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Q, that's a fair question and perhaps, as Tesla suggests, this is now Plan B. But I assume you accept that any such plan would run into serious objections?

Q, you're making a mighty big assumption that BHP/NCM/CGP will agree to another Franco type deal. The way I see it is that there's absolutely zero chance of it happening - mainly because the CGP boys would have made their intentions perfectly clear.

DC said quite a few interesting things yesterday and I noted the comment that only 20% of shares are held by private investors. I think the consensus on here was that it's much higher. Of course, this means there are far more institutions holding below the notification level than we suspected and they've not been trading.
My guess is that this percentage of institutions is far higher than you'd normally find in similar companies and must be testament to the fact the endless roadshows have been far more successful than we - or certainly me, thought.
So all the volatility is caused by a few Herberts like us - that must be frustrating for the management team.

TheItalian, no corporate event = collapse...it's that simple.
The Review announcement and yesterday's presentation indicates to me that we are further down the track than some may think. I suspect DC would not have gone public with all this unless good progress has already been made...why take the risk of failure and humiliation?
As DC said, the Review and whatever flows from it, is separate from the CGP deal. What this implies to me is that the deal is part of the marketing process i.e we are able to say to any buyer; "Yeah, well look (copyright DC), we're in the process of tidying up the ownership and can now offer you complete control"...this transforms our attractiveness.
For all the reasons people suggested yesterday, this is a sale process and I'm amazed the market hasn't understood that.

Bozi, I'm sure you're right, but there was nothing else he could say today.

at the market reaction DC may well be asking himself, "what the feck have I got to do to get the price moving?"...and with some justification.

not again. On a day when there has been much good discussion, interpretation and speculation, we have to endure this nonsense.
Can't you fellas just put a sock in it?

brad, it told us he has a form of Tourettes , in as much as he cant't start a sentence without saying: "Yeah, well look".

Answered my question about the misappropriation but ignored the one about what are we doing with our current employees in Ecuador.

Bit early for that, RK!

SM, indeed it would. They were told to "put up or shut up" last year and did neither, so they deserve a good kicking.

DBW, this is the only new bit I can see. I was wondering how they'd deal with the shares owned by CGP and this is an ingenious way to raise some cash.

I guess he'll be setting out the rationale for the transaction and I'm not expecting much else. Of course he won't be able to say anything interesting.

So, Irwin's locked-in. He wouldn't have given away his power to sell unless he'd been told specifically that it's a full or partial disposal we're after. And he most certainly wouldn't do it if it was a fund raise the guys were pursuing...no one in their right mind would.

I should add that I think the key to unlocking a good deal with someone other than BHP, is to split them and NCM. If we can get NCM onside we can deliver a deal to a third party. But who knows what NCM's intentions really are?

Q, I'm genuinely puzzled by your diverse book argument, in as much as I can't see how it's going to stop an agreed deal. Bear in mind, our new shareholders i.e the CGP lot, have made their intentions perfectly clear... they want out, and I think we can add many private investors, NM, DGR and Tenstar to that list.
If the board negotiates a deal, it will be put to all shareholders with the unanimous backing of the board and a significant chunk of the shareholders.
Where I will agree with you is that the new register will give the board a much stronger hand in negotiations, if only for the fact that the CGP holders will be inside the tent rather than the opposite - in other words they'll be easier to deal with...which is the raison d'etre of the merger in the first place.
BHP/NCM are now looking at a situation whereby they now know that if they wish to buy us, or just Cascabel, they are likely to find themselves in competition...which is what we've wanted all along. We have weakened their grip, although we must still pay heed to the fact they will still own circa 20% of the company.
I was never in favour of the original hostile bid for CGP and I think what the current deal signifies is that NM has been hidden away in a cupboard during negotiations so that the antipathy that exists between him and the CGP lads is avoided. However, now we've agreed terms with them, which obviously implies we have listened to their demands, we are now firmly on the runway, seatbelts fastened and all hand luggage has been firmly stowed away in the overhead locker. (apologies for the naff metaphor)

ET, quite possibly.

Once the merger is out of the way we become a very tempting investment opportunity for those who are looking for a quick return. Just think, invest via a placing at circa 16p in the full knowledge the company is currently being hawked around for sale at a price which surely will be way in excess of current levels.

Q, I speculated the other day that BHP may have suggested we do this in order to clear the decks prior to a bid from them. Of course, this doesn't sit well with the fact that Citi will be taking this to multiple potential bidders, but they may have been persuaded it was necessary regardless of who bids for us.

Jezzoo, it was described as the capitalization of unauthorised expenses. It wasn't a "mistake".