Australian (ASX) Stock Market Forum

CSM - Consolidated Minerals

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History was just repeated. The momentum was up fiercely at the last 15 mins. But I still dun know what the deal is. I still hold both shares & CFDs on the stock. Hope it will turn out lovely shortly.
 
Moving up steadily this morning and trading at $2.29 a few moments ago. Iron ore is one of the good sectors at the moment and CSM look to have ground to make up, with iron ore drilling results due soon.
 
redandgreen said:
it's the Russians apparently that are interested in CSM according to today's AFR
Expect a bid B4 Xmas .......
Click to expand...
Funny that the rumour didnt get the SP moving. Looks like it should find support around $2.00. Must be the only Nickel producer to be down for the year (though to be fair Ni is only a sliver of it's profits). But even if the Russians aren't interested, CSM would have to a be a target right now, imho.
 

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Kipp said:
Funny that the rumour didnt get the SP moving. Looks like it should find support around $2.00. Must be the only Nickel producer to be down for the year (though to be fair Ni is only a sliver of it's profits). But even if the Russians aren't interested, CSM would have to a be a target right now, imho.
Click to expand...

It is the cheap Mn that seriously offset the gain of a Ni. I'm getting bored at awaiting the disclosure of the deal with the Russian Group.
 
Rumours are just that! rumours!! I don't think that there is any takeover at all, I'm more inclined to think that "discussions" are more likely a JV approach possibly with overseas companies in South Africa or South America, based on info that CSM announced about 10 months ago saying they'd been approached, but couldn't see anything for at least 12 months... again this is only speculation....

1/2 yearly results will be the acid test of whether or not CSM is turning around.

Tony.
 
wintermute said:
Rumours are just that! rumours!! I don't think that there is any takeover at all, I'm more inclined to think that "discussions" are more likely a JV approach possibly with overseas companies in South Africa or South America, based on info that CSM announced about 10 months ago saying they'd been approached, but couldn't see anything for at least 12 months... again this is only speculation....

1/2 yearly results will be the acid test of whether or not CSM is turning around.

Tony.
Click to expand...
agree... will wait for the results as u say this will be the acid test!
All else is just foolish.
CSM has been a huge disappointment, I should have ended the relationship a year ago
 
on second thoughts, in this instance, my money is still backing the rumour... I guess time alone will tell.................
 
Yeah the rumor resurfaced again yesterday in the SMH, but based on the less than stellar rise today I think it is getting a bit tired, after all it appears to have been this rumor that pulled the price up from around 1.70 last Oct, it is taking an awfully long time for these Russians to decide whether they are going to take over CSM or not ;) Seems to me that anyone wanting to take over CSM would not need to have months of discussions with CSM's management, as of August last year the biggest stakeholder in CSM had less than 6% of the company, IMO if someone wanted to take them over they would just do it!!

Tony.
 
Keep the faith! As these matters, take as long as they take, and remember iron ore is King. I'm patiently holding on.
 
redandgreen said:
it's moving, love to know why :confused:
Click to expand...


Cheeky buggers...A takeover based on the SP last October.... offering $2.28 per share.. about 1% premium on todays close.. led by Gilbertson of ex BHP fame.

Part of a Shareholder letter from CSM today...

Subject to the proposal being approved by shareholders, noteholders and the court (and subject to other conditions being satisfied), a new company will be created by way of 3 schemes of arrangement, between Consolidated Minerals and its shareholders, optionholders and noteholders.

The new company will be 60% owned by an investment vehicle of Pallinghurst Resources Fund LP and AMCI and 40% owned by the existing Consolidated Minerals shareholders.

Under the proposal, Consolidated Minerals shareholders will receive an attractive cash and scrip package comprising:

  1. • A$1.38 cash for each Consolidated Minerals share they hold; and
  2. • 2 shares in the new company for every 5 Consolidated Minerals shares they hold.

This values your Consolidated Minerals shares at $2.28 representing a 32.6% premium to the Consolidated Minerals share price of $1.72 (being the price prior to the takeover speculation in October 2006).
Click to expand...

 
Kauri said:
Cheeky buggers...A takeover based on the SP last October.... offering $2.28 per share.. about 1% premium on todays close.. led by Gilbertson of ex BHP fame.



Click to expand...

This is going to take a bit of looking at, as the added value of a strong cash partner, sailing in, is evaluated. $2.28 looks miserable and a price nearer $2.70 seems fairer for a 60% interest.
 
The fact that managment knew that they were turning around profit wise makes the $1.72 sp as the base look like a joke... the announcement today almost had an F You feel to it (with reference to the sp being up because of rumours) whilst this is I think largely true, I didn't buy based on rumour, I bought based on evidence in the quarterly reports of a turnaround starting!! Could be interesting to see how shareholders react, when asked to vote!

Tony.
 
Re: CSM - Shareholders must vote NO

I can't believe that Consmin board recommends to shareholders
1/ to accept to become minority holders of larger controlling interests !!
2/ to sell at a price in the lowest range of several years of quotation
3/ to ignore the future value of nickel operations.

I will vote NO and I recommend that shareholders vote NO to this deal.


Hubisan
 
Re: CSM - Shareholders must vote NO

hubisan said:
I can't believe that Consmin board recommends to shareholders
1/ to accept to become minority holders of larger controlling interests !!
2/ to sell at a price in the lowest range of several years of quotation
3/ to ignore the future value of nickel operations.

I will vote NO and I recommend that shareholders vote NO to this deal.


Hubisan
Click to expand...
Agree wholeheartedly, my vote is definitely NO, lets hope some fundies are on our side.
 
They pick up 60% of CSM on a valuation based on the SP 4 months back...
What do they bring to the table.... mmmm..Gilbertson of course..
Best of luck to CSM, by the way there is already a $5 million break fee penalty!!!



SMH Dec 17 2003
Brian Gilbertson, the keen cyclist and former BHP Billion chief, has marked his return to public company life by selling £3.6 million worth of shares he was given to chair Indian copper concern Vedanta the day it listed.

At this early stage, the South African's timing could not have been better. While Vedanta shares have sunk to £3.58 since joining the ranks of the London Stock Exchange last week, Mr Gilbertson managed to sell 903,961 shares at the £3.90 issue price.
Click to expand...

The Age..May 23 2003
The rash of multimillion-dollar payouts to executives came into sharp focus yesterday when BHP Billiton finally settled on a departure package for former chief executive Brian Gilbertson.

South African-born Mr Gilbertson, 59, will receive about $12.4 million in payments and shares related directly to six months as chief executive, plus a pension for life of $1.5 million a year for 32 years of service with the group and its predecessors.

The non-smoking and bike-riding Mr Gilbertson could reasonably expect to live to the age of 76. In that case, the "headline" figure of his package is about $38 million (not discounted for inflation). Should he die before his wife, she would receive 75 per cent of his annual pension.
Click to expand...
 
Everything signals this offer as an inacceptable manipulation at undervalued price

the past track of the newcomers from South Africa connection (see post bove)
the price
the purchase of 60%
the threat of 5 M$ charge is our manipulation to get small shareholders afraid

The recommandation of this deal by Rod Baxter is not tolerable.
If he agrees that shareholder should giveup to such a bad deal, his legacy at consmin is over. Shareholders should present a resolution to fire him.
And then we would see who is the boss at consmin.

I am a Fench investor.
Can somebody tell me

1/ if there are other message boards with large audience in Australia
2/ what is the controlling situation at consmin exactly right now

I will also look at it but any help welcome

Hubisan
 

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