Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
After a share consolidation, a current shareholder holds fewer shares, but each share is proportionately worth more. As a result, share consolidations do not change the aggregate value of what shareholders own or the overall market capitalization of the corporation.
If we buy NCM 70% of Havieron at fair market value they have to take into account what it would be worth without Telfer .
The 70% would be at bargain price because NCM cannot include Telfer in the valuation .If NCM want to sell Telfer it also works against them as they cannot include Havieron in the valuation It would be a lose lose for NCM . But what happens if they make the decision to mine can they then sell there 70% and Telfer to the highest bidder or do GGP still have first refusal .
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02658472-3A617130?access_token=83ff96335c2d45a094df02a206a39ff4
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02658475-3A617131?access_token=83ff96335c2d45a094df02a206a39ff4
Notes from Interview with Callum Baxter - 06 Feb 2023
So, Newmont's just trying to get in front of that and I think it's great. Now if Newmont, Newmont, hang on, want to hang onto Telfer and the Paterson assets. That's fantastic. And potentially that want to buy Greatland’s or Greatland’s portion of Havieron in that process. So that's a win for Greatland. Alternatively, if Newcrest sorry, if Newmont don't want to pursue the Paterson assets and that's an unlikely scenario, but nonetheless I'd say Greatland would throw its hat in the ring to try and purchase those assets.
Well, a scenario is that Greatland would purchase those assets from Newmont and Telfer would become a central processing hub for Greatland and it would make Greatland a mid-tier gold and copper producer. So, a much larger entity which is again a win for Greatland. So really for Greatland, the scenario at the moment is win win.
If we buy NCM 70% of Havieron at fair market value they have to take into account what it would be worth without Telfer my view a lot less so a bargain price for GGP then you have to say what is Telfer worth without Havieron again a lot less and a bargain price or next to nothing when you take shutting it down into the equation
Do you think Newmont may try to build up a 30% stake in GGP over the next 4 weeks I don't think they have to build it directly so its possible to do it covertly . If Newmont are completely confident that the bid for Newcrest will go through then it would make perfect sense
Australian gold miner Newcrest has opened its books to US mining giant Newmont after receiving a sweetened takeover offer that values the company at $32 billion.
Newcrest in February rebuffed an earlier attempt from Newmont, the world’s largest listed gold company, to acquire its shares at a 22 per cent premium to their previous closing price, which would have valued the Australian gold miner at $24 billion.
However, Newcrest on Tuesday said Newmont had made a revised offer that implied a share price of $32.87 a share, marking a 46 per cent premium.
“After assessing the revised proposal, Newcrest has agreed to grant Newmont the opportunity to conduct confirmatory due diligence to enable it to put forward a binding proposal,” Newcrest said.
“Newmont has requested exclusivity during the due diligence period as a condition of the revised proposal and Newcrest intends to grant exclusivity on acceptable terms.”
Newmont has indicated that the new offer represents its “best and final price” unless a rival offer is made. Canadian gold mining giant Barrick Gold – widely considered to be a possible rival suitor for ASX-listed Newcrest – has indicated it is unlikely to challenge.
Based in Denver, Colorado, Newmont has mining operations across the globe spanning gold, copper, silver, zinc and lead. It has two major Australian gold mines – Boddington in Western Australia and Tanami in the Northern Territory.
Melbourne-based Newcrest owns gold and copper mines in New South Wales, Western Australia, PNG and Canada, and holds equity interests in gold assets in Ecuador.
If Newmont’s $32 billion bid for Newcrest succeeds, it would mark the biggest takeover in the history of the gold mining industry.
Revised non-binding indicative proposal received from Newmont
Revised conditional and non-binding proposal is at 0.400x exchange ratio and, in addition, permits Newcrest to pay a franked special dividend of up to US$1.10 per share
Represents an aggregate implied value of A$32.87 per share to Newcrest shareholders1
Newcrest has agreed to grant Newmont the opportunity to conduct confirmatory due diligence to put forward a binding proposal
Newcrest Mining Limited (ASX, TSX, PNGX: NCM) advises that it has received a revised conditional and non-binding proposal (Revised Proposal) from Newmont Corporation (Newmont) to acquire 100% of the issued shares in Newcrest, by way of a scheme of arrangement.
Under the Revised Proposal, Newcrest shareholders would be entitled to receive 0.400 Newmont shares for each Newcrest share held.
In addition, the Revised Proposal permits Newcrest to pay a franked special dividend of up to US$1.10 per share2 on or around the implementation of the scheme of arrangement. In aggregate, the Revised Proposal represents an implied value of A$32.87 per share to Newcrest shareholders1.
Following Newcrest's announcement of 16 February 2023, Newcrest and Newmont signed a non-disclosure and standstill agreement. Newcrest subsequently provided Newmont with access to limited, non-public information on a non-exclusive basis to determine if Newmont could provide an improved proposal that appropriately reflected the value of Newcrest.
The implied consideration which would be received by Newcrest shareholders under the Revised Proposal from Newmont, when aggregated with the franked special dividend, represents an increase of 16.0%3 to Newmont's initial proposal (0.363x exchange ratio) and represents:
an implied Newcrest share price of A$32.87 per share1;
an implied equity value of A$29.4 billion and enterprise value of A$32.0 billion for Newcrest4;
31.1% ownership of the combined group by Newcrest shareholders on implementation;
a 46.4% premium to Newcrest's undisturbed closing price of A$22.45 per share on 3 February 20235; and
a 41.2% premium to Newcrest's undisturbed 30 day volume weighted average price (VWAP) of A$22.22 per share on 3 February 20235,6.
Based on: 1) exchange ratio of 0.400x (with implied Newcrest price calculated using Newmont's closing price on the NYSE of US$52.05 per share as of 6 April 2023 and an AUD:USD FX rate of 0.667 as of 6 April 2023); and 2) a franked special dividend of up to US$1.10 per share.
2 Newcrest expects to have sufficient franking credits available to frank a dividend to an amount of US$1.10 per share. The franking of the special dividend amount is subject to change based on timing of completion of the transaction, business performance, foreign exchange movements and ATO ruling.
3 Based on an aggregate implied offer ratio of 0.4211x, which assumes the US$1.10 per share dividend is paid in full and reflects spot AUD:USD FX rate of 0.667.
4 Equity value based on: 1) excha