Member Info for Jerryspaniel

What a great interview and interviewer (at last).
Not sure he actually said he would be a miner, it was all about value to shareholders.
He praised BHP, as opposed to NC, which tells you all you need to know about his relationship with NC. Which just underlines what most of us think has happened there.
I never really understood why he never spoke to anyone last year, and the only reason why this has changed so dramatically (imho) is that he sees the ending of the standstill with BHP looming ever larger.
Whatever happens its going to be interesting and fun over the next year or so.

He’s not the Messiah, he’s a very naughty boy!

So if BHP request a meeting in early Nov and start by saying we have irrevocables from NC and CGP and we just need to find out whats your price before we have a tender offer to get us over 50%, what do you think NM would say?

TMT, I think CB answered the option/tax question a bit further down.
There is nearly always a limit on the amount of options that can be issued and its usually approved at the AGMs. I dont know whether there is in this case but I am sure that you can research this in the annual report.
As I said earlier today I am totally relaxed about this now.
Three weeks to go.

Gino, I think Ingo said $20million.

CB, many thanks for your explanation. Gives clarity and certainty where there was a degree of confusion. I am content that its a market neutral transaction.

Of course he isn’t taxed in the uk as a UK resident! He is an Australian, living in Australia so he will be taxed basis Australian tax laws. Some people need to pass an intelligence test before they should be allowed to post...

Very possible. Australian treatment of directors options is very different to ours. If so CB probably will be doing the same.

DBW, if they have these webinars too often w/o any news they are just going to get the same old questions. Why didn’t they have just one or two last year????????????

No problem jdt. I traded equities but not options a few years ago but sat next to people who did so a bit rubbed off. When some hnw Investor’s warrants had a year and a half to go and were just in the money we had all sorts saying it was warrant selling. This made no sense to me given they weren’t too far in the money and had so much time left. So I wasted quite a bit of time trying to explain this was barking. They should sell shares not exercise warrants. So what happened a few weeks later? An rns from Ggp saying some warrants had been exercised!!! God knows who these hnw people were. Inherited money I presume cos they couldn’t share a brain cell between them. Just goes to show various people do daft things sometimes.
GH is anything but daft but I don’t understand why he has done what he did.

Excellent stuff jdt. Can I ask you take over the baton of explaining options to our friends on here. I think you are more a guru than I am!
And to TMT, I really don’t know the answer to your question. I can’t see that he wants more votes as if there was a deal that he wanted to vote on he could immediately exercise all his options on one day, pay the premia and all done. Plus all options vest on change of control. I understand that he has more options to exercise this summer so he will be doing more of the same. Maybe he is freeing up some space to give himself some more options?

Yes they have an expiration date, so you would have to exercise them ahead of that date, but one day ahead, not one year. But the economic value (what you call profit) of the options is exactly the same whether you exercise them or just leave them till just prior to the expiration date to exercise them - and you didnt have to shell out the option premia so soon.
Sadly far too many people on here talk about options with such certainty though they have little knowledge of how they work, and I am NOT specifically including you in this Kempey, cos I do think you are generally sound.
Unless you have no shares and just want to exercise the options to sell the shares that have been exercised, there NO economic benefit to exercising early. (Assuming no weird local tax issues).
I am not an options guru really, but on this board I probably am.

Besides some personal animosity I cant for the life of me work out why CGP think they have a better future on their own or that someone (other than BHP) might come to their aid. The Solg offer is a cracking one given that its gives the CGP shareholders a leg into all the wonderful opportunities outside of ENSA, as opposed to the rubbish Bramaderos asset that they constantly talk up but the drill doesnt lie.
I can only think that NM knows it will be easier to handle the funding of Alpala if they owned it all. Otherwise might as well let them and the sp rot.

Kempey, I doubt that GH or anyone should think its 13m more shares in his portfolio. More likely 4m fewer. All the options are so far in the money that they act and would be valued as if shares. Just that he doesnt have to pay for them. When I want to know how many shares GH and CB control I sum the options and shares, and add in any that each of them might control, like all of Starvest too. Thats their economic interest and what they could control in the event of any bid.

I do like the way he is playing CGP - not the delay though. The way he was keen to explore where he has permits at the beginniing of the q&a, but couldnt see the point in exploring in Cascabel was a master stroke.
The boys at CGP must know they are being backed into a corner with no way out. They should negotiate a surrender while they still can. If I was Nick I would offer them a deal and say that if they reject it every future deal will be worse than the previous one. They are toast.

Not going to drill the other prospects in Cascabel as dont want to help CGP.........

Lenz, where did you get those numbers from? The options cost £122,000.

Hawkspear we are only being diluted if you thought that all these massively in the money options are a surprise to you. Any sane person should be using the fully diluted shares in issue, which is about 4206 million, and not just the shares in issue.
So, in a nutshell, no we arent.

So he answered my question re funding for drilling as saying that FN have essentially funded it out of the $100/150million. Good news!

DBW, I missed the start! What was the dig?