MCR - Mincor Resources

[Miner]

MCR have come out and said the holders should accept the Wyloo offer.
Guess that's it then.
Mick

The MCR shareholders will get Lotto win from cherished dream of Twiggy from Anaconda, Posseidon and now Mincor Nickel !!! Why he did not go for gold instead of Nickel which is far more complicated than just digging, screening and transporting iron ore to China

 

[divs4ever]

MCR have come out and said the holders should accept the Wyloo offer.
Guess that's it then.
Mick

a tiny chance of a second bidder now ( and not much hope of a 'special div. )

and i need to reduce generally my total holdings

but when will i off-load , decisions decisions

might lob in a sell order say @ $1.45 and see if i am lucky ( i can always cancel if a second bidder appears )

 

[sptrawler]

a tiny chance of a second bidder now ( and not much hope of a 'special div. )

and i need to reduce generally my total holdings

but when will i off-load , decisions decisions

might lob in a sell order say @ $1.45 and see if i am lucky ( i can always cancel if a second bidder appears )

I offloaded the last lot about a week ago, before we joined the cruise, sad really they have been a great little share. I started getting in around the 30c mark, wish I had offloaded when they were $2.75, ah another missed opportunity, back to the ouija board. Lol

 

[divs4ever]

I offloaded the last lot about a week ago, before we joined the cruise, sad really they have been a great little share. I started getting in around the 30c mark, wish I had offloaded when they were $2.75, ah another missed opportunity, back to the ouija board. Lah yes the decisions we make

ah yes , the decisions we make , and the wisdom gained later

 

[mullokintyre]

According to Evil Muroch Press Wyloo may be looking to weasel out of the MCR offer.

A $30m acquisition of shares in the failed beauty products company BWX is not the only deal billionaire Andrew Forrest likely wishes he never embarked on, with some suspecting he may now make moves to backpedal out of his $752m proposal to buy nickel miner Mincor.
Everyone from analysts to fund managers to the company itself say that Mincor shareholders should grab the $1.40 per share offer on the table from Wyloo, the private company of Forrest, the Fortescue Metals executive chair.

But some think that Forrest, whose Wyloo owns 23.24 per cent of Mincor, may be plotting a way to get out of it.

Mincor told the market after the bid landed on March 21 that it was delivering ore in to its offtake with BHP which was not to specification of the agreed offtake terms due to higher arsenic levels, and as the pair work through the problem it has had to revise its earnings guidance.

It said in its target statement that Mincor shareholders should take the offer from Wyloo, which was a 35 per cent premium to the last traded share price, and analysts at Shaw and Partners said they agreed.

Working for Wyloo is Bank of America, while Mincor is advised by Barrenjoey and Sternship Advisers.

Observers believe Wyloo may use an insolvency provision in the takeover agreement to extract itself from its unconditional offer, which it has been declared final.

It could argue the company knew about the situation with the BHP offtake before the bid was made, and did not disclose it to the market, and without a deal Mincor would likely need to embark on a highly dilutive equity raising.

One possible outcome is that Wyloo and Mincor negotiate behind the scenes, where Mincor enables Wyloo to drop the offer price to prevent the bidder taking measures to extract itself from its unconditional offer all together.

The bottom line is, how much will the rejection of ore acually cost MCR, and is it an ongoing thing?
I suspect that reading beween the lines, that MCR were more than a tad surprised at this sudden rejection as there had been no hint about an increase in contaminants. Perhaps BHP just decided to be more strict in their enforcing of limits. Perhaps it was part of a wider campaign.
Who knows.
Mick

 

[sptrawler]

Spot on mick, it will all be about consolidating the battery materials sector IMO and not at a price premium.

 

[rcw1]

Good morning
Wyloo Consolidated Investments extends the offer period under its on-market takeover bid for Mincor Resources to the close of trading on May 22.

In a note to shareholders, Mincor said the offer was unconditional and Wyloo could not increase its price of $1.40 per share unless a superior proposal was received. "Mincor’s directors continue to unanimously recommend that Mincor shareholders accept Wyloo’s offer, in the absence of a superior proposal," the company said.

Not holding.

Kind regards
rcw1

 

[System]

On July 25th, 2023, Mincor Resources NL (MCR) was removed from the ASX's Official List in accordance with Listing Rule 17.14, following compulsory acquisition of its remaining securities by Wyloo Consolidated Investments Pty Ltd.