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Oh that quickly !
Thanks for your reply.
Years ago a bid had to come in 4-6 weeks. They then over hauled the takeover code and placed in a 28 day PUSU for a normal M&A. But for a FSP with multiple parties, that 28 days does not apply. There will have been an agreement made between all parties about a time frame to have things on the table for, a FSP can't go on forever.
Next Wednesday will have seen 12 weeks passed, we'll see if something lands before then.
GLA
Is there a realistic timescale on the sale of our company or is it just sometime in the next 5 years ?
Just a question from a fairly new investor, could do without the usual BB abuse for daring to ask a question please :)
Thanks in advance and of course
GLA
Run things through industry known valuation techniques Headancer, to find out how COLOSSAL -
"In collaboration with the University of Zürich, Swiss Banking Institute and Prof. Dr. T. Hens"
https://www.valuewalk.com/wp-content/uploads/2015/06/Valuation_of_Metals_and_Mining_Companies.pdf
You can guarantee that everyone has now valued Eurasia and its assets. Our BOD, any potential buyers, and UBS (UBS Group AG is a Swiss multinational investment bank and financial services company founded and based in Switzerland), using those industry known techniques.
GLA
Formal SALE process -
"In recent months, Eurasia has received a number of inbound expressions of interest from multiple parties"
"The Board has therefore decided to appoint UBS Investment Bank in London ("UBS") as its leading financial adviser to assist in a review of its strategic options including asset sales or a sale of the Company."
"All existing non-disclosure agreements interested parties have already signed with the Company in relation to the potential acquisition of the Monchetundra asset remain valid."
https://www.lse.co.uk/rns/EUA/statement-re-formal-sale-process-jtwyvaxxdax49q0.html
GLA
I imagine whoever buys us has got James as ceo as a hand over period say 12 months and see how both parties go from there.
The board shuffle is to execute a COLOSSAL sale -
"Christian Schaffalitzky, Eurasia's Executive Chairman commented: "This reorganization is designed to optimise our execution team. We are delighted that James has agreed to take on the CEO role. James's focus will be to work with our advisers on the sale process. "
James Nieuwenhuys, Eurasia's CEO and Executive Director: "In my new capacity as CEO and Executive Director I will continue to work with our advisers on the sale process of the Company and its world class assets, Monchetundra and West Kytlim, leveraging my relationships made over more than 40 years in the mining industry and securing a deal beneficial to our shareholders".
"If the Company was to dispose of both of its Assets, then AIM Rule 15 (Fundamental Changes of Business) would apply. Such a disposal would require shareholders' consent, an announcement which contains the information set out in Schedule Four to the AIM Rules; and be accompanied by a circular containing the details of the disposal and convening a general meeting to approve it."
"The Directors have agreed to release Dmitry Suschov from the Board in order to allow him to focus as the Company's Chief M&A Officer on the M&A work streams with Eurasia's professional advisers."
"Mr Suschov has a successful track record of leading the strategic sales of companies in the natural resource sector including the sale of a silica sand mine and the second largest global carborundum production company to Indian Murugappa Group, the sale of a natural resource company to Danish natural resource fund, the sale of a gas company to a major Russian investment group and other deals."
"In summary, the Company now has success fee based engagement letters signed with UBS and CITIC Merchant, and Eurasia's relationship with VTB Capital continues to be as previously announced on 25 November 2019."
"Scalable project - potential to create a new PGM district : 40Moz target resource in district : Well understood geology and access to historic drilling data underpins 40Moz resource estimate"
https://www.eurasiamining.co.uk/investors/presentations
GLA