Member Info for slowlyslowly

"I'd suggest it got published early"

Nope. The actual deed was signed on 28th November and says that it's "to be issued on or about 2nd December 2024". It was published on exactly the date that was expected when it was signed.

Geng - MTL have until 5pm to announce the offer. Haven't they done that today, so that condition is fulfilled?

Took a bit of hunting to track down the link, so to help others: https://metalsexploration.com/wp-content/uploads/2024/12/Irevocable-Undertaking-Galloway-Limited-28.11.2024.pdf

There's a theoretical 15% upside on the current price even if the CVRs are worth zero. How do the CVRs take value away?

As I just said in reply to another post - there is no deadline of 2 days.

The deadline is when this gets voted through. At least 30 days from now.

He wouldn't stitch anybody up. He'd honour his deal with them. But if another company comes out of the woodwork and buys the asset, that's up to them, and of course MTL would be free to increase their offer to make theirs the desirable choice.

I can't see he's paid Metals anything to offer this either. Metals wants the project, and is willing to pay the amount in the offer to get it at the Plc level. Jim will vote against other offers for the Plc, but that doesn't mean that Metals will necessarily be the only offer to come in.

You're missing the point made by Simms a few posts ago, that this creates a deadline for any other interested party to buy the La India project from Condor.

They have longer than 2 days. They have until a takeover by MTL goes through to withdraw their offer. There are notice periods for such things. At any point before then, another company could bid for La India.

That is a very important point, Simms, and provides a way for any competitor to pull the rug from under the MTL deal notwithstanding Jim's undertaking. If the asset sold to another company, obviously MTL would withdraw their offer (much though I'd love 33p in shares for the cash shell)

Sure it's a good deal for MTL. They get an absolute steal. It's not a good deal for CNR.

Dayster - you're correct. Thank you.

@poloshirt - IMO they'll delay doing so. The terms of the irrevocable undertaking are that Condor needs to announce the deal by 5pm Wednesday. That gives until 5pm Wednesday for someone to put in a higher offer. If they do that, Jim is not bound by his undertaking. If Condor announce it now, Jim has signed up not only to vote in favour of this offer but to vote against competing ones. So I expect them to wait, and there is now 2 and a half days for a competing bid.

What a company will pay for Condor is not a certain percentage either side of the current share price. It's based on how they value the asset they get when they value the company. If Condor as a listed vehicle does not reflect that value, they'll need to pay more to get the asset.

Followed by the one via RNS this morning, but not necessarily superseded. They don't explicitly repudiate that sentence, just leave it out for reasons known to them.

No, they don't, but the Daily Mail is suggesting they're preparing to turn the non-binding offer into a hostile binding one. If that happened this week as suggested, that's when things get really interesting.

People seem to be missing one sentence of Calibre's statement:

"At this time, unless Condor is willing to reengage in meaningful discussions, Calibre does not envision completing an acquisition."

In other words, Condor were the ones to end the discussions, and Calibre won't make an offer (and here's the important bit) unless Condor is willing to re-engage.

That's the point of a hostile offer - Mellon doesn't need to agree if enough others do. He holds a lot, but could he block it? Not sure.

@Sakura7 - where does the £90m figure come from

"Last week Metals Exploration agreed to buy Condor for around £90m but, despite this, days later Condor was then thought to have been touting itself to other potential buyers.

This upset the management at Metals Exploration who are now prepared to approach Condor investors directly in order to get the deal over the line."

https://www.thisismoney.co.uk/money/markets/article-14146065/Tycoons-cross-swords-gold-miner-takeover.html

Orion are a financier not an operator

Mail are also onto this. https://www.thisismoney.co.uk/money/markets/article-14146065/Tycoons-cross-swords-gold-miner-takeover.html

A few extra details there that I'd not picked up from the Sky write-up