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Also what good is La India without the rest of the land package? 2m oz (inferred) doesn't provide for any exploration upside and all the indications are la India is sitting on a high grade gold district. I can't believe that a large gold producer would look at saving $50-100m by leaving the rest of condor's assets on the table. Full company takeover is the most likely outcome in my mind.
We definitely need a real bidding war to get anywhere close to 3 figures in my mind but after this week's tweet I have to believe it is possible.
I really think someone will bid for the company because of the tax losses.
GLA
Valuations of the assets are all over the place.
We've had the $100m to $200m estimate, albeit that was before there would much action on the bidding front.
We've also had mention of the NPVs being a reference point. At the low end it's the P&P of $86m, and at the high end $418m for the whole show. And they are all based on a world where PoG is way short of its current c.$1975 price, a sneeze away from $2k.
If is has, or about to, develop into a full competitive auction all bets are off. You can forget $100m - $200m. It's going to be $300 to $400m. Let's say $350m, or circa £282m. We won't get full dilution but we might get up to 200m, which is SP terms would be worth about 140p. 140p is way above my 65p expectation of a few months ago, but from what I've seen so far I now think 3 figures might well be doable.
Anything can happen now.
I doubt if even the May warrants will get exercised. With a good wind the deal will be done by summer, and I doubt if the market price will reach 40p beforehand. The market has always undervalued Condor, so why should now be different? As mentioned several times before, my guess is that we will wake up one morning to an RNS and a significant re-rate.
Still plenty of gas in the tank polo. If the binding offers come in then there is a probable 50-100% upside within the month. However the longer the month goes on the more investors will get the jitters. The award of shares to the CEO prior to asset sale is a canny move but fair if the outcome is positive, obviously all depends on the final price. Obviously it is hard now to think bidders will walk away with a pretty confident message but if they did walk away for any reason i hope we also have that plan B so it may also be seen positively. We are still below the share price before that pesky sanction talk so i still consider we should be back to that level of 30-40p. I am sure the bidders are also sizing up the company for takeover as it could work out cheaper and buy a nice fat £50m+ accumulated loss that can be set against future profits. That on its own is worth £10m to the right company so there is value in the shell and the brand could have some value. The next month will be critical as really we need 2 binding offers to get the top drawer price.
From someone who sold up a few days ago at a lower price that is a hopeless deramp, haha
Could be read lots of ways. Could mean 25p or so is what the SP will be worth with the offer on the table. Could mean MC is going to sell them all into the market next week to protect the downside.
GLA as always but I have to say that Tweet was a bit odd, that kind of information should really be left for the RNS updates, MC maybe trying to get the other bidder to come in with a binding offer.
All too cryptic for me!
The way I look at it is that for them to give him such a large bonus there must know that the outcome here will be excellent and therefore will be happy days for all! Hopefully a more than a bonus for us all. GLA! ;)
Just move to a high for the dayUp 8.7% at 25p as a number of buys come in. The most recent are at full ask 25.5p. Are we about to see a further rally into the close. You wouldn’t want to be out of CNR over the weekend.
At least these weren't awarded when the sp was 15p. MC has a lot of skin in the game, he's working hard to get a good outcome. He probably gets annoyed when I keep emailing him (not all 5he time I must admit) but fair play to him, he replies even in weekends or evenings and I appreciate that. So let him have his bonus.
What, you mean his buddies? Do me a favour!
Punter CEOs do not "award themselves" shares, their remuneration is approved by the board.
It is amazing what these AIM CEOs get away with when it comes to rewarding themselves at the expense of shareholders. Another example is Daniel Betts who has presided over a 40p to 9p collapse in the HUM sp but today announced he had awarded himself 500k shares and also a lumpy amount to his father!!
It is certainly alright for some! Just another 250k shares as a little thank you. He better bl**dy well deliver a decent sale outcome. Hopefully he will but just saying!
Never heard so much bs never knew it was coming and awarded for milking a multi billion dollar company away after 15 yrs for peanuts all because Jim the Fraggle said so. Onions words it’s only fair to the shareholders. Duck off you Rick onion
Someone just bought 39781 shares at 25p. Something good and positive is happening here for them to release new shares worth £60000 just to MC..This is big man. GLA
soon to be more...
62k bonus if my abacus is working correctly.
MC gets 250k shares @ 24p
If anyone is going to try and crash the party with a takeover then we need to see this shareprice around 40p so a 60p offer could be sold to shareholders on both sides of the equation. we have 3 non binding offers in the pot and MC on site this week doing "site visits" so we could be up to 4 or 5 bidders and by then we might start to see some binding offers coming in from the site visits at the start of this month. You would expect, in light of demand, that the non binding bidders will be rushing to get the binding bid in place and then place pressure on the board to agree the deal with a short valid offer date. This might also flush out the sideline lurkers who do not want to miss out. Personally i still hold out a JV comes out of the mix and we go straight into build and production as at $2000 gold we will be drowning in cash as well as targets for explansion.
ICB888….Yes there was also one 31,707 shares earlier too today. Nice big volumes. This will continue to be the case as we get more closer to the offer process! GLA
I said that someone had just bought 35000 shares for 25.5p. That remains the largest trade of the day at the highest price paid so far today. Let’s see if more volume this afternoon can take CNR to a closing price of 25.5p or higher.
Oh ok, it’s just that you mentioned 35000?
007, I have not mentioned any shares being sold. The current position is 456000 Buys v 86000 Sells.
ICB888…..Do you mean 365000 shares sold this morning