AEV - Avenira Limited

[justiceotp]

Re: MAK - Minemakers

You have to take a long term approach with this company and the price of phosphate. At some stage the world is going to have a problem with under supply of food and that will increase the cost of food and therefore it will become much more economically viable to put plenty of fertilizers on crops to return better yields. And these guys are still a fair way off any production, I'm sure we will see rises and drops in phosphate prices before then.

 

[shag]

Re: MAK - Minemakers

seems like a lot of enthusiasm re SP and the appointment of a overpriced salesman.
smallish volume tho.

 

[Sean K]

Re: MAK - Minemakers

seems like a lot of enthusiasm re SP and the appointment of a overpriced salesman.
smallish volume tho.

Yeah, lowish volume so can't read too much into it, although there were some low volume falls too that were a large part of the downward slide.

Seems they don't think ADs ramping on BRR is good enough anymore. I thought he was great value! Maybe he's just been swamped with HC taxi drivers calling him every second day and he needs a secretary to answer the obvious.

Can't really see what this newbie is going to value add. Waiting with baited breath for his first appearance on CNBC..

 

[Adam A]

Re: MAK - Minemakers

Interesting broker report on the minemakers website

Pretty sure these reports are commisioned by the company they report on so take it as you please

Still it reads well,and should give potential investors a good overview of MAKS potential and future prospects

 

[justiceotp]

Re: MAK - Minemakers

Could you put a link in so we can see what report you are referring to so we are all on the same page.

 

[jackson8]

Re: MAK - Minemakers

Could you put a link in so we can see what report you are referring to so we are all on the same page.

this may be the report that adam is refering to

http://www.minemakers.com.au/downloads/MAK110209StrachanCorporateReport.pdf

and the report was comissioned by mak and strachan corp did receive a fee for it

 

[justiceotp]

Re: MAK - Minemakers

Thanks yes that report does look good but it all comes down to the price of phosphate as long as that stays at a good level they will be good.

 

[champ2003]

Re: MAK - Minemakers

Interesting broker report on the minemakers website

Pretty sure these reports are commisioned by the company they report on so take it as you please

Still it reads well,and should give potential investors a good overview of MAKS potential and future prospects

People should also be aware that Peter Strachan is not a broker and has no influence on where insto's put their money. He is an analyst and although his report is interesting the long termers already knew about these details. He also runs a publication called Pex Publications and I've never actually held him in high esteem.

Nothing new in this as expected.

 

[shag]

Re: MAK - Minemakers

it does smell of more desperation, paying someone for a report. i'm sure plenty do it, but why pay when u an get some dirt kickers from fat profits or some reputable organisation to do their own reports for 'free'.
everyone knows generally a report isnt totally unbiased when dosh changes hands.
i personally don't see phosphate prices going back to the former lows unless the world breaks up. demand for food and biofuels should see to that.

 

[Sean K]

Re: MAK - Minemakers

Bottom still holding for MAK at the moment, seems 40c is firming up. Market toppling over though, so who knows...

Good ann last week on DSO potential, but priority shifted back to Arruwurra due to recent drill results and shallower target. Not a very thick deposit but over a wide area. Perhaps they will get this thing up and running in the short term?

ASX RELEASE
OUTSTANDING DRILL RESULTS CONTINUE AT THE WONARAH PHOSPHATE DEPOSITS
27 February 2009

SUMMARY

All assays from the December 2008 RC drilling programme at Arruwurra are now to hand and have successfully defined an open-ended high grade near surface zone of mineralisation. This is now the focus of Minemakers’ planning for the initial Direct Shipping Ore (“DSO”) mining operation.

Assays from the first 2009 infill holes in the Main Zone have extended the area of high grade mineralisation considerably and underpin the drive to establish sufficient high grade resources for a long term DSO operation, should Minemakers prefer it, prior to construction of a beneficiation plant.

Data concerning chemical composition shows that Arruwurra samples are particularly low in contaminants. Samples for marketing are being prepared.

Despite the abnormally severe wet season this year, drilling investigations are in full swing.

The Notice of Intent to mine and the application for a Mineral Lease and for
environmental referrals are on schedule to be lodged with the relevant authorities early in March.

 

[Sean K]

Re: MAK - Minemakers

MAK takeover of BON?

WTF?

BON looks like a flee market to me ....

ASX RELEASE
MINEMAKERS ANNOUNCES SCRIP OFFER FOR BONAPARTE DIAMOND MINES
5 March 2009

The independent directors of Minemakers Limited (ASX Code: MAK) today announced a conditional scrip offer of 1 Minemakers’ share for every 10 shares in respect of the entire issued capital of Bonaparte Diamond Mines NL (ASX Code: BON).

 

[Sean K]

Re: MAK - Minemakers

This flee bitten BON is a woofer. What the heck are they doing? They've got some phosphate, but grades are ****e, and um, under 200m of ocean. Does anyone even mine phosphate like this? Crikey!!!

