Member Info for addicknt

Orthern, not that I've seen. In fact, we're not even sure when it started and therefore, how far down the track we are.

Fort, we currently have approx 2.5bn in issue and, assuming an all-share take-up, will be issuing a further 550m shares. Of course on a fully diluted basis we need to take into account the options as well.
Since the announcement the market has marked us down whilst CGP has been marked up. In simplistic terms, the deal is better for them than us...although I don't see it that way.
As you say, there will be no re-rate until some form of corporate action emerges from the SR.

Q, one other point: It's exactly how the market currently values the company.

Q, you misunderstood what I was trying to establish. I was simply looking at how the market currently regards the combined entity. And yes, it's hopelessly undervalued at the moment.

RK, £2 would value the company at approx £6bn and as much as I'd love to see that it ain't gonna happen.

To answer my own question:
Assuming it's an all share deal there will be just over 3bn shares in issue. The current combined market cap of both companies based upon todays price is £474m. In other words, it seems to me that my hypothesis is correct; the current price already reflects the post-merger company.
I'm pretty much stating the obvious, but I wanted to see if we are currently trading at a discount or premium to the post-deal structure. It seems we're pretty much spot on, so I guess we can conclude the market is neither positive nor negative about the deal.

anyone had a stab at working out how many shares will be in issue once the merger is completed? Obviously the possible cash element will have a bearing.
Our current share price seems to be reflecting the combined market cap on a fully diluted basis.
Btw, I noticed some comments about the issue price of the latest fund raise and how this may set a benchmark for any deal. Personally, I wouldn't get too hung-up about this - in a competitive situation it will become irrelevant, and naturally Citi and Maxit's task is to create some competitive tension.

I think we must be. It was the comment about the number of shares being irrelevant which threw me.

BPHIL, I'm not sure I understand the point you're trying to make.
It goes without saying a buyer is only concerned about the value they attribute to the company and that value is divided by the fully diluted number of shares to achieve the price we receive. But this is pretty obvious stuff, isn't it?

BHIL, sorry your observation isn't correct. The number of shares in issue will dictate what we receive, so it's highly relevant.

I suppose the key questions is; how likely is it that the SR will conclude that nothing needs to change?
The answer of course is; no chance whatsoever. Therefore, one way or another, 2023 will see a radical change of direction and the driving force behind the change will be CGP's determination to deliver a return.

2025? Hmm.

DM, thanks. Mather was right to question them...they can be a serious aggravation. Have a look at the damage they wrought o Fulcrum.

SM, You make a very important point about the Specials and I believe you're right. So the key question is; where does this leave us now?
We don't need any more cash for a reasonable period of time, but will our inability to raise more via equity impede progress?

someone referred to comments NM was making about Harwood. Can anyone put some meat on the bones of the discussion? What were they objecting to and what did NM say? Thanks.

Q, I wasn't referring to the AGM, instead I was was quoting NM and his announcement.

Moving on, the market clearly doesn't like the fact BHP/NCM have had their wings clipped which, to my way of thinking is perverse.

Given the percentages involved, our board must now thank the dissenting shareholders for expressing their opinion and roundly ignore them. This is no time to follow the guidance of the Code.

Incidentally, it's pretty clear Mr Mather has no doubts whatsoever about what's coming ..."adding value through exploration and discovery.The result assists in maintaining the premium for control of Solgold".
I think we can assume Mather knows what he's talking about and as far as I can see there's no mention of production. Admittedly, it's taken him a while to come round to this way of thinking, but better late than never.

Thank heavens for that!
It's going to be interesting to see how BHP/NCM react - if they react at all.
The Board are now free to push ahead with the SR and to deliver shareholder value in 2023. Well done lads!

DBW, don't worry, the poor lad's lost the plot.