Member Info for mrtibbles

Very valid points Sotolo!

The NED's have two choices then rebuff the Endeavour bid or bail out!

Having read the biographies of the NED's I note the some have only been with the company since April & Sept 2019, so they may still be getting to grips with the role within Centamin especially if they are a NED on two or more other companies at the same time (Seems to be a nice little earner with expenses!)
I especially note your point below, It seems so logical now you have made us aware, but I must admit that I had never considered this in the past, very useful piece of advise thank you!

The Non Exec resignations as a good guide as to how things are expected to progress.. They are of course open to civil action of non compliance and especially with a LSE listed Company!!!!!!

Hi Bob,
Thank you for this information, it is indeed both enlightening and interesting.
I must admit to being somewhat puzzled as to the rationale behind the appointments of some on the Centamin NED's.
I also wonder about their ability to make constructive challenges of the executive managements proposed policy or actions, or indeed if they have ever done so and if so were they heeded to?
If share holders wish to contact the NED is this done by the companies normal Investors Relation address?

24/12/2019
11:12 Juju, try reading the RNS, seems to suggest La Mancha have been buying for Endeavour: La Mancha Holding S. .l. Form 8 (DD) - Endeavour Mining Corporation
11:13 La Mancha are buying additional shares in Endeavour not Centamin Why do you think they are doing that? Answers on a postcard please
24/12/2019
11:23 La Mancha have increased their holding in Endeavour by 13400 shares since 10th December

Reading these posts some seem confident that Sawrisis will get his hands on Centamin at just the right time!
Sawiris is a shrewd operator and he knows he is onto a good thing so he is prepared to speculate to accumulate by propping up Endeavour as a way to to on own and milk the cash cow Centamin!
I just hope that Josef ahas a planned strategy and the El Raghy brothers are prepared do more than make jibe posts on social media otherwise Sawiris will have their pants down and slap their botty's whilst taking Centamin away or a few Shekels!
Josef and the El Raghy family need to put their hands in their pockets, possibly open a huge buy CFD position to outsmart Sawiris!
Once they send Endeavour and Sawrisis down the yellow brick road then they can jibe on social media as much as they like for six months!
Pardey was so out of his depth in his past role he waffled for several years but failed to actually deliver on his promises to share holders!
Pardey should have been retired or moved on several years ago, but complacency was the order of the day and the board were content to sit back and take their benefits and wages confident that the poison pill of the court case made them immune from hostile take overs, sadly for us they hadn't reckoned on a hugely rich shrewd Egyptian business man with all the right contacts being behind the company making a take over attack at a very opportune time!

In my local I bumped in to a long time acquaintance and former colleague who was home for a Christmas break from his work as a senior engineering support services manager with responsibilities in the middle east and some parts of Africa.
He knows of my long time interest in Centamin and the recent Endeavour approach which felt was opportunistic to say the least in the hope of getting Centamin on the cheap!
He couldn't see any advantage at all in the initial proposal to Centamin, although anyone who cared to look at the future prospects of both companies could see it it may go go some way to helping Endeavour appease some of it's disgruntled major investors by easing it's cash flow problems and by also gaining access to some superior untapped reserves in less troublesome areas of Africa
He couldn't see the El Raghy family willingly going along with with losing control to Endeavour and Mr Sawaris.
I asked his opinion of Andrew Pardey, he was reluctant to offer any opinion. but did say that Jeremy Langford has a very good reputation in the business and from what he had heard it is great pity hadn't been running things at Sukari two years sooner!
Let's hope my long time acquaintance is right !

I wonder if it would be worth also sending a letter of copying in the email to the London Stock Exchange Regulator?

Excellent letter Bob!

Excellent idea Cowichan,
Do you have an postal address for the Takeover panel?

Hi Goldgnome ,
Is this the company?
https://beta.companieshouse.gov.uk/company/04223501

Hi Mizolgit,
Buying a 100 million shares could easily be achieved on a CFD basis by only puting up 10% (leveraging) of the share cost.
I wrote to Centamin IR suggesting they use some of its cash pile to underwrite long CFD positions in Centamin

When I met Josef at the 2014 AGM Josef seemed to be a decent chap of integrity who was very approachable and willing to answer share holders questions.
During his presentation Josef answered various questions about Sukari & Centamin's future plans which are interesting considering the events of 2018/19.

On Sukari Hill to drill down was not only expensive but also hit and miss!
So in the future this resource would mainly be increased through sideways drilling of the underground portion.

500,000 oz per annum at Sukari was not a ceiling and 600,000 to 700,000 oz were quite conceivable in 2016!

A share holder asked about Van Eck Associates the 2nd largest Centamin shareholder
Josef explained that this is a passive tracker as is Norges Bank.

Josef also explained that the discretionary institutional investment in the company is very low because they will not invest until after the court case is resolved.

