I wish he had told me about RCR .. although I had it from the technicals with that one :/...... and the belated research.
Although one of the papers ...I think it was the Australian Financial Review
was actually passing on gossip on RCR - strong hints Downer would take it over. So much for randomly believing ANYTHING you read in the papers !
As far as Paul Gervey’s story on GCY goes - no prizes for him!
It is a shame GCY had to spend $2,000 or whatever it is to post an announcement to clarify that story .
People have been talking about the potential of a Gascoyne takeover for years....
....and of course there is “increased scrutiny” in recent weeks! Ian Murray left within days of joining and Mike Dunbar fell on his sword and the results were shocking as expected.
People know each other in the industry and they watch each other too.
Gascoyne seeking advice on it’s funding issues (whether it does it “quietly” or not) is not really a surprise either :
I am guessing someone had to organise the $12million working capital facility with NRW Holdings?
In the Christmas Eve Announcement it also states:
“The first principal repayment for the Dalgaranga Project Finance Facility (A$1.6 million) is planned to be made as scheduled on 31 December 2018.
The Company has made all interest payments required to date on schedule and continues to work closely with its Financiers National Australia Bank and Commonwealth Bank of Australia to review the facility repayment profile in advance of the next scheduled repayment on 31 March 2019.”So not surprising Ms Layman calls on one of her Macquarie friends to try to organise things ?
Stuart McKinnon at the West Australian intimated the NRW loan was going towards paying the first principal repayment on the bank loan due on December 31.
https://thewest.com.au/business/min...lgaranga-project-with-12m-loan-ng-b881058928zInterestingly his strong opening sentence that Gascoyne was “hitting NRW up for a loan” was effectively plagiarised over at the Australian where they write Gascoyne is also “tapping the bank to fend off takeovers”.
Mad Hatters tea party indeed : (.
Whether or not Gascoyne is taken over here is a more realistic story:
http://m.miningweekly.com/article/gascoyne-calls-on-macquarie-in-time-of-need-2019-01-14/rep_id:3861“Gascoyne calls on Macquarie in time of need 14th January 2019 BY: ESMARIE IANNUCCI
CREAMER MEDIA SENIOR DEPUTY EDITOR: AUSTRALASIA
PERTH (miningweekly.com) – Embattled gold miner Gascoyne Resources has appointed Macquarie Capital as financial adviser, amid speculation that the company was fending off takeover offers.
Gascoyne on Monday told shareholders that Macquarie would be providing the company with advice on a number of corporate and financial matters following the material fall of its share price during the December quarter of last year.
The advice from Macquarie forms part of the board’s ongoing efforts to maximise the returns to Gascoyne shareholders,” the company said, noting that a key focus for Gascoyne would remain the improvement of the operating performance at the Dalgaranga gold project, in Western Australia.
Gascoyne in December last year decreased its 2019 production expectations at Dalgaranga from between 105 000 oz and 115 000 oz, to between 92 000 oz and 102 000 oz, after a review of the Gilbey resource model reduced the mineral inventory by some 22 000 oz.
Gascoyne in December also secured a A$12-million working capital facility from Dalgaranga mining contractor NRW. The facility is repayable by the end of 2019.
EDITED BY: Creamer Media Reporter”
