Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Q3 results should be out in 3 weeks time so lets see if all the fundraising and dilution has come to anything. Last figures showed us operating in negative territory relative to the POG. If there is going to be a resurrection I would expect to see those figures improving. I cant believe with such bad numbers how this ever got off the ground as a viable operation in the first place. Unless of course the figures we are being given are not the real ones. Shame we cant get some auditors in there to see whats really going on
Denzil_212 I am not entirely convinced this is a take-over quite yet! Be that as it may :- Take-over Rules in Ontario and UK say that the offer price must be the same for all shareholders. Since the RNS informing us of the original MG “Rescue Plan” in May I have been convinced that the Institutional Investors must have been on board with the 55% share creation long before the RNS announcement (probably as far back as Feb of this year - when the Special Committee tasked with maximising share-holder value was formed- please note the three AUREUS Directors on that Special Committee are still on the current BOD). So if it is to be straight forward take over then the price would have to been high in comparison to the current SP, now that I find hard to believe. What I really fear is that MNG and the Institutional Investors will block trade their shares into a new Company (that they own) at 1.5p or thereabouts and then use that Company to launch the take- over bid, My inexpert understanding is they would only have to pay the highest price the take- over company had paid in the previous 12 months i.e. 1.5p or thereabouts. If such an alliance between MNG and the Institutions is announced THEN IT WILL BE A TAKE OVER at 1.5p or thereabouts.
The only one needing to change names are the directors as pi's will stay clear if their names appear on any future board.
Why bother to waste money on a name change, could be an RTO, bringing their company public for greater liquidity. Although I tend to think, them having a director who specializes in private takeovers doesn't bode well. Oh well I'm to stubborn or dumb to let go yet.
No doubt in my mind now that this will be going private. You have to ask why would MNG continue having shareholders and all the pain of having to produce reports and accounts, listing fees on AIM etc when they will have 70% of a Company that has been turned around and that will finally start to produce at a profitable AISC. Under take over rules I think Im correct in saying they only have to pay the highest price paid in the previous 12 months which will be 1.5p in a year or so's time. Someone correct me if Im wrong
According to TSE placement rules, there is a chance that MNG'S placement might be rejected due to the size (>300% Of existing shares) and affect on existing share holders ownership share. I wouldn't hold my breath though.
Dna, I think your first comment could well be spot on. It's a little strange that the institutional investors have agreed to be taken along for the ride and provide more funding. Surely throwing good money after bad. I wonder if they have been promised something in the background. A minimum price per share perhaps in the event of a complete buyout by MNG.
I am not sure about rules of take-over as to the price MNG will have to pay for an absolute take-over. What if we do not approve the current proposition? Will it not force MNG to shell out more per share?
My first investment was here, I'll keep an eye out to see how it does I've made elsewhere luckily. IMO like people have said follow the directors purchases -less risk
yes dna123 im thinking the same thing ,will be interesting to see what good/bad news comes out in the next 6mths. the flipside is at todays price is there a profit to be made even with MNG buyout
will be my last aim investment, iv lost over half my initial investment
I think MNG is pulling a fast one by increasing their stake close to 70% by buying at only 1.5p. MNG seems to be not passing on any good news and keeping the share price depressed to increase their stake and eventually take over the company.
hope the sp drops to 1p and we all buy at 1p while mng buys at 1.5p LOL
Oh no golds going up anther drop then.
Too true, I just can't believe the continuous problems with this company. It's every time you think your back on track something else arises.
Raise 72 mil and not just pay the banks and get the mine running and some exploration done ? Its like we cant afford the rent ....we get a nice lottery win .... And we blow the lot on fur wellies in Harrods that afternoon The cynic in me thinks it builds their holding, depresses the share price for a bit longer and allows them to take it out cheaper IMO of course See ....Dave reading may have made a few errors but at least I knew he was swinging the bat for me ...despite constantly going cheaply ;0p
sorely tempted but something telling me not to throw any more at this atm.
To pay the bills.
I'm The same
same here preventing me to add even at this low price. MNG spent $90 million total now (including $5 million in fees on ASLI??? etc ... So its back in their hands). Why didn't they just takeover. Could be because they knew that they would have to raise a lot more (including the takeover price) to get this going - so they kept us. If MNG are simply here to make this a profitable business (& nothing else in mind) then I think its definitely a buy (& obviously as long as POG is stable). But before buying now, I would definitely wait till the new shares are issued.
I keep thinking they are producing are they, well tell me where it's going ? I'm clueless .
I could see all was not right with Aureus 12 months ago. I still kept putting money in foolishly, I kept saying be carefull of this company it keeps kicking us in the teeth. I hope now it does kick me in the teeth and rises the b......s, gla
If mng are good for us I don't get the current fund raise Just hoping beyond hope for 6 - 10p at some point
Just over 4p risk is higher than I want, length of time will be longer than I want to wait. And I can get my money back elsewhere in 3 to 4 months. I'm sure MNG will come good in the end, I might buy back in when the price is right.
What was your average ?