Huge £170k trade showing red from yesterday. Has to be a sell at that price. One of the ii's?
Copied from Granto2 on advfn, when asked about Davy's updated valuation on ORM, post finance deal. 'Yes they did, they sated that the read through value is 2.9p but they value it at 3p even based on Tungsten prices at $250 per ton. However, if the price went to 350 per ton, the SP would be 8.2p and at $425 a ton the SP would be 12p rounded. they see upside on several fronts including satellite resources nearby, the mine expansion , price increase, and swift pay down of the loan. They are bullish on the deal itself saying Mft did an excellent job considering the market at the moment'
Blinding RNS that one and I see this as good for all shareholders. Another Spanish mining company acheives funding to production. GLA
http://www.independent.ie/business/irish/ormonde-secures-100m-oaktree-deal-31237090.html
Private Equity chap on CNBC today talking about the increased levels of mergers and aquisitions being seen from big PE players. 'Dealmaking hit an eight-year high in the first quarter as the cost of doing deals remains low and companies are chasing organic growth', the co-president of private equity firm THL Partners said Wednesday. 'Debt at 2%' would have been nice here! - 'Large strategic players are financing deals at 2 percent interest rates' 12% is a fair old slice of future profits accounted for, particularly when you add in E1m fee back on top to Oaktree for monitoring the project and the equity taken. It really was a fantastic deal for Oaktree. I agree with the view expressed by Spindok recently, that it is a disgrace that EU banks are not a large part of the funding solution. Obviously too busy rigging forex trading and the such: http://www.cityam.com/216184/banks-clobbered-6bn-fx-rigging-fine?utm_source=dlvr.it&utm_medium=twitter Anyway, more of those round numbered trades gone through since funding deal news, so keep 'em peeled for more Holdings RNSs GLA
SP Angel's comments this morning: Ormonde Mining* (ORM LN) 2.6 pence, Mkt Cap £12.2m – Oaktree offer and Almonty Bid  At the EGM yesterday the company received approval for the Oaktree Offer of financing from shareholders.  93.67% of the shares voted were to accept the offer with just 6.33% against.  Only 42.37% of shares were actually voted.  As a result of the passing of the resolution, Almonty does not intend to make an offer for Ormonde.  The Oaktree offer is for a total funding package of US$99.7m or €90.4m in the form of debt and equity.  €40.1m (US$44.2m) will in the form of equity at the project level giving Oaktree 65% ownership of the project.  €50.3m (US$55.5m) is in debt, the provision of which gives them a further 5% of the project.  Debt is for a 5 year term and carries an interest rate of 12%.  Debt will be drawn down after equity has been invested to start detailed engineering work ahead of project construction with commissioning targeted for Q4 2016.  Funding provides for €3.5m of work to be done on exploration to extend the resource with potential for mine life extension through underground mining.  Start-up capital for the first stage estimated at €70-75m  Shareholder agreement to be in place on JV to protect minority interest.  Ormonde will receive an annual management fee of €1m. Conclusion: With the Oaktree offer now voted through, Barruecopardo has the funding to go into development. Shareholders now have the security of funding but are diluted to a 30% interest in the project. The Ormonde management team have the contract to manage the project and will now have to start the work in earnest to deliver value from the project. *SP Angel acts as joint broker to Ormonde Mining
Almost there. I like the focus on cost reduction Alberto has bought in. Copper looking better too. GLA
looks like iis exchanging blocks of 500k's atm. Cue more holdings RNS's me thinks.
Oaktree deal supported RNS out
vote day, anyone here attending the meeting?
Spin, I think it shows Davy have been working overtime with their HNWI clients trying to ensure they have buyers (voters) on side for Tiberius' holding.. Potato growers,/ Cinema owners -, it doesn't really matter provided they vote the 'right' way! It is also a fairly safe price to be buying at for O'Shea getting them pretty much at the all time low ORM SP.
