Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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You would think the newly acquired German in-laws would be a it more accommodating! Would be interesting to find out how H.C. Starck view this deal?
ahh-there u are-thanks for the find. :-) its been a long time.
forgive me but what are you trying to say?
Interestingly the termination clause reads as follows :- Termination: the Merger Implementation Agreement may be terminated if: agreed by the parties; the SRL Board changes or withdraws its recommendation or fails to make the recommendation; the Merger does not become Effective on or by 30 November 2016 (or such other date as agreed) or SRL Shareholder approval is not obtained one Business Day before that date; the German Antitrust Authority initiates phase II proceedings in relation to the Merger; the Conditions cannot be satisfied; if an insolvency event occurs in respect of SRL, Iluka or Iluka Newco; or if SRL enters into a definitive agreement with a competing bidder on more favourable terms after Iluka shall have been given the opportunity to match the terms being offered by such competing bidder. Bear in mind that a Phase II investigation can take as long as 4-5 months .. if it does then we are past 30th November ?? A review resulting in a Phase II investigation may take up to four months following the filing of a complete notification (up to five months if the parties submit a first proposal for conditions and obligations). The review process may also be extended subject to the parties’ consent and it is not uncommon for the FCO to express that it would strongly prefer an extension. Further, there is a stop-the-clock mechanism in Phase II if the parties culpably do not reply in due time and/or completely to a formal request for information by the FCO and the request has to be resent. All IMO… of course DYOR… :o))
Looks like this is possible being investigated further on the basis of "significant impediment to effective competition (“SIEC test”). Substance of Review / Substantive Test section in article previously posted.. Given Beaufort's research note in June this year and our knowledge of this sector…SRX and Illuka are currently the top 2 players in the mineral sands market, this merger (at this moment in time) would I’m my opinion give Illuka Newco a dominant market position. ?? lluka’s MD commented on the merger as follows : “The Acquisition provides Iluka with additional, long life (20 years plus) resources of proven quality, with further potential through resource additions, reserve optimisation and exploration. The combination enhances Iluka's rutile portfolio position. This enhancement sits alongside Iluka's existing position as the largest global zircon producer.
Hey Corbs, Good to see you still posting..:o) Been invested here for years also … not posted for a while … Very happy to see this go to Phase II..From my understanding (I’m not a lawyer) 95% of cases are cleared at Phase 1 proceedings, with very few going to Phase II when the merger will be analysed in depth. "In Phase I, the FCO will focus particularly on testing the market definition and market share information submitted by the parties using existing information on the relevant industry sector or by contacting market players and other stakeholders, such as trade associations. Should the FCO not be satisfied, during the Phase I period, that the proposed transaction does not significantly impede effective competition (in particular does not create or strengthen a dominant market position), it may enter into in-depth investigations. ...During its in‑depth investigation the FCO sends out questionnaires, in particular to competitors, customers and suppliers, to obtain more detailed information on the relevant products and to assess the market definition. .. Good article here http://www.chambersandpartners.com/guide/practice-guides/location/272/8180/2420-200
Waiting to see if my broker can get me a million shares at 29.68 which Iluka will pay me 36p for! A gamble worth taking?
I haven't posted for a long time, but I've been In SRX since 2009. I don't think the challenge has really come from the German Authorities. Instead, people/institutions with deep pockets are taking advantage of this option (probably IIs - raising Phase 2 Proceedings is expensive c. Euro 100,000) because they feel they have been shafted too. There are several likely ways this could play out: 1. Phase 2 proceeedings are rejected - we get 36p in three or so months. 2. Negotiations take place between those who have raised the Phase 2 and a better price is reached - if this is done we should hear sooner. 3. Iluka withdraw from the offer, price will probably drop in the short-term but rise higher in time. However, I think this is unlikely, as they know they have a great deal and, secondly, this would be the second takeover they have screwed up in a year - heads would roll. Finally, thanks to Corbine et al who have kept this board going with genuine and useful info over the years. Best wishes for your health.
There is an announcement on asx by Iluka which highlights the 5 day grace period that the parties (SRL?Iluka) have to discuss the bid I ask you what do you think will occur if the bid lapses due to the German intervention?
It is relatively easy to google what papers there are in Sierra Leone. I cannot recall the name of any particular one which might be particularly critical with regard to the deal A poster either on this thread or on advfn googled a few weeks extracts from a particular paper which reported that the work force at SRL were not happy with the takeover. As you know from a recent post of mine, I sold out over the past few weeks. I nearly bought some back yesterday but changed my mind. Take care.
re rare earths-2% and 30 years worth of tailings? 1 of 13 or 15 is highly toxic. is luka got plans for that? as it can be processed too? worth an absolute fortune. who was it posted the rns about it then went silent for years afterwards> think it was mark button from the company? around 4pm and the sp jumped 100%? and silence for years since. hmmmmmmmmmm
ask dara what the local rags called down in sleones area? they print stories that are not best taken by srx board, including articles from ex management etc over the years. feed them and they will dig and print? mite prize a few snippets from the area? last time a takeover came mnsr sisay was straight into the so called independant review board? that suggested against a takover and we were all subjected to phone calls from that irish? law firm etc. this time srx are in best position they ever had, about to explode their production figures up to 250kt per annum potentially and more, with dry mining not single dredging and mnsr sisay hasnt gone against luka? why not? wheres sisays new independant board suggesting lukas deal at these shyte prices arent worth wiping ones arrse with? and why the hell has the jp morgue etc caved in this time when they refused to budge a few years ago at 25p and 30p? doesnt add up. smell some manky tarpons floating around here do you?-well the helos been busy landing on that small pad and the hotel had a few prized visitors of late? i ask? no surrender-u should try ringing wayne malouf, ex chairman-probably in texas at the mo-also a lawyer well versed with links to white house and certain comittees. i kid u not, but u knew that dara from the past didnt you? wish whats her name was here, our other ace researcher-god she could dig up anything-afraid my memories gone a bit due to the drugs im on-ill have a look for her and see if i can get contact. not happy with this ucking deal-period. apols for bad lingo-been here since 2009 and seen it all- corbs:-)
\may I suggest that you google SP Angel Proactive Get into the mining section and then click the commentary mention for yesterday. There is a reasonable explanation there. My assessment FWIIW is that a company with German interests or a German company or a part of the German gov't (but I really do not know) have commenced this procedure. Is not the EU good? Preference of vested interests? Iluka and SRL have 5 days to review the bid and I take it that that period commenced yesterday.
