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Tiger yep that's right foolish world class banks idling away with no chance of a deal, Dl piper having the wool pulled over there eyes by the BOD no chance of a deal. You really are a fool we can only hope your short and you loose everything. My personal opinion in your a sad lonley middle aged man living with his mum angry that life hasn't quite panned out how you thought it was going too XD LMAO
Hi Mad Stork! Yes, it's farcical. Longest ever Final Sales Process. No PUSU deadline, no named bidder. Oh, and it's Russia, a land where nobody gets scammed, ever... More red flags than a Communist May Day parade. It seems that the Takeover Panel are just as useless as the FCA - which is actually impressive, in a bad way.
Nttg2: It is the longest ever FSP by quite a long way. If I had to guess, I'd say they've been pleading Covid delays to the Takeover Panel. Surely not long til Put Up Or Shut Up, although I seem to recall saying that back in Jan, so who knows? The EGM and subsequent inevitable attempt to raise cash will be key IMO.
But Aubery, we’ve been reading posts by many of the regulars on here that UBS And DLA don’t get paid a thing should the FSP fail. Surely they can’t be wrong or just lying about that fact. I’ve always questioned that “fact” but the crowd don’t want to know
I thought I'd filtered the Mad Stork, but this is really, really mad:
"They will be looking to do a placing before being forced to fess up about the FSP". Nonsense. No way DLA Piper or UBS would be risking the non-disclosure of market sensitive information. If the FSP has collapsed, the takeover panel will know. Nobody will be risking prison. Unless of course you seriously think the most prominent M&A legal firm routinely sends its lawyers out to get involved in shady deals that might see them struck off and subjected to criminal proceedings.
"Dreams of a mega sale is the only thing supporting the current bonkers valuation" Apart from the fact that, if there is no sale, the prospects of going alone to mine the in-ground assets will support a share price of around £2 within the next two years and up to £6 or more by the end of the decade (according to GMF78's calculations). Good one. You can't unfind a mine, Storky.
"...and the higher the valuation at the time of the placing, the more cash they can raise." Even if you're right, which you're not, this is fine by me. Raise away. If it means we bring more of the £100bn+ resources into play more quickly, then all to the good. But ask yourself this: why would the directors want to dramatically dilute their own holdings which constitute around a fifth of the entire company, unless of course any dilution saw massive increases in the long-term value of those holdings?
"Will the Takeover Panel allow it is the question? I'm definitely leaning towards 'yes' given how willing they have been to enable this farce of a record-breaking bid-free 'sales process' thus far. We shall see though." Do you have any evidence of the Takeover Panel ever indulging a sham takeover process? No, thought not. Quite apart from the fact that this is one of the biggest and most high-profile FSPs that has ever occurred - with the FSP process itself still being a relatively new way of doing things - it's inconceivable that the panel are not absolutely all over this and would have stopped it a long, long time ago if anything untoward were happening.
I tell you what we do have evidence of though: your mates getting a good jubbing for inanities like this!
I tend to not take too much notice of TMS but it’s definitely longest FSP I can recall in my years in the market, perhaps others can think of longer ones. There’s nothing to indicate the FSP has failed though, and I would expect the Takeover Panel to have been in touch with our nomad due to the length of time involved now. The urgency in having shareholders vote on the ability to allot 250m shares is an interesting development though, some thinks it’s to demonstrate to a potential buyer that we can raise funds if required whilst others think a placing or rights issue is imminent. A failed FSP will definitely result in a fund raise of some sort, no doubt about it but until clarification is received we’re all pi***ng in the wind.
Madstork - and you think UBS, CITIC & DLA Piper are all just stood around numb getting tugged off by the EUA BoD without a happy ending? Get real, 3 companies of that calibre involved, 2 of a success fee basis and none have walked yet so to me that’s says everything I need to know. Prat
They will be looking to do a placing before being forced to fess up about the FSP. Dreams of a mega sale is the only thing supporting the current bonkers valuation and the higher the valuation at the time of the placing, the more cash they can raise. Will the Takeover Panel allow it is the question? I'm definitely leaning towards 'yes' given how willing they have been to enable this farce of a record-breaking bid-free 'sales process' thus far. We shall see though.
1Noise, at the last report on our funds we had roughly 6m cash at bank, that’s nothing in the terms of mining if we are going to mine ourselves. I haven’t discounted the theory of a placing in the event the FSP fails
1711, My question was more rhetorical but thank you for your reply and I like your descriptive sense of humour. The 20,000 just @ 24.3p was mine and somebody else snatched 100,000 just before me. The % held by 'riff raff' as Tilly calls us must be creeping up from 35% somewhat by now. 1 Noise
It’s what happens when impatience kicks in and the sp is taken to be negative. Really believe the market has no idea of what is going on and what to price the shares. Therefore risk becomes even more important to the market and that is the bottom line. There has to be players remaining in the process otherwise we would know by now . The assets EUA are complicated but by all accounts they are potentially massive so if any sale or part is agreed then that is when we and the market will know the truest value. It is just a waiting game and each day , week or month will get us closer to the final chapter.
1noise he is referring to the upcoming EGM, and the resolution on the agenda. As far as TMS is concerned, it's not about what he says it's where he says it from that matters, if I were to say he has to pull his under pants down so his voice is not so muffled you get the point. He considers he knows more than the bod of Eurasia, Piper and UBS and of course the UK take over panel, need I continue?