The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
hi all,
i bought some shares about 3 years ago looking to capitalise on covid and doubled up with the rights issue.
i’m happy to see that the board is rejecting this rubbish offer but i’ve done some research on hostile takeovers ( not much, but went through what i could find online) and i have a couple concerns
1- mc mining wants more capital from us because goldway is holding up business. they know we don’t have too much cash to wait around so what stops them from sweating us for months on end with this stupid takeover bid. by the end of it all, the value of the shares could be 80 cents. arrggg.
2 - these hostile takeovers don’t usually result in large premiums - especially if the first bid is shyte, i have seen a standard average revised bid of 20 % over what was originally offered eg cadbury was one of those but i did find another one where the bidder just screwed up target and eventually got the price they wanted.
3 - i’m concerned that goldway fraudsters can wheel and deal with big corporates like the idc. the idc may look to this as an opportunity to get cash out by converting shares to equity and getting paid r1.9 say, per share is perhaps something they would consider because they want out from this investment ? i could b wrong. if these things happen, dilution is also a side issue.
4 - it seems like people like gomwe aren’t hurt with their share options because a ‘change of management’ means his options vest ? maybe i interpreted this incorrectly but seems like people walk home with pockets lined. i don’t trust them like i did last year. i also think there’s a ton of asian deals happening thanks to brics and that’s why they want to take this off market ( so they fund it with whatever dodgy means necessary)
5 - if they get 75 percent they can change the constitution m, kick out the existing board members and screw everyone who is still standing.
the only positive i noted was that we can take them to court ( asx) if the sale isn’t fair value. that means a whole bunch of us much team up ( 10%) and someone must be willing to lead the charge to apply to the courts to stop this nonsense. i hope every shareholder considers this as an option for this daylight fraud.
i really really want to believe that this board is really independent and really gives a **** but i feel like these anc placements had political motives i know nothing about.
they all came to the company together - red flag. gomwe had it considered in his employment contract for example. maybe i’m paranoid ?
i’m not selling so they can kiss my @ss, but i maybe left with 80 cents, a requirement for capital from individuals like me, and according to what i read, a convenient delay of 8 months after compulsory takeover before i even receive a cent.
i had such faith and i’m not ready to let this go but we need to be on our toes as shareholders and we need a lawyer it seems to protect us jointly if this deal co
"Further to MC Mining’s Independent Board Committee last week recommending that shareholders not accept a takeover offer from Goldway Capital Investment, MC Mining has released its formal target statement in response to the offer.
In the statement, the IBC reiterates its concerns that the A$0.16 apiece takeover offer for all shares Goldway does not own is opportunistic and does not provide an appropriate premium for control.
It also does not appear to be value-adding for MC Mining’s assets and projects, the IBC states.
The IBC has commissioned an independent expert’s report, which is being prepared by BDO Corporate Finance and SRK Consulting Australasia, as independent technical specialists.
MC Mining expects the report will be finalised by March 18."
Source: https://www.miningweekly.com/article/mc-mining-commissions-independent-report-to-further-investigate-goldway-offer-2024-03-04
https://www.mcmining.co.za/all-categories?task=download.send&id=1806:goldway-off-market-takeover-offer-statement-29feb2024&catid=112
https://www.mcmining.co.za/all-categories?task=download.send&id=1807:targets-statement-in-response-to-the-off-market-takeover-bid-do-not-accept&catid=112
It should start moving north soon enough now this is all getting cleared up. Or a much improved offer.
Tennyson appraisal was over £1.20. even if we get half that..... which we will not..... offer of ? 8p is an insult.
Absolutely. I have not been on here since 2012 to take this offer
i just feel there is too much potential here. and the takeover offer is an opportunistic **** take
I would like some info on the early extraction of coal at makhado, hopefully in half year results, then I will make my decision 80/20 against at the present time.
Hi,
I put a substantial investment into mcm on the back of doing well in tga and then doubled up on the placement a few years ago at 13p. I do not intend to be selling when the business is on the threshold of where the latest management team have taken the business.
Not selling. I am prepared to hold out for at least the 'sum of the parts' Tennyson valuation @ 21p (page 5 of report, link below)
https://www.mcmining.co.za/all-categories?task=download.send&id=1773:tennyson-equity-research-reportl-mc-mining&catid=107
I am keeping mine
It is not a vote, as far as I am aware. You just need to state if you are willing to sell.
Has anyone voted yes to sell shares? I’m holding onto mine.
I rather risk losing all than take this low ball offer. They have been manipulating this share price for years with the end goal of a takeover. I have already lost 80% value since I first bought a good couple of years ago. I will not give them the satisfaction. I am not moving for less than 0.4 . Now they try to paint this crappy picture below to try and scare us.
Cash Offer for MCM Shareholders
Goldway represents a group of shareholders who together own 64.30% of MC Mining's issued shares. This group has been the primary source of funding for MC Mining's capital raising efforts over the last decade, aimed at turning its exploration and development projects into operational assets. Despite these investments, MC Mining has not achieved operational profitability, and its main projects are still under development. This comes at a time when funding for coal projects is decreasing due to a global shift away from fossil fuels and specific challenges faced by coal mines in South Africa, including logistical issues.
