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It’s a bad joke bud, you holding or dumping?
Your right on that, bye Rass
A nice rally would be closer to the Standard Chartered valuation of £2.00... A few pence is meaningless in the scheme of things...
With regards to no announcement this is not a surprise as the ones in the know already knew the outcome. Unfortunately mere minor LMI holders mean nothing to the disengenious Bod. They are most probably in the bar drinking Krug at our expense.
No RNS re acceptance yet, bit odd !
I know it's a bloody joke. Unfortunately the minor LMI holders have been screwed yet again. The benefactors are SGL, the LMI Bod, bankers and advisors. They all walk away with a tidy sum... It's a complete and utter disgrace.
I’m very disappointed the company has been given away for FA mate
According to Bloomberg it is Ta.
Not by lonmin holders yet?
That's a real pity that the deal has been approved...
Wrong again old foe
That did cross my mind to Rastuss but it shows the desire of LMI thus giving it value. It would have been detrimental to LMI if the SGL vote failed to get approval.
Have gone higher than SGL. It seems somebody knows something wouldn't you say?
It's hardly surprising that the SGL vote went this way as they know they are picking up a bargain. I hope the LMI holders vote against as LMI is worth multiples of what's on the table. Usually in most takeovers there is a premium, the opposite is happening here.
Another fall in SGL today, Lonmin marginally down in comparison.
All the more reason why i posted the article. A bit of an education for me as well as i was with the understanding that the board's actions are guided by laws and would be constrained by such. Their actions now reminds me of the difference between tax avoidance and evasion.
am i right to assume that if the deal goes through and we end up ownling Sibanye-Stillwater which are traded on south african stockmaket our isa value will now be subject to captial gains when we sell the new shares?
will we get issued certificates and how do we sell them if the price rises?
I'm inclined to agree with you. Lonmin's position becomes precarious in the absence of a fair rise in PGM prices.
You only need to look at the movement in the respective companies share price today to gauge what would happen if the bid fails. Lonmin will be okay provided the PIC steps forward with some sort of rescue (financial) plans.
I for one, like the PIC do not feel comfortable with Froneman in light of the recent SGL trading update.. That account presented figures that would have had there been no strike
If Froneman uses the same valuation on SGL with the metrics he's used for LMI who in their right mind would want SGL shares.
Rastuss - It does seem that we are at the mercy of the large holders. I very much doubt that another bidder will come in the next few days but the Standard Chartered view maybe taken on board by some of the large institutions and may possibly sway their minds. It's game over for Froneman and LMI bod if PIC say no.
Standard Chartered must have been reading my posts Rastuss. R35 is nearly £2.00 a share and this valuation is based on a current Pt price. It will be worth a lot more than that when Pt rises. Even if SGL offered us 3 shares for 1 it still wouldn't reach this valuation. This will be a joke if this takeover proceeds. Yet the LMI bod will still recommend and why, because they will be getting R130m. If this deal doesn't go ahead I can see a deserved positive rerate in the price of LMI.
SGL is not doing so well as well.
Share price is lower now than before the deal was announced. There is clearly market manipulation going on in order to bully people into accepting the SGL takeover. Considering all the positives which have happened to LMI in the last seventeen months it would be way higher than where it is now.
The PIC have duty to maximise the value of their investments over the long term, so the question they should be asking themselves is will blocking the takeover increase their investment value long term. The value of the combined SA Pgm operations will be greater than seperate parts, in my view, due to significant synergies achievable. On that basis cannot see PIC rejecting offer no matter the current price. If the PIC have reservations re future value of SBGL, that maybe warrented, then they need a plan to merge the SA Pgm operations whilst disinvesting in SBGL. This is a feasible option if they are daring! It does not solve reliance on PGM prices and Rand value impacts! Ramble over!