Luxor Could not Get Lock-up agreement Very interesting points indeed.
Note also that Luxor does not mention that it has locked up any blocks of shares ( eg by funds etc ) to support its bid and to convince shareholders that any attempt to defer tendering is pointless.
This is a very telling statement.
In nearly all takeovers and almost certainly on the increased offer, the suitor will show its strength of support by announceing how many shares it has locked up.
Luxor has not done this which means that none of the larger blocks are convinced that Luxor will get its required support or that they fully expect another bid.
Retail investors own the bulk of this stock.
Be smart like the large block holders.............dont tender your shares to this pitiful bid.
Note that we are making great progress on the mining front.
Progress continues at the company's flagship asset, the Cosmo underground mine. The second leg of the primary ventilation system has been completed with the support of the four-metre-diameter shaft, installation of escape ladder ways and installation of the main ventilation fans.
With this improvement in ventilation capacity, Cosmo underground development and ore production have ramped up with the ability to use additional underground equipment. Multiple level development has commenced with six active ore drives being excavated and production stoping activities planned to commence in February.
In addition, in each of the headings being developed, the planned ore stoping widths are proving to be wider than initially identified by the surface exploration drilling
The first main level on 955 level below the crown pillar underneath the open pit is currently being developed and it is expected that a number of ore drives will soon begin being developed.
Development toward the Western lodes is under way on the 960 level. So far in January, a total of 6,000 tonnes at 3.4 g/t Au of development ore has been mined.
Since the changeover of the underground contractor to Leighton in early 2011, the company has achieved an average of 37-per-cent increase in development rates per quarter sequentially despite the difficulties associated with the delay in commissioning the ventilation system.
Cosmo has now reached the threshold of sustainable development ore production. The site operational team is clearly focused on ramping up production over the next six months to achieve targeted production levels.
Note that Cosmos is designed to produce in excess of 100,000 oz per year at an average cash cost of $550 per oz.
Well worth waiting for...............