Member Info for Culpepper

Yes. And that is why I view thoughts of any Ggp disposal of it’s 30% holding as a backward step within my own time frame.

I can’t advise on sleeping disorders. Haven’t put you to sleep yet either, it seems, if that was a little snipe.

Well, maybe not the done thing to say on here, the future and all that, but I can’t be alone in waiting for an RNS that’ll create sufficient buying pressure to see a sustainable rise in sp. I do believe the win/win scenario will play through though, one way or the other, in line with published progress, and corporate decisions when a time is reached at which they may be made.

Haha. Does not mean what he says.

I didn’t mean to infer Mr. Day means what he says. Yet conversation this morning indicates ( to me ) perceived ‘delay’ in RNS publications, I make little of that myself, is unhelpful to shareholders full understanding.

It’s a nice use of words. Fact is, put me right, it’s the MRE being waited on.

And Newcrest are conducting their own, in the other direction.

Newmont has been granted exclusivity currently ending 11th. It may not end due diligence, or other matters.

Telfer is key to this, as we know. And whoever has that, I guess will want at least a major part of H to maximise profits, in the absence of other ore going through. So very much down to how Newmont come to see it as part of their portfolio or not. Nothing new in that either.

Major shareholders that is, to indicate that the boards recommendation has their support.

The Newmont thing will progress, probably through vote having run it over shareholders, and on to completion sometime. I do not view any acquisitions/disposals affecting Ggp as quantifiably time-limited in realistic terms.

There’s permutations possible on that too, so much for me, so much for you, and we’ll run it. One imagines Telfer will have to come into that somewhere.

I leave it there.

I don’t expect anything to fall within any particular time-frame. These things can drag on below the speed at which pi’s anticipate.

On last nights conversation and previous conversations about coming up with the cash for acquiring the 70%, if it is thought to be too much of a stretch for Ggp, I suppose it’s open to conjecture that Wyloo could make a bid, in cahoots with Ggp, thus bringing H more in-house with a team in place to develop, whilst exploration continues. Don’t know if it’s one of the already aired conjectured alternatives.

We know they’re going to sell it, so I’m fixed on that now. Another couple years, whatever, whilst they make it into something somebody wants. Mxc pretty reasonable at that, in fairness, and their retirement cash is aligned with our interests.

Https://www.lse.co.uk/rns/TIA/

I expected something like that. Forward looking again, shaping up, that sort of thing. That’s what I got.

Thanks for that Dip.

So on that I take the tentative view that should 70% H finish up with Newmont, Ggp will get the opportunity to match a bid made by a third party, if Newmont decide to sell and there happens to be a third party bidder. Otherwise, it becomes a matter of negotiation between Ggp and Newmont, presumably around valuation, and mutual agreement.

I think.

I think it was Dip who had something to say on it from his research. Perhaps you’ll come back Dip?

There was some previous conversation about that and the type of right that might exist, other than one made on a DTM basis.

‘Unlike a right of first offer (ROFO) or a right of first negotiation (ROFN), a ROFR requires a seller to actually offer the exact deal requested by an interested third party buyer to the holder of the ROFR – a very powerful option to have in M&A scenarios.’

I don’t know a definitive answer.

Perhaps they’re just singing them to Newmont on the basis of where they’re at with it in their discussions. Shareholders will get their say after it’s recommended. We don’t know what they might think yet.

I mean in the end Newcrest will look after themselves, as will Newmont, Ggp the same whilst looking for any opportunity to advance their best case. And they won’t necessarily be constrained by JVA’s, with anything possible by mutual agreement.