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CSM needs to close above $2.20 with some more volume and I'll be happy
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.redandgreen said:it's the Russians apparently that are interested in CSM according to today's AFR
Expect a bid B4 Xmas .......
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.
agree... will wait for the results as u say this will be the acid test!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.
redandgreen said:it's moving, love to know why
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:
- • A$1.38 cash for each Consolidated Minerals share they hold; and
- • 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).
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.
Agree wholeheartedly, my vote is definitely NO, lets hope some fundies are on our side.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
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.
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.
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