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Are you now a Centamin holder Tiger, hope you don't mind me asking but I remember you were on the side lines in the recent past?
Mr T. Two bits of very good news then. First Siko on production for the final quarter. . Second your post this morning: a year ago Kees Dexker said with the share price at 100, “It is safe to conclude, despite all uncertainties associated with the cash flow forecasts, that Centamin is currently severely overvalued.” Where is he now saying it is worth more?
True the Centamin management team need to improve and the results from Burkino Faso drilling are long overdue, this situation needs rectifying as a matter of urgency.
However Endeavour has yet to prove their strategy has worked by producing the profits and if they are forced to moth ball some of their mines in West Africa due to unrest then this is going to be more difficult.
I don't have any objection to a Centamin partnership with the right company at the right price, which should be considerably more than the paltry offer made by Endeavour.
Kees Dekker is'nt that impressed with Endeavours performance is way and as he pointed out there are far better companies such as Barrick that could well put up a more sensible starting offer for Centamin.
I am of the opinion anything under £2 is not even a starting point for Centamin,
Thank you for your thoughts on this though.
The in-the-ground assets will not mine themselves....
Cowichan,
I think I could cope with a bid at £3!
Best wishes,
Prof
150p for Centamin is most definitely not in the best interest of shareholders big or small. For that matter neither is 300p
The beauty of Centamin's strategy was and still is discipline i.e. controlling costs and not going into debt. Anybody can build a mine. Precious few have returned $ 500 million in dividends to shareholders over such a short period.
If we can avoid being stolen we'll do far better than Endeavor has in share price appreciation because our assets are infinitely superior.
Hi Mr. Tibbles!
The sad reality is rather different. Sukhari is a world class ore body, but Centamin's management team is a mess. I assume that CEO Andrew Pardey is leaving because the large shareholders made it clear that he had to go as a result of poor performance. The Chairman is also on his way out after conveniently selling his shares at the top of the market; a top that may have been manufactured by high grading. As a whole, Centamin's board (ten directors for a single mine company!) is bloated and complacent. Their reporting to market is little more than contemptuous - where are the Burkino Faso drill results, for instance?
Who knows what Centamin's all important relationship with the Egyptian authorities is really like on the inside? Certainly the oil minister was quick to make it clear that he had no objections to a takeover. And, remember, Endeavour's leading shareholder, Mr. Sawiris, is an Egyptian billionaire. Things may be very complex indeed.
I'm thinking most of Centamin's institutional shareholders would be happy with 150p per share equivalent - they must be as fed up with Centamin's shoddy management as the rest of us. The combined multi-jurisdictional company would in any case be worth more than the two companies are currently worth separately, so there's an additional "premium" there.
You might also want to research Endeavour more. It's a good well-run company. Yes, they have debts, but only because they've just built two mines. Their free cash flow is projected to boom over the next couple of years.
From the joke price price and terms proposed by Endeavour it can already be regarded as hostile bid!
The accusations may be old, but it exposes the type of person running the company and the unwillingness by Endeavour to follow the due diligence protocol is proof that their intentions are hostile and they have scant regard for the interests of existing Centamin share holders!
Endeavour are desperate to get hold of the Centamin cash cow to prop up their company..
This is a a lousy offer and Endeavour should be given the cold shoulder by Centamin!
At present anything less than £2.00 plus should not even be considered !
Hi Cowichan!
Thanks for posting the Daily Mail link. The article reads very much like it was "placed" by Centamin or (more likely) their PR company. I don't quite know what to make of it - the accusations are very old, and the Endeavour CEO hasn't even been charged with any crimes, let alone convicted.
My chief take out is that it shows that there is absolutely no love lost between the boards of Centamin and Endeavour. IMO, this "proposed friendly merger" is shortly going to turn into a hostile takeover bid.
Perhaps we should all make our views and opinions known in the comments section below the "This is Money" article?
This behaviour by Endeavour is very suspicious, their bid should be suspended whilst investigations take place or even be disqualified whilst the ntegrity of Sébastien de Montessus is in question.
Although considering some of the things that have taken place in Egypt the past are these revelations such a surprise?
https://www.forbes.com/sites/allbusiness/2014/12/19/20-key-due-diligence-activities-in-a-merger-and-acquisition-transaction/#10d64aa64bfc
Interesting enough article states endevour have refused share information for due diligence with Cey.
Dodgy ceo
The tycoon spearheading the £1.5billion hostile bid for London-listed miner Centamin is under investigation for corruption, The Mail on Sunday can reveal.
Sébastien de Montessus, the French boss of Canadian gold firm Endeavour Mining, is being investigated over a scandal at Areva, the state-owned French nuclear firm, after a disastrous takeover.
French officials are looking in to whether De Montessus, who runs Toronto-listed Endeavour from London, bribed a foreign public official and engaged in corruption at Areva. He denies the allegations.
https://www.thisismoney.co.uk/money/markets/article-7767529/Boss-1-5bn-bid-gold-miner-Centamin-faces-bribe-probe.html