AZR - Aztec Resources

nioka · 9 November 2006

The next week will be an interesting one for both AZR and MGX. It still depends on whose side the "Shangahi" merchant takes. It looks to me as though another Australian company is moving to foreign ownership at a very cheap price. As a country we have not got much left to sell and one of these days the current account deficit will have to be met.

constable · 14 November 2006

some massive accum going on!

nioka · 28 November 2006

nioka said:
The next week will be an interesting one for both AZR and MGX. It still depends on whose side the "Shangahi" merchant takes. It looks to me as though another Australian company is moving to foreign ownership at a very cheap price. As a country we have not got much left to sell and one of these days the current account deficit will have to be met.

It now looks like the Shanghai merchants have been working for MGX and with the trading halt on both AZR and MGX today I think the fate of AZR is sealed.

nioka · 28 November 2006

AZR now recomend the offer by MGX so the takeover looks completed.

haemitite · 28 November 2006

Its been a very disappointing defence by AZR management. No independent valuation, no white knight and in the end no better terms than the initial hostile offer.

The directors could point to a share price spprox 40% higher than pre-bid levels, but AZR arguably would have got to these levels anyhow as the project was de-risked

Still undecided as to whether tto ake up the offer, or hang on and hope for an outcome along the lines of the PMM minority holders.

nioka · 28 November 2006

haemitite said:
Its been a very disappointing defence by AZR management. No independent valuation, no white knight and in the end no better terms than the initial hostile offer.

The directors could point to a share price spprox 40% higher than pre-bid levels, but AZR arguably would have got to these levels anyhow as the project was de-risked

Still undecided as to whether tto ake up the offer, or hang on and hope for an outcome along the lines of the PMM minority holders.

I will resist to the end because I believe MGX offered a very poor deal and they will have to do the extra work to get my little bit or pay a premium.

laurie · 28 November 2006

Nice gesture but to no avail once the big boys cave in it's a matter of time before it's all completed the only bright part is I'm also a MGX holder so no CGT applies as its a script exchange

cheers laurie

chansw · 28 November 2006

haemitite said:
Still undecided as to whether tto ake up the offer, or hang on and hope for an outcome along the lines of the PMM minority holders.

Can anyone tell me what was the outcome for the PMM minority holders, please? Thanks.

nioka · 28 November 2006

chansw said:
Can anyone tell me what was the outcome for the PMM minority holders, please? Thanks.

As I understand it, the offer was $3.85 per share. Because there was not 90% acceptance the complete take over did not eventuate. The company is still listed with today's price around $5.12 and the company is still operating even though it is minority owned by the old shareholders.

haemitite · 29 November 2006

laurie said:
Nice gesture but to no avail once the big boys cave in it's a matter of time before it's all completed the only bright part is I'm also a MGX holder so no CGT applies as its a script exchange

cheers laurie

I think as long as 80% of AZR shareholders accept then there is capital gains tax relief. I don't think hlding MGX shares affects roll over status

Still thinking that I might hold out on my stake even though I'm now horribly overweight after exercising the AZR options.

AZR - Aztec Resources

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