I thought your contribution started off with "I think it would more likely to be an AGM director" in relation to the $383m. If directors were buying I'm sure they would be happy to pay $1.05.
AGM - Allegiance Mining
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Why weren't the Director's buying a majority stake when the price was 5c?
Then they would not be in this situation having to fend off a predator.
Then they would not be in this situation having to fend off a predator.
Good question and another question is "why wasn't I". My answer is "I didn't know about them until they were 33c". However I got in then. ( refer early AGM posts). Of course they had proved nothing then. They have now and they are CLOSE TO PRODUCTION.
P.S. You haven't replied offering your credentials?
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You were a bit slow off the mark nioka. Every cabbie in Brisvegas was tipping them in 2005 at around the 15c mark.
Even then, the Directors could have shored up their positions with either their own cash or cashed up staunch friends.
That's me, slow and steady. Maybe that is what the directors did do to the extent that they could and that is why they have such a loyal following. It is not all about money. Remember you can't take it with you.
ZFX is desperate. I have been doing my sums in case I have to buy ZFX shares to keep my interest in AGM's nickel. ZFX show potential profit for the half year to Dec as $1270m to $1320m but only $250m to $275m is from continuing production. A worry would you agree.
Well an interesting day. I sold out of AGM today. Took a fair profit. I hesitated all day wondering what to do.
For those interested, my reasons (in order of importance to me):
1 (most important). A philopshical shift of my investments to blue chip dividend payers. I want to get into them more - something I've been wanting to do for some time now - the recent sharemarket volatility has reinforced that fact. AGM has served it's purpose as a bit of a spec play. I sold out of SBM today as well, for similar reasons (though that was based on some T/A, and having been burnt before not selling out at/near a high).
2. I am not overly impressed with AGMs handling of this event, especially as ZFXs offer close draws near. Today's announcement of "we have had others in our data room" didn't wash well with me - this implies that the company is indeed up for sale?
3. I didn't want to get caught in another "buy the rumour, sell the fact" selldown next week. Has happened in the past to me on semi-spec stocks, so I have learnt my lesson - some profit is better than none.
I still believe AGM is a good company, but I'm not sure how sustainable current prices are. I don't profess to be an expert however, so it came down to a bit of a $$$ decision and where my $$$ could be better invested. I want a bit more stability in my shares (and some income via dividends!), and AGMs stability of late seems to be drawn from ZFXs offer more than anything else.
If AGM drops back to around my original buy in price, I will buy again, no questions, for I could see value at those prices.
For those interested, my reasons (in order of importance to me):
1 (most important). A philopshical shift of my investments to blue chip dividend payers. I want to get into them more - something I've been wanting to do for some time now - the recent sharemarket volatility has reinforced that fact. AGM has served it's purpose as a bit of a spec play. I sold out of SBM today as well, for similar reasons (though that was based on some T/A, and having been burnt before not selling out at/near a high).
2. I am not overly impressed with AGMs handling of this event, especially as ZFXs offer close draws near. Today's announcement of "we have had others in our data room" didn't wash well with me - this implies that the company is indeed up for sale?
3. I didn't want to get caught in another "buy the rumour, sell the fact" selldown next week. Has happened in the past to me on semi-spec stocks, so I have learnt my lesson - some profit is better than none.
I still believe AGM is a good company, but I'm not sure how sustainable current prices are. I don't profess to be an expert however, so it came down to a bit of a $$$ decision and where my $$$ could be better invested. I want a bit more stability in my shares (and some income via dividends!), and AGMs stability of late seems to be drawn from ZFXs offer more than anything else.
If AGM drops back to around my original buy in price, I will buy again, no questions, for I could see value at those prices.
Best of luck with whatever you chose next. You will not go broke taking a profit even if you leave a little for the next person. I have faith that the AGM board are doing whatever is necessary in the best interests of the company. The SP possibly will fall a little if the ZFX offer is withdrawn and there is no other offer but I'm sure it will recover quickly and rise considerably as production commences. By today's turnover you are not on your own but the price has held despite the circumstances.
Nioka,
It was difficult, the old "hang on for the CGT discount, hang on for the higher offer" was in the back of my head. Greed - I am slowly learning to control it!
I have no knowledge as to whether they will go higher or not - apart from speculation. It probably will, given the prices being paid right up until close today ... but it could also go down. I do suspect another offer is in the wings, but who knows when that will materialise.
It was difficult, the old "hang on for the CGT discount, hang on for the higher offer" was in the back of my head. Greed - I am slowly learning to control it!
I have no knowledge as to whether they will go higher or not - apart from speculation. It probably will, given the prices being paid right up until close today ... but it could also go down. I do suspect another offer is in the wings, but who knows when that will materialise.
