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Quady, good morning. The important dynamic here is the one which exists between BHP and New. If New are not in a position to make a full bid, which many people believe they are not, they could come to an agreement with BHP which sees them sell their shares at an attractive price. This would be the catalyst for a full bid from BHP and personally, I don't see anyone being able to stop them (we know Cornerstone would sell in an instant, as would most private investors)
The alternative is the jv route between BHP and New, which I can see may be attractive for Newcrest shareholders.
If those majors are to continue with their strategy of funding explorers, it would sense for them simply to buy Alpala and then continue to support NM as he rolls-out the exploration of our other assets. To me, this is blindingly obvious and is undoubtedly the best way to secure shareholder value.
I can only pray his ego doesn't get in the way.

boracic, yes, the deal was announced on the 23rd December and completed at the end of March. Have a look at the various RNSs'.

jl, you're right, this offer is a joke and has no chance of success, which, given Mills is not a fool, begs the question why is he trying it on? And why did he choose this structure?
The answer to the second question appears to be that he sees this as a cheap way to gain control of the business. If it was taken private he can do whatever he wishes with the company without any real sanction or scrutiny...this is totally unacceptable. He and Bayford may also see this offer as a way to flush out any other bidder and allow them a profitable exit.
I'm guessing, but I'm not sure how much fight the management team have in them and they may well be preparing to sit down with Mills to agree a more palatable deal. The problem is, as far as I can see, none of them are particularly experienced in corporate activity and would be trampled to death by Mills, who is an expert. (I'm afraid our new NED, although having corporate finance experience, is no match for Mills)
We can only hope our corporate finance advisors are up to the job and are able to extract fair value.
One thing's for sure, this has got legs and we can be assured of plenty of bitter fighting.

Good question, Echo. I admit, I don't really have a target price at the moment.

I doubt I'll get a response, but it may prompt them to make an announcement about the issue.

I have emailed the company's financial pr people and have asked them to clarify Holder's role. There is clearly a conflict of interest and he needs to stand aside.

Echo, it is to be hoped so. They need to put up a very robust defence and they should also be getting their advisors to approach other potential bidders.
Let's hope they can get the price up to a level that returns you a profit.

It was me.
For various personal reasons, I've followed Mills over the years and have been astonished by his tactics. As soon as his investment was announced here, it was blindingly obvious what he was about to try. And bingo! here it is.

Indeed and it would be very interesting to find out who the other party referred to, was. My guess is Bayford, hence the tie-up with Harwood.
The response from our lads should be amusing.

earthling, indeed and that's one of the reasons the offer is an utter pishtake. Mind you, I bought quite low, so whatever way it goes, I'm happy.
What's happening is a very typical approach from Mills. He's an absolute shark. I'm looking forward to the company's response..
Anyway, this is the SOLG page, so apologies once again...let's get back to speculating about our own fun and games.

Echo, you are right, this is a straightforward pishtake, and the market thinks so as well. There is not one thing to recommend this approach.
This is so, so typical Mills.

If this didn't stink at the time of the suspension, it reeks to high heaven now.
Nomads don't just resign for no reason, particularly when fees are involved. And it doesn't take months to sort out a "relationship" with an advisor.
Something dodgy has/is going on here and finding another Nomad may not prove easy...and if they don't, the business will be de-listed.

not sure if any of you followed my recent suggestion and invested in FCRM? If you did, have a look at what's happened today.
Fireworks guaranteed.
Apologies for OT.

In fact, it's very unfriendly.
Harwood are highly critical of existing management and complain that the recent disposal was completed at an undervaluation of the business. It also says the company has rebuffed a recent approach from another party.
Harwood, if successful, wish to de-list the company.
For anyone familiar with Mill's approach, this is all very familiar.
A bit of fun to be had in these gloomy times.

I should not have posted so quickly. The tender offer is only for 53.5m shares which would give them effective control without having to pay for the whole company. They have done this in collusion with Bayford.
This does not look like a friendly move and we should see some fireworks. Sit tight.

By the way, don't be tempted to sell. They will end up paying more.

Harwood have offered 26.25p per share for the business.
They claim it's in response to yesterday's 'extraordinary' share price movement and had to act quickly and without the chance to discuss it with the board. I don't believe them.
As predicted, they are trying to get this on the cheap and we must make sure the chairman is not influenced by his affiliation to Harwood.

I take your point, but I was only pointing out the basic principle of what happens when a divi is paid.

LG4444, simple answer: if the divi is for example, 50p, theoretically the share price will drop by 50p.