RE:RE:BNN Wheaton discusses PrimeroThey definitely want a piece of the meat. On P's September presentation (available on their website) under strategic review process is noted:
• Board initiated a strategic review process to explore alternatives to improve shareholder value.
• Primero has signed a definitive agreement with McEwen Mining for the sale of the Black Fox Complex for $35M, subject to certain adjustments at closing. The transaction expected to close in early-October.
• Primero received numerous proposals to acquire San Dimas and other assets. All San Dimas proposals were based on a reduced silver streaming arrangement. All proposals impacted by numerous factors:
> Operational challenges in the past 18 months,
> Tax dispute in Mexico,
> Lack of exploration success,
> Recent strike and labour disruptions in Mexico.
• Currently in discussions focused on potential changes to the streaming agreement and the distribution of proceeds among stakeholders including Wheaton Precious Metals (“WPM”).
• No certainty these discussions will result in a resolution acceptable to all stakeholders including WPM
I read this that currently there is an offer on the table, however, WPM wants a big piece of it or future stream deal(s) for the other assets. And whoever the buyer is is not in agreement with that.
I still do not think that it is in the best interest of all parties to default P, so hopefully, we can get something out (more than the $0.09/share).
Of course, this is conditional to Primero's decision not to go FU all and seek court-supervised protection. In this case, their pockets will remain full, and my empty.. :(