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@cj17 was I really glass half empty or is it you and others don’t understand UT movements. They are always reversed at open to take us back to trade prices at the close - hence down the .44 this morning. Learn the market!!!
My view is that GGP could indeed buy Telfer and just 21% of NCMs share of HAV. We get control and lead the project but NEM keep a large exposure to the find without having to concentrate on it and NCM get cash
All of that being true Dip, people would be more forgiving if he and the other directors demonstrated their belief in the company by buying shares. The only purchase SD has made was an obligatory small sum during a fundraise at 14p. He has shown no intention to buy despite telling people at the last town hall he would do so and that rings big alarm bells for me. There is absolutely no way he has been in a closed trading period for the last. months!!! He needs to grow some balls like the rest of us and show the market that he is running a company that means business. PE companies require CEO’s to invest and there is a reason for that!
With NCM having clearly staked the For Sale Board into the ground, we can at least see a likelihood of new partners - as a minimum. The fact that they are opening up a data room for any interested serious bidder, means the white flag is hoisted and to entice people in they have overtly said there is non- public info we will let you see that adds (in our opinion) significant value. All good but in the meantime we drift lower.
Whatever is t in the public domain must be valuable as they wouldn’t go to the trouble of setting up a data room for bidders if they didn’t think it would result in a materially higher bid. Oh and remember NCM will have to provide legal representations and warranties that whatever data is provided is correct
Interesting that they will provide confidential non-public information on non-exclusive basis. So whilst they think NEM could be a good partner, they are open to other offers. Definitely for sale at the right price then
There is no obligation to disclose any material information beyond NEM whilst in exclusivity. That’s not to say NCM won’t publish, but they are not obliged to and also NEM will have signed an NDA on confidentiality for what they are provided
That’s not correct Barna. They are using the words of merger but the fact is that the offer is for NEM shares and by default NCM shares will be cancelled. The JV transfers to NEM if the current Change of a control clause in the NCM/GGP JV permits it. Much more likely that GGP has a first right of refusal so may not want the 70% to go to NEM. However buying the 70% is pointless unless MCM or NEM are prepared to sell HAV
Good point GGPthruand thru. We should al remember that Boards are in it for themselves from my experience and if the deal is sweet enough for them to walk off into the sunset very rich, then they will do so. The interests of Shareholders will come second, trust me. Everytime I sat on the Senior Management Team meetings of a multi-billion USD company, the most common discussion was around how to get bonuses and options up as high as possible - it was shocking!
@culpepper whilst I agree with your statements, I equally can’t see this board accepting a takeover so early in their GGP careers. Of course they will benefit from their options but the longer term prize is much more valuable. On the flip side a reverse takeover (of Telfer and 70%) is a big ask but not impossible with the right backers. It’s very low risk for lenders once the updated MRE is published.