 

[Bushman]

Re: MAK - Minemakers

BON and MAK share three directors. Bit fishy (pardon the pun).

Diamond grounds are in the mouth of the Orange River (from memory) which has always yielded high quality stones.

Dredging phosphate from the ocean floor - wouldn't that be an environmental issue as well? Imagine if they proposed that off the Great Ocean Road or Sunshine Coast.

 

[select]

Re: MAK - Minemakers

Hi MAK Shareholders.

Let me start by saying BON Directors haven't bought shares in BON since their Change Of Directors Interest notice on 29 June 2007. YEP, almost 2 years.

So MAK have proprosed a takeover of BON.

Lets think about it.

Drummond, Ellyard and Wilkins are Directors of MAK.

Drummond, Ellyard and Wilkins....and Woodborne are Directors of BON.

Collectively, all 4 Directors have 17,980,000 shares (excluding options) in BON. At 4c per share their holdings are worth $719,000

As per the proposed takeover, they would convert their BON shares to MAK shares on a 1 for 10 basis. They would then hold 1,798,000 MAK shares. At todays closing price of 40c, their new MAK shares are worth $719,000.

From what i can gather, BON isn't worth squat. It's as simple as that.

So what is in the best interest of BON shareholders? Or more to the point, what is in the best interest of BON directors?

Well if the BON/MAK Directors believe there is very little upside in BON the logical step would be to transfer your $719,000 worth of worthless BON scrip into MAK scrip.

MAK shareholders are being dudded and MAK is the vehicle that the BON/MAK Directors want to use to invest their $719,000 that is currently tied up in BON.

Let me finish by saying, BON Directors haven't bought BON shares since the Change Of Directors Interest Notice on 29 June 2007. So how compelling is the BON story. Obviously not very!

Do we all understand what is really going on?

 

[grace]

Re: MAK - Minemakers

Hi select. That is one good analysis. MAK shareholders have every right to be cranky with this. It's kind of similar (but different too) to what Michael Keirnan did with his Directorships in related companies I'm afraid (MON, MIN, TTY,IRL....). The strongest one always suffers to hold up the nohopers. Hopefully it won't go down like Kiernan did though.

You should all send an email to the Directors of MAK.

 

[select]

Re: MAK - Minemakers

G'day Grace,

It's a 20% dilution of MAK shareholders. MAK gain approx $2.5 million in cash.

BON has a 42.5% stake in their Namibian JV and UCL hold 42.5%. UCL's market cap is $4 million but have $200,000 cash and BON's market cap is $8 million with $2.5 million cash.

Drummond, Ellyard and Wilkins (MAK Directors) have approx 500,000 options each which expire in mid 2009 and 2010.

Woodborne had 800,000 options expiring on 30 Sepember 2007 which he didn't exercise and now has a total of 2,200,000 options expiring in 2009/2010versus 2,060,000 ordinary shares.

If the BON share price had a hope in hell of recovering prior to options expiry the Directors of BON certainly wouldn't be bailing out.

Instead, MAK is at its 12 month low and has now made a takeover offer for a stock that the Directors think will languish in the medium term. I make this observation because the Directors of BON will be forfeiting their 2009/2010 options. Obviously they don't believe these options will be in the money any time soon.

Welcome to Ellyards world.

 

[Sean K]

Re: MAK - Minemakers

Thanks for your comments people. My sentiment for MAK and it's directors has turned dramatically around. This deal has so many knobs on it, I can not believe it. I suspect a dramatic shareholder backlash over this, and it'll probably end up in a Michael West column. Unbelieveable.

Or, it's a good thing? Happy to be turned around again...

 

[J.B.Nimble]

Re: MAK - Minemakers

If Wonarah is supposed to be the mother of all phosphate deposits why would they need to go and get more...? Doesn't make sense, although on another forum someone was suggesting a considerably lower opex from BON's marine phosphate deposits - must look in to that claim...

 

[Sean K]

Re: MAK - Minemakers

If Wonarah is supposed to be the mother of all phosphate deposits why would they need to go and get more...? Doesn't make sense, although on another forum someone was suggesting a considerably lower opex from BON's marine phosphate deposits - must look in to that claim...

Their rational is markets. BON to Europe, Wonarah to Asia. Yeah the Opex is quoted at around $80 /tn I think, so pretty cheap, but it needs beneficiation doesn't it? It's only 15% or something. Perhaps there's a plant nearby they intend to drop it in to? Maybe long term this is a good play.

 

[exgeo]

Re: MAK - Minemakers

Warwick Grigor in this week's market comments didn't seem too impressed with the BON deal. He made the point that if BON shareholders had wanted MAK stock, they could have bought it on-market. He also noted that in these cases, the stock of the acquirer always gets caned as former shareholders of the acquired company bail out after the takeover