I pointed that out before, agree absolute BS. Makes a nonsense of ORM 'bigging up' the management fee element LOL. I think it will be interesting whether they can get enough votes together to support the Oaktree deal. I assume Tom Anderson, M&G/ Pru are on side but the large majority of shares here are held by PIs not the ii's/ BoD. A poster called bizana on advfn reckons they are struggling to get enough votes on side. Will be interesting for sure. GLA
Hmm Is that 'Kerr Anderson' that took the most of those shares from Tiberius?
Irish Examiner HOME»BUSINESS Irish mining firm Ormonde doubts suitor Thursday, May 14, 2015Geoff Percival Ormonde Mining has expressed doubt about fresh claims from potential suitor, Almonty Industries, that funds are in place to cover a possible takeover of the Irish firm. Meath-based Ormonde is set to put an agreed funding deal with US private equity firm Oaktree Capital Management to a shareholder vote next Tuesday. If passed, Oaktree would take a 70% stake in Ormonde and its flagship asset, the Barruecopardo tungsten project in western Spain, in return for providing €90.4m in project funding, which would enable the asset to be developed by the end of next year. Last month, Ormonde rejected a second proposed offer from Almonty, valued at €27m, and urged its shareholders to vote for the Oaktree plan. Ormonde said it was not confident Almonty could meet its proposal to acquire the firm in cash. It has stressed that the Almonty proposal seriously undervalues Ormonde. Reports this week quoted the Canadian firm as saying it has shown its Irish-based advisers, Goodbody Stockbrokers, term sheets showing that the funds are available. It has also reportedly had these term sheets forwarded to Davy, Ormonde’s advisers. However, speaking yesterday, Ormonde’s corporate development manager, Paul Carroll said the company has had communication with Almonty, but has seen nothing of substance in reply and has seen no term sheets whatsoever. Mr Carroll added that if there was a better option available than the Oaktree plan, then Ormonde’s board would recommend it; but noted that Oaktree’s deal represented certainty, while the Almonty proposal was a non-binding proposal. He said Ormonde remained open to any credible offer, but stressed that the current market has made it very challenging to raise financing; noting that Ormonde has had numerous talks with debt providers and joint-venture prospects regarding Barruecopardo, in the past. Reports that Almonty has suggested Ormonde’s board is only proposing a deal with Oaktree in order to protect its own position have also been slammed by Ormonde. Managing director Kerr Anderson said yesterday that the deal was purely about funding and project progression and not about management. “We’ve always done, and will continue to do, what’s in the best interests of our shareholders,” he said.
Hello mate, Agree would be good if it is Prudential/ M&G or similar, even better a large Spanish bank. Tiberius lost about 20% in a week on their purchase just on the big Swiss Franc move following the de-peg, and they have sold their holding at what must be a considerable loss to average SP paid too. No need to cry for them, they have deep pockets but I saw their interest here as very positive, they are a serious specialist commodities player, perhaps they were angling for a re-negotiated offtake deal away from Noble and didn't get it? Anyway something must have put their nose out but it's yesterdays chip papers now. Maybe get confirmation of who picked them up pre-EGM. GLA
OK, my last post not too far out! it was Davy buying the shares Tiberius sold, and they have sold them on to a n other in 2 trades, one large 32.7m trade, surely won't be Almonty IMO as ORM's broker will be wanting to work with ORM to secure 7% more votes for the Oaktree deal in time for the EGM. Maybe Prudential/ M&G upping their stake with the 32.7m or a n other. GLA
More speculation: The buyer of Tiberius shares could also be Oaktree/ Ormonde or Ormonde's broker, securing some votes for the EGM? Personally a bit disappointed to see Tiberius exiting - their involvement demonstrates the attractiveness of the asset to major consumer/ commodity house. Presumeably something they are not happy with in the Oaktree proposed deal, as they must be loss sellers in a fairly short period of time. Could be an interesting few trading days prior to the EGM and may see Almonty formalise a cash bid or a n other enter the frame.