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They always have seemed to leave things to the last minute though on previous occasions, if its any consolation take your two grand times it by 4 and add four zeros is the amount i stand to lose if this goes belly up but i'm hoping they can sort out a reasonable agreement.
I was replying to CC's post not yours five0 - agree with what you said, hopefully Bowden will be acting in all interests when getting a deal tabled and they reach a reasonable conclusions for all parties at 1900 on 20K - $38m before costs there is more than enough to keep everyone happy.
We'll just have to wait and see what happens, it was only Solomon a decade ago that wished to take the company private by way of the offer, if you recall it was Edwards (RHL) and other minorities that raised the challenge with the takeover panel by arguing a concert party had been in effect.
And from the snippets of information over the past 12 months it would appear that Solomon were prepared to reach an agreement on debt levels but Edwards threw a spanner in the works at the last minute - so who knows.
I would assume though that none of the parties involved really want to draw negative attention onto the company given how hard it is to mine within the Philipinnes.
Depends at what price the placing is
Thanks for the update Les and once again for your hard work on this great to hear that things are moving in the right direction and Ned appointment following thanks again
Pretty much same as last time - at least the rise in gold prices should easily offset the 10% drop over the quarter
Gold just keeps going lot of predictions to hit 2300 and above - if it does that's almost double from the bottom of the range last year, at these prices if we get a reasonable outcome there should be more than enough fcf to pay off a reasonable chunk each year, cover all costs/upgrades and maintain a decent reserve.
Well the BOD have succeeded in destroying any positive sentiment absolute **** show
Many thanks for all your hard work on this Les.
Not your usual upbeat tempo Roy, who knows we may get a reasonable offer from Solomon for our holdings, almost half-way through the suspension period - something has got to give or we will lose the listing September 9th
He spent £9 million just to have a large driveway so anything is possible.
https://www.dailymail.co.uk/news/article-7367579/Billionaire-Christian-Candy-bought-Surrey-neighbourhood.html
so
That's fine but don't forget every day that passes the debt level is accruing daily 20% p.a on the mezzanine figure currently at $59.6 million and $69million on the senior 5-6% p.a so that's about 12 Million in interest alone on the mezz per annum and around 4.1 on the senior - just shy of 46K per day in interest.
It will be 2 months suspension next week - starting to wind me up now they must have reached some sort of agreement.
I have no idea what's going on in this market never seen anything like it the past couple of weeks stocks doing 2-300% plus on nothing but a few mentions of covid. not to say I haven't been taking advantage short term, oil is in a right mess, spot gold chart looks bearish got a feeling this is all going to end badly but then I could be wrong and dow could be at 30000 by summer.
A vast percentage of the local workforce live on site in the houses, school and medical facilities which FCF/MTL built as part of the FTAA terms - doubt the major shareholders would carry out anything that would compromise their position as it would violate the conditions of the agreement and the government could simply shut the place down.
hope your results are all clear
The licence is owned by FCF minerals which is a local subsidiary in the philippines 100% owned by MTL.
i just can't make my mind up from previous info, maybe it has been Edward's trying to prevent Candy from taking over the mine in full after all he was involved in the previous takeover rejections, perhaps the reason he has been taking part in each subsequent fund raise and mezzanine debt was to prevent a takeover by Candy and to keep the status quo, maybe the latest deal on the table gave too much over being the largest debt holder.
For those wishing to email directly if you put a dot in between the main man's name @metalsexploration.com
B*****cks didnt read the top bit - lol
From the ft back in 2011
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https://www.ft.com/content/09181e70-5af5-11e0-a290-00144feab49a
Christian Candy, the property developer, is to sell shares back to minority investors in a gold mining company after his attempt to take the mine owner private was thwarted.
The agreement is part of a deal that could strengthen the rights of small investors. It is set to be approved at Thursday’s annual meeting of Metals Exploration, an Aim-quoted company that is mining in the Philippines.
The deal would allow minority investors to buy their shares back at 13p, below Wednesday’s 17.65p close, and give their appointed director a veto over strategic decisions, such as rights issues.
Mr Candy’s vehicle, Solomon, made a £36m ($58m) offer for the company on July 23 2010, at 13p a share. By September 6, it had control with 53.97 per cent and declared the offer unconditional. However, minority investors claimed Solomon had engaged in a concert party with another shareholder, which had bought shares earlier at a higher price, obliging Solomon to offer the same.
As well as contacting the Takeover Panel, the City watchdog, alleging a breach of its code, minority investors also called in Berg Legal, a law firm.
After negotiation on March 8 the two sides agreed a deal, satisfying the panel.
Richard Williams, of Solomon, said there had not been any breaches of the takeover code.
He declined to comment on why the company had agreed to negotiate after gaining control of Metals Exploration in September. “All the details are in the circular,” he said.
Ranged against Solomon were Graham Edwards, a property developer, who has a 7.04 per cent stake, and clients of Williams de Broe, the investment bank, who hold 8.25 per cent.
Good post volmer, i was looking at the FTAA agreement again it appears it can be assigned with agreement with the government not sure about the actual mining tenement licence though.
"FTAAs may be transferred subject to the approval of the MGB Regional Director, taking into account the national interest and public welfare"
I do remember reading though some time ago that it is quite normal for the philipinne government to take control/ownership of assets under the event of bankruptcy / administration still a bit like the wild west.
Not sure if it bears relevance but the period given to MTL to recover all pre operating expenses is a maximum of five years after the commencement of commercial production now this can be extended by approval with the DENR, if the company did suddenly become debt free this would become due and a proportion of royalties would be payable to the government.
Just going through looking for the licence and FCF have been posting a lot of stuff about helping the community as recently as 20th Feb looks like bowden in the fifth picture down about planting tress for those interested.
https://pia.gov.ph/news/tags/fcf-minerals-corp
just my tuppence for what it's worth - you just don't know, obviously the company have requested the trading cease due to whatever occurred last week partially leaking, and maybe the amount of emails from PI's sent. If wiseacre source is right then Edwards refused whatever was on the table, so could be Bowden just forcing the situation to get an agreement made bearing in mind it has been dragging on for so long, the company has technically been in default for quite some time now.
If Nick Candy wanted to take the company private so much he could easily have bought all the debt from the banks rather than a joint deal with Edward's - so there has to be a mutual cooperation there, he could have made a play last year when the share price was 0.40 or he could have waited for the bank's to lose patience call in the debt and administrators then table an offer for the whole company on the cheap to the administrators wiping out all shareholders including Edwards.
http://mgb.gov.ph/attachments/article/79/PFC_FTAA.pdf
section 12.9 Development of Mining Communities, Mining Technology and Geosciences
Roy that's all contractually built in under the terms of the FTAA - certain amount of employment has to go to Philippine nationals, training and education, infrastructre, housing that sort of thing