Member Info for Cnutgoestheeasal

I asked this question yesterday and predictably got no answer

Maybe I'm being thick here but I can find the RNS announcing publication of the scheme document but not the actual document itself. The RNS gives a link to the general offer page in which it is the last offer click on that and round and round we go.

What am I missing please?

Lots of other gubbins about irrevocable undertakings but not the document itself.

Anyone got a link?

Thanks for that freefaller. Which provider has given that response and I don't suppose they confirmed SIPPs are OK to?

fyi I've asked the same of ii and am still awaiting a response...

Having listened to the presentation this morning and to a previous one earlier in the year I'm pretty sure Darren won't want a toll deal with Calibre even if they offered it. Why? Because the key point about MTLs turnaround from near disaster 5 years ago is getting a grip on the gold extraction process. Time and time again he mentions production IP as perhaps the key to the company's success in the past and how it will differentiate itself in the future (alongside ESG).

Disappointingly he didn't take questions so I can't be certain but I'm betting he thinks he can now apply a turnkey solution to La India et al and churn out 100+k pa at $1200/oz. Why would he want to share that uplift with Calibre and anyway he probably thinks he can do it better than them.

Whether his confidence is misplaced who knows?

So how does a paper certificate work within a SIPP wrapper.

I've asked my SIPP provider ii and still waiting for an answer...

Exactly it bluffed!

It's any new resources discovered anywhere in the license area. Logically you start by trying to expand the existing sites La India etc and I believe proving up new resources within these counts just as much as virgin area discoveries!

Forgive me if I'm wrong up when the 2 parts of the CVR pay up they appear to be in the form of loan notes (paying Barclays rate plus 2%) for the gold pour part and either loan notes again or MTL shares at the discretion of the MTL management.

If correct how we cash these in because at some point everybody will want to.

Btw I didn't see a redemption date for the loan notes - maybe I missed that!

I get an error when load this. Anybody else have problems?

Well at the very least there will be news flow rather than just tumbleweed....

A couple of big questions came out of this which I wonder if anyone else could divine more than me.

First they are targeting 120k gold pa and I can't remember how many tonnes a day. Is this compatible with the mill already bought by CNR or are we talking a brand new mill with all the requisite expenditure of using the existing mill and adding new bits on to it.

The bit about getting half the contingency in terms of production was better than I thought but I'm still mired in confusion about gold to be discovered. Maybe I missed it in the offer document but at what state does the gold have to be determined. Resources or resources? Indicated or proven? Does it have to be JORC compliant or can CNR management agree with MTL management as to what has actually be discovered and then pay out accordingly?

Answers on a postcard please!

In theory yes but I suspect trying to short an AIM tiddler wouldn't be worth the effort in terms of reward. Nevertheless the arbitrage opportunity is out there for anybody willing to take advantage of...

The absence of any hedge funds playing M&A arbitrage tells me that this deal is sealed and there will be no further surprises. Why?

Because they have their ears carefully attuned to market murmurings and they can't detect any behind the scenes manoeuvring.

Maybe Calibre were interested by the Nic Govt were wary of handing over the country's entire gold exploration prospects to them?

Maybe we'll never no.

Anyway I'm predicting that this deal is sealed and no further moves from 3rd parties will be seen.

Peeps might need to get their minds around that...

Great company - ridiculous valuation!

Well done GDP!

Fair does I don't normally make forecasts and your post at the time did seem to have a go at me. I read it again yesterday and reached the same conclusion. It seems I was wrong - sorry.

Anyway with SRB everybody's a winner right now.

Unlike CNR/MTL where there are a few unhappy individuals.

Enjoy the oasis of calm while it lasts.

It's a long story but in short for reasons known only to LSE I was disappeared by them on my previous pseudonym and my frustration at having to pointlessly re-register together with a R4 In Your Time podcast on the aforementioned king still fresh in my mind combined to enable the gnomic name you see today!

Broomtree - I don't want to start an argument but I really think you're being way too optimistic.

Don't get me wrong I'd love any deal over 40p but I really think reality is staring us in the face.

If there is no binding bid from MTL today and no agreed extension the price will go below 20p and how you imagine it will then rise to the giddy heights you want it to after 2 years of trying is beyond me!?

Back in early October I predicted a price of 100p and was criticised by a certain person for not sticking to the fundamentals. Well as I made clear at the time I don't normally feel confident enough to make predictions but the FUNDAMENTALS were so positive that I'd make an exception in this case.

And lo it came to pass....

Like I said price discovery has been brutal.

I can only compare the current situation with that of SHG. There an asset was gobbled up (unfairly in my opinion) at a bargain price.

And the hedgies were all over it! Every day there was a new disclosure of this fund or the other taking a stake. Why because they thought they could squeeze some extra money out of the bidders which duly happened.

And CNR?

Only tumbleweed - one one single fund has declared.

We're on our own!

Price discovery has been brutal. When I look back at all the debates on this board about whether the bids would be 40+, 60+,80+ or £1 I can only smile ruefully.

Basically no one apart from MTL wants us badly enough to break cover. Sure we'll find a cash buyer for 10p but that would be a disaster for everybody not least Jim. Calibre are not going to come in with a last minute bid for the simple reason they think the current MTL bid of 30+ stands a good chance of failing and they can wait around and scoop it up later for a few pennies. It's unlikely they will swoop if the bid is approved and voted through but more likely.

I'm really sorry for those that hold millions of shares but in every investors life there comes the time to cut ones losses to prevent even bigger ones occurring. I think that time is now.

I'm hoping JM can negotiate a slightly better deal with MTL but don't hold your breath and in any event I'll would keep my MTL shares since I genuinely think, in time, they will prove a multi bagger.

I appreciate LTH in CNR has run out of patience but surely a bird in the hand is worth 2 in the bush?

Then as mentioned below the share price drops