Member Info for adamsmithfreethi

What are the disclosure rules for being on the end of one of these? Clearly an offer for the company must be disclosed to the market but if the management judge it better to wait can they delay disclosure for a firm offer for the assets?

Hopefully, due this week...?

I bought a 16p in the dark days of last December. Everybody was downbeat about the prospects for a sale. The language in the RNSs, chat on the Boards and even the body language of the execs at the AGM. The sanctions had only just been announced and long term investors in CNR were bailing out. Logic told you this was overly pessimistic but there was a nagging doubt one was missing something...
So 16p was not a steal at the time. It was, for me, and OK bet on everything I knew at the time (as well as what I suspected I didn't know)
Roll forward 4 months and a lot has changed. Clearly selling the company assets for a reasonable fraction of the discounted amount in the feasibility study is not such a hopeless task after all. The price has doubled, the upside is limited but the risk is reduced. So I bought in again yesterday 10k at 32.5 and 10k at 31.8. I think a reasonable price given where we are. I'm not expecting too much of an upside because, if so, I'm paying more CGT that I would like having maxed out on last year's allowances.
It's ridiculous that one's investment decisions should be influenced so much by changes to the tax code...

There seems to be a prevailing assumption that PE will definitely snap up THG.
Not necessarily so. PE walks away from more prospects that in follows through...

Pump up the share price yesterday with the news of a preliminary approach by PE
Dump today on truly awful results. Triple loss per share, balance sheet overleveraged and Changes in Equity back to what it was a year ago before the large equity raise.
Yes to can read the optimistic witterings of management but the accounts show to the true story.
GLA to all that hold this but I think £2 is way out of reach....

Well for the sake of your future existence you should be grateful that 20 is off the table! At least that's the stoic view

Nope we're in the valley of deficient information.
I bought way back just after the AGM in the dark days of December at the time I just couldn't evaluate whether anybody would be brave enough to bid given the ramifications on US sections were still being felt. 4 months on and the price has doubled but clearly my initial hunch was right. I've lost count - is it 4/5 or 6 indicative offers. Yes the price has doubled but clearly buyers are willing to spend the time and effort to travel all the way to see the prospective mine in person so I'd be amazed that at least half will follow through.
During the AGM Mark intimated strongly that 125m would be the minimum the Board would except. Those were dark days and you could tell from his demeanour. I'm sure that 125m minimum has in the Board's mind shifted upwards - maybe to 175m and I'm pretty sure that would have been communicated to prospective bidders before that undertook due diligence work. I.e logically I'm pretty sure that we have upwards of 3 serious bidders who know that they're wasting their time if they don't come in at a minimum figure that more or less guarantees the share price ending up north of 50p even allowing for dilution and expenses.
In short it seems a slam dunk. The only thing that could put a spanner in the works is an exogenous factor such as a market panic and/or slump in the gold price.
We'll see...

Yes, it would be reasonable to assume that any potential buyer would be tempted to put in an order to buy a tranche of shares at a price lower than we were willing to pay for the whole shebang. However, against that once they reached 3% they would have to declare themselves and obviously at 30% would need to make an offer.
I would imagine that the entities themselves would be too busy evaluating the asset to be bothered with all the hassle of arranging share purchases. That's not to say that they could be a bit of insider trading going on from members of the various bidding teams.
A scandalous suggestion? Nah we're talking about jurisdictions not so bothered about such things...

My guess much of the drop is down to reports of renewed fighting in the last 15 hours. Yes, yes I know the companies activities are far away from this but some investors are skittish...

Why?

They're all relatively high cost producers and thus well geared to AU price rises...?

Any thoughts...?

Condor Gold (AIM: CNR; TSX: COG) is pleased to announce its audited results for the year ended 31 December 2022 and provides notification that the Annual General Meeting of shareholders of the Company will be held at 3:00 p.m. on 11 May 2023 at 7/8 Innovation Place, Godalming, Surrey, GU7 1JX, United Kingdom.

I shall be attending the AGM in downtown Godalming. Assuming the bids are still in progress clearly, I won't be able to extract any info there, but I'll be zeroing in on what they intend to do with the money and rump of the business once a transaction with a main buyer is completed.

Thanks Cambells for listing the options and expiry dates. Seems to me there will be a strong incentive to push the price up as fast as possible between now and May when the majority of options will expire. Obviously the 15p ones can be cashed in but the 40p ones will be worthless unless the share price moves above this level. Clearly for that to happen binding bids need to happen in the next 6 weeks....

Yes I've also been a holder since the 15p days and yes I agree it is both massively undervalued and not worth trading given the large bid/offer spread.
I think one reason for the undervaluation over and above other mining peers is the increasingly complexity of their output and the inability to value it minus costs to give a PV valuation.
THS which I also have quote a P6 basket price and I wonder whether something similar might help here...

I wouldn't disagree with any of the feedback provided by any of the attendees. The three things I would emphasise are:

- Guinea - this is the crunch point where all the workstreams come together and any mistakes made down the line previously hidden become apparent. If any major ones occur, how long before management fess up? Fingers crossed for this.
- gold pour. It will be announced in a big fanfare but remember this will be at the commissioning stage. To start with the amounts will be small so little impact on cash flow. The issue is as much how quickly production can be ramped up as when it starts
- Yani. The easy pickings are due to be used up by June. It's then that we'll know how economic the rest is and how good the new man (COO of whatever his title) is.

The meeting was enough for me to hold not fold and not twist.

It's interesting to see how slowly the market has reacted to the news of interest in the assets.
Given all that's happening in the world in general and Nicaragua in particular there was always the legitimate question as to whether anybody was really ready to take on the risk on the asset at all.
However, the news of substantial interest, in particular two site visits is proof positive that there is risk appetite and as others have noted MCs body language spoke volumes.
It's pretty clear that they're expecting a decent offer to come so given the residual risk of all lowball offers or subsequent no shows I would have thought a climb back to 30 would have been in short oder.
But it's taking a lot longer than what I consider an efficient market would take.
Inefficient market = one worth investing in by retail investors...
Imo!

Yes I'll try to arrive a bit early so look forward to meeting those of you who can attend...

Yes I agree - I thought the meeting on Monday was to OK the 2nd tranche with the management being able to OK the 1st tranche within powers conferred to them when the normal resolutions were passed at the last AGM.

Thanks Swatton - I'll add your questions into those that I want to ask and where they are, in my opinion, not adequately answered I'll attempt a follow up.

I'll be attending on Monday. I intend to ask a range of questions during the meeting (it'll probably be after the vote if experience is anything to go by). I tend to formulate the questions on the day but I notice some have already sent some questions in. It would help develop my ideas as to what to ask if you could post them on the BB just so that we're not "stepping on each other shoes..."
Thanks