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average trading volume for the last 25 days (since Feb1) has been 15k
So what can we learn with changes in meeting and record dates. Due to change in their strategy OR tsx requirement?
I had to sell some 1/4 of holdings ~.80$ b/c of Japan and margin requirements o/g portfolio.
So now if cmm stays at ~.50$ I can buy back before record date IF I see some light at the tunnel. SH acct since '04 but with no mobile phone & dial up ...
Q: How to buy a bunch of assets when you have no cash?
Simple. Make up your own.
I've experienced my own share of mergers/takeovers and there is always some discrepancy in between the two companies share prices (like say anywhere fro 10-20% at any given time) until the merge. But USUALLY THEY ARE VERY CLOSE.
This is the first time in my life I have ever experienced over 200% difference between "proposed" price and actual trading price:
CMM proposed merger price: $1.80
CMM actual trade price: $0.60
If the market valued WTG anywhere close to $4.50 then of course CMM would naturally be in the $1.50's right now (at least).
Now that Mr Finsky is a sly devil because he can plead his hyper-inflated fiat WTG currency to the regulators and say the "deal is valued at $742 M".... so at first glance it seems like a fair offer. Many s/h including myself would sell CMM for $1.80 in cold hard cash.
But that's *not* what we are getting because WTG really isn't worth $4.50. Only problem is how to PROVE this to the regulators/courts with idiots like Mr Cowley saying WTG is worth its $500 M m/c because of "opportunity" and Mr. Finsky's business experience.
Mr Finsky is using his WTG printing press to buy CMM assets. Its that simple.
If someone could please post on my behalf on Agora that me and my group are still holding Shares in CMM but my group has decided to retire all of our user names on Agora, SH, and Igloo(yes carib I have another user name:):)) Still holding until after the deal from what I can tell....I'll let you all know right after we all get out. Cheers Mrstormpay
Few new ideas to the debate: The new date for the special meeting will give us some extra time to organize and do some additional "homework". Do we, as organized minority shareholders, have the option & right to add to the meeting agenda? If we do, I would like to suggest that our NO vote is also an indication of our lack of confidence in the management & BoD of CMM. Therefore, we should demand the immediate resignation of Daniel Major, and propose a new slate of directos by the AGM. It looks certain that we should retain a good lawyer to handle the legal issues for us. Personally I'd be willing to contribute to the CMM Minority Defense Fund.
Class Action Suit: There is the option of having a big US Tort legal group gathering names to file a Class Action against everyone and anyone associated with this indorsment. The big firms love this stuff and they can make big bucks. Finskiy should be named at the top of the list since he has the most to lose. The firm should never be posted until the action is filed since all they need to do is retain the named firm to ensure there is a conflict of intrest. I am interested in hearing rebutal on this option. No cost to us since these firms work off a commission basis.
I will post one thread in the coming weeks before the actual vote with what I plan on doing from that point onward. The thing is, I may only be able to issue the thread just after selling my shares to ensure we get filled. Sounds harsh, but I am here to make money as you all are. Cheers Stormy
BJ My thinking is that if the deal fails, the whole board will have to resign. Can't imagine how they can function after having such a major recommendation smashed to the ground.However, if the deal goes tro, thk it is difficult to dislodge them. Agree once we have firm up our course of action, we should retail legal council n share the costs
Not Suggesting any such action until it becomes a nessesary thing. One thing is very evident which is we have solidarity on the no vote and P05 I think is correct when he says that non votes are recorded as a NO which will help the cause. You need a negitive deed to have transpiered to take leagel action.
In other words, if in fact a YES vote wins the day, IMO it would mean something or somebody manipulated it. I can't see a NO vote losing. Just look at other CMM blogs all across the internet, people are truly not happy at all with WTG and this proposed merger.
If NO wins the vote there is no $13.5 million payout penalty. That's what CMM IR told me.
So I guess the Board will just keep talking like broken records "see PR" "Review Sedar" until the vote and then shrug their shoulders and said they "tried" to convince us best they could.
CMM IR also confirm to me that Lamaque is mining 1200 tpd thereabouts in March. However, they could not verify for me what break even level is but I think it was around 800-900 tpd? I know for sure it wasn't 1200 tpd so they are most likely in the green $ right now.
Anyone remember what break even for Lamaque was? Its not on any of the CMM presentation slides.
Bear in mind that Finisky wants the asset-thats what he's after. If we take him to court, they bankrupt the company and it goes on the auction block, we get zip and he gets what he came for. Suing is NOT the best option, IMO
My comments from a recent stockhouse post on the value of WTG:
A 20,000 oz producer (no idea on cash costs unfortunately) could easily be worth 100 million. We just do not know.
Responder - Or it could be worth zip. If that's how we're valuing stuff 100M per 20K oz, then San Juan is 100M and Lamaque 350M = 450M or $1 per CMM/sh
My response - San Juan is producing 24,000 a year at a cost of 600/oz $800 profit/oz x 24000 oz = 19 million/year. A P/E of 10 gives San Juan of guestimated MC of 190 Million.
