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1st. When Endeavour made an offer for Centamin (prior to MH’s arrival) a massive effort to protect the value of Centamin kicked into action. Was it Andrew Pardey behind the drive or the El-Raghy family.
I’ve been dealing in the stock market for at least twenty years and I’ve never experienced anything like the rns’s Centamin released during the Endeavour bid time.
At one time I considered deleting my rns alert.
I don’t know who it was but somebody worked hard to thwart the Endeavour takeover attempt.
2nd. Who made it their business to employ Martin Horgan as ceo. Seems a dumb question but I find it interesting that someone of Horgan’s caliber just happened to apply for the job.
I admittedly don’t have enough evidence of his success in the job but I also don’t see any wrong doing since he arrived. The company did tweet on October 27th that they had begun surface drilling at Sukari for the first time in several years. Maybe MH is trying to find a positive headline or is genuinely searching for gold elsewhere on the 10k meter plot.
Either way I’d be happy to hear a positive report of any discrimination, one that the market could not ignore being good.
Razors ...I wasn't invested around the time of the Endeavour bid so I don't know what lengths they went to , to thwart the takeover. It isn't unusual though for boards of companies to do everything in their power to prevent a takeover...the cynical view is the creation of two boards , cut down to one board ..guess who keeps their jobs . I did read that Endeavour pulled out because they weren't getting the cooperation they needed from the Centamin Board to complete their due diligence review .
Regarding Mr H, it seems there is a wide consensus regarding his expertise ..maybe I am being too hasty to judge and expect results ..
Candidinvestor with respect my post wasn’t directed at you but I will comment that the Endeavour offer undervalued Centamin by such a degree that thwarting it off was Centamin’s only option and as I mentioned they protected the ownership exceptionally well.
I believe Martin Horgan’s appearance at various mining conferences is a good indication that he is tuned in to his role but as I said I’d be grateful for any positive news from Centamin regarding anything.
What investor doesn’t want reassurance on where he has placed his cash… Tell me anytime.
hi Candid,
The famous quote “White man (sometimes paleface) speaks with forked tongue” of the native American "Nez Perce" sum's up Sébastien de Montessus and the Endeavour bid.
The tycoon spearheading the £1.5billion hostile bid for London-listed miner Centamin is under investigation for corruption, The Mail on Sunday can reveal.
https://www.thisismoney.co.uk/money/markets/article-7767529/Boss-1-5bn-bid-gold-miner-Centamin-faces-bribe-probe.html
https://www.occrp.org/en/daily/7895-french-ceo-charged-for-shady-deals-in-namibia
https://www.reuters.com/article/areva-uramin-idUSL5E8CP2GT20120125
Endeavour were desperate to get hold of the Centamin $300 million cash and the thought easy access to Eygpt and Sukari they were less than honourable in the tactics they employed to try and convince institutional investors and Centamin share holders of the benefit''s of what amounted to an asset stripping of Centamin.
At the time of the bid a large brokerage was in favour because they had given their clients poor advice to invest in Endeavour based on "Pie in the sky" overvalued mediocre reserves and mines Sawiris the Egyptian billionaire was also desperate for the bid to succeeded because he had made some very investments decisions connected to the endeavour portfolio.
During the Endeavour bid there were pro takeover 'Trolls" tasked to post "Bullsh*t) on various various forums trying to promote the advantages of the bid although in reality it would have been a very sad day indeed for Centamin shareholders!
There is much more that could be said about this but it would be going over old ground and there is little point.
Just remember their are some miners who regularly make exaggerated claims in webinars and glossy media publications about their discoveries to bring in traders/investors cash which they can use to try and dig themselves out of a overvalued pit to hide their incompetence and keep the sham going!
Martin Horgan likes to be sure that he is making forward strategy based on trustworthy sound analysis and the the present facts,
Hence his decision to reevaluate the geology of Sukari site and surrounding area's.
I have every confidence in him.
It's ok Razors , I knew your comments weren't aimed at me , and that they were just observations on your part rather than hard and fast opinions . I was simply making my own contribution to your comments.
Going back to when I looked at their offer , and before I decided to invest , I seem to remember that the offer from Endeavour , equated to around £.1.20 per share , when the share price itself was around £1.00, so in effect a 20 % premium , but at the same time , a 40% discount to what the share price had been , a short time earlier .
I definitely share your wish to hear some good news . I do sense a shift in momentum taking place whereby any good news will be acted on quickly by the market . Likewise though , any bad news would reverse any momentum that does exist ( if it does exist ! ) Market confidence is a fragile thing.
Mr T . Thanks for your comments and external reference , valuable and relevant given the situation.
I think you are right in that Mr H hasn't done anything harmful to Centamin or its reputation , and I have commented before about him being ' a safe pair of hands ' I don't know him as some of you do , so I was just questioning whether he had experience and expertise to take the company to the next level .
That was all
One thing which I would comment on , is that I , like many others didn't have any idea about the 7 day delay on the updated life of mine report , until I read the investor section of the CEY website .
There are two interpretations of this , the first one is the positive one , where some late good news has arisen and they want to delay production of the report to consider fully the implications of the good news , and make the most of it , in their presentation ..
The second interpretation is that there is nothing new to add , or worse , some bad news , and they are just taking some extra time to consider how to package and present this.
Depends if your glass is half full or empty I guess, either way we will know soon enough .
Or possibly due to awaiting some some further data from the ongoing Sukari recourse survey for the life of mine survey?
Notifications of the date change were sent out to all investors that are registered via the Cey website for email updates.
The Endeavour bid was a joke bearing in mind the development of Sukari alone was in excess of $1.5 billion!
At the time Endeavour were desperate for cash and according to an independent analyst opinion had greatly over valued the future potential of some of the mines in their portfolio.
https://www.reuters.com/article/us-centamin-m-a-endeavour-mining-idUSKBN1ZD1CN
Thanks Mr T...useful background information...