Busy, that I am. Board meetings must surely take precendence over posting to Agoracom.
I've been in CMM for a long time, so I'm not fazed by the merger proposal. We've run to higher SPs without the inducement of takeover rumours. I believe in the fundamental value of my investment. Not that I'm endorsing this specific methodology used to determine a fair value for CMM shares, here is one commentator setting that value at $3.45/share. If this deal blows up, that won't affect the gold that is in the ground.
I have no intention of accepting the currently proposed WTG shares, but there are nearly 2 months to yet to pass before the Special Meeting. There's no hurry to make decisions, other than to dcide to wait and see what happens in the meantime. I regret that I do not have time to contribute to any organized opposition.
I saw a post this morning that I believe correctly summarizes the thresholds to be met for acceptance of the offer. Not only must there be an overall approval of 2/3 of voting shares, but because this is a related-parties offer, the minority shareholders must approve it by simple majority (50% plus one vote). That means that Finskiy sits out the second part of the vote. Right now, I don't think there is any hope of the deal being approved, as the market is not pricing our shares at anywhere close to a reasonable arbitrage range. The market has spoken. Some part of the offer will have to change, or it is already dead, in my honest opinion.
That leaves me with my interest in a Val D'Or gold mine that is just about to declare commercial production, alongside a South American mine that is already profitable. Maybe we're not worth $3.45, as the above-referenced commentator believes, but we have an intrinsic value quite apart from the WTG paper that was put forward. And I think that intrinsic value is more than we're trading at today. So, I'll be holding my shares, and waiting for a better day.
Lar