Lamaque is making (zero) .. so your valuation of 350 M is not realistic.. or at best highly subjective.
20,000 oz production is not worth zip .. Do you think they started mining 20,000 oz production .. with no hope of ever becoming profitable for the sole purpose of fooling us stupid CMM shareholders into thinking WTG has value ? Is this really what you are suggesting ?
I will wait for the circular .. and hopefully there are some meaningful numbers in it.
They have mining and exploration licenses covering 1000 square kilometers .. What is this worth ?
Responder - We have no idea. Worth zip unless they find something.
My reply - Who knows .. I dont claim that it is worth anything .. but I do not claim it is worth nothing either.. as that is just as stupid as the latter when one does not know the facts.
They expect to be producing at the Nasadkino Project in 2014 ... again no information so we have no idea what this is worth.
Responder - Again worth zip just like Lamaque was worth zip all of 2008, 2009 until the mine started producing oz
My Reply - Lamaque was worth 1.75 a share in 2006.. and worth a whole lot more than zip through 2009 and 2010.
Osisko is worth 5 Billion dollars and they have not poured an ounce of Gold yet .. it is at 14 dollars a share now but was 6 dollars a share 4 years ago.
I for one would never invest in a company with operations only in Russia .. too afraid of the "Chavez" factor. but if I do have investments a company with operations in Russia ... there are few I would rather be in bed with than Maxxim V. Finskiy.
Im sure that the Chief Executive Officer of LLC Intergeo Managing Company, the mining and exploration arm of the private Russian conglomerate Onexim Group, which is Russia's largest investment fund with $25 billion in assets... and a sitting Board member of Polyus Gold, one of the top world gold producers is going to jeopardize his reputation and the investment credibility of the companies he represents by fabricating a "Russian Bre-X" story in order to take over the prestigious CMM.
The companies mentioned above are interested in doing deals and Global Growth .. I am sure being involved in shady deals over a piss-ant Jr mining Co is going to endear Finskiy to his co-workers in the above companies.
In truth I have not made up my mind yet on the vote .. but I sure as hell am not going to do so until I at least read the circular.
And I sure as hell am not going to do so based on unsubstantiated fantasies
18 comments:
Was this the original date(s) or did they change to these new dates?
Thanks,
They were originally March 8 and April 12
One day at a time ladies!
WTG: Excluding 2 anomolous trading days:
Mar3:111k,Feb9:199k ...GlobeInV
average trading volume for the last
25 days (since Feb1) has been 15k
So what can we learn with changes in meeting and record dates. Due to change in their strategy OR tsx requirement?
I had to sell some 1/4 of holdings ~.80$ b/c of Japan and margin requirements o/g portfolio.
So now if cmm stays at ~.50$ I can buy back before record date IF I see some light at the tunnel. SH acct since '04 but with no mobile phone & dial up ...
Peter
Q: How to buy a bunch of assets when you have no cash?
Simple. Make up your own.
I've experienced my own share of mergers/takeovers and there is always some discrepancy in between the two companies share prices (like say anywhere fro 10-20% at any given time) until the merge. But USUALLY THEY ARE VERY CLOSE.
This is the first time in my life I have ever experienced over 200% difference between "proposed" price and actual trading price:
CMM proposed merger price: $1.80
CMM actual trade price: $0.60
If the market valued WTG anywhere close to $4.50 then of course CMM would naturally be in the $1.50's right now (at least).
Now that Mr Finsky is a sly devil because he can plead his hyper-inflated fiat WTG currency to the regulators and say the "deal is valued at $742 M".... so at first glance it seems like a fair offer. Many s/h including myself would sell CMM for $1.80 in cold hard cash.
But that's *not* what we are getting because WTG really isn't worth $4.50. Only problem is how to PROVE this to the regulators/courts with idiots like Mr Cowley saying WTG is worth its $500 M m/c because of "opportunity" and Mr. Finsky's business experience.
Mr Finsky is using his WTG printing press to buy CMM assets. Its that simple.
Just say NYET.
CB
If someone could please post on my behalf on Agora that me and my group are still holding Shares in CMM but my group has decided to retire all of our user names on Agora, SH, and Igloo(yes carib I have another user name:):))
Still holding until after the deal from what I can tell....I'll let you all know right after we all get out.
Cheers
Mrstormpay
Thanks Glen,
Regards
Stormy
Few new ideas to the debate: The new date for the special meeting will give us some extra time to organize and do some additional "homework". Do we, as organized minority shareholders, have the option & right to add to the meeting agenda? If we do, I would like to suggest that our NO vote is also an indication of our lack of confidence in the management & BoD of CMM. Therefore, we should demand the immediate resignation of Daniel Major, and propose a new slate of directos by the AGM. It looks certain that we should retain a good lawyer to handle the legal issues for us. Personally I'd be willing to contribute to the CMM Minority Defense Fund.
