RE:RE:RE:Poll: private equity or mining company? I'm feeling as good as I ever have about LME after the AGM. Yes - it was annoying and almost funny that we were once again treated to technical problems - but I understand those of us who dialed in only missed procedural things - so it doesn't matter. I'm feeling good because of what they didn't mention - and bear with me this might take a bit to explain.
The day before the AGM they put a press release announcing plans for an MRE and that "US Capital Global has progressed to the latter stages of its due diligence review process."
What due diligence process?! Or maybe it's which due diligence process? I don't think one was announced so we have to guess - is it the kind of due diligence a deal-finder would do on a company before hitting the road to find a buyer? I'd have to think they did they kind of work before agreeing to work for an 'only if successful' fee - and if it was that kind of work and it was momentous enough to warrant an oddly-timed press release wouldn't they comment on it the very next day at the AGM?! I think they would - maybe not in the prepared remarks because those are preset as I understand - but in the Q&A?! But they didn't.
Or were they referring to a due diligence orocess that we all know would be done as part of a transaction? Is there another kind of due diligence on the table? Another reason for them to do it? I can't think of one - especially by a firm hired to find and vet a deal. The fact they didn't talk about it - not a word - tells me that this has to be the kind of due diligence being done - deal due diligence - deal work that 'cannot be confirmed or denied'.
I was very happy to get a fulsome update from Cynthia and team - to be comforted that this is a great property being run through a process by a professional team. It took me a few days - but now I'm focused on the Tuesday release. It's right there - latter stages of due diligence - right under our noses.
Shouldn't be long now.