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An announcement pre AUS open this morning but it never came. The rumour mill's running rife over there, apparently the latest is that there are now question marks over the financial standings of our Chinese investors, maybe it's a simple as we got duped by a fast talking Chinese contingent in tailored suits and they haven't got the yen to back-up their 10% investment?
Anybody got any news. Very quiet.
From a Broker article ....'The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 24th September '.
Only the Company can advise and surprise surprise they haven't responded to my e-mail asking them ! I don't know if there are any ' rules ' governing communications for Companies in suspension .
Thanks Scalymirror, what you have said makes sense, it doesn't have the usual hall marks of financial difficulty... fingers and toes crossed our patience is rewarded as I have waited along time for something positive to come out of the Norseman camp!!
2nd RNS quotes those words as just released. To me (looking at it positively) that sounds like the BoD discussing options with their financiers on the back of an approach. The doomsayers (not sure shirters will bother given we're suspended) will be saying the existing finance has been pulled/NGL has defaulted and the Company's now trying to renegotiate lifeline funding. That latter option to me seems less likely on the back of the recent Chinese investment, can't believe they would have signed up to a 9% stake if cashflow was that tight
Depends on the nature of the takeover and the process of settlement - could be an out and out purchase, NGL gone in a trading sense, sold for £x which on the basis of 1.1bn shares in issue = £x/1.1bn being £xp per share to existing shareholders. Your holding ceases to be and at some later date (this might take a while) you get the money in your share trading a/c. It could be share trade purchase (unlikely) whereby a Company buys NGL in exchange for x number of shares in the acquiring Company - if that happens your NGL shares disappear and you now own x number of shares (could be more or less obviously) in ABC Mining Inc. Could be a hybrid of the above - you get some cash and some new shares. First one of these is the most likely for NGL I would say given the current market cap and the fact that most miners are considerably larger than they are.
Further to the announcement made at 11:45 today, Norseman Gold Plc confirms that is has requested the suspension of trading in its shares on AIM, and a trading halt on ASX, pending discussions with its financiers regarding its operations at the Norseman Gold Project.
A lot of water under the bridge since last year's a/c's unfortunately, and NGLwrote off about $10m of goodwill in that last set of a/c's as I recall re mining development costs. I can't see this not being a takeover and I'm amazed at how little chat there is on the BB's which I think shows how few PI's might be left in. I think it just waits to be seen where the takeover's pitched, by who whom and on what terms. I agree with the sentiment though, it's a long-established producing mine, with a large measured/larger inferred resource at a time of near record gold prices. I still fear it won't be at a price that many PI's will be making a profit on (give the dramatic SP falls of the last 12m)
But the tangible assets of the company in last yrs accounts were 20p per share. There is masses of gold in the ground there and the grade is good, with a market cap of £28m it did seem to be too cheap. Its a bargain for anyone who wants it for less than 20p per share. Who would want to buy a cheap goldmine when the price of gold is rising. Im hoping my research did me right here.
IMO, someone's been buying up on the cheap. I was suggesting this after the recent Tulla buy-in on iii. If it is a TO and less than 10p then we've been done
The ask leapt a few minutes before announcement to 3.75. Maybe the current Managers wanting full control. Maybe they are taking it Private. Any thoughts
One of 2 scenarios in my mind, takeover approach or the unthinkable??
In theory, the number of shares shouldn't make a difference - a £30m company is still a £30m company. But I'm not surprised the SP has fallen today after NGL announced much increased losses. Hopefully the only way is up and Zhaomin Mining must see value at this level if they're taking an 8.95% stake - I know I do!
1.117b shares in circulation. I see my investment here like buying a secondhand car only for it to completely breakdown 3 days later. When I go back to the place where I bought it they tell me to f**k off.
I expect we will sit between 2.75 & 3.3 for a number of weeks. During my research I was reading a number of web articles about Kevin Maloney. 20+yrs working for a bank with a history of buying into small mining firms and turning them around and then selling his part for a considerable profit. I'm very happy for him to do the same here.
Couple of biggish buys there (and yet still down)
x 2...?.....
thx now why didnt i find that
http://www.investegate.co.uk/Article.aspx?id=201208280740098590K
You said, you blocked me... and I believe you realised what I say might come true. The closure schedules are more than expected, IMO the more the production could be way less than they(you) dream! ATB. I'm looking forward for a very cheap entry.
Harlequin looks set to be closed for longer than the anticipated 2-3 mths, however there is potentially a new investor Zhaojin Mining who are one of china's largest gold enterprises want to buy into Norseman. I guess that they along with tulla have done their research also
Have you researched Kevin Maloney in detail before and what his style of business is? and are you aware that the TNAVPS of this company is 20p, not bad if you can buy a company for 2.8p when it has assets worth 20p. This share has taken a smashing and there isnt much more that can depress it further. Im confident that this will be gradually turned around and we will be looking at a company with shares trading at 10X this current amount in 1-2yrs time, but as you say lets see where it ends. GB
One more interesting news :p http://www.guardian.co.uk/world/2012/aug/23/australia-mining-boom-end
Read properly before you comment on others :p "IMO, this is going to slip well below 2p soon with any spark of disappointing news." Something says, they would fail and this could drag well below 2p. Lets see where it ends