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SBM - St Barbara Limited

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Good afternoon
St Barbara has revealed today (13/04/23) talks with Genesis Minerals are progressing after shares in both companies were suspended from the ASX last week.

SBM further revealed that it is currently working on a potential adjustment to the structure of the transaction.
"The Company has not concluded discussions on the potential adjustment to the structure of the Proposed Transaction however discussions between the parties are progressing."

Both gold miners have requested that voluntary suspension of boths group's shares remain in place until April 17.

Not holding. Interesting but....

Have a very nice evening.

Kind regards
rcw1
 

Attachments

  • Update-on-Voluntary-Suspension.PDF
    128.4 KB · Views: 6
Good afternoon / evening
Published today (14/04/23) News Corp
Genesis pays $600m for St Barbara assets

Nick Evans
Genesis Minerals will pay $600m to buy St Barbara’s Leonora district assets in WA in a cash and scrip deal, as part of a recut agreement to consolidate the rich WA gold district.

Genesis hit the market with a $450m raising on Friday, looking for a cash injection at $1.15 – a premium to its $1.10 last trading price, after a week of negotiations to restructure its agreement with struggling St Barbara over a way to make the consolidation of the Leonora district work.
As flagged by The Australian on Thursday, rather than a reverse takeover of Genesis and a spin out of St Barbara’s Papua New Guinea and Canadian assets, the new deal will see Genesis offer cash and shares to St Barbara to buy the company’s Gwalia mine and other nearby gold deposits.

The Australian understands St Barbara has agreed to accept upfront cash of $370m, Genesis scrip worth $170m at $1.15 a share, with an additional $60m worth Genesis shares due when satellite deposit Tower Hill first produces ore.

In total, that would give St Barbara about 20 per cent of Genesis shares, well down from the 38 per cent of the merged company envisaged in the first version of the agreement. But the cash component would be enough to rid St Barbara of its debt problems, and cash to pursue the development of its PNG and Canadian assets.

Genesis will raise the cash in two parts, through an accelerated $50m placement, and then a second tranche of $400m if shareholders of both companies approve the deal.


Have a very nice weekend.

Kind regards
rcw1
 
Good afternoon
Been reported today (04/05/23):

Silver Lake Resources has launched a dramatic late intervention into St Barbara’s friendly asset sale deal with Raleigh Finlayson’s Genesis Minerals, saying it has unsuccessfully been pitching a better proposal to the St Barbara board.

Silver Lake went public with its offer on Thursday, saying it had offered a deal worth $732m to acquire the struggling gold producer’s WA gold assets, including $326m cash and 327.1m of its own shares.

The WA miner says it believes its offer is superior to that of Genesis, offering a 28 per cent premium to the upfront value of the Genesis bid, which includes $370 million cash, $170 million worth of its shares and a 14 per cent premium to the full offer, which includes another $60 million contingent scrip payment in exchange for St Barbara’s Leonora assets.

Silver Lake says the St Barbara board has so far refused to engage with its offer, and claims to have the support of the struggling producer’s two biggest shareholders – L1 Capital and Baker Steel Capital Managers LLP, representing 9.3 per cent and 8.6 per cent of the St Barbara register respectively – to hold talks over the bid.

Under the Silver Lake proposal, St Barbara shareholders would emerge with 26 per cent of its stock.
 
Good evening
Silver Lake added another $44m in cash to its bid for Gwalia late last week, bringing the cash total up to that of rival bidder Genesis Minerals, arguing the full value of the offer was 16 per cent premium to that of Genesis. But after considering the revised bid over the last four days, St Barbara is believed to have rejected the revised Silver Lake pitch today (23/05/23).

St Barbara’s board has resisted Silver Lake approaches since the Luke Tonkin-led company ambushed its friendly sale deal with Genesis in early May, arguing the premiums on offer from Silver Lake were not material enough to warrant breaking the “no talk, no shop, do due diligence” clauses in its deal with Genesis.

Genesis shareholders are due to vote on the deal on June 18, with St Barbara holders due to consider the proposal on June 20.

Kind regards
rcw1
 
Good afternoon
Raleigh Finlayson’s Genesis Minerals has finally gotten its company-making deal to consolidate the Leonora gold district over the line, with St Barbara shareholders voting in favour of selling its Gwalia mine today (20/06/23).

While there was a significant shareholder backlash against the sale, following Silver Lake Resources’ intervention in the process, however almost 78 per cent of St Barbara shareholders voted in favour of the deal at a meeting in Perth.

About 56 per cent of the company’s shares were voted, with 77.7 per cent cast in favour of selling St Barbara’s Leonora assets – including the historic Gwalia mine – voting in favour of the deal.

Genesis shareholders will also meet on Tuesday, but are unlikely to reject the acquisition.

