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Newcrest would have given their support for this transaction, but we don't know how BHP will react. Unless they were made insiders, they wouldn't have known about it, or at least they shouldn't have known, so it would be interesting to be a fly-on-the wall at their HQ.

Strider, fair point.

No, I didn't, but I don't believe for one moment you were posing a genuine question.

Bottmzup, have you followed your own advice and sold?

It's also interesting to note the degree of hostility which exists between the two parties. I can just imagine the reaction from our boys when, as part of the deal proposed last year, Cornerstone demanded NM and the chairman stand down and that they have half the board seats.
Clearly, there has been much behind-the-scenes activity on this over the past two years.
However, if I were a Cornerstone shareholder I think I'd think very carefully about this as a 20% premium looks a bit cheeky. In fact, if I were on their board and wanted to sell, the first thing I'd do would be to get my corporate finance advisor to get on the blower to every mining major in the world inviting them to make a counter-proposal. In fact, I'd bet my life that this is what will happen.

to follow on from Jerrys post; 8) this is another part of the defensive strategy.
When it comes to selling the company, NM wants to make the process as simple as possible and getting rid of one the main shareholders is a good way to achieve that.
As far as I can see, this move makes perfect sense, although it will be interesting to see what their shareholders make of it.

I wish BCN was still valued at 122m.

I'd missed this when it was posted in Dec. He certainly comes across extremely well. How refreshing it is to hear an engineer speak and particularly with such evident enthusiasm and confidence. No bullshit; wonderful!

BNC, are you sure about that? I thought I'd heard him say January for the release date and that the Q1 statement emerged later.
Happy to be proved wrong.
Either way, as I said earlier, it doesn't give me any concern.

With regard to the "delayed" PEA, the fact of it doesn't concern me, although I'd quite like to have been given a reason for the delay.

Bullshitters are two-a-penny in the junior mining world and Australia has produced plenty of it's own...think of Landau and Lenigas as two prime examples.
However, Mather strikes me as being cut from different cloth. He has a track record of shareholder delivery (unlike most of the spivs) and his presentation style is no-nonsense and straightforward. There is just one note of caution: none of us actually know the guy and it's impossible to accurately gauge what he's really like. That being said, I rate him and just hope that our faith is rewarded.
I didn't particularly approve of the new share options and voted against. Sadly, this is a common feature of the corporate world nowadays and excessive remuneration is almost regarded as being the norm. Nevertheless, if he delivers a share price of in excess of £1, I'll be perfectly happy.

Lee, if you don't wish to find out what happened, that's your business. If I choose to maintain my interest, I will do so...kid.

interesting article, Pinot...thanks for posting.

Dar, that's a very good question.
There was some very good balance sheet analysis and also a very good understanding of the way the market operated, which led to Gotham concluding that there was something dodgy going on. However, it always struck me that they had someone on the inside.
An anecdote: at the time, one of my pub acquaintances was as solicitor working in the southern region for a competitor company (he was at partner level) He told me that he could never understand how QPP was doing it and that there was much gossip amongst the legal community in the South about the company; some of it very detailed. He was always very discreet and didn't want to 'rat' on a competitor, but my suspicion is that there were many local solicitors who knew exactly what a crock the company was. He was offered a job by them on several occasions (the money was very attractive), but turned them down. After the solids hit the air conditioning, he told me "one day the truth will out". Well, we're still waiting.
The omerta amongst the legal community down there even spread to my own lawyer. He had been a partner at the company's solicitor (he'd left before QPP became a client) and his new company had been approached by QPP to act as advisors, an opportunity they declined. He would never tell me what he knew, other than to say most people in the region steered well clear.

The PEA is of huge significance for the company. It really is the display in the shop window and if it takes Mr Humphries (only older readers will get the reference) a bit longer to get it right and to showcase our wares in the best possible light, so be it.

Morning, Grumpy.
When you refer to "the Gotham mess", I assume you mean when they exposed the truth about the company?
The mess wasn't created by Gotham; as subsequent revelations have proved. Don't shoot the messenger.

just to follow-up on that, I guess it's someone buying from KDNC on an OTC basis.

off-book trades.

I think most shareholders have died of old age. They are simply skeletons, propped-up in front of their computers. Their partners occasionally pop-in and ask if they want a nice cuppa and a Rich Tea; otherwise, all is silent.

Strange that the price hasn't moved.