Forgot to mention, the approx $9 Billion NCM bid for Lihir back in April 2010 was announced on the ASX on April Fools Day no less!! Insert irony right here.
To quote the part of the release:
'As disclosed by Lihir, Newcrest has conducted a short desk top and limited high level due diligence on the Lihir Island operation. Subsequent to this due diligence Newcrest increased the value of its proposal to Lihir, on 29 March 2010, from the initial approach on February 15 which was at a ratio of 1 Newcrest share for every 9.5 ordinary shares in Lihir with no cash consideration.'
Shame directors... shame.
As cavalier as my post may sound I actually feel deeply for all suffering shareholders. I have held my own golden turd portfolio with smelly gems such as GRY, AMX, and SLR over the past 18 months.
:)
NCM Price at posting:
$7.70 Sentiment: None Disclosure: Not Held
