csm approve tty dd, page-2

If Gilbertson offers a carrot, just check how many strings are attached, ie how many more shares will he issue to himself. ConsMin do this sort of deal without Gilbertson.
I've gone on public record that I do not support either bid, this is the concensus of all Vote No shareholders. I hope that they both start a bidding war.

Kiernan to view ConsMin accounts
Kevin Andrusiak
July 05, 2007
MANGANESE miner Consolidated Minerals has relented and allowed a second bidder to enter its quasi-auction process, opening its accounts to former managing director Michael Kiernan.
The ConsMin board was left with little wriggle room after a Territory Resources-led consortium revealed the funding sources backing its firm offer for ConsMin, which effectively puts a floor price under the scrip-based component of its indicative offer.
Territory has nine days to complete due diligence and make an offer to shareholders before a July 19 scheme-of-arrangement vote on a rival Pallinghurst Resources-led bid.
Territory advisers from Deloittes, Clayton Utz and Lehman Brothers (part of its bid team) will roll up to ConsMin today to wade through accounting, taxation and financial documents.
Mr Kiernan, now chairman at Territory, led ConsMin for eight years before he resigned under pressure from the board.
He said he wanted two weeks for due-diligence access, but was confident it could be done within the tight time frame.
"This board has finally buckled under immense pressure from shareholders and institutions," he said.
"Subject to no serious bombs or landmines in the ConsMin accounts or legal affairs, I'm sure we can meet the July 13 deadline. It's a tall ask, but we will roll up our sleeves and it starts now."
Territory advisers will get limited access to ConsMin's legal, accounting, taxation and financial advisers before it firms up its offer for the company. Early indications are that the Territory offer (partnered with Hong Kong commodities traders Noble Group, Lehman Brothers and DCM DECOmetal) will pay $2 cash and one Territory Resources share for every ConsMin share held.
Noble and DCM will each subscribe for 175 million Territory shares at $1 each and provide $50 million in loans.
Lehman has given Territory a "highly confident" letter to provide $250 million in bridging finance to complete the deal.
It comes as the Pallinghurst-led consortium, which is offering $1.68 cash for every ConsMin share held plus 40 per cent in a new company which will house the ConsMin business, flies to Africa in the hope of securing another chrome-based asset to lure undecided shareholders before July 19.
Pallinghurst's offer is being made in conjunction with Investec Bank and US coal miner AMCI.
ConsMin shareholder Glenn Stedman, who has orchestrated a public campaign against the Pallinghurst bid, said ConsMin management had put itself in a no-win situation.
"Both deals stink," Mr Stedman said. "Michael Kiernan's is the best as ConsMin shareholders will still have a voice and the current management will go. Some shareholders are talking about a class action against the company and directors. I know that the information of manganese and chrome ore had been withheld from the market for more than six weeks."
ConsMin shares closed down 2c at $3.07, valuing ConsMin at $699 million.