I am also pro as long as they make the deal a little better. FW AGORA
Stormy
Class Action Suit:
There is the option of having a big US Tort legal group gathering names to file a Class Action against everyone and anyone associated with this indorsment. The big firms love this stuff and they can make big bucks. Finskiy should be named at the top of the list since he has the most to lose.
The firm should never be posted until the action is filed since all they need to do is retain the named firm to ensure there is a conflict of intrest.
I am interested in hearing rebutal on this option. No cost to us since these firms work off a commission basis.
Class Action Lausuit, let's do it.
I will post one thread in the coming weeks before the actual vote with what I plan on doing from that point onward. The thing is, I may only be able to issue the thread just after selling my shares to ensure we get filled. Sounds harsh, but I am here to make money as you all are.
Cheers
Stormy
BJ
My thinking is that if the deal fails, the whole board will have to resign. Can't imagine how they can function after having such a major recommendation smashed to the ground.However, if the deal goes tro, thk it is difficult to dislodge them. Agree once we have firm up our course of action, we should retail legal council n share the costs
Not Suggesting any such action until it becomes a nessesary thing.
One thing is very evident which is we have solidarity on the no vote and P05 I think is correct when he says that non votes are recorded as a NO which will help the cause.
You need a negitive deed to have transpiered to take leagel action.
In other words, if in fact a YES vote wins the day, IMO it would mean something or somebody manipulated it. I can't see a NO vote losing. Just look at other CMM blogs all across the internet, people are truly not happy at all with WTG and this proposed merger.
If NO wins the vote there is no $13.5 million payout penalty. That's what CMM IR told me.
So I guess the Board will just keep talking like broken records "see PR" "Review Sedar" until the vote and then shrug their shoulders and said they "tried" to convince us best they could.
CMM IR also confirm to me that Lamaque is mining 1200 tpd thereabouts in March. However, they could not verify for me what break even level is but I think it was around 800-900 tpd? I know for sure it wasn't 1200 tpd so they are most likely in the green $ right now.
Anyone remember what break even for Lamaque was? Its not on any of the CMM presentation slides.
Melk
Bear in mind that Finisky wants the asset-thats what he's after. If we take him to court, they bankrupt the company and it goes on the auction block, we get zip and he gets what he came for.
Suing is NOT the best option, IMO
My comments from a recent stockhouse post on the value of WTG:
A 20,000 oz producer (no idea on cash costs unfortunately) could easily be worth 100 million. We just do not know.
Responder - Or it could be worth zip. If that's how we're valuing stuff 100M per 20K oz, then San Juan is 100M and Lamaque 350M = 450M or $1 per CMM/sh
My response - San Juan is producing 24,000 a year at a cost of 600/oz $800 profit/oz x 24000 oz = 19 million/year. A P/E of 10 gives San Juan of guestimated MC of 190 Million.
Lamaque is making (zero) .. so your valuation of 350 M is not realistic.. or at best highly subjective.
20,000 oz production is not worth zip .. Do you think they started mining 20,000 oz production .. with no hope of ever becoming profitable for the sole purpose of fooling us stupid CMM shareholders into thinking WTG has value ? Is this really what you are suggesting ?
I will wait for the circular .. and hopefully there are some meaningful numbers in it.
......................................................................
They have mining and exploration licenses covering 1000 square kilometers .. What is this worth ?
Responder - We have no idea. Worth zip unless they find something.
My reply - Who knows .. I dont claim that it is worth anything .. but I do not claim it is worth nothing either.. as that is just as stupid as the latter when one does not know the facts.
................................................................
They expect to be producing at the Nasadkino Project in 2014 ... again no information so we have no idea what this is worth.
Responder - Again worth zip just like Lamaque was worth zip all of 2008, 2009 until the mine started producing oz
My Reply - Lamaque was worth 1.75 a share in 2006.. and worth a whole lot more than zip through 2009 and 2010.
Osisko is worth 5 Billion dollars and they have not poured an ounce of Gold yet .. it is at 14 dollars a share now but was 6 dollars a share 4 years ago.
We have no idea until we get some more info.
.......................................................................
I for one would never invest in a company with operations only in Russia .. too afraid of the "Chavez" factor.
but if I do have investments a company with operations in Russia ... there are few I would rather be in bed with than Maxxim V. Finskiy.
Im sure that the Chief Executive Officer of LLC Intergeo Managing Company, the mining and exploration arm of the private Russian conglomerate Onexim Group, which is Russia's largest investment fund with $25 billion in assets... and a sitting Board member of Polyus Gold, one of the top world gold producers is going to jeopardize his reputation and the investment credibility of the companies he represents by fabricating a "Russian Bre-X" story in order to take over the prestigious CMM.
The companies mentioned above are interested in doing deals and Global Growth .. I am sure being involved in shady deals over a piss-ant Jr mining Co is going to endear Finskiy to his co-workers in the above companies.
In truth I have not made up my mind yet on the vote .. but I sure as hell am not going to do so until I at least read the circular.
And I sure as hell am not going to do so based on unsubstantiated fantasies
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