Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Maybe they are behind the buys? How many more shares do they need to gain the upper hand?
I wouldn't be surprised if this debacle is in fact of their advisers doing. With VTB providing debt financing and VTB Capital advising Nova, there's a conflict of interest right there. VTB stands to make huge upfront fees on providing debt availability for the bid, forex hedges etc. - likely to be as much as $100m in total, whether or not the deal happens. VTB Capital as a lead advisor on the transaction are probably on a much smaller success fee, likely no more than $10m. So, using those numbers, If Nova was to succeed, VTB as a group would make $110m but would take a massive risk on providing an enormous debt package of up to $5.5bn to an already highly leveraged company. If Nova fails, VTB would still make $100m without having taken any debt risk. I'm amazed how Nova don't see this! Not to mention that VTB are not experienced in these types of takeover deals, so probably out of their depth. Nova should have had an experienced advisor, independent of the debt provider, or at least if VTB forced them to use VTB Capital, they should have had a second opinion from another firm. This bid will become a case study on how not to do the buyouts. Hilarious.
It does seem a very cackhanded way to try and buy out the company. They should make an offer that enough shareholders won’t be able to refuse, something like 20% above current share. Instead, they are just steeling everyone’s resolve, meanwhile the share price is edging up, and the premium that they’re eventually going to have to pay if they want to take full ownership keeps increasing. Are they even listening to their advisors? Surely their advisers aren’t advising this is a sensible strategy?
Shares trading up on announcement in subdued copper price environment and other miners opening flat or down is a further proof that market thinks the offer is too low and will fail, and importantly is a sign that the share price will move substantially higher when the bid finally fails
So we have no raise. Offer extended one last time to 9 April, the maximum allowed 60 days, but no increase in the bid price. How stupid is that! They got 0.03% of new share acceptances over the last two weeks. Are they really hoping that copper price correction brings a flood of acceptances in the final two weeks? I don’t think so. Just read the article I posted in my previous post.
Of course they can still raise the bid, but they have to do it no later than this Friday. If we don’t see a new announcement with a substantial increase by the end of this week, this takeover attempt is now surely destined to fail. Not long to wait now.
They seem to have extended the timelines again at same terms.
Doesn't make sense.
why do they think that shareholders will accept this? I am wondering is there a possibility that even those shareholders who had accepted the offer can now change their mind?
No real surprise that they are extending to 9th April. Hopefully that will be it.
ATB Bottled
Here are some timely thoughts on copper by one of world’s largest copper traders, ahead of Nova’s revised (or not) bid in a few hours:
https://www.mining.com/web/trafigura-sees-green-copper-supercycle-driving-prices-to-15000/
i guess we will know tomorrow morning 8 am....
"The Increased Offer, which remains subject to the terms and conditions set out in the Offer Document and, in respect of KAZ Minerals Shares in certificated form, the Form of Acceptance, is being extended and will remain open for acceptances until 1.00 p.m. (London time) on 23 March 2021.
Should there be any further extension of the Increased Offer, this will be publicly announced by 8.00 a.m. (London time) on the Business Day following the day on which the Increased Offer is otherwise due to expire, or such later time as the Takeover Panel may agree."
@hash: they’ve always produced very high quality report and accounts. This one's a thing of beauty! Not much on the bid, though.
“Today Is the deadline for the “fantastic offer” to expire isn’t it ?”
You mean the “We’ll buy your £8.30-ish shares for £7.80” offer? Yes.
yes it is. also if someone wants to read the annual report which is out today.. here is the link..
https://data.fca.org.uk/artefacts/NSM/Portal/NI-000021831/NI-000021831.pdf
Today Is the deadline for the “fantastic offer” to expire isn’t it ?
Published 18/03. Zacks
Kaz Minerals: This U.K.-based company and its subsidiaries engage in mining and processing copper and other metals (gold, silver, zinc) primarily in Kazakhstan and Kyrgyzstan.
The company is well-poised to grow on the back of its large scale, low cost open copper pit mines. Its constant focus on implementing modern technology to develop deposits has aided it in building a portfolio of highly profitable mines with low operating costs.
The Aktogay expansion project, which is anticipated to commence production in late 2021, is expected to boost the company's copper production by 80,000 tons from 2022-27 and 60,000 tons thereafter. The bankable feasibility study for the Baimskaya copper project is estimated to be completed in the first half of 2021. Baimskaya is one of the world's largest undeveloped copper resources with the potential to be a large scale, low cost open pit copper mine.
The Zacks Consensus Estimate for the company's earnings for 2021 has moved up 47% over the past 90 days. It indicates year-over-year improvement of 70.7%. Its shares have appreciated 65% in the past six months. The stock has a Zacks Rank #2 and a VGM Score of A.
ALMATY: Kazakhstan's refined copper output rose 2% on-year in January-February and crude steel production jumped 8.7%, while refined zinc production dropped 5.3%, statistics bureau data showed on Thursday.
London-listed copper miner KAZ Minerals and Glencore's Kazzinc account for a large part of Kazakhstan's metals production.
This is classic Catch 22 Buy at 10 and sell at 9. Just to make it more hilarious see the recommendation from the company.....
"Kaz Minerals shareholders who have not yet accepted the increased offer and who wish to do so, are urged to do so as soon as possible," the company said Wednesday."
That should be: “I bet they do! Not only because the offer is at a discount but also because at present the SP is trending upwards”.
The offer of £7.80 is approximately 10% below the current share price, which means Nova is in effect offering to buy £10 notes for £9. Now that’s what I call a bargain!
“Kaz Minerals shareholders who have not yet accepted the increased [what wonderful spin!] offer and who wish to do so are urged to do so as soon as possible” the company said Wednesday. I bet they do! Not only because the offer is at a discount but at present the SP is trending upwards.
I’m tempted to buy lots of new shares at £8.55 and sell them to Nova for £7.80. I can then quit work and live off the proceeds.
... the system clearly doesn’t accept emoticons as it converted it into “??”. Just as well as I was struggling to find an emoticon for Nova “extracting the urine”.
The “??” was a laughing emoticon. It seemed appropriate.
“This is a 22% premium to the original 640p per share offer price announced October 2020”
... and a 10% discount to the current price of approximately 854p ??
Offer for Kaz Minerals by Chair Novachuk has just under 20% acceptance(Alliance News) - Nova Resources BV said Wednesday the level of acceptances for its Kaz Minerals ...
Alliance News10 March, 2021 | 10:32AMEmail Form
(Alliance News) - Nova Resources BV said Wednesday the level of acceptances for its Kaz Minerals PLC acquisition at the end of its first closing date is just under 20%.
The offer by the vehicle of Kaz's chair, will now remain open until March 23.
"Kaz Minerals shareholders who have not yet accepted the increased offer and who wish to do so, are urged to do so as soon as possible," the company said Wednesday.
In early February, Nova agreed on a significantly increased 780 pence per share cash offer for miner Kaz amid a rally in copper prices since October, valuing Kaz as a whole at GBP3.7 billion. This is a 22% premium to the original 640p per share offer price announced October 2020.
Shares in Kaz were marginally lower at 814.40p each in London on Wednesday morning, so sitting at a premium to the offer price.
Nova is a company owned by a consortium comprising Kaz Chair Oleg Novachuk and Non-Executive Director Vladimir Kim.
By Paul McGowan; paulmcgowan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
I believe a drop in the price by end of March might happen but not by much, I am holding and waiting.
think they aint gonna get the 75% target.sgare price holding up well+
well if its was looking good for the directors then this price would have gone down.but it aint.looker better for us.keep your shares eveyone