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Nickel,
Not sure you are very popular on the Tullow page at present. Impressive to make £1.31 per share though. Luck or did you spot something?
Best wishes,
Prof
Doing rather well eh :)
When any ordinary (o trade) selling only takes the price up you know there's a big number of bidders who are desperate for the stock lol
Bet a few that took the 115 call on Friday pretty pleased now :)
Buyers in the know here.
This upward move is probably driven by shareholders who've had conversations with EDV already !!!
think it through logically. If EDV accepted the comments by CEY and weren't prepared to go higher they would have immediately walked away. Instead, they've gone to CEYs largest shareholders! They really want this.
I think a BID in the 140-150 range next
Hi All,
Not sure if this has been talked about - loads of chat atm. Anyway, it appears that Endeavour had a 1.26% stake in CEY. Assuming that they built this holding while the share price was around £1, what better way to make a quick profit than to make an offer. Share price shoots up and then they sell pretty much all of their holding which pushed the price back down. Surely this cannot be legal, or maybe it is, as the offer was 'unofficial'. Anyway, stinks of insider trading if it truely is the case.
Convinced there's an improved offer over the £1.26 coming...
I think we all need to look past what the Endeavour leadership team can do to improve Sukari production and bring on the West African resource more efficiently.
I have very little enthusiasm for "Gucci" miners it is and always will be the guys and girls on the ground who make things happen.
Endeavour don't have the funds to make any difference and are desperate for funds as they have no chance of earning enough to meet the debt due in 2021 unless they reschedule, so the cash that Centamin bring to the party will disappear quickly.
Now then is when Mr Bristow will be most interested ask yourselves why hasn't he made a run at Endeavour if they are so much better than Centamin, he will gladly wait until Endeavour get close to having to cough up.
My view is that whilst he likes the Sukari resource and who wouldn't he doesn't like the profit share and the share price has been well below 100 and he hasn't made a move.
Why do Endeavour think the Sukari project is worth a run at I can't see much further than the cash in the bank and the goodwill.
Not enough has been said about goodwill and as Centamin are the only producing mine with the experience of building the infrastructure, bringing in people and training, working in the community they have considerable goodwill on offer.
Best to all as this is very interesting times and I hope one of our very own Gucci miners Mr Youssef is up to speed with his recent update to the Egyptian press and not just repeating what has already been reported.
Gold tumble? How dare thee?
with the mayehm of the economists advisning political parties and the odd maverick politician, not to mention the directionand indiscretions of the major banks, disruptive technology, trade wars, conflcited advisory companies (big 4 accounting forms who write the international taxation rules commonly referred to as rorts), and a rock solid partidge in a pear tree....gold is going up, up...
the gold gnome
If the board of CEY could get off its backside the investors in CEY would realise that CEY has assets in (ITS NOT A SINGLE ASSET COMPANY?!)
1. Egypt - producing and do they ever really talk about the brownfields eploration upside=not really
2. West Africa (fastest discovery area in the world) they talk about discoveries and resources, but nothing about production, scoping studies, feaisbility studies...yawn...yawn
Bring on professional activated engaged directors. ... and management with real KPI's that enthuse and motivate to grow the company...yawn
the gnome
Yes Mark Bristow would do a brilliant job and would be happy to hold Barrick not Endeavour. Well done you buying at 115. If production is as Siko says it is worth at least that without any bid...as long as gold doesn’t tumble....
the question is could Barrick do a better job of Sukari. Of that, i'm sure they could! Bristow is a massive fan and has called it one of the best assets in the world.
Either way, this is the time when gold players are starting to consolidate in the space. As stated on Friday, bought on Friday at 1.15 as being under the offer price is daft. Given that EDV have already started courting the shareholders that demonstrates how badly they want the business. I therefore expect them to be told in no uncertain terms that their offer is totally speculative - it's a mere premium to where the price was trading prior to the rns. More importantly though, EPS , FCF upgrades are anticipated in 2020
Question is would Mark Bristow want to deal with EMRA,50% profit share and cost case, particularly if Kees Decker was right about Centamin being severely overvalued, unless Kees has changed his mind, looking forward to Tibbs link Of course I hope so, that Mark thinks Cey undervalued and wants us!
Perhaps it’s not surprising that gold miner Centamin’s board tuned out when rival Endeavour Mining came a-wooing. Pessimists complain about the noise when opportunity knocks, quipped Oscar Wilde. And Centamin’s bosses are right to be pessimistic about their pay and provisions if the two groups are smashed together, as Endeavour of Canada would like.
This autumn the Shareholders’ Gold Council, whose members include billionaire Naguib Sawiris, moaned about gold groups’ profligate spending on salaries and administration compared with miners of less shiny metals. The Sawiris family, a prominent Egyptian dynasty, is Endeavour’s biggest shareholder. And Endeavour, which has mines in Mali, Burkina Faso and Côte d’Ivoire, targets all-in production costs below $850/oz. Centamin’s have risen above $900/oz.
Once, Centamin was a byword for quality among gold bugs — it had a top-class, low-cost, long-lived asset in Sukari, its open cast mine in Egypt. It had no debt, generated cash and paid a dividend. But ore-production peaked three years ago at about 551,000 ounces. And, while the rise in the gold price above $1,480 has lifted all gold miners’ shares, it has done little to prop up Centamin’s slipping profitability.
Yes, Endeavour — which will gain a London listing — is being opportunistic. Centamin’s board says its offer — which represents a 13 per cent premium to Centamin’s price on Monday and would give Endeavour 53 per cent of the merged company — tilts too much towards Endeavour’s shareholders.
However, Centamin shareholders have reasons for optimism. It has been a single-asset business with persistent production problems. Merging the two groups would bring diversity to both, boost their share of a consolidating market and plug a management void at Centamin. And Endeavour says it could sweeten its offer if Centamin’s board agree to take tea and talk.
The pessimists at Centamin will still rail about the noise of Endeavour rapping on the door. But they should resist the urge to block their ears and hope the problem goes away. If Endeavour loses interest, rivals — including Mark Bristow, swashbuckling boss of Barrick, the world’s second-biggest gold company — may come a-calling. And like the postman, callers in the mining sector can knock twice.
But i think that offer will be sweetened or a rival will come in - someone like Barrick who the FT have mentioned.