Member Info for ElectricLion

It was a coup for Calibre, no doubt. But I believe B2 wanted out, when all's said and done. The gold price was also in the doldrums, which is not the case now.

It's Calibre who are nearby - you know, the Calibre that we mentioned as a potential acquirer. They bought B2Gold's mine some years ago now. There's a lot of history there. My interpretation is that Calibre have shown no interest in cooperating with anyone, least of all CNR. That may change now, but I wouldn't hold your breath.

Fair. But ex-CNR holders will only account for about a third of MTL shares in issue though, and I'd expect the CNR BoD to be locked-in for some time, so the turbulance may be short-lived. I'd expect many CNR holders who'd rather not go into MTL to clear out before the final conversion of shares anyway. If MTL is indeed undervalued as they would have it, they should recover.

There's still a gap to close between here and the proposed takeover price. I suppose opportunistic investers could buy now and expect to make ~20% in fairly short order, assuming the sale goes through. I suspect the only reason the price isn't a little higher is due to disgusted LTHs exiting, or at least, cutting.

I'm pretty sure you're right (again), but there comes a point when people just get sick of being pushed around. It's no reflection on MTL in any way, but there will be a protest vote here. The only question is how big it will be.

"The terms of the Offer will be put to Condor Gold Shareholders at the Court Meeting and the Condor Gold General Meeting. The Court Meeting and the Condor Gold General Meeting are required to enable Condor Gold Shareholders to consider and, if thought fit, vote in favour of the Scheme and the Condor Gold Resolution to implement the Scheme. In order to become Effective, the Scheme must be approved by a majority in number of Condor Gold Shareholders, present and voting at the Court Meeting, whether in person or by proxy, representing 75 per cent. or more in value of the Scheme Shares voted. In addition, a special resolution implementing the Scheme must be passed by Condor Gold Shareholders representing at least 75 per cent. of votes cast at the Condor Gold General Meeting."

I thought it would be 50%. It's not. It's 75% I am going to need to think about this carefully. This may not pass. If it doesn't then what?

Nah. The good stuf is futher undergound than the artisanals can reach I think. It's minute quantites anyway. Better to keep them on-side until we actually need them out of the way.

I want to know what happened to the "quite high" Chinese offer. I don't suppose I ever will know, but even coming at this from a completely cold, logical, Spock-like, position, it still doesn't make sense.

Yes I know it hasn't technically been signed, sealed and delivered yet, but it's clear that a hand-shake between billionaires has been done and so now we're all together, whether we like it or not. Although I and many other CNR shareholders are likely to vote against, if for no other reason that to vent our displeasure at how our own BoD have treated us, I don't realistically expect that to change anything. With JM's 25-odd percent, it'll probably pass easily. Then, perhaps, we can all look to making some money with MTL. GLA

Embarrassing isn't the word. It's appalling on all concerned, JM, MC, Hannam. They should be ashamed of themselves. MC may be, but I don't suppose billionaires are capable of such feelings.

My thoughts too Hammerr. I'm inclined to get as far away from JM as possible at this point. Not interested in watching him swan around promising the Earth to MTL shareholders as he has done here.

"I guess that this means board member's incentives for a sale over 40p are invalid now?"

It has been suggested that the CVR's would push it over the 40p threshold, which I can well believe. In fact, that's probably what they were designed to do.

JM's got some front hasn't he. Words fail me. At least, words that LSE would allow.

"We are proud of the accomplishments to date by the Condor Gold team and strongly recommend this Offer, which we believe is in the best interests of shareholders, Condor Gold's employees and local community partners. I will also be joining the board of the Combined Group."

P a r s e

there's a lot to p**** give me a minute...

do we even get a vote? or have they stitched us up good and proper?

I'm not interested in past performance of MTL, only future performance. And it's hard to make a company grow by another 1000% when it has already grown by 1000%. None-the-less, I take your point that MTL should be able to monetise the asset better than CNR has. MTL's offer is the only serious offer on the table, *at the moment*. I remain hopeful that will change, but we will have to see.

Indeed. And it's not fooling anyone. Our current SP is not even particularly close to 33p, never mind 44p. If it's some attempt to pull the wool over our eyes, then I don't give a damn whether it's our BoD that concocted it or MTL's. It's a disgrace, and I will be voting accordingly.

"The point of the CVR is that its value (if any) comes in 2+ years"

You meant to say warrants, didn't you? That would explain the misunderstanding.

Read the CVR 99. It's BS. CNR have upward of 2m oz already proved up. Why would MTL want or need to do any further exploration drilling for the forseeable future? They wouldn't. As I mentioned previously, it's insulting. And it's not 2+ years, it's 3 and 5, *after the CVR commences*. The loan notes look like they may add a further 6 months? It's amazing someone had the gall to come up with that. It add no value whatsoever. May as well not have bothered, at least then it wouldn't have riled CNR shareholders up.

This is the problem with the MTL deal in a nutshell - they can't really afford us. Scrimping around trying to find every possible avenue to save a few bob. Maybe we can't do any better and maybe the deal has already been done by billionaire hand-shakes in a back-room somewhere, but I am truely astonished if the Chinese are willing to let a major gold asset in a friendly country to them go this easily. Can't imagine that Ortega is thrilled either.