Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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What as Nigel alluded to in a previous post the distribution of a special dividend.
@BobbyBee At this point I'll be very happy to accept an offer of 2.5p per share!
IMHO
@Tovoc - totally agree.
The idea of selling pretty much our BEST asset Wressle which is keeping the office lights on and paying the salaries of the staff and providing additional monies for our STALLED projects makes absolutely no sense to me!
Yes, by all means if an offer comes in to takeover Europa then yes let's consider it but to sell our golden egg, will result in all that cash paid for Wressle dwindle fast and hence see the SP crash as fast!
IMHO
Unless they can show they are actually going to deliver on Ireland I am not sure they could defend against a hostile offer - their combined shareholding is pitiful now that WA has retired.
In this current market malaise its worth remembering that the Heyco deal with EDR valued our share of Wressle at between 2.5/2.6p a share.
We still have an ii holding a chunk, who as far as I can see has never sold below 3p - so I suspect that sets the minimum level for any takeover which is to stand a chance of success.
2p takeover is not going get 75% shareholder approval at this point in time.
Imv a hostile approach from Vermillion is possible. £40m is loose change to them to secure Inishkea. Then nett off Europa's cash on hand and offload Eog's 30% of Wressle to Heyco for £15m and it becomes a logical move for them. So 4p might secure shareholder approval.
I would take 2p in a shot - had Eog for ten years of misery - all promise no delivery and massive sp decline - sold a load recently at a loss would be more then happy with 2p - all about quality of management
Well the board can hardly recommend a Heyco bid until the value of Serenity and Inishkea is transparent.
Probably won't matter to us anyway after we've taken the Heyco offer.
Still no planning application for the drill at Wressle or the pipeline, waiting for a decision on the EIA screen request before applying? MA should have applied for the pipeline a year ago - better to have it and not need it than to need it and not have it!!! ...rocket required
And hopefully a rocket up his …. to show some energy and get on with things!
The takeover is by Petrichor Partners LP (owned by Heyco). I assume Egdon Resources will continue to exist as a legal entity for a while, ie a wholly owned subsidiary of PP - the operator license is assigned to EDR. Presumably Mark Abbott will continue in his role with the additional expertise, money and priorities of Heyco/PP
Thanks for that Nigel.
Do they have a licence to operate in the UK?
Q. Who operates Wressle post Heyco's takeover of Edr?
Europa £7m-£8m cash, mcap £11m vs UJO circa £10m cash, mcap £24m
very similar bpd - EOG much better value - back to 1.6/1.8 within months imo
For all the trash talk, I find it funny. Great share for repositioning stock. I was going to buy again today but I missed the bounce. She moves fast.
The Board need to give people something to invest in beyond being at net cash value! We have no “expectation dates” for any of the projects, Wressle the one current star dented by a poorly worded update without proper explanation leaving room for uncertainty to be exploited, no progress reports on any of the other projects despite exceeding timelines given in earlier guidance - even now leaving tweeting on Ireland to BobbyB (!) - and giving the impression that they’ve all gone off on a long summer holiday. If you are still working these projects hard - tell us about it, before you start talking about Cloughton etc.!
Could be some games being played here, first the tree shake, now lots of buying volume, hmm,.
Yes someone was willing and ready, they picked them up cheap, fair play to them.
DMA might be the way to go in that sort of situation.
Well someone pounced on the cheap shares. Fair play
Was that a little tree shake, or did someone actually dump a chunk, I tried to buy some at the bottom, but my order/orders were rejected!!! Can buy easy now though.
Looked to me that they had been trying to work those sells at a higher price over last couple of days, which has been depressing the SP.