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Oh absolutely won’t be selling considering the cash in the bank, meets the market cap, just could of used this elsewhere got caught by one of those 3p hit candles than from then on we’ve just been going down. Could of used the cash elsewhere. GL for the acquisition anyways I do actually believe it will pull off somehow!
Hi andecc. Well done with your AIG. :) Agreed. It's definitely not worth selling. Sod's law we do it and the good news will come - most likely the very next day! Besides didn't someone mention the cash in bank value isn't too far of the market cap?! On that basis there is no point in selling. We have to trust that the Board can get this copper deal over the line, or find some other "excellent value enhancing opportunity"!
Im down over £200 Need to hear some good news soon Shareholders done their bit by voting, now we need to get the deal done. I agree its a 50/50 situation Wr cant continue to have negative weeks all the time
Hi BarneyR, yes, I agree and the worrying factor is that we don't have a clue which it is. There is a potential to lose even more or it may pull back given some good news. If I sell, it's a given that good news will arrive very soon afterwards. I've almost made these losses back on AIG in one day today so all is not lost lol.
Hi andecc. The markets do not like uncertainty and that is what we have with ORM unfortunately. The SP is falling because there is no news. ORM's silence (lack of shareholder updates) has been deafening but as flundra points out, the delays could be due to them negotiating the best deal. That said, with copper prices having risen 25% to 30% since negotiations I'm not wholly convinced that ORM actually has the upperhand anymore - made even worse now by a falling share price where an offer of cash and shares won't be so attractive. They need to get the deal over the line or move on to other opportunities asap.
Bod have picked the right commodity (copper prices are up 56% in the past year to a 9 year high), and what looks like an excellent asset in a supportive country. Now to deliver the deal on the best terms achievable. imo.
Yes it's a good chat board this one. Like you I've got negotiation experience. Not about copper assets in ROC involving multiple parties unfortunately. The point I'd emphasise here is that delay on its own doesn't necessarily mean there's a problem. Indeed it could be leading to a better result. We're not privy to all the detail and don't really know what the relative bargaining strengths of the parties are, nor the relative merits of a cash deal vs the preferred cash and shares approach. Rightly or wrongly I'm staying in for now and the trusting the bod to get it right and bring it in in the best way possible.
Totally agree flundra. At the end of the day it's about our faith and trust in the bod to grow the business and drive profitability. If I could be more certain I'd certainly top up my share holding once again. By the way, it's refreshing to engage with such a friendly group on the ORM chat. :)
Can't say I'm getting any whiff of rodent yet. BarneyR, the simple answer to your question may be...because it's not the optimum approach for all (bar TA for now) and all parties are still negotiating. Yes it's frustrating, yes a party might get cold feet, yes another buyer might appear, and it falls apart. You guys are right to be raising this. But that's where we must trust (or not!) the bod's judgement and it's what negotiation and brinkmanship's all about.
Good luck with your holding PAD. :) I just weighed up the risk reward for ORM and decided to put the money into other shares which by more luck than judgement have performed better. That said, if ORM can finally get the deal over the line then you will hopefully hit a home run. Since negotiations began in September 2020 copper has risen 25% to 30%. If I was the seller / licence holder and the buyer was dragging their feet like ORM have done (for whatever reason) then I'd be bringing the buyer back to the table for renegotiation or alternatively searching for another buyer. Having been involved in acquisitions myself, the longer these things go on the more chance there is of the deal falling through. As flundra has said, the company can proceed with a cash transaction without TA's approval. The terms were "up to $800k for an 80% stake in 2 licences". The funds are there to do it so why haven't they? If the Board are that confident they are onto a winner then just get the deal over the line asap with or without TA!! I suspect there is a lot more going on behind the scenes than the company is letting on!
What has passing res 6 got to do with migration to Euroclear? This and the deal can and are progressing concurrently not consecutively aren't they? Res 6 needs TA's approval, and the bod believe issuing the shares res 6 will enable, to be the optimum approach in the deal. The deal can otherwise proceed with cash. We're basically waiting to see if TA will come round, and if not if the deal will proceed as a cash transaction.
I hope I have called this right although the consensus seems to be 50/50. Hope so, as I now have the number of shares you once had Barney. Like you say Matty, potential to be underwater with the for some time otherwise!