Member Info for Sunjammer99

Maybe 7 or 8p warrants

I like the warrants idea more than CVR for sure

"The BoD have not prepared us for this situation. They have set expectations much higher."

This is part of the problem!

Or is it 75% approval, I'm not clear. Whatever it is I'm not sure the current offer would make the grade.

Albeit we have some latecomers to the party (entry level price wise), I do not believe for one moment that many of the longstanding big hitters here will vote in favour of what MTL have tabled or are about to table based on yesterdays RNS. It needs to be more. Even if the BoD recommended what is on offer (I don't think they will), whatever Galloway does will not swing this. I'm assuming they need 90% shareholder support (they'll come nowhere near) - am I right on this percentage for a plc takeover?

Right now I'm against MTL, not them as a company, I like them, I'm against their present offer. Thoughts

I've taken a look at MTL, I like them, just think we are being undervalued by their proposed offer yesterday, maybe 5 or 6 shares plus a bit more upfront cash for me, the CVR is next to useless.

In fact they need to formalise their play, so we can reject it. Whilst it has the feel of a cucumbering, I'm not entirely sure that is the case, it's just a thought process amongst others.

Whatever MTL do, there is plenty of time, we don't have to accept in any event. Longer we wait the better.

I'd rather hope for a 1 for 10 consolidation at MTL as well during any takeover process. It's Mickey Mouse at 1.7bn shares here.

Just wondering in the middle of all this, is Mellon shafting Child.

Previous RNS, selling mill when MTL will need it. All very strange or engineered.

Good, you are not going to get us at CNR so easily, Galloway are only irrevocable if CNR board agree the terms of the MTL offer. Pleased about that to be fair.

Good, undertaking irrevocable only if BoD recommend it

Yes as I assume many other long term holders have.

What I can say is that he is anything but forthcoming, which for Mark is pretty unusual, He's usually more communicative. I'm pretty sure he does not want to be shafted either and this deal isn't really in his best interests either or at least it does not appear to be. So I remain optimistic that Calibre are not finished yet, but who really knows.

Also don't forget his hands are well and truly tied at present about what he could say anyway!

Neither.

:-)

Let's see if Calibre do anything!

I'm minded to agree with your NO position. I don't hold as many as some of the long termers but it is measured in the 100's of thousands. Shoot myself in the foot maybe, let's see.

Calibre are not out of this quite yet.

Kkkrrr I don't mind the 44p so much, just the crappy CVR structure. However I'm confident that MTL have superior management in terms of operational capabilities with producing mines.

As a long suffering CNR shareholder, believe me this is an amazing deal for you. It is us at CNR that feel like we are being shafted. Fifteen years I've been with CNR and if this is the end deal it is disappointing, not the 44p but the structure. The CVR is a next to useless 5yr lock in.

On a more positive note, I do feel that MTL have the experience and calibre (pun intended) of management to take our La India asset to very, very profitable production.

Jdj2 yes it does seem strange, what if for example in a couple of weeks time Calibre came in and offered 50p in cash (they wont, but if they did), why would JM shoot himself in the foot. He would because he clearly feels the MTL deal lines his pockets better in the longer term.