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I agree with you, relic; JUST VOTE NO! These guys are playing us for suckers. Let's all give them the one-finger salute!One big unknown (at this point) is how Mr Sheridan & Mr Campoy will go with the "fairness" evaluation and the required recommendation of the existing Board. My predicition is that they will let their integrity and unsoiled reputation dictate their action.
On another note I believe wtg will be worth a lot more than .50 if they manage to steal Century at that price. With somewhere like 65% less shares outstanding and cmm ready to ramp up in a big way not to mention the possibility of much more gold in them ther hills.
WTG has probably averaged around $4.50 per share the last little while.
Strong whispers have suggested 4 to 1 / 5 to 1 type range, but who knows with these Russians, right. I wouldn`t be surprised if it`s 100 to 1 - given that they seem to think that we are brainless.
Well I read that Finiskiy paid 27 cents a share for his 85 million shares and another group paid $1.00/share for 24 million shares less than 3 months ago. There have been no material changes in the company since then, so I have to conclude that they are worth no more than $1. It really is irrelevent what they are trading for. When WTG shares opened for trading, they opened at $1.20. Within 4 days and less than 1 million shares traded, they reached a price of $8.65. The TSX had to ask was was going on and WTG said we don't know. With the 24 million shares not free trading and Finiskiy holding almost all of the balance, he could have run it up as far as he wanted to.
At a deemed value of $1.00 for WTG shares, a 4:1 exchange values our CMM shares at 25 cents each. How would shareholders react to a 25-cent cash offer? They should react the same way to a 4:1 share offer.
4 to 1 won't give you 1.25 because the market won't give you 4.50 for your new WTG shares. At best you'll get $1 for your new wtg shares on the open market making 4 to 1 really equal to 0.25
Aside from lowering the offer price, is to discourage competing offers, in my opinion
It makes it more difficult for a competing company to make an offer if they make it seem like Lamaque is simply a piece of crap. Certainly, with Finskiy`s control of the BoD (3 to 2, with only 1 Canadian resident where the Canada Business Corporation Act requiries there to be 2 Canadian residents on the BoD), I can`t see the Finskiy controlled BoD opening up the data room to competitive companies. Our main hope might be Peggy`s inside knowledge / truth about the potential of Lamaque.
Apex Minerals all over again...but let's just see what the offer is. Being southern, I have plenty off tar and feathers for any SOB's that show up here.
Hi All Being in a different time zone, seems I am one of the last if not the last to know of the upcoming offer even though i monitor this site constantly especially over the last few days(unless i do not sleep). Not a complain, it just has to be so.
John Helmer is a Moscow based journalist that writes ``Mineweb Mining`` posted articles about the bullies from Russia.
He will likely be more than happy to expose Finskiy and company, if they try to take advantage of us.
Here is his website.
http://johnhelmer.net/?p=3511
He is familiar with all of the bullies from Russia.
Contact him and get this thoughts on the situation.
He seems like a great guy that looks out for the little guys.
My very good friend ($5 million HRG investor) Chris Charlwood knows him very well. Also, Chris has an high price lawyer and abilities to issue his own News Releases to the market (and abilities to hire his own promotional firm), and abilities to mobilize the shareholder base (and send communications messages out to the base). However, it wouldn`t be fair to Chris if I was to call on him in regards to the CMM situation at this time. We have discussed CMM in the past, but I`m not sure if he owns any CMM shares right now.
Once the WTG offer comes out, our best bet is to contact John Helmer directly. If someone is up to the challenge, see if he is interested in exposing the WTG situation.
If you wish to get a quick education in the rules governing a bid in Canada the attached link covers most of the key issues in a half hour read. I trust you will find it as informative as I have. http://www.torys.com/Publications/Documents/Publication%20PDFs/Takeover_Bids_Guide_2009.pdf
Thanks for the post, Ipanema. It's most useful. Members of CMM's BoD will be callled upon to make a recommendation about the fairness of an offer. Three directors (e.g. Scola, Major & Lamarque) will be in a conflict of interest, yet they will be in majority. Now we know why the procrastination about appointing another Canadian (& independent) director. Surely we have a good case for alerting the regulators about this matter.
27 comments:
Wow ...what a shocker!!!
LOL
Wonder if wtg will follow
they are halted too.
How much you think they'll offer??
all a guessing game right now.
You won't get anything even remotely close to 4.50 for your new WTG shares so even a 1 to 1 share deal is bad. Vote NO!
I agree with you, relic;
JUST VOTE NO! These guys are playing us for suckers. Let's all give them the one-finger salute!One big unknown (at this point) is how Mr Sheridan & Mr Campoy will go with the "fairness" evaluation and the required recommendation of the existing Board. My predicition is that they will let their integrity and unsoiled reputation dictate their action.
When is the news going to come out? Been halted for a while now.
Funny, I talked with Peter for 30 minutes this morning and nothing was mentioned.
If it is indeed an offer I suspect it will be for the equivalent of $0.80 per share.
