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CDU - Cudeco Limited

CuDeco explores buybacks

JAMIE FREED
September 29, 2009

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Queensland copper hopeful CuDeco is never short of head-turning moves.

The latest puzzling decision taken by its executive chairman, Wayne McCrae, is to conduct its second share buyback in the past 12 months.

Most exploration companies tend to spend their cash on, well, exploration. Or perhaps acquisitions. In any case, buying back shares tends to be very low on the list of priorities.

Some shareholders are particularly surprised by the timing of the CuDeco buyback because it conducted a $52.5 million capital raising in June at $2.50 a share.

Following some good exploration results from its Rocklands project, CuDeco shares are now trading closer to the $5 mark. So it appears to be willing to dilute at a lower price and spend a higher price buying back the shares with help from broker BBY.

CuDeco is seeking to buy back up to 10 per cent of its capital, which would cost about $58.5 million. It had $54.8 million in the bank as of June 30 and recently completed an earlier buyback on which it spent $3.85 million.

A buyback will serve to boost the percentage of the company held by McCrae, which now stands at 10.3 per cent.

CuDeco announced the latest buyback yesterday. Normally, buybacks tend to prop up a share price. But curiously, its shares have fallen today and are trading 25c lower at $4.95, which could indicate some investors are questioning the merits of the strategy.

CuDeco has yet to provide any explanation for the latest buyback.

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From this, you'd think that WM is very confident that the company is undervalued and he would be able to raise further capital at a good price further down the track.

Been a shareholder for 6 years and this guy still amazes me (good and bad).
 
Institutional selling explains the dip. Goodman & Company, Investment Council Ltd. selling nearly 3 Million shares. Should creep back up IMO.
 
On days like today the market doesn't seem to like any stocks. The attached shot reminds me of what CDU has to offer. (disc - I have some)
 

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Not every one loves red or copper it seems:rolleyes:

CDU thread was not hacked by any one since late Jan of this year.
So I am hacking it with the KNOW NOTHING note from CDU.
Yesterday they published a China news article suggesting CDU is having talks with prospective customers.
This morning TELL ME WHY note from ASX and the response from CDU as attached.

It is interesting when companies create a turbulence in the market and then pretend know nothing. It happened with FMG (there could be many but I know about FMG saga) about China talk and the price fluctuation.

CDU prices have gone up a bit this week and let us see what happens today.
I wish Speculator touches this stock to create a high rise wave in the price.

Disclaimer : I hold a small parcel and bought by fluke last week without having studied it much
 

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Come Monday we will see the spin doctors working over time:eek:, how can any one can buy in to a company that has some one working for them who is only a ramper from the Hot Whoppers, he all so worked for CVI:eek::eek:.
 
Come Monday we will see the spin doctors working over time:eek:, how can any one can buy in to a company that has some one working for them who is only a ramper from the Hot Whoppers, he all so worked for CVI:eek::eek:.

Come Tuesday Lets just see what's what. In Cloncurry
 
My bet is that this week we will see a report that will go some thing like this.
:::Due to the massive amount of drilling that has been done to date, and due the massive amount of copper that has been found, we will need six months more be for we can release the JORC.:::
 
You know this Cobalt will have to delay the JORC, we will have to know how much of that we have don't we.:banghead::banghead: We will let you know around Xmas.
 
Very frustrating for holders, but it was a decent rebound i suppose!

Will be interesting to see how Wilgar pans out, lack of volume really shows its all a waiting game at the moment.

I like this stock, but I really am not a fan of managements treatment of shareholders, what a wait!
 
Can anyone guess how much copper this company has?

I m trying to compare Sandfire Resources with Cudeco as they have similiar market cap.

You would think Cudeco would have much more and be 1-2 years ahead in exploration.
 
Can anyone guess how much copper this company has?
I don't think they have anything. You'd have to start thinking that the bs they have given the market about on going JORC definition is a complete and utter sham. How long has it been since they first produced a target? 4 years? Unbelievable. :confused:
 
It looks like we have drilled many holes in a 10MTX20MT block, then we let every one believe that their results from all that drilling is from all over our block of land, now you tell me are we being hoodwinked????
 
It looks like we have drilled many holes in a 10MTX20MT block, then we let every one believe that their results from all that drilling is from all over our block of land, now you tell me are we being hoodwinked????
The overall area being drilled seems to be about 2000m length x 800m width x 300m depth. I can only guess by their presentations. Amazing grades, but it's no good if it's over a small zone.
 
Interesting development:

CuDeco Ltd and the Chairman of CuDeco Ltd have instructed their legal representatives to file claims in the Supreme Court of Queensland, against internet forum, “HotCopper” and “2 Posters”, the latter being knowing participants.

Cudeco’s Claim:
1. Misleading and deceptive conduct under the Trade Practices Act 1974.
2. Injurious falsehood.
Chairman of CuDeco Ltd, Mr Wayne McCrae to file substantial claims against “HotCopper” and the “2 Posters” for defamation over a period of 1-12 months.
“HotCopper” is a forum that discusses ASX Listed Companies under pseudonyms (aliases).

Yours faithfully
Wayne McCrae
Chairman

This may not go anywhere, but goes to show we need to be careful with our statements.
 
Interesting development:



This may not go anywhere, but goes to show we need to be careful with our statements.


Interesting situation Kennas.

By default CUDECO may be advertising HotCopper. Some times scandal for Hollywood artists go in their favour.

But definitely it shows the forum is not just a casual forum.

I am wondering on the same token, if some one ramps a share, will that company rewarding the forum ;)

I hope Joe will issue a stern warning to all of us citing the CDU example so that we learn lessons on HC

Personally I fail to understand however, why should take any notice on HC postings. I visited few times and lost interest

Do not hold CDU any more

Cheers
 
Anyone here from Hotcopper?

Looks like the CDU threads have been locked down over there due to the court case.
I suggest we make ASF our new home.
 
Anyone here from Hotcopper?

Looks like the CDU threads have been locked down over there due to the court case.
I suggest we make ASF our new home.

As soon as I saw they'd locked the CDU thread, this is where I came. Looking forward to tomorrow's JORC, it's been a long wait.
 
Ironic isnt it, that on the eve of the biggest announcement in 4 years, the number 1 discussion forum is shut down.

On the plus side, we have emoticons here.

:aus: :alcohol:
 
Anyone here from Hotcopper?

Looks like the CDU threads have been locked down over there due to the court case.
I suggest we make ASF our new home.

Please note that ASF has stricter rules when it comes to posting price targets etc. If you are to post a target please make sure it is backed up by information and research.

For newer members i suggest reading the site rules and guidelines :)
 
From today's Age:

Miner moves to end chatroom debate
Barry FitzGerald
August 17, 2010 - 12:38PM

Industry maverick Wayne McCrae at CuDeco has taken the unusual step of moving to shut down debate on an internet chatroom site on just what CuDeco's Rocklands copper discovery in north Queensland might or might not contain.

CuDeco said yesterday it had instructed its lawyers to file Supreme Court claims against HotCopper and two "posters" on the chatroom, claiming misleading and deceptive conduct and injurious falsehood.

The legal action is doubly unusual because CuDeco is in a trading halt pending the release of a long-awaited resource update on Rocklands. If the resource at Rocklands lives up to early claims by CuDeco on the importance of Rocklands, the chatter would become irrelevant.

More: http://www.theage.com.au/business/miner-moves-to-end-chatroom-debate-20100817-127sc.html
bfitzgerald@theage.com.au
 
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