ZFX - Zinifex Limited

[roland]

Looks like Zinifex will do a nice bounce. Pre open market depth is the best I've seen for ages.

The AGM offer looks to be more attractive to AGM holders now. At least they know exactly what they'll get.

Glad I picked up some more ZFX yesterday. Good luck ZFX holders.

 

[Nicks]

Any idea why ZFX isnt trading this morning?? no news of trading halt. Missing out on the big market gains!!

 

[roland]

Any idea why ZFX isnt trading this morning?? no news of trading halt. Missing out on the big market gains!!

23 January 2008
Zinifex’s Offer for Allegiance simplified
Zinifex Limited (ASX: ZFX.AX) (“Zinifex”) today announced it will simplify
the takeover offer by its subsidiary Zinifex Australia Limited (“Zinifex”) for
all of the issued ordinary shares of Allegiance Mining NL (ASX: AGM.AX)
(“Allegiance”).
Zinifex will now offer $1.00 cash per share for all Allegiance shares,
irrespective of whether it acquires a relevant interest in 30% of shares or
receives a directors’ recommendation. As the offer is unconditional,
accepting shareholders will be paid within 5 business days of the receipt
of a valid acceptance.
In addition Zinifex reserves the right to stand in the market to acquire
Allegiance shares at prices up to and including the offer price.
Zinifex’s Chief Executive Officer (elect) Andrew Michelmore said “Zinifex
notes the current market turmoil, which has accelerated the decline in
values of many peer mid-sized ASX-listed nickel companies. We made
our intention clear when we proposed to offer up to $1.00 cash per
Allegiance share and Zinifex stands by that intention.
“At this time, we felt individual shareholders would be supportive of a
simplified offer structure and enhanced liquidity in the market such that
they can avail themselves of a real 41% premium,” he said.
For more information contact:
Martin McFarlane
Group Manager – Investor & Community Relations
Zinifex Limited
Direct telephone: +61 (3) 9288 0479
Mobile: +61 (0) 417 543 638
Email: martin.mcfarlane@zinifex.com

 

[Nicks]

Thanks but I fail to see how this answers my post.
Anyone else want to offer something valuable other than the news released this morning pasted out of etrade or comsec?
Like I said no news of a trading halt.

 

[Nicks]

.... and there she goes. This was a most unusual situation with ZFX this morning. I'd love to hear from anyone whom knows exactly what happened and why it wasn't trading.

 

[roland]

Thanks but I fail to see how this answers my post.
Anyone else want to offer something valuable other than the news released this morning pasted out of etrade or comsec?
Like I said no news of a trading halt.

mmm, well this was the news release that put Zinifex in trading halt until 11.00am - sorry, I should have added this to the title

 

[DionM]

Nice timing by ZFX with the ann, but we're missing the rally (I doubt it'd go high enough for me recoup losses though).

I was all set to sell my AGM shares today on-market, to take some capital and run. The new offer gives me more certainty (and longer to stave off on the decision to sell my AGM shares).

Still, the profit from my AGM shares fades into comparison with the drop in value of my ZFX holdings.

 

[roland]

Nice timing by ZFX with the ann, but we're missing the rally (I doubt it'd go high enough for me recoup losses though).

I was all set to sell my AGM shares today on-market, to take some capital and run. The new offer gives me more certainty (and longer to stave off on the decision to sell my AGM shares).

Still, the profit from my AGM shares fades into comparison with the drop in value of my ZFX holdings.

DionM, what are your thoughts on where your AGM SP is likely to go if Zinifex is not successful and pulls out?

 

[Nicks]

mmm, well this was the news release that put Zinifex in trading halt until 11.00am - sorry, I should have added this to the title

Thanks, so where was the info about the trading halt until 11.00 am? I can't see it anywhere.

 

[roland]

Thanks, so where was the info about the trading halt until 11.00 am? I can't see it anywhere.

the announcment was pretty clear from the Protrade platform .. just here:

see attached,

 

[DionM]

DionM, what are your thoughts on where your AGM SP is likely to go if Zinifex is not successful and pulls out?

I really don't know. I've seen various valuations of AGM at $2+ (based on fundamental analysis) ... however given the current market, we all know that fundamentals count for SFA these days.

As such, I suspect the SP will retreat. No doubt long term AGM may be a $2+ company, but if I have an opp to sell at a premium then buy when it drops, I'll do that.

I'll probably sell - as late as I can either on market or to ZFX (offer closes 8.2.08) and if AGM drops, I'll rebuy into it.

 

[roland]

I really don't know. I've seen various valuations of AGM at $2+ (based on fundamental analysis) ... however given the current market, we all know that fundamentals count for SFA these days.

As such, I suspect the SP will retreat. No doubt long term AGM may be a $2+ company, but if I have an opp to sell at a premium then buy when it drops, I'll do that.

I'll probably sell - as late as I can either on market or to ZFX (offer closes 8.2.08) and if AGM drops, I'll rebuy into it.

Well, Zinifex has basically said "this is your last chance AGM holders, take the money or watch your SP fall - along with the expected Nickel price."

I actually am liking this agressive stance from ZFX - makes me feel tough

I suppose anyone buying AGM at over a $1 must be feeling a bit nervous.

 

[DionM]

Well, Zinifex has basically said "this is your last chance AGM holders, take the money or watch your SP fall - along with the expected Nickel price."

I actually am liking this agressive stance from ZFX - makes me feel tough

I suppose anyone buying AGM at over a $1 must be feeling a bit nervous.

I posted in the AGM thread, but I have suspicions that there may be a rival offer around for AGM; which has prompted the tough stance from ZFX (and upped their bid) and the vagueness by AGM.

I am still pondering. I may sell to ZFX or sell on market in the days leading up the close of the offer if nothing eventuates; then if the SP drops for AGM I will buy back into AGM.

Great plan on paper, probably end up doing something different or the market will just confound me yet again!

 

[roland]

I haven't been following the AGM board. What are their guesses on the rival bidder? I would be thinking to myself how valid the rumour of the rival ... and maybe cashing out if sitting on a profit - especially if it was over ZFX's offer.

It's a pity for AGM that it wasn't a share offer - that may have made the bid a little more interesting

 

[roland]

Not sure what these 73 packets are on AGM, seems a little strange to me. What do you make of it Dion?

 

[roland]

Looks like an AGM response coming - just waiting to see what it says. This is fun - almost like watching a schoolyard brawl.

 

[DionM]

I haven't been following the AGM board. What are their guesses on the rival bidder? I would be thinking to myself how valid the rumour of the rival ... and maybe cashing out if sitting on a profit - especially if it was over ZFX's offer.

AGM haven't said anything yet about a rival bidder.

It's a pity for AGM that it wasn't a share offer - that may have made the bid a little more interesting

Oh god the last thing I need is more ZFX shares :

 

[DionM]

Not sure what these 73 packets are on AGM, seems a little strange to me. What do you make of it Dion?

ZFX CEO left off about 6 zeros when placing an order in his Etrade account? Usual market games, I'm sure ... I don't pay much attention to them (actually, I don't really understand them ...).

 

[roland]

LOL

a few AGM holders going to jump ship at $1.04 on pre open. Also some idiot placeing and cancelling orders to make the AGM watchlist entry flash - hate that.

 

[roland]

Looks like a counter attack with an announcement regarding a resource upgrade - haven't read it yet, just going off the title of the announcement. Rally the Troops