There was a fantastic question towards the end of the CC: from a Mr. Hoover which alludes to how WTG mysteriously "morphed" from .28 cents to 4.50.
WTG's leader Geoffrey Cowley's "brilliant" stuttering response is that much of this 16 times "premium" is due to "potential" and "What Maxim Finskiy has done in the Gold industry" in Russia.
First of all, "potential" is a meaningless term that deserves no premium. Every equity has "potential." Every person has "potential."
Second of all, that's great that Finskiy has done well for Polyus but what has he done for CMM shareholders other than try to dilute their holdings by taking more of it for himself at pennies on the dollar through this "merger?" Finskiy should sit down and have dinner with Rob McEwan so Rob can teach him how to earn shareholder trust.
So, since "potential" is worth squat and Finskiy's involvement has not been positive for CMM shareholders, perhaps without all the manipulation and 99.99% of the shares seemingly held by friends and family and not openly traded, WTG should still be valued at .28, making the offer for CMM .11 cents. 11 CENTS.
Did anyone else catch how Geoff Cowley liked to talk up Finskiy by saying his name with a little extra bravado as if he's some sort of rock star or star athlete?
Well, Geoff, here is a reality check for you, to CMM shareholders Max is no rock star right now, he's just a guy trying to get our shares for .11 cents.
Vote NO
RE
10 comments:
From the news release.
Dr. Geoffrey Cowley, CEO of White Tiger stated, "White Tiger is very pleased to make this opportunity available to Century shareholders to create a global, mid-tier gold producer.
What opportunity does he think he is referring too. Cause I certainly don't see one for us SH. Except for Max.
As I recall the word Cowley used was "opportunity"
Nevertheless fifteen times $0.28 for "opportunity" plus "Max" himself, plus the "expertise" of the combined new management team still does not compute for me.
This is just lke HRG all over again andwill turn into a value trap imho.
yes I most definitely caught this part of the CC.
Amazing how 20K worth of open pit in Russia has $500M of "potential".
How much "potential" should Lamaque have then on track for 70,000 oz this year?
How much "potential" should San Juan have...on track to produce 50% MORE gold than that little Russian open pit...gives me $750M worth of potential right there.
Seems to me CMM has at least 1.5B worth of potential being sold down the river to the Russians to the tune $240M.
Just say NYET.
CB
Great posts, what a joke this CC has been.
I hope it becomes widespread knowledge what these guys are about.
below is my email sent in from CMM's webpage.
"I have listened to the conference call and heard nothing concrete as to why I will evaluate WTG shares at 2.5 times the value of CMM's shares.
Bigger and better, have better opportunities of scale, offer future growth, etc. Words.
You want me to accept WTG's approximate 50 day trading history as the basis for my CMM stock ownership value. No web site and unknown. Are we in a hurry here? Just run CMM, WTG is not needed as it now stands.
The cone crusher news release is a thinly disguised tout sheet sell, from my own company. It has strongly damaged your credibility Mr. Major. Your endorsement of this offer is for reason of gain to yourself, the 75% owner of WTG, and others; not to make a better company and benefit CMM share owners
sincerely,
signed (with telephone number)
Hey guys,
Anybody hear any word on a potential white knight? It's not going to take much... I really think $1/share takes it.
Has anyone gotten in contact with Peggy yet?
Post from $peak bd. IV:
Re: ETRADE doesn't allow me to short stocks under 5 bucks. If brokerages allow this you'll want to buy cmm and short WTG
WTG and CMM are going to merge, each CMM will get 0.40 WTG.
WTG now trades at 3.25, CMM at 0.62 which means valuing WTG at 1.55.
- Market does not believe the deal will go through, or
- WTG will drop to 1.60?
Shorting WTG and buy CMM is the arbitrage. WTG is illiquid, only 10% of the shares are traded publicly.
Posted KevinKT
Very well put R_E. It is insulting that these bandits (to use Carib's term) take us for fools. I did send a note to Agnico Eagle. But no response as yet. What about contacting the appropriate authorities in Quebec? Quebec has a stake in keeping the Lamaque mine in the hands of corporate builders rather than shady opportunistic and doubletalking thieves/liars.
On another note, I still don't know hoe to get in touch with Blizzy.
KevinKT, even if your broker allowed you to short WTG shares, he would have to be able to find WTG shares that are available for loan. My broker would allow the short trade, but because the public float is so low, he can not find shares.
Of course, not surprising with a stock that has an average liquidity of 15K to 35K shares per day.
Once WTG gets some true liquidity, the market will set a fair price. In the mean time it only cost $70,000 today to prop up the WTG share price.
Post a Comment