Goldway is making a cash offer of A$0.16 for each share without any brokerage fees or additional costs. The cash offer gives shareholders a chance to cash out their shares at a higher value. MC Mining is heavily in debt, consistently spends more cash than it earns, and has very little cash available. Without this offer, it's very likely the company will have to raise more capital in a way that could lower the value of its shares just to stay afloat. The company currently cannot finance its assets to become profitable. This offer provides MC Mining shareholders an opportunity to sell their shares for cash, avoiding the significant risk of future value loss
Hopefully they'll put some meat on the bones regarding early coal extraction soon. I remember seeing a very impressive computer generated simulation of makhado quite some time ago but never made it to the website or the public domain
Saying the takeover bid is unsuccessful where then. Having a board working together hasn't enabled MC Mining to get the funding required, a disjointed company isn't going to be that appealing.
Hopefully the early extraction of coal is achievable to boost funds and all concerned join forces if not could get very messy, drawn out and unproductive.
No doubt Goldway manipulated this lower for their low ball offer. Hopefully everyone here can see that and reject the offer.
Yet more misleading BS from you!
There is no "certain move towards delisting". In fact, the bid requires more than 50% of the TARGET shares to be successful, which is highly unlikely!
You have once again again tried to highlight misinformation and highlight shareholders to sell. I once again highlight your suspicious behaviour since you joined lse.co.uk on the day the indicative bid was published.
15 feb 2024 08:04
rns number : 2628d
mc mining limited
15 february 2024
announcement 15 february 2024
off-market takeover bid - preliminary view - do not accept the offer
mc mining limited (mc mining or the company) provides the following update in relation to the off-market takeover bid by goldway capital investment limited (goldway) for all of the fully paid ordinary shares on issue in the company that the consortium of joint-bidders currently do not own for a cash price of a$0.16 cash per share (takeover offer).
executive summary
· do not accept: the preliminary recommendation of mc mining's independent board committee (ibc) is that shareholders do not accept the takeover offer from goldway.
· opportunistic: the ibc is of the view that the takeover offer is opportunistic, does not provide an appropriate premium for control and does not appear to attribute adequate value to mc mining's assets and projects.
· minimum acceptance condition: the takeover offer is subject to a minimum acceptance condition (which cannot be waived) that goldway receives acceptances in respect of at least 50.1% of the shares not held by goldway and the joint bidders (bidder parties). in practical terms, this means that the bidder parties must be interested in or acquire relevant interests in at least 82.19% of the total shares on issue (not 75%) before (i) any offer consideration will be paid to any mc mining shareholders who have accepted the takeover offer and (ii) before goldway can act upon any intention to delist mc mining from trading on any and all of the company's public market exchanges.
refer to the below schedule for further details in relation to the above summary.
full details of the ibc's formal recommendation and reasons will be included in mc mining's target statement, which will include the independent expert's report as to whether in the expert's opinion, the takeover offer is fair and reasonable and the expert's reasons for forming that opinion.
the ibc look forward to your continuing support as we respond to the takeover offer.
k****tso mosehla
chairman of the ibc
this announcement has been approved for release by the company's disclosure committee.
https://www.lse.co.uk/rns/mcm/off-market-takeover-bid-do-not-accept-the-offer-ls76yxtxrwkffhz.html
The initial view is NO...Subject to change. The bid is viewed as underestimated and a certain move towards delisting. The variables still can be met and minority shareholders may still vote to sell if they so wish.
All the timelines are in the RNS which are set going forward unless bid is withdrawn,I’s dotted T’s crossed, what hasn’t been made public is the company’s response other than ‘take no action’.
The company will respond with a target statement, which hopefully will be their words, highlighting the value unlocked IF we get funding, as per sandman99 previous post funding hasn’t been easy to secure,and a independent expert report, maybe like the Tennyson report but shorter bullet points.When these are released sooner rather than later it will give investors a fair and balanced view.
I would also like the company to release details on their accelerated coal production plans and funding requirements, personally i dont think its possible a smoke screen against whats happening but some clarity would be good.
Myself, i wont be taking up the buy out offer at this moment in time but if no counter argument appears makes one wonder.
The Goldway RNS on 2nd Feb highlights all the steps in the timeline, which I assume are regulatory guideline steps and timelines which have to abided by...
https://www.lse.co.uk/rns/MCM/goldway-capital-investment-bidders-statement-m1fqnutbk9x3msl.html
Reply to the bidders statement.
The RNS 2 February 11.30 am clearly highlights a reply will be forthcoming, no timeline.
The Goldway RNS clearly highlights the timeline, which includes:
"Friday, 16 February 2024. Anticipated Date of Offer and date Offer opens Bidder's Statement issued to MCM Shareholders (noting that the Bidder's Statement must be issued to MCM Shareholders between Friday, 16 February 2024 and Friday, 1 March 2024) and issuance of the Bidder's Statement announced on ASX, RNS and SENS"
Regarding the Independent Board Committee hope that arrives sooner than later, can't say 'take no action' much longer, need a reply.
The plans to extracting coal early also need to be made available, if feasible could lead to interest, personally I believe it's not and clutching at straws, but the professionals on the ground know a lot better.
MCM not happy with low ball offer at A$0.20-23. Let’s see what their Independent Board Committee comes back with now that we’ve received the Bidder’s statement.