Member Info for ElectricLion

IMHO, the CVR is because MTL can't really afford to pay up-front. A bizarre state of affairs all round.

What do you make of JM's "irrevocable undertaking" though ddd? A pretty clear sign that he's on board with it, no?

"at market" is probably the difference. MTL shares are down today. The RNS states:

"Based on the closing middle-market price per MTL Share on 29 November 2024 (being the last Business Day prior to this announcement), the Fixed Consideration values Condor's existing issued ordinary share capital at approximately £67.5 million, representing approximately 33.0p per Condor Share."

I must say a plain-Jane 44p cash-plus-shares deal, without any of this CVR nonsense, from Calibre would look pretty good right now, and I didn't think I'd be saying that yesterday! Are Calibre really not interested, even at 44p?

...would anyone like to educate me on MTL's prospects over the next few years? Milestones, SP predictions, that sort of thing? Appreciate we're all still coming to terms with all of this, but it seems we may all end up in the same boat (yours!) lol

Indeed. CNR's mine will cost ~$100m, plus or minus, depending on the size of the processing plant. We did our best to fund that but it fell though at the last minute. Unlucky. Then we were put up for sale and the rest is history as they say.

I was wondering when you'd pop-up to say I told you so Seingred! You have a right to say it though. I'd hoped for so much more, for all of us. The value is there, it's just a shame that JM and MC have done so little with it. Maybe the debate will continue over on the MTL board over the next few years! lol

Punter: https://www.lse.co.uk/rns/MTL/further-statement-re-possible-offer-for-condor-3wr3gabnpt9w9p6.html

SP is currently at 26.8p. With an offer on the table at 33p (plus CVRs, though I certainly don't care about those and don't suppose any one else does either) and potentially more to come, it's free money, right?

It's all relative. I wouldn't put money in the stock market that I couldn't afford to lose. Doesn't mean I'm happy about it though! It's the insult from JM as much as the money that stings really. I really thought he'd be better than this.

Least of my concerns right now polo if I'm honest! lol

I suppose I should say I have control over 828,713 shares, for my sins. Though it may be less by the time of the vote. Will have to see.

For and against. I reckon I'll be voting against. I'm realistic that's it probably all moot given JM's shares are in the bag already, and if it does get voted down, I may well have just shot myself in the foot, but I'm a shareholder too, and I don't approve of any of this. To hell with billionaires that think they can do whatever they damn well please.

That is basically the only bright-side kkkrrr, yes. Many on here have been wanting CNR to build the mine and make the profit, even at the cost of the hefty dilution it would probably have taken to do it. Now we get to do that, it'll just be with a company called MTL rather than a company called CNR. It's a shame it all has to take so damn long though! I suppose JM plans to be immortal, so a few more years is nothing to him!

The way I see it, it's a done deal. You don't give someone an "irrevocable undertaking" like that if you're not serious. Without that element, yes, I'd say it's all to play for, but with it, I think it's all over bar the shouting. I am suprised the Chinese aren't interested though. Would seem like a perfect fit for them.

You're gonna need to build the mine first! After paying for Condor of course! It's a good deal for you at the proposed price, but may take some time to bear fruit. In the meantime, there's lots to pay for.

The 44p is a bit of a mirage. It's 33p with some possible future payments. A 44p all-cash deal would beat the pants off this.

Shocking to think they think they can try it on, even more shocking to think that JM would entertain it.

Yes, indeed. It's very tempting just to ditch the lot out of sheer frustration, but if MTL can get the value out of La India that CNR never could, maybe it's worth holding fire for a bit. Thing is, there are other places I could put the money as well, so it's not an easy decision.

As I suspected, the offer will be made in terms of the SP value to shareholders, as that what shareholders are interested in. So the total cost of the deal to MTL will be their per-SP offer to shareholders, plus whatever costs need to be added on top. As opposed to them providing the total, and then taking costs off of it. It makes no difference in the grand scheme of things, except in as much we may never know what the costs were, as they may not be public knowledge (well, not unless you trawl through finanical statements after the event anyway).

It's not an acceptable offer, and if this is the best deal that JM can come up with after 2 years and a whole lot of big talk, then I for one, am extremely disappointed. What is the point of a billionaire backing us if he's just going to roll over and play dead for the next billionaire that comes along?

I do hope that there are more offers to come, but JM's "irrevocable undertaking" does not smell good.