re: Ann: LGL: LGL rejects acquisition proposa... Hi Ziro,
I agree with your observation that an NCM/LGL merged entity would have significantly greater reserves and production than either party on its own.
A concern I have is that the cost of production of the new entity would be quite a bit higher than NCM's as it now stands. ($282 per oz for NCM, $332 for the combined entity, $ 454 for LGL. See slide 18 of the presentation). Looks good for LGL shareholders, but what about NCM shareholders?
I only have NCM shares and no LGL shares. If I had foreknowledge of the a merger I would have elected to have all LGL shares and nothing in NCM. Sour grapes? Maybe, but a merger should be a win/win transaction.
I'm not convinced that this move would be in the best interests of NCM shareholders.
I am more than happy to be persuaded otherwise. So, please bring on the flames (of logic) to shoot me down, if you feel that I'm wrong.
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