Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Probability of deal going through
https://www.independent.ie/business/media/inm-small-investors-needed-to-approve-sale-38077020.html
See small investors are apparently important to get to the votes needed - my view would be that alot of people are sick of how depressed the SP has been that they roll over even the deal is so cheap
Big Q is the cost basis these folks had - D O'Brien can suck up 500m loss but can others take a % hit
Agree - deal looks like a song.... Would have expected a minimum of 180m.... Have done ok out of this but expected more upside
So if you strip out the 80m in the bank, the Dutch are paying 65m for a company making about 20m a year profit.
Sounds like a good deal for the buyer, unless there is something we don't know (apart from the known unknowns).
Indeed. Though we will never know all the details of whatever deal they are doing. Will be interesting to see if INM quietly drops any attempt to recover the costs of legal and regulatory action against 3rd parties connected to shareholders in due course. A topup for certain shareholders by the back door.....
Hard to believe the largest shareholders accepted 10.5 cent a share
I’ve sold out here a while ago
I don’t envy the guys doing due diligence as so many potential liabilities, many of which won’t be determined for some time
Difficult to imagine who would be interested
I seem to recall that it was TONY OREILLY who first came up with the idea of capitalizing the notional value of the titles to the papers and inflating the balance Sheet; I wonder what they are valued at now?
The bid may initially be pitched in that manner however that falls short of the €200m-€250m valuation referenced in recent media speculation. Unfortunately I think €12 - 13c (€175m approx) is more likely.
Anyone have an idea around what would be a reasonable take out price for INM? We've known for a long time its undervalued be interesting to see what the go private price might - 50% premium to average SP over the past 12 months?
Yes I noted that commentary in the times as well, in light of the recent investigations the timeline of events is concerning. I take solace from company value returning to sensible levels however. The approach intrigues me, surely no offer is being considered without initially reaching out to the two largest (private) shareholders. If an offer is formally tabled I would assume that approval from these parties has already been granted.
Am I reading this right? did the company's chief executive disclose news of an approach to financial analysts, BEFORE posting in an RNS?
is amazing!
Here is a free forecast. A paywall won 't help revenue. The online offering is nowhere good enough to justify it. I scan it sometimes since it's free, wouldn't consider paying for it.
Usual question. Who knew?
Hopefully the prelims reflect a fundamental picture that remains strong (or not as bad as the market pricing would suggest) in the context of a changing market and all the noise of the last 18 months
I wonder why?
They will be in the High Court shortly, facing contempt charges over a report which a competent sub-editor would have sanitised in a few moments. Penalties could be very large.
I repeat, sub-editors (or whatever you like to call them) are there for a reason.
As for the pension deficit, they could pay it off from cash at bank, if they chose. Which they won't.
Lucan, there is a massive pensions debt. currently €60m. This is the elephant in the room.
Another 35 redundancies under discussion.
Hard to see how there can be that much spare manpower, in what seems to be already a tight operation.
The danger of course is further lawsuits. Sub-editors are there for a reason.
INM is now a japanese style net-net....not many of those around.....selling well below liquidation value...ignoring cash its selling for 4 times normalized earnings...Mr.Market is dejected and depressed as no news seeps out about the ODC investigation.
I bought a bunch today at 0.06........the ODCE investigation & ensuing lawsuit settlements provide finally a nice catalyst. This point in time I would argue is peak pessimism. Second level thinking here would YES things are bad (ODCE & data breach lawsuits) but not SO bad INM should be selling below liquidation value. I'll be buying more in the coming days.
Illiquidity is adding to the distortion in value and unfortunately there is little on the horizon to improve sentiment, what sp would people accept in a take private scenario?
MCAP now £97m.
Cash at bank 31 Dec. '17 £91.5m. Probably now north of 95m.
So the business is worth nothing at all?
Truly remarkable.
taken over by bondholders. Shareholders wiped out. Sic transit.
.. another 20 NI titles.
Pity INM is in such a mess.
on the auction blockj, alpparently, in cluding Newsletter, Derry Journal and another 20
Not a good situation, however you look at it.
Suspect someone will be found to volunteer for blame, otherwise the litigation will be horrendous.