The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
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Looks like another tick up before close according to investing.com! ;-)
Been happy to take 50k shares >30p all afternoon on dummy trades!
Will we see a move up at the close as we did yesterday as Nero has suggested big orders are being filled?
30000 Buy at 32.8999p is the most recent trade.
Another decent week here.
Have a good weekend all.
May watch online. Can JM plug condor in a sales process? Prob not. He will have to settle on talking about plant burgers for an hour!
Well I got back in this week after the MC update plus a new financial year for my cgt consideration.
Looks like a level has been put under 30p. MC definitely holding back on that interview. A RNS next week would be nice! GLA.
Target 60p over next 2 months.
Where’s all the fun, games and excitement this afternoon guys n gals? ;-)
Is anyone going?
Gearing up for the assault on 40p next week (if we are not taken out beforehand!).
2 buys at 33p have just gone through so the next uptick is probably not far away. Looking like at good finish to a good week.
The 5.81% relates to the last trade at 32.8p and is the highest price paid as we move towards 33p which is current full offer.
Currently CNR is Up 4.8% at 32.5 on volume of 428000.
People, waking up to the potential multi-bagger in a short period of time. AS MC stated a binding offer could now come at any time.
Nero, I am very happy to go with your block trade explanation. There was certainly some unusual activity yesterday with such high volume not altering the sp until the close.
Jongle, your comment about Jim Mellon and Hamman is well made. Jim can have a big impact, just today he announced he had increased his shareholding in Bradda Head Lithium where like Condor he is the largest shareholder and a Director . Bradda Head is currently Number 2 on the Leaderboard Up 27%. We all remember the massive price he achieved for Uramin during the last boom for uranium. Jim doesn’t always get it right but he is CNR’s largest shareholder who has financed it for more than a decade. Jim will want to see a big return on this investment. I am sure he will be very bullish on gold at Master Investor tomorrow and will highlight Condor.
Also remember that this is not a particularly liquid share, with many shares held in long term hands. Accumulating a large position would be hard without pushing the price up dramatically.
https://www.youtube.com/watch?v=mjvYX4fQo3I&ab_channel=AdelaideCapital For those who missed this Q&A session it is worth a listen, particularly the last five minutes or so. MC mentions how undervalued CNR is based on today's gold price ($400 higher than the FS forecast). He also declares that he is very happy with how the sale is progressing and mentions that at least one possibly two more companies intend to do site visits. The three site visits done already produced three of the four current offers so hopefully we could end up with five or six competing bidders.
Yes - I think that Mark is a cautious chap, who is concerned about what he says. I think that he wouldn't have mentioned $120m as a hypothetical price if he hadn't already seen an offer at this level. So 55p minimum, but then, with JM and Ian Hannam on board, I would be quite confident that they will absolutely not undersell this asset.
Yes, it would be reasonable to assume that any potential buyer would be tempted to put in an order to buy a tranche of shares at a price lower than we were willing to pay for the whole shebang. However, against that once they reached 3% they would have to declare themselves and obviously at 30% would need to make an offer.
I would imagine that the entities themselves would be too busy evaluating the asset to be bothered with all the hassle of arranging share purchases. That's not to say that they could be a bit of insider trading going on from members of the various bidding teams.
A scandalous suggestion? Nah we're talking about jurisdictions not so bothered about such things...
MC mentions $120m. Imo this is their low/expected target - so $0.66 per share? 55p?
Yes nero that looks likely. As I have said several times it makes sense that one or more of the bidders buy up shares as it will save them money if they buy below what they bid for CNR.
No ICB, I do not think those large round numbered trades we keep seeing appear within seconds of each other are bed and isas, they are block trades being executed by MMs as part of a larger order. Were they bed and isas then I would expect the trades not to be round numbers, with a larger spread between the sell and the buy, and more time between them (a few minutes at least).
As I keep saying, I think there is a very large order (in the millions), or bunch of orders that an MM (or multiple MMs) have been trying to fill for the last few weeks. These orders are buys since the price has been rising strongly, but the MMs are naturally trying to execute at the lowest possible price.
This makes sense, since a sale is all but done and likely to be multiples higher from the current price.
My understanding was that the two recent site visits were done by other companies under NDAs (i.e not by companies that have already made an offer). It seems that all site visits have led to an offer so we can expect at least six offers in total. May be wrong but that was my understanding.
The 30000x2 trades at 9.15 are clearly a bed and ISA . Both trades are shown as sells adding volume of 60000 to the sell column which is not actually a sell. A 23000 buy has just gone through at 32.6999p which is the highest price paid so far today.
From the recent vid I picked up that there had been 3 site visits but 4 non binding offers. Two more site visits. Would be logical that one of the two upcoming visits would be the outstanding offerer? A possibility that one offers has prior knowledge of course I guess like fm or equinox.
I hope that once we are in phase 2 we are not above 6 and we just go for sale of company.
32.5 being paid so another tick up coming.