I'm thinking those f%$kers will offer .75.
On another note I believe wtg will
be worth a lot more than .50 if they manage to steal Century at that price. With somewhere like 65%
less shares outstanding and cmm ready to ramp up in a big way not to mention the possibility of much more gold in them ther hills.
What a shame
WTG has probably averaged around $4.50 per share the last little while.
Strong whispers have suggested 4 to 1 / 5 to 1 type range, but who knows with these Russians, right. I wouldn`t be surprised if it`s 100 to 1 - given that they seem to think that we are brainless.
4 to 1 = $.90
5 to 1 = $1.125
100 to 1 = $.045
``4 to 1 = $.90
5 to 1 = $1.125``
That should obviously be reversed.
5 to 1 = $.90
4 to 1 = $1.125
How much 1 share of WTG really worth?
Well I read that Finiskiy paid 27 cents a share for his 85 million shares and another group paid $1.00/share for 24 million shares less than 3 months ago. There have been no material changes in the company since then, so I have to conclude that they are worth no more than $1. It really is irrelevent what they are trading for. When WTG shares opened for trading, they opened at $1.20. Within 4 days and less than 1 million shares traded, they reached a price of $8.65. The TSX had to ask was was going on and WTG said we don't know. With the 24 million shares not free trading and Finiskiy holding almost all of the balance, he could have run it up as far as he wanted to.
At a deemed value of $1.00 for WTG shares, a 4:1 exchange values our CMM shares at 25 cents each. How would shareholders react to a 25-cent cash offer? They should react the same way to a 4:1 share offer.
4 to 1 won't give you 1.25 because the market won't give you 4.50 for your new WTG shares. At best you'll get $1 for your new wtg shares on the open market making 4 to 1 really equal to 0.25
This why even a 1 to 1 deal is bad
Looks like Carib and I are on the same page posting the same thing at the same time. VOTE NO to any share deal
Another 2 cents.
Another purpose of the NR, in my opinion:
Aside from lowering the offer price, is to discourage competing offers, in my opinion
It makes it more difficult for a competing company to make an offer if they make it seem like Lamaque is simply a piece of crap. Certainly, with Finskiy`s control of the BoD (3 to 2, with only 1 Canadian resident where the Canada Business Corporation Act requiries there to be 2 Canadian residents on the BoD), I can`t see the Finskiy controlled BoD opening up the data room to competitive companies. Our main hope might be Peggy`s inside knowledge / truth about the potential of Lamaque.
Hi Relic,
I`m not on a different page.
I totally agree with you and Carib. I was just posting the paper math. Sorry, I forgot to mention that. Count me in!!!!
To be more precise, the fictitous paper math.
Lets put an end to the Peter Ball speculation...
I spoke with him this morning. Pretty sure he's still at Century...
Hi all,
In case we'll get a bilingual proxy form, the NO in Russian is NYET! So be sure that you don't mark the "DA" by mistake!!!!
GLTA
Apex Minerals all over again...but let's just see what the offer is. Being southern, I have plenty off tar and feathers for any SOB's that show up here.
Hi All
Being in a different time zone, seems I am one of the last if not the last to know of the upcoming offer even though i monitor this site constantly especially over the last few days(unless i do not sleep). Not a complain, it just has to be so.
John Helmer is a Moscow based journalist that writes ``Mineweb Mining`` posted articles about the bullies from Russia.
He will likely be more than happy to expose Finskiy and company, if they try to take advantage of us.
Here is his website.
http://johnhelmer.net/?p=3511
He is familiar with all of the bullies from Russia.
Contact him and get this thoughts on the situation.
He seems like a great guy that looks out for the little guys.
My very good friend ($5 million HRG investor) Chris Charlwood knows him very well. Also, Chris has an high price lawyer and abilities to issue his own News Releases to the market (and abilities to hire his own promotional firm), and abilities to mobilize the shareholder base (and send communications messages out to the base). However, it wouldn`t be fair to Chris if I was to call on him in regards to the CMM situation at this time. We have discussed CMM in the past, but I`m not sure if he owns any CMM shares right now.
Once the WTG offer comes out, our best bet is to contact John Helmer directly. If someone is up to the challenge, see if he is interested in exposing the WTG situation.
Does the fact that we havent heard news yet mean we aren't likely to get anything until monday before the markets open?
Dear BullionBull,
Yes.
Due Diligence-Preparing for an Announcement
If you wish to get a quick education in the rules governing a bid in Canada the attached link covers most of the key issues in a half hour read. I trust you will find it as informative as I have. http://www.torys.com/Publications/Documents/Publication%20PDFs/Takeover_Bids_Guide_2009.pdf
Thanks for the post, Ipanema. It's most useful. Members of CMM's BoD will be callled upon to make a recommendation about the fairness of an offer. Three directors (e.g. Scola, Major & Lamarque) will be in a conflict of interest, yet they will be in majority. Now we know why the procrastination about appointing another Canadian (& independent) director. Surely we have a good case for alerting the regulators about this matter.
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