In discussion with TS yesterday he advised:
Recent share strength is following the roadshow with esp New York buyers
starting up plus the end of some insto's selling out - Rap Cap + 1 other but not for reasons of not liking CFE.
2 announcements due out very soon - sounds like 1 may be Marampa JORC. This will be for 22% of the ground only with more to come early next year.
The plan is still to then sell off Marampa and return some money to shareholders.
He was very bullish on the Pinnacle assetts and believes that the CFE assett base is now worth $2Bn and that CFE is worth a MINIMUM $1.50 / share.
He believes that CFE holds a good slice of the action in IO in West Africa, which is not unlimited and will be attractive to a major buyer - Xstrata upping the bid for Sphere is a good indicator of CFE value.
That CFE is not short of money with $60M in the bank and more coming in before Xmas - says CFE will commence buyback at a time of it's own choosing.
This all sounds consistent with the roadshow and other posts and Tony does have a good track record of delivering on his word. On the back of this I topped up my already overweight position in CFE.
As always please DYOR.
ALTFNCRES
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