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I hope that everyone had tendered their share because it's going back to 0.40$
Luxor Capital Announces Expiry of Offer and Takes-Up Deposited Common Shares NEW YORK, Feb. 7, 2012 /CNW/ - Luxor Capital Group, LP ("Luxor"), announced that as of 5:00 p.m. (Toronto time) today, the offer (the "Offer") by Armant, LLC (the "Offeror"), an affiliate of investment funds managed by Luxor, to purchase up to 215,386,435 of the issued and outstanding common shares ("Common Shares") of Crocodile Gold Corp. ("Crocodile Gold") not owned by the Offeror or its affiliates (the "Luxor Group") at a price of $0.62 per share, expired. At the expiry time, an aggregate of approximately 170,618,271 Common Shares which, together with the Common Shares already owned or controlled by the Luxor Group, represents approximately 70% of the outstanding Common Shares, were validly deposited under the Offer. As all of the terms and conditions of the Offer have been satisfied, investment funds affiliated with the Offeror have taken-up and accepted for payment all of the deposited Common Shares in accordance with the terms of the Offer. Immediately following the take-up of the Common Shares deposited under the Offer, the Luxor Group has beneficial ownership of, and exercises control or direction over, 218,897,966 Common Shares and 17,087,588 warrants of Crocodile Gold, which represent approximately 71% of the outstanding Common Shares (after giving effect to the exercise of the warrants). The Common Shares taken-up by the Luxor Group under the Offer represent approximately 54% of the outstanding Common Shares. This news release contains summary information only about the Offer. Complete information about the Offer is contained in the Offer and related take-over bid
circular (and other documents related to the Offer), copies of which are available at
www.sedar.com
.
The Offer is being made for the securities of a Canadian issuer and the Offer is subject to Canadian disclosure requirements. Shareholders should be aware that such disclosure requirements are different from those of the United States. %SEDAR: 00003840E
For further information:
Luxor Capital Group, LP
Norris Nissim
1114 Avenue of the Americas
29th Floor
New York, New York 10036
Tel: 212-763-8000
Information Agent
Laurel Hill Advisory Group
366 Bay Street, Suite 200
Toronto, Ontario
M5H 4B2
Canada
North American Toll Free: 1-877-452-7184
Banks and Brokers and collect calls outside North America: (416) 304-0211
Email:
assistance@laurelhill.com
CO: Luxor Capital Group, LP
CNW 20:03e 07-FEB-12
Brattymack,
I'm not sure that this was the safest option. You said ''If I was Luxor, I would shake the tree quite vigorously after this deal is closed.'' If luxor didn't reach 50 %, your tree will be not only be shaken, it will be burned ! :-)
I tendered half of my holdings and sold the other half...
I don't think that the stock will move after the deal... You won't see any volume on this one for the next 6 months.
Low volume telling me that a lot of people have already tendered their share.
If the future buyer buyback the entire debt, this company will get about $75M of free cash per year + Earning of about $50M = $125M
Takeover price: $1.50/share = $650M
Debt buyback = $1000m
P/E Ratio of about 13.5, not too bad...
Laurel Hill Called this morning to inform me that Luxor had increased their offer to $0.62 !!! Thanks for the news !!
It looks like Luxor needs more share to reach the 50 %.
I'm not sure that the volume will be higher enough... If they get only between 50% and 60%. I may be ok... but higher than that. the SP it will be very hard to trade.
We should get about 200 000 tonnes ore in H2 that would represent about 25 000 onces.
2012 Outlook will gives us more detail. It's weird that the company announces those operational update and agreement with Luxor at the same time.
Cash cost should be near $1100
and Production near 120 000
With actual gold price we can expect: 0.10/share