Gilbertson is now spitting the dummy. Everyone was told about the meeting being cancelled except poor Gilbo. He is not a happy lad.
http://www.smh.com.au/news/business/gilbertson-flies-in-for-a-glass-of-whine/2007/07/18/1184559867446.html
Gilbertson flies in for a glass of whine
Jamie Freed
July 19, 2007
Wasted trip ... Brian Gilbertson.
AdvertisementAT A meeting to approve BHP's merger with Billiton six years ago, Brian Gilbertson was famously deemed the "faceless man" by an outraged investor.
The slur may have been justifiable, given the architect of the biggest mining deal in history didn't even bother to show up.
Six years on, with a bid for Perth miner Consolidated Minerals on the table, Mr Gilbertson was eager to prove to the Australian market that he'd changed.
So, understandably, the legendary mining boss wasn't in one of his better moods when he landed in Perth yesterday afternoon, jet-lagged and tired, only to be told his journey from London was unnecessary.
While he was in the air, ConsMin received court approval to delay a scheme meeting originally scheduled for today. The company's board wanted time to consider a rival offer from Territory Resources, a junior iron ore miner led by former ConsMin managing director Michael Kiernan.
At the meeting, now postponed until August 16, the Perth miner's shareholders will decide whether to accept a partial takeover offer by Mr Gilbertson's private equity group, Pallinghurst Resources. In the meantime, the man one former associate deemed a "grandstander" is threatening to withdraw his offer altogether.
"I came across for the scheme meeting only to find there was no scheme meeting," Mr Gilbertson said. "I made it clear that I did not wish it to be postponed."
He said Territory's rival offer, which includes a higher cash component than the Pallinghurst bid, was "clearly inferior".
He noted his advisers had told him it was one of the most conditional offers they had ever seen. For the record, it contains 17 conditions.
Mr Gilbertson's frustration was all the more palpable because Pallinghurst has spent months amassing projects for a revitalised ConsMin under its control.
Pressed for details, Mr Gilbertson said he had "no intention whatsoever about telling anyone about those now". He said Pallinghurst was promised a $5 million break fee if the ConsMin board recommended a rival offer. For its part, ConsMin says its board had no choice but to postpone the meeting.
As for Mr Gilbertson, it looks like he's trying to make the best of his unnecessary trip to Australia. "Right now I'm going to go out to a restaurant and have a nice glass of red wine," he said.
- Forums
- ASX - By Stock
- CSM
- macquaire recommendation
CSM
cosmo gold limited
macquaire recommendation, page-8
Currently unlisted. Proposed listing date: TBA
-
- There are more pages in this discussion • 10 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add CSM (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
EL8
ELEVATE URANIUM LTD
Murray Hill, MD & CEO
Murray Hill
MD & CEO
Previous Video
Next Video
SPONSORED BY The Market Online