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Posted on Egoli.com.au
Allegiance data room open for inspection
8/02/2008 By: John Winters
Allegiance Mining NL (AGM) advised that it had an open door policy with respect to approaches from all third parties who offer demonstrable value to shareholders. The company said its data room had been accessed this week, and due diligence continues to be carried out.
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Allegiance said it could give no assurance that any relevant third party will submit a proposal, which is capable of being put forward to shareholders.
“However, particularly in light of the uncertainty which Zinifex is allowing to subsist as to whether it proposes to allow its offer to close today, Allegiance considers the status of third party interest to be information material to Allegiance's shareholders,” the company said.
Allegiance advised it would update the market in the course of next week about the status of third party interest.
Zinifex has offered $1 cash for each Allegiance share, valuing the target at about $775 million.
At 1440 AEDT, Allegiance was up 0.5c to $1.055, while Zinifex was up 9c to $9.34.
things my start getting interesting next week and give the stock price a giddyup!!
Allegiance data room open for inspection
8/02/2008 By: John Winters
Allegiance Mining NL (AGM) advised that it had an open door policy with respect to approaches from all third parties who offer demonstrable value to shareholders. The company said its data room had been accessed this week, and due diligence continues to be carried out.
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Allegiance said it could give no assurance that any relevant third party will submit a proposal, which is capable of being put forward to shareholders.
“However, particularly in light of the uncertainty which Zinifex is allowing to subsist as to whether it proposes to allow its offer to close today, Allegiance considers the status of third party interest to be information material to Allegiance's shareholders,” the company said.
Allegiance advised it would update the market in the course of next week about the status of third party interest.
Zinifex has offered $1 cash for each Allegiance share, valuing the target at about $775 million.
At 1440 AEDT, Allegiance was up 0.5c to $1.055, while Zinifex was up 9c to $9.34.
things my start getting interesting next week and give the stock price a giddyup!!
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Financial Review front page article gives AGM directors a big spray. They have punted and lost 8 million dollars of the money Merryl Lynch gave them via a placement.
The Chairman's comment was " We are entitled to a bit of a flutter".
Amazing comment from a company trying to defend a hostile takeover.
Credibility is shot. Instos will dump big time to ZFX now I would imagine.
The Chairman's comment was " We are entitled to a bit of a flutter".
Amazing comment from a company trying to defend a hostile takeover.
Credibility is shot. Instos will dump big time to ZFX now I would imagine.
It would be interesting to know if there is any relationship between the sale of 1,000,000 Agm shares for approx $1.04c per share by LST on 6th Feb and ZFX. Also the connection, if any, between the "ceasing to be a substantial holder" in LST by Credit Suisse Holdings Issued at the same time. Is it odd that LST sold a considerable holding in AGM for $1.04 share one day but accepts $1 from ZFX the next?. There has been plenty of turnover of AGM shares at + $1.04 for anyone wanting to quit to get that price without accepting the below value offer from ZFX. Conspiracy theory ?. I'd like to know what backroom deals are performed on this one.
At least ZFX have given AGM another two weeks to get into production. That takes us two thirds into the "first quarter" production promise. I can see no reason to sell yet and every reason not to sell. My price is $2.00 and I'm holding out for it.
At least ZFX have given AGM another two weeks to get into production. That takes us two thirds into the "first quarter" production promise. I can see no reason to sell yet and every reason not to sell. My price is $2.00 and I'm holding out for it.
Lost $8.000,000 . They would have to be joking. They can make money on any deal they made with AGM. Merryl Lynch are speaking for ZFX in a hostile takeover situation in the same way you have done throughout this saga. For someone who suggested I should not post on the ZFX thread, I see you are still happy to post on this one, not that I object to that. I'm still waiting patiently for you to state your credentials to comment, remember you asked for and were given mine.
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You like to try to hide the reality on every corner, read the newspaper for yourself and get informed.
The Chairman of AGM is the one that said that they are entitled to some flair, well 7 or 8 million loss is what I called a flair or maybe a large flair
WBII
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I thought AGM was a mining company but it looks that is a share trading one with some doubtful traders included.
I wonder how much was lost in ICP (iCash) alone:
http://www.asx.com.au/asx/statistic...GM&timeFrameSearchType=D&releasedDuringCode=T
I wonder how much was lost in ICP (iCash) alone:
http://www.asx.com.au/asx/statistic...GM&timeFrameSearchType=D&releasedDuringCode=T
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Where did you see that stargazer? I had a look around and couldn't see anything other than the Lion Selection announcement.
Whoa there. Are you sure you read things right. Looks like a repeat of the earlier announcement and NOT the directors of AGM accepting ???????
OOps my apologies. It was released today 11/2 it inidcates Lion Selection accepted the offer, and goes on to say Offer was extended by two weeks to Allegiance.,,,Won't do that again till i read it three times..
Sorry just read the headline and took it that it had been done. Misread it.
SG
Sorry just read the headline and took it that it had been done. Misread it.
SG
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