AGM was held yesterday. I would have thought that there would be an ASX announcement but apparently not
RESULT OF ANNUAL GENERAL MEETING
https://polaris.brighterir.com/public/adriatic_metals/news/rns/story/xej8oyw
Lots of shares for staff. Wonder if these will be part of any of the irrevocable undertakings for the deal
Approve for the purposes of ASX Listing Rule 10.11 the issue of up to
105,450 MD Fee Shares to Laura Tyler
Approve for the purposes of ASX Listing Rule 10.11 the issue of up to
108,448 MD Bonus Shares to Laura Tyler
Approve for the purposes of ASX Listing Rule 10.14, the issue of up to
448,231 FY 2025 Performance Rights to Laura Tyler (or her nominees) under the ESOP
Approve for the purposes of ASX Listing Rule 10.14, the issue of up to
80,379 FY 2024 Performance Rights to Sanela Karic (or her nominees) under the ESOP
Approve for the purposes of ASX Listing Rule 10.14, the issue of up to
174,008 FY 2025 Performance Rights to Sanela Karic (or her nominees) under the ESOP
Re-approve, for the purposes of ASX Listing Rule 7.2 exception 13(b) the
existing ESOPs and the issue of up to 35,000,000 Equity Securities – not too sure about this and why such a high amount, and whether this is past or something in future
https://polaris.brighterir.com/public/adriatic_metals/news/rns/story/xej8oyw
Some more info about irrevocable undertaking in another announcement
On 16 June 2025, DPM received a further irrevocable undertaking to vote in favour of the Scheme at the Court Meeting and the Adriatic Resolutions to be proposed at the Adriatic General Meeting f
rom Sanela Karic, an Adriatic Director who holds 326,216 Adriatic Shares (in the form of Adriatic CDIs), representing approximately 0.09 per cent. of Adriatic's issued share capital as at 16 June 2025 (being the latest practicable date prior to the date of this announcement) (the "Sanela Karic Irrevocable").
The Sanela Karic Irrevocable also extends to any Adriatic Shares to be acquired by Sanela Karic as a result of the vesting of awards or the exercise of options or rights under the Adriatic Share Incentive Plan (or any previous Adriatic incentive plans).
The Sanela Karic Irrevocable will continue to be binding in the event that a higher competing offer is made for Adriatic. However, Sanela Karic's obligations under the Sanela Karic Irrevocable will lapse and cease to have effect in the event that:......... - excerpts from announcement
https://polaris.brighterir.com/public/adriatic_metals/news/rns/story/w6o0glw
Big report by Dundee on their technical report. Need to analyse in more detail when time. Rival competitors would surely analyse in detail if a competing bid has to come
https://dundeeprecious.com/site/ass..._vares_ni_43-101_tr_-_jun_2025_1_4.pdf?2cc9pu
Need to also analyse the microsite mentioned by ADT in detail
https://www.adriaticmetals.com/investors/offer/
Dundee Adriatic corner
https://dundeeprecious.com/investors/adriatic/
Dundee ADT presentation
https://dundeeprecious.com/site/ass...ition_of_adriatic_-_investor_presentation.pdf
Dundee june 2 presentation without ADT mention (prior to actual offer on June 13)
Strong $763M cash position
Helikon mentioned as top shareholder -pg 18/30
52 week price mentioned as 7.98 to 18.79
it means that DPM is getting ADT when their share is stretched to the upper limit at around 21-22
It gets even better – Top horizontal resistance is around 22 and there is also a trendline resistance if you draw one all the way back from May 2022 which DPM needs to break if we are to higher. Horizontal support around 17.5 and 18.5
All this might be relevant for us because my understanding is that we get Cash component of around AUD 1.93 + Share component (DPM share price *0.159*CAD to AUD conversion rate, and thus takeover price could fluctuate
Presentation mainly seems to mention gold and as mentioned in an earlier comment, silver should ideally start to outperform gold now with fall in GSR ratio, and we lose that benefit
https://dundeeprecious.com/site/assets/files/16993/0525_investor_presentation-1.pdf
@galvanise has published an excellent comment elsewhere which I really hope he also posts here.
As per his research, 53 days from June 13 = Tue 5 Aug is a key date for a rival to put up or shut up. Funny that announcement was released on Friday, taking off 2 days directly over a weekend. Must be one more of those coincidences, I guess
(20min delay)