I'm getting a sore head trying to work out the implications of the German Antitrust Authority (why them when dealing with an AIM Company and BVI) initiating a phase 2 Proceedings. Google can only explain so much and beyond my intelligence. Does anyone wish to expand??? Roppa made a very relevant point regarding H1 results, which are by now overdue. No doubt all part of the original immoral takeover plan to save the Board having to publish (decent/improving?) results. I have tonight written to Sierra Rutile asking when they will now be in a position to publish their H1 accounts. Do I expect a reply? Of course not. Perhaps more of the concerned shareholders should now try to put similar pressure on the Board to publish the most recent half year accounts. Dara made a very relevant point about never investing in any other PALA related concern again (nor will I) but surely some of the more serious II investors must be starting to think along similar lines. So many questions remain unanswered regarding the corrupt and immoral actions by the Sierra Rutile Board but one also must question the capability, professionalism and ability of the ILUKA Management when once again they F*** up a potential takeover. What avenues are open to heap more pressure on the various parties to prevent this corrupt takeover going through? Answers on a postcard from more able persons than me. If only my best mate was an expert M&A Solicitor we could maybe wipe the floor with Mr Sisay et al.
thanks didnt even vote- the non voters werent mentioned % wise? havent read the corporate email from lloyds for my holdings either. as far as im aware im still holding my stock. :-) Dara aim and bvi's - go hand in hand and the flies that buzz around them
Good thinking
This will allow the share holders to see the H1 and Q3 results.
Mind you, having read the announcement this morning, I wonder if the merger will be blocked.
Be careful with this because it has had a tremendous run but I have quite a few in DJI; and some in a sands company FAM. DJI is possibly due retrace but it could have a great future for an investor if the further deals come through and the company lists on Nasdaq but both that and FAM are speculative. I have come out of BKY not because I do not like the company but because it still awaits two permits. The chairman has a good history with Mantra. I will never invest in anything again where Pala have an interest nor in a BVI registered company. I have sold out of srx. There have been some good posters on this board and I wish you all well for the future. Corbs do what you need to if you know what I mean.
Well the votes gone through and it's the end for SRX - a disappointing end that should have concluded at least twice the realised value Good luck to all for a healthy future and successful investing - I'm with Dara following BKY - Best wishes R
dont forget the workers who made the company what it is today and its past history-if they dont like the deal lucky luka will have trouble ahoy-i mean ahead. sisays silence is deafening, rope n coke cans comms has all gone too. so whats of lukas plans for the future as a combined entity, -are they doing other mna action as well as srx? is vladimir really that skint hes allowing pala to cave for less than half price?
Sierra Rutile’s (LON:SRX) board of directors and major shareholder have accepted a takeover bid from Iluka Resources that values it at £215mln. Check out: http://www.proactiveinvestors.co.uk/companies/news/129513/big-on-the-bulletin-boards-including-iog-aex-srx-cnr-pvr-hur-xel-gkp
Sadly this chat site has wound down and extinguished itself quicker than Sierra Rutile. Understandably we are all still stunned/frustrated/angry etc etc and most posters appear to have disappeared but to answer your question in my own opinion. Sierra Rutile has run its race and is about to be put down and condemned to the knackers yard. What's the point in hanging around? You are quite correct in saying that you can "hang out" (as I will too) and collect another couple of percent when we all receive our pathetic 36p per share. Had one bought into SRX 5/6 months ago one would have already doubled one's money. Why not "cash out" and move on? Many will have done just that. For example (and not in anyway suggesting that you should have done it or should do it now ) had you cashed out when SRX made their pitiful announcement and sunk it into Kenmare Resources, another of my disasters, you're additional meagre 2 or 3 percent that you're about to receive could have returned you about 30% - accepting that there would have been dealing fees to sell and buy which there won't be on your 36 pence. Have you also considered that maybe the sellers are skint and need the money? One should always respect others actions and points of view. I read the various Boards with interest but rarely contribute. The only time I feel motivated enough to contribute is when someone (either through devilment or ignorance) tries to influence or advise other posters by posting comments that are factually wrong. As I said in an earlier post, and I think Corbine is now alluding to - irrevocable only has one definition. Your shout whether you believe my version of that definition or choose to believe others. Going back to the horse theme, there will be no white knight trotting over the horizon anytime soon to change the course that we are going down. End of .........
got the documents from lloyds last friday via email, they so slow in reacting to corporate notifications. cant believe mnsr sisays going thru with this carp, unreal if jp morgue, m&g (prudential) and other senior majors wanted out as long term holders they have cut a deal back along betweeen 60-80p. 80p was our high and w held 60p for a while on 2 occasions. jp morgue etc been here since the dredge capsized before 2009 and we traded at times circa 3-4p (good time to grab a few mill then wasnt it gibraltar1? ) :-) bozzle -nuttins certain, anything can happen, although this appear done deal, there was a chinese outfit in discussions not so long ago and at these prices?? well see....
Can anybody explain why lots sales going through at 34.5p when 36p seems certain in 2 months time