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Pursue alpala development to the point CGP have to put up or fold & at the same time open up your other target(s) of choice with a major who is prepared to build relationships & work with you on a long term basis. Release news next week to that effect.
Quady, I think Irwin was hinting or spamming the twitter feeds about CGP being ideal for a SSF. These type of funds takeover a business on the basis that they can then frustrate future M&A situations via their holding.
I think this is what Irwin will likely go for or try and attract should he get close to the DFS date and total liquidation. If he can't find a special situation fund that's interested in taking on the super majors, then he's toast. And Porvenir has probably made his SSF dreams history anyway as it's no longer the likely crown jewels.
That all said, I wouldn't rule out Irwin and his buddies coming back to the table and selling their stakes in CGP to SOLG at a later date. They can approach NM at anytime they like. But if I were NM, I would be offering much less now that Porvenir looks like coming in better than Alpala. I'd like to think NM would just say... clear off. But emotions aside, 15% ENSA would be very useful from a financing point of view.
I don’t know how takeovers work procedurally but once a formal offer is made to a targets shareholders, does the process lock out other bids while it’s live? Or are they just made more unlikely as no one would want a bidding war or an expensive auction? Might the Solgold move on CGP have been to dampen the chances of other 3rd party bids while the Alpala story firmed up, or while a major waiting in the wings got its ducks lined up. Where’s Poirot when you need him?
Let's remember its not only the capex cgp will need to fund over the next 6-8 years its day to day and other interest they have . Selling other assets maybe an option for cgp which is where ncm come in?
shipright, correct. ROFR the wrong term and should be acknowledged that SOLG have the right to match any offer for CGP. Not quite the same but essentially, SOLG have rights to secure CGP should they wish to.
No of course not but with no other options and 3 major holders saying they can fund this i see no other options. I'm guessing what I would want wouldn't come in to it lol And the poor old PI will get diluted to hell. Selling will look desperate and to me joining solg looked like a good option which I for 1 would of taken given the option.
Funny, although I have been invested here for some time I have always viewed CGP as nothing more than an irritation while the main event remains how much gold and copper is under the SOLG acreage and who will finally dig it out? I might be a bit lazy and complacent about CGP but in the big order of things I think its a sideshow. Expecting news of a serious bid before year end and happy to hold.
opulentia, I absolutely agree, this has been a distraction. We have so much more to pursue. However, the CGP stake is pretty critical for a third party bidder and our bid was all about trying to improve our defence - even though I thought it was a rubbish idea.
holding out for a possible better offer???, but from where will this come , they are being led along a dangerous path with Newcrest being their Puppet Masters , imo their Liquidity Risk may need attention, have look at their latest results , and it paints an interesting picture ,
GLA LTH Nick will leave Cornerstone to its own destiny now, lets get back to proving our other assets up
Morning smickster, unsure what CGP are going to-do. They cannot borrow against their share of ENSA, and they cannot issue enough shares to dilute. As the dilution, I don't believe would be successful. After all, if you were a Cornerstone holder, would you take part.
Addicknt, that's a great point and probably cornerstones angle to see themselves through this and hold their value rather than looking distressed. Essentially a solg buyout could leave cgp them with 100-200 million?
I'm not sure if that's for me but I'm assuming cgp do fund there share of the capex by massive dilution but will also need funding for the next 6-8 years to bring alpala to a point where they are making profits. If I were Bhp I would see how that pans out. For me I'd rather see cgp sold first to set a firm base for our sp.
Miagi, indeed, but it may make life easier for the bidder. Consider a situation whereby a bidder launches a bid for us and wins. CGP would then have a large cash pile and could sit back and wait for the bidder to approach them for the 15%. They'd be in a very strong position and could drive a very hard bargain.
Can you explain why CGP will fail to find its share of CAPEX should it come to that? I think a Newcrest/BHP JV is most likely. SOLG has done a great job and Porvenir is a fantactic discovery. I'll take anything north of 75p! But a bid better come soon because those holes at Porvenir could add another billion to the MC!
Correct colonel and cgp along with having to fund their share of production costs they will also have to keep cgp funded for the next 6-8 years. Imo if Bhp do take over solg cornerstone will be in a precarious position with very few options (ncm?)
Sorry, I should clarify my comment. There are two separate issues/approaches with regard to CGP. 1) an offer is made for SOLG by a third party and that offer would have to be made for the CGP shares in SOLG. It would not be an offer for CGP as a whole and therefore their holding in ENSA would still be in their ownership. 2) If this is the route, the bidder would either have to come to an arrangement with CGP to buy their ENSA shares or, leave them in situ and wait for them to fall when they struggle to find the required funding. The other approach is that someone buys all of CGP in advance of a bid for SOLG and therefore avoids a separate discussion with them about ENSA. I suspect the second possibility would work better for us, because as soon as anyone buys CGP our price will rocket.
Pretty disgusting what has gone on over there with DGR. Trading halt just as the price was taking off and the placing at the same price as prior to any SOLG related rise. Sick - not surprised that NM has gone in heavy. I thought the guy had more integrity than that.