CMM (ASX) Ann: Results of Meeting

Originally posted by eshmun: ↑

"I think it has to be speculation buying."

The share price moved on the result of the vote announcement.

If it is speculation buying I don't think it was retail doing the initial buying. Retail in situations like this normally take the lead from insiders or large broker speculators. They may have joined the rush now.

I actually hope this time around it is done properly without leaked media reports leading to share spikes and halts in trading. The last time around the confidentiality leak was a disgrace that should have attracted some form of ASIC investigation.

Under my theory of events Hawkes Point are being sidelined and we are looking at an asset sale.

RRL have $206.7 million in cash and bullion and could bite CMM off under my scenerio for $85 million cash however their share price is nicely up at the moment so you'd think they might want to take advantage of that so the deal might involve a more complicated combination of script and cash that will be returned to CMM shareholders in the form of an in species distribution of cash and shares.

A deal like this would envolve a moderate amount of legal shenanigans which would take a bit of time to bed down, especially if the deal itself was not fully formulated before the spill vote.

My theory is that an in principle gentelman's agreement had been struck (do these things even exist anymore....you know the sort of agreements that used to happen at places like the Weld Club in Perth where handshake deals would be struck sitting in those leather wingbacked chairs between the the draped haze of cuban cigar smoke) and now some of the details are being thrashed out, ie the deal is becoming real and the size of RRL's cojones have been put on full display to help final negotiations along (in their favour). The new director's (ie the raiders) will be a bit put out by this hairy display but eventually they are not interested in maximising our returns, they are only interested in leveraging off the current shareholder suppport and using the Hawkes Point side step to make themselves a quick buck in a fire sale.

All good with me as long as it proceeds. Esh
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Thanks for the positive attitude and good sense of humour Eshmun...
There is a lot of talk about gentleman's agreement lately and while I want to believe that there are still some left in the business ...the latest grab for power? moves and all the discussions on CMM reminds me another "gentleman of style" - one Alphonse Capone (on the photo in conference with his lawyers... no doubt in exclusive club' leather chairs?)...
https://www.gentlemansgazette.com/al-capone-gentleman-style/
Let's hope the old school gentlemen will get some competition from new money... as some countries are keen on increasing their gold reserves...

..."The amount of gold added by global central banks in 2018 hit the second highest annual total on record, according to World Gold Council (WGC) estimates. Countries bought 651.5 metric tons of gold last year, and now hold nearly 34,000 tons. As a safe haven hedge, gold will become more attractive in 2019, due to greater market uncertainties and the expansion of protectionist economic policies, WGC forecasts."
https://www.rt.com/business/453600-china-gold-dollar-shift/

No.	Vol.	Price($)
2	2845	$6.48

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2845

$6.48

Price($)	Vol.	No.
$6.50	4682	3

Price($)

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$6.50

4682

No.	Vol.	Price($)
1	135	5.570
5	14915	5.550
2	7023	5.540
4	10250	5.530
1	3000	5.520

No.

Vol.

Price($)

135

5.570

14915

5.550

7023

5.540

10250

5.530

3000

5.520

Price($)	Vol.	No.
5.600	26965	9
5.610	9400	4
5.620	15379	3
5.630	13592	3
5.640	6546	1

Price($)

Vol.

No.

5.600

26965

5.610

9400

5.620

15379

5.630

13592

5.640

6546

(20min delay)
Last $6.49		Change 0.050(0.78%)		Mkt cap ! $2.397B

Open	High	Low	Value	Volume
$6.43	$6.55	$6.37	$6.461M	999.2K

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