Ann: Becoming a substantial holder from COG, page-6

First 6 Last

Share
Profile

Follow
NotthatWarren

1,735 Posts.

86

30/01/20

19:25

Post #: 42653851
Share

Originally posted by PortfolioPlus: ↑

Well I sold my holding this morning @ 55c figuring that the buyer of the 41m shares yesterday was likely to be parties associated with CGR directors or COG. Yesterday was significant because the shares will get to vote. It seemed to me that the 41m could only have been significant shareholders selling, as in First Samuel with 43m shares or Moelis with 17m and potentially NAOS still holding as many as 19m. So why would these guys sell to parties associated elsewhere if they knew the SCO deal was a likely goer. To do so they'd be throwing away money.

I really think this move by COG is to stitch up the deal. here's how the numbers stack:
Total shares 227.57m...so, 171m shares are required to get the required 75.1%
One would think this to be a real possibility based upon the Top 20 @ end of August 2019 who controlled close on 74%
But the recently announced decision on selection of option 1 or 2 showed an incredible number (around 150m shares) who didn't vote at all
One could assume that the 64m shares who voted for option 2 will vote YES to the merger, and now with the additional 41m shares they now have 105m shares. They only need 66m of the remaining 122m shares to get this up.

BUT...BUT...BUT here is the kicker and read this carefully and as you do, think to yourself how the APATHY of those who will not vote will deliver this to COG - quote - "at least 75% of the total votes cast on the Scheme Resolution being in favour of the Resolution'
So....votes not cast are wasted.
Conclusion: This is going to COG and in the worst possible way because the amount of cash we are getting will be scaled back and we will end up with more shares in COG. In my case I was to end up with well over 600,000 shares in COG, a company I have little faith in, based upon performance to date.
Just my opinion...and I will pay the penalty if my thinking is wrong...DYOR

Expand

great commentary.

don't they need an independent valuers report to make sure small holders are not screwed?

I agree COG performance has been poor and acquiring additional businesses doesn't fix the underlying business.

what are the directors of CGR doing? this is turning out to be a real circus.
Upvote

0 Great analysis

Reply

Top Stories

COD

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

ACW

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

RCE

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

CC9

Chariot Corp unveils plans for Black Mountain "pilot mine" in Wyoming, US; shares jump +20%

FFM

Firefly positioned for copper growth in Canada ahead of resource update

There are more pages in this discussion • 8 more messages in this thread...

First 6 Last

Add EPY (ASX) to my watchlist

(20min delay)
Last 17.8¢		Change -0.003(1.39%)		Mkt cap ! $48.31M

Open	High	Low	Value	Volume
17.5¢	17.8¢	17.5¢	$4.168K	23.81K

Buyers (Bids)

No.	Vol.	Price($)
1	31656	17.5¢

Sellers (Offers)

Price($)	Vol.	No.
18.0¢	223166	2

View Market Depth

No.	Vol.	Price($)
1	31656	0.175
5	92180	0.170
1	6250	0.160
1	19000	0.155
1	30000	0.100

Price($)	Vol.	No.
0.180	223166	2
0.185	7210	1
0.190	52708	2
0.200	250000	1
0.205	15683	1

Last trade - 15.33pm 03/10/2024 (20 minute delay)

EPY (ASX) Chart

Ann: Becoming a substantial holder from COG, page-6

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

Chariot Corp unveils plans for Black Mountain "pilot mine" in Wyoming, US; shares jump +20%

Firefly positioned for copper growth in Canada ahead of resource update

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Ann: Becoming a substantial holder from COG, page-6

Top Stories

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

Chariot Corp unveils plans for Black Mountain "pilot mine" in Wyoming, US; shares jump +20%

Firefly positioned for copper growth in Canada ahead of resource update

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News