Under the deal Genesis will pay $370 million cash and 200 million shares for Gwalia, taking a major step towards consolidating the rich gold district around Leonora in WA.

St Barbara chair Kerry Gleeson said the company’s board was pleased with the level of support shown by the shareholders.
 
Good evening
SBM closed down 48.2 per cent to 29c (got as low as 0$.265) in the first session new shareholders were not eligible to receive the distribution of Genesis shares following the latter's acquisition of Leonora gold assets.

The value of the Genesis shares is about 45 per cent, which explains why the gold miner has crashed by about the same margin. Only part of the payment for the Leonora assets was made in cash with the other part paid in Genesis shares.

St Barbara expects final reconciled gold production to fall in the mid to upper end of its guidance range!!!

Have a very nice night.

Kind regards
rcw1
 
Andrew got the bonus to make the deal with Genesis and market is still struggling to accept it with dividend halved from last year as well.
Today COB, it will be interesting to see what is the closing price of SBM after yesterday's smash.
5 July great cash flow performance display and 6 July bang
DNH



 
noirua said:
The fall in share price has been about 96% from its high point. Now at 19c, it stood at $2.80 in 1994/ 1995.
Click to expand...
@noirua - In 1994- it was Sons of Gwalia and not SBM. If I recollect correctly the price of SGW in 1994 went up to $4 or so. My memory could be wrong.
Nonetheless, SBM has serious issues with its CAPEX and execution time. GMD must have seen something better but it will take some time for SBM to come back to normal. DNH
 

ENDEAVOUR RESOURCES LIMITED (ASX.EDV) | InvestoGain Australia

Current Status, historical share prices, ASX Announcements, latest news, former (or subsequent) names, Directors on-market share transactions, Directors & Executives (current)
www.investogain.com.au
I first bought Endeavor Resources in the 1970s and held it until 1994/ 1995 as St Barbara Mines. During the period 1995 to 2003, somehow half was lost some went honoring debts including back taxes, etc., and the dot-com boom but mostly held too many mining shares. Avoided Sons of Gwalia fortunately and bailed out by Felix Resources in the runup to 2009.

I am a gambler and lose most of the time but bailed out in 1994/1995, 2008, 2009, and 2023.
 
Might be the start of some share price appreciation today.
A few goldies might go ok on quarterlies on the back off a few months of higher good prices, over $3000 AUD per ounce being reported.
 
Some recovery of late though SBM shares were over $2.00 in 2019. Back in 2005, they bought the bust Sons of Gwalia Mine known as Gwalia Deeps with great fanfare. https://www.abc.net.au/news/2005-03-22/st-barbara-acquires-sons-of-gwalia-gold-assets/1538020
In March 2005, St Barbara acquired the Southern Cross, Leonora and South Laverton gold assets in Western Australia from the administrators of Sons of Gwalia Limited. The South Laverton and Meekatharra assets were sold just over a year later.

St Barbara shareholders hand Gwalia gold mine to Genesis

The majority of shareholders voting in favour of the sale concludes a messy auction process.
www.afr.com
Sons of Gwalia were formed back in 1897 and fell into difficulty selling gold for forward delivery. Little gold produced and having to buy at higher prices than sold forward eventually busted them.
St Barbara ( Endeavor Resources ) fell into difficulty in the 1987 stock market crash with the shares falling from about 55c to 2c. In 1994/95 they recovered rising to over $4.00 but fell back sharply on director legal problems that persisted for years.
40-Year share chart: https://www.stockopedia.com/share-prices/st-barbara-ASX:SBM/

St Barbara Limited Stock Price Forecast. Should You Buy SBM.AX?

Check if SBM.AX Stock has a Buy or Sell Evaluation. SBM.AX Stock Price (ASX), Forecast, Predictions, Stock Analysis and St Barbara Limited News.
stockinvest.us
Information: https://stockinvest.us/info/SBM.AX
 
Last edited:

AI helps lead the way for St Barbara to new FY25-27 production targets

St Barbara Limited has reported its success in using a partner's AI software to help inform a FY25-27 production target of 70-75Kozpa.
themarketonline.com.au
“The work achieved with Stratum AI has been highly effective in enabling the Simberi team to delineate more ore which can be treated with the existing CIL plant,” St Barbara chief Andrew Strelein said.
 
Good afternoon
Announcement today (10/10/24) as attached re: Updated Pre-Feasibility for Atlantic Projects

Chart update:

Daily Chart


Daily Chart

Holding

Kind regards
rcw1
 

Attachments

  • Atlantic-Projects-Updated-Prefeasibility.PDF
    2.2 MB · Views: 2
Update
$0.385 on Friday. Momentum slowing ?? We soon see....
15 minute chart

Holding.

Kind regards
rcw1
 
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