Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Interesting few week ahead in the short term.
I should have added that CalE have only 10 days to decide whether they take up the Harvey option and pay another £20m. This could be instructive either way.
LO will not be buying on behalf of others ( concert party) if that would mean they breach 30% as that would require a Rule 9 mandatory offer under The Takeover Code. They are smart and ruthless operators and as I have said previously are sweeping up shares hence there is no drop on the bid over months despite steady selling. I believe they are convinced that there is so much value in IOG not reflected in price this is a punt worth taking. They are sitting on a very healthy profit already based on their participation in ‘fire sale’ raises and are waiting for the company to get their act together and either do some form of deal with CalE or wait for others to agitate for true value to show its face here. Smith and Williamson are doing the same as far as I can see but of course everyone could be wrong. Just need to wait for news now.
Is it the highest price paid in last 12 months? If so what is this as we stand?
What is the minimum they would have to bid under takeover rules if they passed 30%?
Butd what are your thoughts on:
'Disclosure on behalf of accounts managed on a discretionary basis by Lombard Odier Investment Managers group'
Why do you think LO buying is encouraging? If they pass 30% what would they have to bid as a minimum?
Agreed Peakview. BH is, as I have said before, the elephant in the room here. Indeed, I remain puzzled why BH has not made an offer for the company at this sp. I understand about waiting for first gas, etc but, by then the sp will be considerably higher. By buying IOG now, BH would energise CalE as its o&g investment company. It already has a large amount of money invested and could buy IOG for, say, 25-30p a share (ca £110-120m) and reap 100% of the £500m NPV of the company.
What am I missing here?