RE:RE:RE:RE:RE:RE:RE:Bye-Bye Coeur 'slam dunk' Hostile Takeover BidBYE BYE COEUR "SLAMDUNK" HOSTILE TAKEOVER BID.
In Victoria's Corporate presentation advertised Coeurs acquistion of shares and being put into play.
Victoria protected itself from creeping accumulation of shares above 20% without a BIDDERS PRICE. The Shareholders Rights Plan would activate the ability of a 50 % share discount for each share owned by all holders but the acquirer..
Coeurs astute pickup of 11,067,714 shares at 13.20 a 55discount gave Coeur a 17.8% position ptutting them second only to Orion.
The Agreement and Support Agreement filed May 10on Sedar affirmed Orions support with its shares and votes.If Coeur gained over 50% of shares and 50% of Board approval then Coeur would return to Orion in the form of Coeur shares 75% of difference of spread from 13.20 and final acquisition price.A CONSIDERABLE SUM.
This was an opening gambit and not to be considered a hostile offer as therehasbeen none.Coeur stated at the time nothing close to that effect..
Although OCB would like you to think so.
An early warning report Filedwith Sedar and a press release by both Coeur and Orion.
Orion recieved 1over 12 million Coeur shares as payment that was 117million.
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The logjam now has allowed time for visits to data romm and CA's allowed for a accerated drill proram at Raven and deep at Eagle in pit.
Also a 5% buy back plan to cancel was authorized lowering float and causing Orion to breach 20% and maybe even Coeur both then becam acquirers and triggered the Shareholder Rights Plan without a bidders price.This defense was to force parties to the table.
Coeur and Orion had anagreement on future press releasesindependent of each other unless jointly agreed -Thereby the silence..There is no "hostile takeover ","no offer" at all,"no attempt of lowball" or to "steal" as OCD keeps.claiming.The time taken to build resource and extend mine lif,the developments and full year mining only protect management as they bring this before Board.
Time also allows for further completion of Rochestor, Results from it's 68 million dolar exploration program with 22 rigs at 6 mines only two this year updated. covering 4 months AND Coers mines to create more free cash flow.
Victoria exploration and increase of production may be partially priced in and tight float may start to consider missed opportunity cost.
There has been no hostile takeover bid and nothing but an alliance wit Orion with cheap Coeur shares to Orion for Victoria shares and putting Victoria in play.Creating a win win win position for both Coeur and Orion.
And threatening OCD's vision of a jackpot payday..His emotive miss truths and faulty comparisons .Then his ad hominem attacks of any view that threatens his PAYDAY.
The summer doldrumsthe general stock market,Coeurs share price