Not a current holder, but have been in the past. Have always tipped Masbate to be the most likely producing asset in the Phils to attract takeover attention.
IMO, this merger is not what I was envisaging and post-merger any acquisition by a major is more unlikely.
On the flip side if anyone is watching and wants to add Masbate's oz's to their production numbers then their hand will be forced now. Maybe that is some of the intent behind this deal. CGA management can exit, test to see if anyone is interested, and fall back on the merger if not.
Any chance Goldfields is asking for the keys to the data room? For holders sake, I hope so. IMO, the numbers still make sense at $3.50, although ongoing uncertainty in future mining law and revenue sharing clouds any such proposal a little.
CGX Price at posting:
$2.80 Sentiment: None Disclosure: Not Held
