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UBS has chosen this client well.
Have a good evening, see yous all bright and early.
GLA
Well soneone was doing something from 11th Feb til 9th July.. and nothing happened..
Has UBS some fairy dust to make it fly!
28 days, i think the banks involved will want things concluded as quickly as possible due to them having resources tied up, and it's also likely that the parties that have been interested in MT since 2015, will also want things done as swiftly as possible.
Removing the deadline however, opens the door to all possible bidders, it gives them plenty time for DD and to sort themselves out to a point where they're in a position to make such a large acquisition.
Our BOD are all highly experienced in all of this, so i just take it as red, that every move made by them is to arrive at the best possible conclusion for themselves and us humble PIs.
Everything they've said they would do up to this point, they have done, and so it logically follows that a deal execution will take place. They've built a formidable team since last year to make such a execution materialise imho.
GLA
Mac you seem a sensible guy..your thoughts please on why the 28 day rule anyway and even though it has been dispensed with in this case would there be an effort by all parties concerned to arrive at a conclusion within that time frame or as near to it as possible. Cheers matey..pompey
Hi pompey, yeah i've just read it again there, you're right, i think it will.
GLA
Hi Mac..missed your earlier post..I did say dispensing with the 28 day rule so
I did read the rns my friend..but thanks for your posts pompey
This man is a shareholder, how he will be paid from all of this is by how much the shares go up in value. So rest assured that he has helped create the most water tight plan available, and is using all of his contacts to see it through to execution -
"Alexei brings his extensive experience in mining M&A to the Company, as well as his top level contacts with major international and Russian mining and trading companies operating in the platinum group metals, gold and base metals sectors including Lesego Platinum, Boliden Group, Gold Fields, Glencore International, Sumitomo Corporation, Norilsk Nickel, Polyus Gold, Polymetal International, Ural Mining and Metallurgical Company, Russian Platinum and many others."
https://www.lse.co.uk/rns/EUA/eurasia-mining-plc-senior-management-team-appointment-i84vpyiztdgkr4i.html
ALEXEI CHURAKOV
Strategic advisor to the board
Mr. Churakov is a former Goldman Sachs and Morgan Stanley senior investment banker specialized in the mining sector. He has a background in cross-border M&A transactions operating from Moscow, London and New York. Alexei brings his extensive experience in mining M&A as well as maintaining a hands on approach at operational level.
GLA
Execution - the carrying out of a plan, order, or course of action.
GLA
I like the idea of execution, execution of the deal -
"As your partner, we will support you throughout the entire sales process, from preparation, contacting of potential purchasers, due diligence and sale negotiations through to signature and closing. You benefit from a first-class, one-stop advisory and execution service."
https://www.ubs.com/ch/en/swissbank/corporates/corporate-finance/m-and-a.html
It's been all about the 'execution' for some time now ladies and gents -
"We are also delighted to welcome Iain to the Board, who as a qualified lawyer and M&A practitioner will strengthen our execution team, while we are making progress on our M&A plans."
https://www.lse.co.uk/rns/EUA/appointment-of-nomadnew-ned-and-suspension-update-tw5x255sbfsj7gv.html
GLA
Very wisely indeed stix, it all adds to the confidence here, oh, and the excitement.
GLA
1.2 billion net nice ! They choose there clients Wisely .
Some UBS quarterly reporting figures for one to peruse at ones leisure -
https://www.ubs.com/global/en/investor-relations/financial-information/quarterly-reporting.html
Every day is a day closer ladies and gents.
GLA
Nice tweet, showing the higher value of UBS deals in Q1 this year, may the trend continue with the eurasia deal -
https://twitter.com/thevimster/status/1290839342517235712?s=20
GLA
The 28 day rule doesn't apply here pompey, it was removed, but the BOD meet no less than once every 6 weeks, so we could be updated from their meeting -
"The board meets when an executive decision requires board approval, and in any event no less than once per six-week period."
From a bidding war, we will all achieve maximised value, all the people here on a success fee basis as well -
Christian Schaffalitzky, Executive Chairman of Eurasia, commented: "The Board remains focused on maximising shareholder value, and, after receiving approaches from multiple parties interested in acquiring Company's assets, has decided that launching a formal sale process under the Takeover Code is in the best interests of shareholders, which could result in a sale of assets or the Company. The Company will work with UBS and its other advisers to execute the process."
https://www.lse.co.uk/rns/EUA/statement-re-formal-sale-process-s2dz3bhew85fz5j.html
GLA
Morning all
Mac.thanks for info..good stuff..bidding war would be nice.
Presumerably dispensing with the 28 day rule will help facilitate that?
pompey
I bet UBS want a bidding war, just as much as we do. They would certainly make a handsome success fee from one.
A bidding war is very much available within a FSP -
"As such, a competing bidder can always make a higher bid and the board of the target company can always withdraw its recommendation."
https://www.lexology.com/library/detail.aspx?g=886cfad0-7f5a-4577-87e8-9136cd83b835
(Click the 'view original' tab after following the lexology link, if it doesn't take you directly to the article.)
"However, for companies with a small number of valuable assets, a would-be farm-in partner or asset purchaser might instead consider buying the whole company, meaning that the transaction then becomes a public M&A process subject to the Code. If several would-be bidders for the company emerge, an FSP may be the most desirable means to pursue that process."
Now where could we find several would-be bidders for the company? -
"All existing non-disclosure agreements interested parties have already signed with the Company in relation to the potential acquisition of the Monchetundra asset remain valid."
https://www.lse.co.uk/rns/EUA/statement-re-formal-sale-process-s2dz3bhew85fz5j.html
GLA
"In summary, the Company now has success fee based engagement letters signed with UBS and CITIC Merchant, and Eurasia's relationship with VTB Capital continues to be as previously announced on 25 November 2019."
https://www.lse.co.uk/rns/EUA/restoration-of-trading-on-aim-ilk6kjyqiv7ihse.html
GLA