Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Are playing hard ball and it could be their misfortune. They originally offered the equivalent of £1.00 per share 17 months ago. They have to take ownership of why their share price has fallen. The gold operations have been poor with numerous casualties, they have had a prolonged strike which has caused bad blood with AMCU and they are highly leveraged. They have recently raised cash and last year issued a scrip dividend which in turn gives LMI holders a smaller percentage than was originally agreed with the Board. When the offer was made LMI had banking covenants that were becoming a concern for investors, they don't have them now and since the offer was made the PGM basket has risen and the need to make mass redundancies has reduced. I believe LMI under the right guidance could have a very bright future for all stakeholders. If I can see that this deal is flawed I am certain that others can see the same and lets not forget the heavy write down of assets, this seems suspect to me as confirmed by the Petrozim transaction which was written down to zero and within a year being sold for north of $22m. A new Board with vision and determination could do wonders here. When you take out the cash and the Furuya investment the remainder of the company is being valued at circa £100m. Ten years ago the LMI Board rejected a bid for $10Bn and have since raised $1.7Bn in the form of rights issues. This is not the time to throw in the towel. When the Pt cycle changes and it will because history tells us it will holders will be glad they didn't accept this low ball offer from SGL. This was merely an option for SGL and if certain factors went against LMI they would have pulled out or offered an even lower bid because that's how they operate. The overall landscape for LMI has vastly improved and the institutions need to take a long look and do what's in the best interest for all stakeholders... GLA LMI holders.
If the take over goes ahead what is the offer on the table? What is the equivalent price compare to today’s price for Lonmin? Will I be out of pocket if my avg price is currently 81.
I wasn't a huge fan of Doctor Who but I did watch it back in the day. I have met Tom Baker quite a few times and he is a friendly chap... I take it that you are into sci fi with your interests in Star Wars and Dr Who...
Has the Doctor told you what the next use for Pt is?
Know not no.
This says it al; Sibanye-Stillwater reserves the right to set aside the no increase statement if a competitive situation arises under the circumstances prescribed by Note 3 under Rule 32.2 of the UK Takeover Code.Chancers...
Whatamess - I agree we will be inundated with the usual rubbish from a certain poster. In fact he or she has been rather quiet today, probably watching old Doctor Who episodes I expect. The market obviously think that LMI is worth more being independent hence the LMI price being higher than SGL for the first time since the takeover was announced. They offered £1.00 a share nearly 18 months ago yet they expect us to take the equivalent of 60p. I hope PIC have the balls to say no. They can sell off their SGL holding and lend the money to LMI as it would be a better bet for them in the long run. It seems like the LMI Board want this to go through hence the RNS as they no their days are numbered otherwise... It looks as though things will hot up here. If PIC are contemplating saying no what are the chances that there are other large holders thinking the same...
Don't forget the safety issues at the gold mines. There were a lot of casualties last year. The current valuation of LMI is a joke. The current MKT cap of circa £170m is far too low by any measure. They have net cash of $70m and are going into the stronger second half. I would prefer LMI to stay independent as I believe the LMI holders will do far better being a separate identity. Its only a matter of time before Pt rerates and is once again higher than the price of gold... The Board need to be kicked into touch as they have been next to useless. If PIC say NO then I would expect LMI to go over 100 in the short term and rise from there imho.
They would probably insist that a new Board is put in place. It would be interesting to see what happens to the LMI price. My hunch would be a large spike upwards. What are your thoughts TA?
They will decide on Monday apparently. The last increase was meaningless. SGL need 75% of the votes for the takeover to succeed so basically PIC can scupper the deal. They should offer 2 SGL shares per LMI share. SGL would still be getting a bargain imho...
May not back the deal News latest
It certainly would Whatamess. This time next year Rodders comes to mind...
Tanking LMI rising!
Most on here are probably invested on LSE.
Yes, I do like cricket and play the odd match.
Ah - just checked. Thanks for educating me 100notout. Am I correct in assuming that all the investors on this board are invested in LMI on LSE?
PS - I like your profile name (notout100!) suggest that you're a cricket fan!
zp - Check out the LMI price in SA.
LMI is @62p
SGL is @ 1152 ZAR which is £63! (unless it's 1152 ZAR in cents! in which case it'll be around 63p!! NOOOO
Is higher than SGL. We haven't seen that for a while...
Matt - SGL are down most probably because of the fall in PGM's. Will no doubt rise strongly once the LMI acquisition has completed. Once they have acquired LMI they will most probably be a bid target themselves. They had no problem with raising $120m at R15.50. I think that the synergies with LMI will help them dramatically as their gold operations seem problematic...
Am i missing something, SGL share price is down on announcement of judgement.
250,000 shares!!! Wow!!
I'm with Share Centre but they don't trade on JSE so they have asked to look for a trader who can trade on JSE. Someone mentioned about AJ Bell yesterday hence I phoned them.
I'll look into Saxo as well that you mentioned.
The share price for Sibanye Gold (SGL) is 1120 ZAR which is about £63!!! Imagine if we can get that for Sebanye Stillwater!!! That would be nice!!!
whatamess,
my broker have told me i'll be getting 1 sibanye share for every Lonmin share. so why are we talking about ADR (i am assuming it means American Dollar?)...again...sorry this might be a stupid question! I'm currently holding 3500 Lonmin shares...do you think it's worth transferring them?
Thanks.
Have seen off AMCU and have the go-ahead to proceed with the proposed takeover. It's down to the shareholders now. No doubt the SGL holders will unanimously vote in favour of the deal as they are getting a bargain.
I wonder what negative spin Rastuss will put on this latest news...
Thanks Ta-Trade & whatamess,
I'd probably be using AJ Bell (If I transfer) but they are phone only. Not sure if any other brokers can do online?
Ta-trade, can you please clarify on the below? sorry, I'm a newbie
thanks
"ADRs are 4 jse shares converted to dollars"
Hope this reverses after tomorrow's news.