Member Info for ElectricLion

15p! lol

...and it's gone! Pay no attention to my last post, I replied to a deleted post.

I insta-filter anyone who does that. Especially when I can look at your profile and see you're doing it in a dozen other places as well. Bye bye.

"The only deadline at 5pm today is for Jim's signed undertaking to come into force."

Correct. Try getting this deal past CNR shareholders without JM's wedge. Simply won't happen. You can argue the toss about whether CNR shareholders *should* approve the deal, indeed it's very possible bad things if they don't. But realistically, I just don't see it happening. The BoD have not prepared us for this situation. They have set expectations much higher.

"But even that can be extended if agreed by both parties."

Big if. and there'd have to be a good reason.

Simply because JM's agreement to back their offer expires if they don't.

Not today I think. If MTL make their offer, then perhaps we can expect a blue day tomorrow. Today, everyone is on wait-and-see mode. I honestly have no idea what will happen to the SP if MTL don't make their offer. That would be... interesting!

First thing they can do is drop the CVRs and replace them with shares or cash. I think it's fair to say most here consider them irrelevant at best and insulting at worst. A 33p deal may struggle even with JM's backing. A 44p deal may get over the line. Not what we hoped for, but workable.

Meh, if MTLs noses are put out of joint by us mentioning Calibre then they need to get a thicker skin. What, did they think we were "going exclusive" even though the offer hasn't even been made formally yet? If they're willing to sink the deal because of that then it says more about them than about us.

Yeah, that's probably fair. Somehow feels like CNR shareholders are being screwed into the bargain, but I don't suppose billionaires care much about the little people! At least MTL should be able to take the asset forward.

I'm gonna stick to my guns... based on the quotes I extracted - while he is compelled to do some things while the agreement is in force, the entire agreement is null and void should certain other events occur. So the latter condition takes precedence over the former. But don't take my word for it! lol

We're thinking the same I think. It's not clear, not to lay-persons like ourselves anyway. Wish it didn't need to be so complicated. Wish the offer was appealing enough that both sides could be confident of getting the votes and then none of this palaver would be necessary anyway.

It is a bit contradictory though isn't it. One the one hand:

"the Irrevocable Undertaking provides that Galloway shall vote against any resolution to approve any transaction or other corporate action which is proposed in competition with, or which might reasonably be expected to otherwise frustrate, impede or delay, the Possible Offer. "

and then on the other:

"The irrevocable undertaking shall lapse if: ... (e) if a competing offer becomes unconditional or, if proceeding by way of a scheme of arrangement, becomes effective in accordance with its terms."

Bleh. You need to be a lawyer to figure all this stuff out, and I am not one.

Strictly speaking, it's probably moot. JM is not likely to recommend the offer if there was any chance at all of a better offer coming along.

That's not my interpretation. I think any one of those conditions sinks the whole comittment.

"(e) if a competing offer becomes unconditional or, if proceeding by way of a scheme of arrangement, becomes effective in accordance with its terms."

I think this is critical, and it doesn't appear to be time-limited, so would apply literally right up until the moment of the actual vote. Any other views or interpretations?

Appendix 1 - Details of the Irrevocable Undertaking

Metals Exploration has received the Irrevocable Undertaking from Galloway in respect of Galloway's entire existing holding of 50,512,597 Condor Shares, representing approximately 24.7 per cent. of Condor's existing issued ordinary share capital, to vote in favour of or accept a firm offer for Condor announced under Rule 2.7 of the Code by Metals Exploration. In addition, the Irrevocable Undertaking provides that Galloway shall vote against any resolution to approve any transaction or other corporate action which is proposed in competition with, or which might reasonably be expected to otherwise frustrate, impede or delay, the Possible Offer.

The Irrevocable Undertaking also applies to any holdings in Condor Shares otherwise acquired in the period from the date of the Irrevocable Undertaking, being 28 November 2024, until it lapses. Galloway also holds 892,857 warrants over Condor Shares, representing approximately a further 0.4 per cent of Condor's existing issued ordinary share capital.

Galloway is beneficially owned by Mr Jim Mellon, Non-Executive Chair of Condor.

The irrevocable undertaking shall lapse if: (a) Metals Exploration has not released a firm offer announcement under Rule 2.7 of the Code for Condor by 5.00 p.m. on 4 December 2024, (or such later date agreed between the Company and Condor) or (b) if, having made such an announcement, Metals Exploration announces, with the consent of the Panel, that it does not intend to proceed with the Acquisition and no new, revised or replacement firm offer for Condor is announced by it under Rule 2.7 of the Code at the same time; (c) if a scheme document is not published within 28 days of any firm offer announcement by the Company (or such longer period as the Panel may agree); (d) the offer lapses or is withdrawn in accordance with its terms; or (e) if a competing offer becomes unconditional or, if proceeding by way of a scheme of arrangement, becomes effective in accordance with its terms.

A fair view Ace. Of course most CNR shareholders know relatively little about MTL's potential, so hopefully you can understand the apprehension.

One seemingly minor but actually crucial point - the BoD has not yet recommended the offer to CNR shareholders. Until it does, it can't truely be said that JM is supporting this. The MTL RNS made it sound as if he had already comitted, but the CNR RNS clarified that his comittment was basically null and void until he reccommends the deal. (That is certainly my interpretation anyway. Feel free to check it out and let me know your thoughts.) That situation could change very quickly, but until it does, it's far from a done deal.

More generally, I find it hard to belive that the "quite high" (non-binding) offer from a Chinese company has simply vanished into thin air, nor do I believe that MC would have the gall to call an offer of 33-44p (yeah, right), as MTL's is, "quite high", although he is seriously testing my belief. So the Chinese offer is higher than that, presumably. I also stuggle with the idea that all the interest that both he and JM have been banging on about has all come to naught, apart from the MTL offer of course. Trying to look at it as dispassionatly as possible, I really think that there is more twists and turns in this yet. MTL's offer, could basically be the back-stop, worst-case offer, should there genuinely be nothing further. But if there is nothing further, then our BoD have been seriously misleading us for some time. I hope that they haven't, but can't honestly say for certain yet. As I said, they have given us cause for serious doubts and concerns.

The MTL share price is down a handful of percent since the deal was announced. Get a grip man! There's a bigger picture here which your BoD can see even if you can't.

I am paid £130k as a software developer. For that, I get to work from home, have very little responsibility and certainly don't have to deal with uppity PIs. I don't truthfully think what I do is worth £130k, it's a lot easier (for me) than a great many other jobs that pay far less. But that's what the market deems my skills to be worth. Same for HAA. Except that his job actually is hard. I don't think I'd do it for £300k. Some things are more important. So yeah, he's worth it. Try getting somone better for less.

"Electric lion i can guarentee someone is always losing money when someone is making it "

No, no, you can't because that's... not how any of this works. I have better things to do than delve into economic theory with you, but worth you at least considering how some of this actually works.

"Can I also ask since you have engaged please. What do you believe harry has done in 2024 to justify 300k worth of wages , I understand I have asked a few times but no-one has answered me which leaves me to believe even the ultra positives can't answer."

What answer are you looking for? What difference does it make? If I agreed with you, so what? It's a pointless conversation, unless you have some end goal in mind like leading some sort of rebellion?