Member Info for addicknt

Colonel, I think your translation service is spot on.

Good to see the company beginning to make progress elsewhere.

The one he made up earlier.

Erm, March last year?

Putting to one side the possibility of takeovers etc, this announcement surely makes it absolutely crystal clear that the mine will actually happen and thus removes any uncertainty that some people may have harboured.
It's interesting that perhaps one of the most important developments we've seen is contained in a job advert.

Great spot, schlemiel.

Yes, they can offer what they want. SOLG have the right to match that offer.

I wonder what possesses anyone to sell at the moment?
They've been waiting ages for something to kick-off and at the very moment it begins they think to themselves, "I must sell".
There's some very strange investors out there.

So, supposition then, which is fair enough - we're all engaged in the same process at the moment.

"I'm firmly of the opinion that Equador would not want BHP... etc"
Why not? And how do you know BHP/NCM would push back production to 2028 "at the earliest"?

Quady, no that's not the case.
If a bidder gains controls via 51%, or more, and other shareholders don't take up the offer, the company can call an EGM and seek approval for de-listing, which they would obviously win.
I think you're referring to the compulsory sale of shares. If a bidder reaches 90.01%, it can then force the sale of the remaining shares via a "mopping-up" process.
Iceberg, you may be right about about the government issue, but I suppose the question is; why would they refuse it? It's not as if it's being sold to a hostile nation, such as China.

TBTT, I agree - the obvious reason for CGP not wanting to sell (despite having previously said they want to ) is that they're waiting until October 15th, and who can blame them?
By giving the closing date of the 13th, NM has stretched it as far as he can and is also making a veiled threat which runs along the lines of; "if you don't support us you'll have no opportunity to share in the long term future of our assets". CGP shareholders will not be persuaded of this argument, particularly with NM at the helm. Of course, if a publicly quoted company is the bidder, they can buy shares in that company with their proceeds...and who knows, there may even be a share component contained within the offer.

altthatguff, actually the investment agreement between BHP and SOLG does prohibit discussions until October. In fact, in theory, BHP cannot talk to anyone, although questions the enforceability of that.

Morning, Quady.
60% of the shares are held by what may loosely be described as institutions/trade competitors and within that category , 40% of shares are held by those who could be considered as hostile. Only 20% of the shares are in "friendly" hands.
As any corporate financier would tell you, this is a very strong base from which to launch a hostile bid, and a very weak one for those opposed to a bid.
You regularly use the word "consolidation", which is not actually the correct term for what you're describing - but I know what you mean. But the fact is, you don't need to form a concert party prior to a bid, indeed, an institution such as BR is unlikely to sign up to one as it may tie their hands. A concert party is a useful thing to have in any bid situation, but it is not necessary. A bid can be launched at any time and the bidder will seek to persuade holders by the simple virtue of putting money on the table.
As a consequence of the small size of the "friendly" shareholder base, which NM is fully aware of, this company is highly vulnerable to takeover - hence the retention of Citi. (you don't employ an investment bank this far in advance unless you feel vulnerable)
I know you feel strongly that a bid would be unwelcome, but you mustn't console yourself by reference to the shareholdings and NM's statements. He's a sitting duck and he knows it.

TBTT, whilst I agree with much of your analysis, I'm not sure you're right about the 'groupthink' point.
It strikes me we have a good range of opinion on here and people are respectful (by and large) of other's views. In fact, I think this is one of the better boards on what can be a cess pit of a web site.

No. You've been left holding shares in a micro-private company run by someone no one knows anything about. Seemingly it has only one director, no current information about strategy and no information about what it actually owns or does.
The one thing you most certainly don't have is a company with $2bn assets.
The hype has gone and what went on here is very odd, to say the least.

Morning, Quady.
I think your observation about Cornerstone is very valid. My only thought is that they may have been approached but were not tempted at this stage. Perhaps they are of the opinion greater value will be had when the gloves come off in October. That would make sense to me.

Colonel, understood...I was confused by your original post.

Colonel, if an offer is made for SOLG it has to be made to all shareholders, including Cornerstone. A bidder cannot be selective in terms of to whom it makes the offer.

Gino, not only that but BHP are prevented from having any discussions with anyone else. If they stick to it.