the CEY Board and getting institutional and retail investors on side. Their announcement hid their negatives and omitted key attributes of CEY like the $300m cash and no debt. That means their merger "narrative" and justification were inauthentic. There is no reason for CEY Board to act the wounded, defenceless beast. This flawed offer just confirms CEY's potential either going it alone or with a much better match.

J E-R has played this approach very well and has no need to play to the EDV narrative or meet their demands. It is now up to EDV to share full financial information with CEY Board otherwise their approach is finished and their credibility with it. The PUSU deadline of 31/12 is the only leverage CEY Board has and they should not agree to extend it.

Exactly dealts,
The mining analyst Kees Dekker is of the opinion that Endeavour is desperate for some way to address its profit and debt crisis and so have made this opportunistic approach at getting Centamin on the cheap.
Kees feels that Centamin is worth far more and a far better company offering far better future prospects than Endeavour could.

Hi Bob,
Sorry just realised that it was you who posted that very interesting post on your past professional experiences with the "Book" on the other side of the spread, it was of course great that Marty posted the query but it is only right that I acknowledge my error and thank you properly!

Best wishes

Tibbs

Has anything ever been simple and straightforward with Centamin?. - Not for a long time. - I remember a film starring Michael Caine, 'The Ipcress file', I think that was it, well this is 'The Egypt file' playing out. - It starts with the court-case.- Intriguing isn't it? Trying to join the dots up. Let's hope the sequel dosn't turn out to be 'Funeral in Cairo'.

Why are we tolerating this kind of approach, it seems like they are trying to call all the shots as if we are desperate to merge with them, when in truth it is the other way round!! Here is an opportunity to say be totally transparent or go away!!! G.L.A.

So, having read the RNS, what incentive is there for the BoD to request an extension?
It seems we are better off without one, that way E must realistically withdraw.

Endeavour has now indicated that it will not provide the information that Centamin has requested unless and until Centamin agrees to an extension of the PUSU Deadline. Without Endeavour providing information that is core to the assessment of value, such as its financial model, Centamin cannot properly assess the proposed combination.

The Centamin Board is disappointed that despite its efforts at constructive engagement, Endeavour has repeatedly refused to engage in a proper manner.

The unsolicited approach from Endeavour has created an intense period of uncertainty for all of the Company's stakeholders. Therefore, the Board of Centamin believes that Endeavour should, without further delay, enter into substantive reciprocal due diligence.

This announcement has been made without the consent of Endeavour. The person responsible for the release of this announcement on behalf of Centamin is Josef El-Raghy, Chairman.

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