Member Info for Culpepper

Can’t see it’ll make a blind bit of difference, except maybe to Ggp share price. Newmont and Ggp will have the same info, if it comes to negotiation, and according to Mr. Day will have the opportunity to review the Ggp MRE before publication.

A successful dual listing revolves around management’s continued focus on the Australian business. This includes the company hosting investor meetings in the local time zone, engaging with the investor community, ongoing analyst coverage and ensuring the free flow of information.

“If we receive information six months after our counterparts in North America, that’s not going to work,” one fund manager said.

Newmont’s Australian-born chief executive, Tom Palmer, is keenly aware of this, telling a conference in Denver on Wednesday that he’s eager to increase the reach of the miner’s local listing. “[We] welcome shareholders from Australia that will form an important part of our shareholder base as we look to establish and then grow our listing on the ASX,” he said.

Street Talk understands Palmer will touch down on Australian soil next week to meet local investors. He’s expected to press his case for the local listing, commit to an ongoing information dialogue and kick off an education campaign. Newmont is also understood to have hired a local head of investor relations.

Beneficiaries

Others, however, are sceptical. They say CDIs are generally unloved by Australian investors. They point to Square-Afterpay and Unibail-Rodamco-Westfield, where local assets were consumed by a much larger global company and liquidity of the CDI dwindled. Singapore’s Singtel was delisted in 2015 after persistently low investor demand for its CDIs.

Sources told Street Talk they’d already witnessed local investors dump Newcrest ahead of the takeover. Large-cap investors generally own one or two gold miners, and if the merged entity is replaced, this could benefit the next largest gold miners by market cap, Northern Star and Evolution Mining. Mid-caps such as Gold Road, Genesis Minerals and Red 5 could also flourish if investors migrate down the sub-index.

Others are keenly watching to see whether the newly merged entity looks to divest non-core Australian assets such as Telfer in Western Australia after the deal is formalised.

Concerns include that local analysts could wrestle with analysing US-domiciled Newmont with a good chunk of its operations located offshore. Local investors may also turn their nose up at a company whose news flow largely emanates from the US, hitting the CDI at the open of trade, or at the notion of holding a foreign company.

Newmont’s proposed acquisition of ASX-listed gold miner Newcrest is widely expected to sail past the shareholder takeover vote in two weeks. But what hasn’t been widely discussed is whether the takeover will be the biggest liquidity event on the ASX since Square’s $39 billion Afterpay deal.

In a nutshell, Newmont’s ASX-listed Chess Depository Interest is on track to hit the bourse next month, forming a local listing for the $US32.4 billion ($50.4 billion) New York-listed gold mining giant.

And that’s going to mean investors will scramble over coming weeks to form a view of the newly merged group and decide whether they’ll need to rebalance their exposure after the takeover.

Under the proposal, Newcrest shareholders will be issued 0.4 Newmont shares for each share they hold, plus a franked special pre-completion dividend of up to $US1.10 per share.

Newcrest shareholders can elect whether to own the merged company directly through NYSE-listed Newmont or via CDI. The outcome of this election will form the basis of the Newmont CDI market capitalisation, which will either hover around Newcrest’s current market cap of $24 billion, less the special dividend, or fall.

The big question is: will Newcrest investors take up the CDI, ensuring the merged company has ongoing liquidity and a strong presence on the local exchange? And if large-cap funds rebalance their portfolios, which other gold miners stand to benefit?

Sources who spoke to Street Talk pointed to instances where split-listings have been successful like Champion Iron and Patriot Battery Metals, noting these were more likely to work in the mining industry where Australia plays a key role than in technology.

Success is judged by the CDI’s liquidity – the degree to which trading occurs on the ASX – and can be seen in cases such as ResMed and Amcor.

That’s gone to subscribers, but I read it before. Just a little background. It discusses whether it might, or might not, do well on ASX listing, and whether some might not want the larger mining entity and diversify into one or two different other miners. Along those lines. No conclusions.

Https://www.afr.com/street-talk/local-investors-wrestle-with-how-much-they-ll-love-newmont-cdis-20230921-p5e6jc

I think Redtrader speaks to the extent of Newcrest’s and then Newmont’s contractual commitment to complete the decline under the JVA.

‘This agreement provides a formal framework between the two parties beyond the existing Farm-in Agreement and facilitates the expansion of exploration and early works activities, including the construction of a box-cut and a decline.’

If I read you correctly Redtrader, you are considering the extent to which Newmont may be required to fund works on an ongoing basis though they may be considering divestment.

For all I know, Newmont may be committed to fund works until DTM.

Firstmodern. Conversation evening of 27th. Janes spoke of the options being churned through. You agreed. If you hadn’t told me to get up to speed, which others thought funny, I wouldn’t have had to bet on it at home.

I’m not bothering about it. Are you?

Could be, but I thought first modern had firmy guessed they went through before and was anticipating a RNS that he’d exercised and sold some to cover expenses. No RNS as yet. Maybe later or Monday? We got a little side-bet at home on it, so I’m watching.

I don’t know, but I think there’s a possibility that those on here who consider the mill as worthless may be mistaken.

Consider the time, cash, and regulatory hurdles to replicate it.

I leave that to someone else. I’m just interested in

“I am pleased to announce the successful closing of our debt funding package. This marks a further milestone for Amaroq Minerals, enabling the transition to staged, full scale production at the Nalunaq gold project.”

Newcrest were, according to their publications, considering what may lie ahead for the Telfer mill in the region, over and above Havieron. . Newmont I imagine will consider that also.

Well, there you go. There was a time when a lot were salivating over an opportunity to take it all on. Going to be great to do so. I don’t know what the balance is now, but they’re less vocal.

I think Greatland can do very well with its 30%, without going through the possibility of what that entails, which wasn’t in the planning. Not against the opportunity of that for the project, win/win as Mr. Baxter says, but the unknowns of that for us as shareholders maybe a downer, according to personal time-scales.

We can have a go, on what we may see as the present, but Newmont will be looking years ahead. If they can’t be bothered with the management, give that to Ggp.

See Telfer Early FY 2025.

https://www.newcrest.com/sites/default/files/2023-09/230921_Annual%20Report%202023_0.pdf

Untrue. I differentiate Sisu. Not posted around Sisu’s very specific comment other than to say 1. I very much doubt it.

2. I give it no credibility.

I join in with the rest, with as little clue as you have on outcomes.

Any complaints, take them to lse. I couldn’t give a stuff about that either.

The rest, as you will know,

I don’t give stuff like that any credibility at all, but there you go.

On balance, I agree. The longer Newmont take to divest, if that is their aim, the better for Greatland.

It is as per header, and I very much doubt a price can be bandied about on known information around Havieron to date, and what else might happen, particularly as the new board has to get together to consider the combined portfolio and future objectives.

I remain aware, having gone through this a couple times before, that the price a transaction finishes at can bear little resemblance to where it might have previously been.

Newcrest is ASX.

This is what was said.

The Indicative Proposal follows the prior receipt of an indicative, non-binding and conditional proposal from Newmont to acquire Newcrest at an exchange ratio of 0.363 Newmont shares for each Newcrest share. The Newcrest Board had considered that the earlier proposal from Newmont would not deliver sufficiently

compelling value to Newcrest shareholders and on that basis, rejected the earlier proposal.

Both Ggp and Newmont will need to know what they have. And it should be published.