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You are lucky. Mine sitting at 0.56 AUD as I had them for years and bought little more on the rights issue.
Just under 6% more needed, not a huge % but highly unlikely to be achieved, if a second more appropriate bid for us left if this one is unsuccessful is placed, will it be nearer the IDC recommendation.
The consortium could move forward with the funding, they will own the vast amount of shares and be happy with that, maybe buy on the open market untill enough shares are in their hands to push though the takeover, or give a more fair offer price.
Hopefully no more bids.. rather get the funding and get makhado up. this distraction has cost the company a small fortune. directors should direct. not launch hostile takeovers. and yes some of what they say is correct.. 3 listing is too much. we should drop the oz one.... but it's an ozzie company. I want at least dual listing c lse to hedge. and yes... randazzo was awarded a lot for v very little... but who is chair of the remuneration committee. sox need to b pulled up!!
I expect funding to move forward if the take over fails which I’m pretty sure it will. I really can’t see how they can get 8% in 4 more trading sessions, again unless pure corruption is in play.
Hopefully a much more sensible bid comes in.
My average is 13p so need something near this for me to exit. Not long to wait now GLA!
I agree, they won’t be getting mine either.
I have a lot of shares here and unless they offer me something credible they won’t be getting mine.
I can’t see how they are going to get another 8 percent in the next few trading sessions lol.
Just offer us all a fair price and they can have them. They are so incredibly underhanded and I hope they have to pay a massive premium once this fails and share price rockets.
I am just hoping nobody falls for this underhanded attempt to lure shareholders away.
Just remember they are shareholders themselves, so obviously they see a bright future for MC Mining.
Dear MC Mining shareholder
We refer you to the Third Supplementary Bidder’s Statement issued on 21 March 2024 and our on going offer to provide shareholders an opportunity to have a favorable exit from MC Mining Limited (MCM) at A$0.16 per share by acceptance, currently, before the expiry date of 5 April 2024 at 10:00am South African time. As a valued and significant shareholder, we are writing directly to you to assist you in exercising your option to ACCEPT. The key messages why you should choose to accept, more fully covered in the Third Supplementary Bidder’s Statement and other process documents that have been issued by us and MCM include:
Although small volume it is unlike they will get another 10% of the company In time. Looking good that the deal won’t go through
The IBC preferred value of 0.285 A$ per share would cost roughly the takeover group 18million pounds(£).
If this takeover does fail hopefully to gain full control the group will come back with a offer more substantial.
Many wont want to sell at the IBC preferred value still as the up side of production is great, A concern is a split board and money drain.
Time will tell, but i am holding until a more suitable offer is placed or we go bankrupt.
They still need another 9-10 percent in shares and quickly. Not likely in my opinion
Not a done deal at all, not even close.
Results of Offer announced on ASX, RNS and SENS
Monday, 15 April 2024
‘Goldway reaffirmed that its offer will close on the evening of Friday, April 5’
So what happens after this date?
With less than 30% in public hands looking more and more like a done deal.
"As stated in the Target's Statement dated 4 March 2024 (Target's Statement) and confirmed in the Supplementary Target's Statement dated 18 March 2024 the IBC unanimously recommends that shareholders DO NOT ACCEPT the Goldway Offer. The IBC continues to hold this view. Since the IBC made its recommendation that shareholders DO NOT ACCEPT the Goldway Offer, Goldway has attempted to discredit the IBC's recommendation, including by publication of Goldway's second supplementary bidder's statement dated 14 March 2024 (Second Supplementary Bidder's Statement). The IBC believes it is important to respond to the various statements and opinions made by Goldway in its Second Supplementary Bidder's Statement, and accordingly makes the following comments:"
https://www.mcmining.co.za/all-categories?task=download.send&id=1816:independent-board-committees-response-to-goldways-second-supplementary-bidders-statement&catid=112
It's interesting to read in the report that if a higher rival bid does emerge, and the consortium does not match or exceed it, the consortium is bound to accept the higher offer for all of its holding. This lends itself to a 'white knight' scenario and hopefully a bidding war...
"If a higher rival bid emerges, and the Joint Bidders do not match it, they will be required to accept the higher rival bid for their entire joint holding As detailed in Section 4 of our Report, under RG 9, if a higher rival bid emerges during the Offer Period, and the Bidder Parties’ do not increase the Offer Consideration to be equal to, or greater than the consideration offered under the higher rival bid within the required seven day period, the Bidder Parties’ are required to accept the higher rival bid in respect of all the MC Mining shares held by the Bidder Parties at that time and will not be able to reject the higher rival bid. "
Source: Page 45 https://www.mcmining.co.za/all-categories?task=download.send&id=1814:supplementary-targets-statement-18mar2024&catid=112
The Independent Board Committee (IBC) continues to unanimously recommend that Shareholders DO NOT ACCEPT the Takeover Offer.
