Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Yes, the author is wrong and just made that bit up. Very poor really and he should correct his article. Just goes to show you should not rely on other peoples word as it is usaully just guess work or in this case just plain wrong.
BUY - Target 50p Summary Paragraph - "With Yanfolila now in production we value HUM similarly to other miners, on a weighted average basis using P/E and EV/EBITDA multiples (using sector multiples) and an NPV(using cyclical multiples). We estimate fair value for HUM ranging from 45-55p on this basis, and set our initial target price at 50p/share. With over 50% potential upside to our target, we initiate coverage on HUM with a BUY rating. We see two value catalysts in2018 being resource conversions to extend LOM and the capex/OCF ratio" Note also Canaccord are taking them on a tour of the city May 8th to 9th to try to whip up some IIs
Just seen this in Invesotrs Chronicle....another large holder (Cavendish Aim) will be voting against the offer. The fund's second-largest holding, meanwhile, North Sea oil explorer Ithaca Energy (IAE), recently received a takeover offer from Israeli conglomerate Delek. But Mr Mumford does not believe the offer recognises Ithaca's potential to more than double its production from the Greater Stella Area. "Based on the current circumstances, the offer is fair," he says. "But there's tremendous long-term value in this company." Mr Mumford is the fourth-largest shareholder in the company and intends to vote against the offer in the hope that he can retain his interest in Ithaca.
Very interesting. Looks like the tankers tracker must be turned off as its not showing on marine traffic website. Well it's fair to say Delek are scewing us, bid on Monday, Oil flowing on Friday! You couldn't make it up! I expect Monday RNS to confirm first oil is flowing.
Ithaca investor Artemis Investment Management said Delek's $524 million offer for the stake in the North Sea oil producer it does not already own was "disappointing", the second large investor to voice concern about the deal. "Our first reaction is it's a lowball offer," Mark Niznik, co-manager of the Artemis UK Smaller Companies Fund, told Reuters. The fund holds about 5 percent of Ithaca. He said the offer failed to capture the potential of Ithaca's Greater Stellar field which is set to come on stream in the coming weeks. Read more at http://www.stockhouse.com/companies/bullboard#Xg813Vd5wUovhruy.99
Can anyone with a superior knowledge shed some light on the termination condition that is in the appendix of the RNS? Looks like if the offer doesn't go through with Delek and it is instead sold to a rival bidder then Ithaca must pay Delek 17 million Canadian Dollers! Surely not!? See below...... (g) termination rights for both Delek and Ithaca including, for Delek, a right to terminate the Agreement in circumstances where: i) Ithaca breaches its non-solicitation covenant; ii) Ithaca accepts a Superior Proposal; or iii) where the Minimum Tender Condition is not satisfied and Ithaca completes an alternative acquisition proposal with any person other than Delek or a subsidiary of Delek within eight months following the termination of the Agreement, and in such circumstances Ithaca shall pay a break fee to Delek of C$17,059,465. A copy of the Agreement will be filed with Canadian securities regulators and will be available at www.sedar.com.