Of course the directors of PIR "unanimously recommend" the proposal as ~14m unlisted options and ~5m performance rights are going to be paid out in new shares ... cha ching $$$$$ ... and I am sure the "Independent Expert" chosen by PIR is going to state what a fair transaction this is to all SH's. Oh ... and they keep their jobs too ... what a deal!
The issue is the no talk no shop clause which effectively means those others that may be interested can't even do due diligence on PIR, so they need to go off what they know and has been publicly released ... that's my understanding of it ... so another offer over the next 4 months looks iffy, but we are hopeful.
Top 20 hold 70.46% (30 Sep 13) but there has been some good buying from the 5%+ holders so I wouldn't be surprised to see Top 20 holding as least 75% and maybe even closer to 80%. Retail holders need to hope that the big boys knock this back as they did for PMI Corp from memory, and PMI also had MQG on their register, and are now acting as the advisor to PIR. MQG have released reports about PIR with values way higher than what is being offered here, but then again we are talking about an Investment Bank.
"Management have sold PIR shareholders short. So much for the $2 price tag they've been shopping for as reported. And so much for Messrs Middlemas & Connolly deal making prowess. In short, they've sold PIR short."
Looks like Middlemas is a one hit wonder with Mantra Resources like Richard Cottee was with Queensland Gas ... I'm a holder of CTP too ... yippee.
On the same wave length with you Timbogold in that the $1.36 people wouldn't be too happy, so hoping they knock this back ... they only get ~26% return with the $1.72 promoted SP, but who knows if we will see that figure hit over the next 4 months.
"Andean resources knocked back a lot of offers before accepting a final bid. Can't see why PIR can't hold out longer or even go to production" - exactly ... I am sure PIR can get the money via debt/equity.
Hope for all our sakes bidders appear as I won't be accepting shares, so will sell out in the end, which is going to be a gamble, as the PIR SP is now directly controlled by the B2Gold SP, so we could end up with a value under $1.50 ... I hate hindsight ... PIR was $2 on Oct/Nov 2012!
That's my rant ... GL to all of us.
PIR Price at posting:
$1.58 Sentiment: None Disclosure: Held