Shareholders are encouraged to read the Supplementary Target’s Statement in its entirety, and discuss it with their legal, financial and professional advisers.
BDO, the Independent Expert, has concluded that the Offer is NEITHER FAIR NOR REASONABLE to Shareholders.
The Independent Expert has assessed the value of a Target Share prior to the Offer (on a controlling interest basis) to be in the range of A$0.214 to A$0.356, with a preferred value of A$0.285 per Target Share.
Source:
https://www.mcmining.co.za/all-categories?task=download.send&id=1815:supplementary-targets-statement-in-response-to-the-off-market-takeover-bid-do-not-accept&catid=112
https://www.mcmining.co.za/all-categories?task=download.send&id=1814:supplementary-targets-statement-18mar2024&catid=112
As long as the money is going to the building of the infrastructure at Makhado.
MC Mining interim loss widens as coal prices tank and costs balloon
MC Mining hit by soaring costs in first half.
Not great reading, let's see what their report brings.
the latest proposal values the equity of mc mining between a$69.3m ($45.8m) and a$81.5m.
australian coal mining company mc mining has received a non-binding, off-market cash buyout proposal from vulcan resources, at an indicative price range of a$0.17–a$0.20 a share.
the proposal values the equity of mc mining between a$69.3m and a$81.5m.
it is higher than goldway capital investments’ a$0.16 takeover bid, which valued mc mining’s capital at a$65.3m.
last week, mc mining called on its shareholders to dismiss goldway’s proposal.
mc mining’s independent board committee (ibc) has reiterated this call again, while stressing that there is no guarantee a formal bid will be made by vulcan or what the terms of such an offer might be.
vulcan’s offer is subject to several standard conditions, including a thorough due diligence process.
ibc chairman k****tso mosehla said: “the ibc will evaluate the indicative terms of the proposal letter, including taking advice from its financial and australian and south african legal advisors, adelaide equity partners as financial advisor, k&l gates as australian legal advisors and falcon & hume as south african legal advisors.
“mc mining remains committed to keeping shareholders appraised of developments and intends to make a further announcement when more complete and definitive details are received.”
vulcan operates the moatize coal mine, the largest operating steelmaking coking coal mine in mozambique and africa.
meanwhile, mc mining is known for its greater soutpansberg projects, which produce coking and thermal coal, as well as its makhado hard coking coal project. both of these are in the limpopo province of south africa.
the company’s uitkomst colliery in south africa’s kwazulu-natal province produces metallurgical and thermal coal, while its vele colliery in the limpopo province produces semi-soft coking and thermal coal.
source: https://www.mining-technology.com/news/vulcan-makes-takeover-bid/?cf-view
I don’t think we are done here yet with bids coming in.
"(Alliance News) - MC Mining Ltd on Monday again urged its shareholders to reject a takeover offer from Goldway Capital Investments Ltd.
The Western Australia-based coal miner in South Africa owns Uitkomst Colliery, an operating metallurgical and thermal coal mine, and Makhado project, an exploration and evaluation asset.
The company said on Monday it had released its formal target's statement following the 0.16 Australian dollar cent cash off-market takeover bid by Goldway.
Goldway, a special purpose vehicle incorporated in Hong Kong, launched an off-market takeover bid early last month. It offered 16 Australian dollar cents for all shares the consortium of joint-bidders do not own.
As of Friday, the consortium held a 65.6% stake in MC Mining, up from 64.3%.
MC Mining said the target's statement sets out the independent board Committee's formal response to the offer. The board has said to its shareholders, "do not accept".
The company had said last month the offer is subject to a minimum acceptance condition that Goldway receives acceptances in respect of at least 50.1% of the shares not held by Goldway and the joint bidders.
In practical terms, this means that the joint bidders must be interested in or acquire relevant interests in at least 82.19% of the total shares on issue before any offer consideration will be paid to any MC Mining shareholders who have accepted the offer, and before Goldway can act on any intention to delist MC Mining.
Goldway has said the offer values MC Mining's capital at around AUD65.3 million, equating to GBP33.8 million or ZAR803 million. It has an enterprise value of around AUD75.5 million.
In December, MC Mining had received a revised takeover offer, which was first made by Senosi Group Investment Holdings Pty Ltd and Dendocept Pty Ltd in early November.
Late in December, Senosi and Dendocept indicated that they intended to acquire all shares that they do not own for a cash price of 16 cents per share. Their offer is on behalf of shareholders with a 64% stake.
MC Mining shares closed at 0.14 Australian cents in Sydney on Monday. They were down 3.5% at 7.00 pence in London, but rose 1.1% to ZAR1.82 in Johannesburg.
By Artwell Dlamini, Alliance News reporter"
https://www.morningstar.co.uk/uk/news/AN_1709559889672257800/mc-mining-tells-shareholders-to-refuse-goldway-takeover.aspx