Tuesday, March 15, 2011

Conference Call Notes

Hi, Everyone.
This is my first post, but I have been a CMM holder since 2008 and following this and other info available for a few years now. Here is what I transcribed from the CC today. Please forgive my paraphrasing and any important details I may have missed.

The call was chaired by Peter Ball. Daniel Major (DM) and Geoff Cowley (GC) were on the call (sounded like they were together, wherever they were). No one else was available for questions.

Started off with DM talking about the proposal. Basically, you can read in from the press release, except there was some information about DM and GC previously working together in Russia for a molybdenum company. Then there was the Q&A, which was cut off after approximately 30 minutes.

Q: What will be the value of CMM shares after the merger?
DM: WTG x 0.4, but who knows what that will translate into. (Basically did not answer the question.)

Q: When will there be an updated NI 43-101 available for Century? It states on the company presentations from at least January 2010 up to and including February 2011 that you, "Continue aggressive data compilation at Lamaque Complex to continue to add resources and reserves", but I see no evidence of this.
DM: Drilling planned for 2011; continue to collect data. (Basically did not answer the question.)

Q: How do you feel about the negative comments in the Globe and Mail article regarding the proposal?
DM: No comment

Q: How is intrinsic value calculated and was the 0.4:1 offer based on prices before or after March 8?
DM: A Special Committee decided that, and I was not part of the Special Committee. (Basically did not answer the question.)

Q: How is WTG valued at $4.50/share?
DM: Market traded, Special Committee, yada, yada, yada.... (Basically did not answer the question.)

Q: No one values WTG highly. Why is this proposal good for CMM?
DM: We get to go into Russia. Look at WTG's 43-101's.
GC: Combining factor. Exposure to Russian assets. Globalizes. Working capital. Great management. yada, yada, yada.

Q: How much of CMM is owned by F&S? Will there be a "scorched earth policy" if proposal fails?
DM: Hum, maybe about 34%? A scorched earth policy is not expected.

Q: Was a portable crusher on site when the cone crusher went down?
DM: Yah, I forgot to tell you about that (okay, that is not really what he said, but that is what I got out of it.)

Q: Why are we not being offered $ instead of shares?
DM: No cash offer was provided. (Basically did not answer the question.)

Q: How do we get info on WTG when they do not have a website, they have only been around short term, and there is little info available?
GC: 43-101's and other data available on SEDAR. Fairness committees had access to all the information.

Q: The lack of increase in CMM share price shows we don't like the offer. Is it going to increase?
DM: This is a great deal for CMM, yada, yada, yada....

Q: How does WTG have a $500,000,000 market cap?
DM: I don't know.

Q: Why was an emergency loan necessary when we raised $13,000,000 in Nov/Dec 2010, and why was the loan not disclosed on Feb 8?
DM: We talked to the TSX and they said it was okay.

Q: 95% of WTG is insider owned, correct?
DM: Yes

Q: How could the crusher failure cause massive $ losses?
DM: We were running hand to mouth, and the unexpected crusher failure caused substanial impact.

Q: When did WTG first approach CMM? Why is there a $13.5 million break fee since WTG approached us?
DM: Hum, I don't know. Maybe early March? As for question 2, we pay that if the three conditions arise, yada, yada, yada.....

Q: March 8 NR very negative - no positive comments about stockpiling ore, etc. Why?
DM: denied it was negative. called it "realistic".

Q: Who was on the Fairness Committee for CMM and what are their qualifications?
DM: That information will be provided in the information circulars.

Q: When will we be provided with the information circulars?
DM: I don't know. They are in draft now. You will get them before the vote.

Q: Finskiy paid $0.28/share for WTG. How did it get to $4.50/share?
GC: Increased financing and opportunity (???!!!)

Q: Why didn't Finskiy do the emergency financing with his warrants instead of a loan from WTG?
DM: I don't know. He is not here to ask.

Oh, time's up. Got to go. No more questions.

That's what I heard.
Peachy

6 comments:

Fund Holder said...

Somebody called Dan on a crackly phone line asked my 'scorched earth' question and others.

Many thanks Dan.

These pricks are on the run.

Did you hear them duck Larry Hoover's question on the asset value of WTG ?

Larry was asking how assets which were nominally valued at 28 cents a share when they were sold to WTG (from Finskiy's private Russian company) could then be valued at a 16 x 28 cents. ($4.50 a share).

"Geoffers" from WTG pretended not to understand the question and advised that WTG was a shell company that they bought for 28 cents a share.

That's the mentality you are dealing with here.

production05 said...

There is a way of getting a shareholder contact list. It might be kinda difficult though. You might have to match names on one list with contant info (ie. tel numbers or email) on another list.

Also, certain holdings, such as TD Waterhouse holdings, might not be on the list (due to shareholders having to go through TD Waterhouse to place their votes - group listing).

You can be rest assured that the WTG-CMM connected group will use this avenue (IMO).

Chris knows how to get this info. I can provide Chris` contact info once we reach this point (perhaps to Blizzy or whichever person is leader the charge). I honestly cannot speak for Chris. As such, I cannot promise that he will provide direction. However, I don`t imagine he will have a problem at all. I imagine he will completely understand, given what we went through with Severstal.

There is also a cost of purchasing such info. Blizzy has a lawyer that can take donations I`m sure. Chris (or his lawyer) may be able to give some coaching to Blizzy`s lawyer on how to go about gathering donations.

production05 said...

If I recall recorrectly, there might be a company that does the matching for you, at a certain fee.

bigjohn37 said...

Thanks for posting the conference call notes, Peachy. I could not listen, so your notes were helpful. They essentially confirmed our general sentiment that these guys are unethical liars. The main thing that bugs me is that they are on our payroll. The sooner we get rid of them the better off we'll be.

On another note, I have yet to find a way to get hold of Blizzy. Could someone help me out, please.

Production, I am pretty sure that most of us would be willing to kick in some cash to fund our uprising.

ATInsider said...

Thanks for the conference call notes GOOD WORK, these weasels bypassed almost all the questions that were asked. It’s so disgustingly evident they have no plan on talking care of CMM share holders and plan on taking CMM away from us.
It’s also ridiculous that WTG share price is a lot more than CMM. That should be the other way around.

Wingfong said...

Hi Peachy
Thank U for posting those CC notes. Following this CMM/WTG issue from 7500 air miles away n in a different time zone is not easy. Thanks again for your timely CC notes