£1.40 is way too low especially as they would take a 53% control of the merged company!
£2.10 should be absolute minimum starting price!
Endeavour would bleed Cenatmin like a parasite on a camels underbelly!

Ever since the Endeavour approach (attack) was announced Kees Dekker has been of the opinion that it was an opportunistic strategy by Endeavour out of desperation for cash flow and access to better quality reserves, as we are all aware Centamin has both!
I am just angry that after Pardey's less than satisfactory performance he was awarded a free share bonus!

Fair comments Cooperman.
As many myself included have said over the years as far as the court case goes the Centamin management should have been far more proactive in resolving it, although the case was always more about Hamdy Fakharany taking a poke at EMRA.
That said the board and especially Pardey have been far to complacent, lethargic and almost in a comatose state over getting a resolution, in short they should have given an ultimatum that if the Egyptian courts were unwilling or unable to resolve the court case one way or the other then Centamin would go to the International court, if they had done so then it would have most probably been all over two years ago!
None of he Egyptian judiciary or commissioners are willing to stick their head above the parapet and give a verdict in case they are called to account in the future in the courts or after another change of government.
The Egyptian legal system is a self perpetuating industry run along the lines of a mad hatters tea party or like the court in Gulliver's Travels .
law 32 most probably will never happen although its a great excuse to do nothing!
My fear is that this take over by Endavour will happen and "Sawiris" will end up getting his hands in the Centamin pile for just a few "Shekels".
The Egyptian government and the courts won't have to make a decision over the court case and EMRA will continue to take it's 50%!
From my past experiences if the take over goes ahead then we can forgets dividends and we may even be forced to sell our shares for much less than they are really worth!

“The objective of the due diligence exercise would be to allow both companies to further understand each other’s assets,” Endeavour said in a statement.

It would be “a critical precursor” to determining whether a deal could be agreed that was in the best interests of both companies’ shareholders.

https://www.morningstar.co.uk/uk/news/AN_1577121576122185100/centamin-asks-takeover-panel-to-extend-endeavour-merger-offer-deadline.aspx

https://www.ft.com/content/b4c0f4d0-25ae-11ea-9a4f-963f0ec7e134

Centamin plc
("Centamin" or "the Company")
(LSE:CEY, TSX:CEE)
UPDATE REGARDING POSSIBLE OFFER BY ENDEAVOUR MINING CORPORATION
("ENDEAVOUR")
Centamin today provides the following update in relation to the unsolicited conditional proposal from
Endeavour regarding a potential all share combination (the “Possible Offer”).
On 3 December 2019, Endeavour announced a Possible Offer for Centamin. In accordance with Rule
2.6(c) of the City Code on Takeovers and Mergers (the “Code”), the announcement of the Possible
Offer initiated a deadline of 31 December 2019 (the “PUSU Deadline”) for Endeavour to either announce
a firm intention to make an offer for Centamin under Rule 2.7 of the Code or announce that it does not
intend to make an offer for Centamin.
Following the reciprocal exchange of certain due diligence information, a request was made by the
Board of Centamin to the Panel on Takeovers and Mergers (the “Panel”) to grant an extension to the
PUSU Deadline (which has been granted by the Panel) such that Endeavour is required, by not later
than 5.00pm GMT on 14 January 2020, either to announce a firm intention to make an offer in
accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which
case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This
deadline may be extended at the request of Centamin with the consent of the Takeover Panel in
accordance with Rule 2.6(c) of the Code.
The Board continues to believe that the Possible Offer materially undervalues Centamin and
advises shareholders to take no action.
This announcement has been made without the consent of Endeavour. The person responsible for the
release of this announcement on behalf of Centamin is Josef El-Raghy, Chairman.
For more information, please visit the website www.centamin.com or contact:
Centamin plc
Ross Jerrard, Chief Executive Officer
Alexandra Carse, Investor Relations
+44 (0) 7700 713 738
Alexandra.carse@centamin.je
Buchanan Communications
Bobby Morse
Chris Judd
+ 44 (0)20 7466 5000
centamin@buchanan.uk.com

I wonder why would Josef agree to this extension if he is of the opinion that the terms that Endavour propose have undervalued Centamin?

Kees Dekker mining analyst is of the opinion that Centamin is a superior company that offers far better future prospects for share holders and that it has been greatly undervalued in this Endeavour opportunistic bid who are trying to get Centamin at a ridiculously cheap price in order to improve their indebted financial position!

As a long term share holder I agree with Kees and further more I believe that Sami El-Raghy's commendable organic growth philosophy should be honoured and not squandered by subsidising an inadequate partner with debt such as Endeavour!
Centamin and its share holders can not only do better, but also deserve much better than this opportunistic, inadequate, and cynical approach by Endeavour!

Dealts, I know that everyone on here will be delighted that you and your family have been given such a priceless Christmas present!
Wishing you and your family a Happy Christmas and a very long happy and hopefully prosperous future!