It sounds like our dear Chairman Mr Carter is accepting for us....

It sounds like our dear Chairman Mr Carter is accepting for us. Of course Baxter thinks it's great, he doesn't own a single share.
You need to email Baxter NOW and tell him to up the price , otherwise you vote NO. We need the price increased before we get the scheme documentation.

email [email protected]

ConsMin buyer's $1.8bn war chest
Andrew Trounson and Kevin Andrusiak
May 30, 2007

FORMER BHP Billiton boss Brian Gilbertson has begun a whistle-stop tour of Consolidated Minerals shareholders, bringing a $US1.5 billion ($1.83 billion) war chest to sway investors on a proposed takeover of the miner.
Pallinghurst, Mr Gilbertson's private equity vehicle, has teamed with privately owned US coal miner and bid partner AMCI and South African bank Investec to build the fund, as Consolidated Minerals shareholders begin to get a taste of what their company could achieve through the a $625 million scheme of arrangement.

If approved, Pallinghurst Investor - a mix of the three players - will take a 60 per cent stake in a vehicle dubbed NewConsMin, which will be used to house ConsMin and other acquisitions made with the $US1.5 billion. The other 40 per cent will be owned by ConsMin shareholders, who will also collect $1.38 for every share.

No extra money from the fund has been set aside to boost the scheme of arrangement's value.

Draft scheme documents have been lodged with the Australian Securities and Investments Commission with a scheme booklet expected in mid-June.

But many shareholders are disappointed with the cash-and-scrip offer and say the deal, struck on February 23 with the support of the ConsMin board, does not account for nickel and manganese price rises.

"I never thought it was a good deal from the outset," said one fund manager, who declined to be named. "I'm not sure about giving away 60 per cent of the company but I am very comfortable Gilbertson is involved."

Neither Mr Gilbertson nor his Deutsche Bank advisers could be contacted for comment. ConsMin is being advised by JP Morgan.

ConsMin chairman R Carter welcomed news of Investec's participation, saying it added clout to the Pallinghurst consortium and that ConsMin would be the beneficiary.

"It diversifies and deepens the resources that Pallinghurst has been able to bring together, and we like the look of it," Mr Carter told The Australian.

Mr Carter remains upbeat on the prospects of shareholders backing the deal, with a vote on the proposed scheme of arrangement expected to be held in July.

ConsMin shares closed at a record high of $2.97, a substantial premium to the Pallinghurst-led offer valued at $2.28 a share.