Perseus is pleased to announce that it has acquired a relevant interest of 15.03% in OreCorp as a strategic equity investment = Just wanted to say hello and let you know we have put a cock block in place.
Perseus is pleased to announce that it has increased its relevant interest in OreCorp from 15.03% as previously announced to 19.9% = Cock block firmly in place.
Perseus is not currently in active discussions with OreCorp and does not intend to submit a change of control transaction in competition = We’ll lob our bid once the scheme falls over.
Perseus intends to vote against the Silvercorp Scheme at the OreCorp scheme meeting, which is scheduled for Friday, 8 December 2023 = Fengy isn’t getting this.
Perseus continues to assess and, where considered commercially appropriate, deploy its reserves of cash, bullion and undrawn debt facilities totalling approximately US$900 million = We have the ammo to do what we like.
This share acquisition is a strategic investment for Perseus. It provides an investment in an attractive African gold project located in a jurisdiction that has a long and successful history of gold mining = Nick was right, this is one of the best ore bodies he’s seen and ours is gonna run out soon.
Perseus has the ability, should the opportunity arise, to deploy its engineering, development and operating expertise and balance sheet to meaningfully contribute to the successful development and operation of this project = We don’t want it all, but we’ll show you how it’s done.
Fengy won’t want to lose this project as it will be a massive contributor to his bottom line in a couple of years. Perseus is a good fit too. Combine the expertise, cash and experience, external financing will be non-existent. Both will want to move fast to still hit first gold in mid 2024.
So that just leaves the ORR cock blockers. What’s it going to take them to get on board? The cash was gonna be good but now all the upside of SVM/ORR 1+1=4 isn’t there, so where would that compensation come from. Has to be a higher cash bid from the combined PRU/SVM JV and likely to be north of $1.
Fengy and Quarters now own 35% of the 403M ORR shares on issue. A cash offer for the remaining 65% at $1 = $262M. So that’s still sounds cheap for an ore body of this quality.
Another other random thoughts out there?
