Continental Gold Limited New CGOOF

RE:Fatal Blow To Acquirer

[LibertyJets]

SchiffKnowsBest wrote: The real reason I believe this placement with Newmont closed is to fend-off any hostile bids.  With 20% now sitting in friendly hands then it will accomplish just that.  Proof is in the timing of when this took place....The same day the two day conference in Colombia was beginning.  They knew they were vulnerable to a hostile takeover and the manipulation downwards was making it worse.

Get ready for big news out of Colombia this afternoon around 2:00 Eastern!

 

CNL claimed they had multiple offers.  I think the catalyst to the deal was the intial debt financing from Red Kite and then the FARC peace deal being signed by Congress.  Major de-risking.

My aggrivation stems from my long term position in the stock.  I saw the value in the company and have held for years.  The recent underperformance of the stock vs the rest of the mining industry since the debt financing deal is a real killer.   The deal should have been closer to the CAD$5-$6/share range vs $4.

I think the potential bidders probably drove the price down during negotiations.