Curious to know, how does this affect the current NCIB? Do they continue to buy ISM shares?
Lots of interesting opinions on today's news.
In the pre-Micon report days wasn't there a lot of board scuttlebutt on the Metal mines/Langmuir scenario? I recall people as talking about Metal mines and Langmuir possibilities as positives and looking like the "next stage" if there was to be a divestiture of sell off to a large major. Seemed it was talked about as a huge positive back then. Today it is coming across as a huge negative if one was reading this board.
So here we have news basically setting up such an entity. Isn't this a logical next step for a company who has always had the intention of selling off Langmuir? ISM has many properties and as such I would think getting Langmuir back to a publically traded and separate company (Metal Mines) is welcome news. Heck who is to say it does not pare off other "pure play" properties as they go forward?
The next questions are ones wrt Langmuir's future as dictated by those Micon recommendations in the report and the fact that we read that ISM is committed to following through on the same in 2010. Are they still committed? Who will head Metal Mines given the management's newly declared statement that they wish to focus on Gold and Rare earth Element properties? Maybe this is also setting up for that management changeout that so many have been asking for wrt Languir and it's ablitly to get to the next stage?
Mr. Randy Miller, the President of the Company, states "The proposed spin-out of Metal Mines will allow the true value of the Langmuir Property to be unlocked and will also allow the Company to focus its attention on the development of its gold and rare earth properties, the value of which is not reflected in the current market price. On the conclusion of the spin-out, the shareholders of the Company will own shares of two high quality companies."
I am confused about the shareholders record date. Do they normally date it after the news is announced or before? If this is a good thing, are they not inducing a lot of people to buy in before that record date comes and goes?
As for valuations of MetalMines share price, I wonder how that will go if there is a pursuit to prove up that other 20-40 million tons of Ni. ore over the next year? Is this basically the ground floor on MM share price if further planned drilling is successful in proving Micons statements of extra ore targets?
So many questions. IMHO
Cheers
