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Well they wanted 51% ownership without anyone else exercising their dilution rights.
So that adds 162 million shares plus outstanding options and warrants so let's say 600 million shares.
CCCC handles all financing and construction. If we assume this is MOP only and let's say real NPV (lower MOP price than in the PEA) is about $1 billion, that's still $1.70ish per share.
If they produce SOP that's over $5 per share, assuming NPV can be realized.
I don't know about anyone else, but I'd gladly wait 3-4 more years to fully realize NPV.
At least this is out in the open now.
My biggest problem here? Shareholders were not even informed of the competing deal nor given a chance to vote on it.
I guess nobody really reads this forum anymore, so this is more for posterity.
Interesting how the the technical report was completed on January 18, 2015 but they only certified it for release yesterday.
1. Why wasn't it released along with the SOP PEA? The SOP PEA was clearly based on the contents of this report.
2. Why was this only certified today when it was completed on January 18, 2015? Based on the certificates, nothing changed from January 18, 2015.
3. Why release it now? Were they forced to disclose it? Does this mean there is potential for an outside bid?
You should probably send that to Richard Kelteras and ask him if it's true or untrue. Get it on record.
I sold a good chunk of my shares to redeploy into other opportunities, but I plan to hang onto 175,000 shares until buy out. I'll throw them into the pile of "dissatisfied with buy out price" pile if it helps.
I'm not willing to take legal action or anything of that nature as I feel that is rather extreme, but I'll vote No with them.
Probably institutional investors who see an almost guaranteed 4-5% gain in 5 months with the added benefit of exposure to any higher offers.
They would likely vote yes to any deal.
If us retail shareholders are lucky, the buyers include someone who wants to take a run at the company with a better offer, but will pick up a sizeable position before going public.