RE:Mr. Market is quiet and some nerves are frayed.. Good call Merlin. To me there are no substantial negatives out there now, and every good indication.
I even have confidence in the board to finalize and announce the best offer(s). Yes, there have been plenty of problems in the past, but no suggestoin of one now.
Anyone remember that we waited a LOT longer for other major events? Events that were a great deal less fun than the prospect of a deal that brings cash and is good for shareholders? By comparison, approx. months we waited:
- 24 months (approx) - Restarting mining (Celica) after the underground stopped
- 14 months - Getting out of liquidation and all liens removed (a very, very long wait)
- 10 months - Getting Copper Duke permits granted in full, finally
- 4 months - Titan 1st formal offer and fending that off in court
- etc etc (please fill in list)
- 0.75 months - right now, waiting after Nov 1 approx. window closed on 1st round offers, to today
Surely 3/4 of one month is no time to lose patience, after all those long waits. Of course we don't know what happens when, no guarantees, and everyone should make their own decisions. But really, there has to be some proportion on all this.
The time that passed sorting out offers is tiny. The belief, the little wish we all had, that 1 day after the offers went in, we'd get a press release - is a terrible idea, really unrealistic. There is no way that it's good negotiating, to make press releases on your position, while negotiations are underway. Okay, a little release just saying things are in progress, would be nice now, but for anything of substance, it's too soon. Our inner children would want a treat immediately, but our inner adults surely know that it takes weeks to fully negotiate and legally finalize any offers there are.
I think the board has effectively been read the riot act as to what they need to do now - which is to maximize the welfare of the company, and shareholdrs. Let's let the board show us what they can do.
Titan has an AGM Dec 4, so that's probably why they're halted. If they figure that other offers with Core are far better than Titan paper, it would be normal for Titan to reconsider their offer right now, perhaps dropping out or making a substantial change. I consider that a good sign, a very good sign. Later, if Titan rounds up some actual cash, they may likely try for a smaller piece of Core afterwards - but that's not a bad thing either.
I'm giving my own expectations a reprieve until the middle of December. I don't like my xmas bird half-cooked. The three weeks we've waited is every reason, at lesat for me, to be perfectly calm, tend to some other things, regular life and visiting friends, and when a reasonable amount of time is up - i.e. not now yet , but maybe my personal willingness to see the middle of December will be validated - by then I think we'd hear something we like. And if not by then, I'll wait any amount of reasonable time. This is exactly at which part of the process I'd most like to be.