RE:RE:LoveGOD has 1 word for you all today, listen carefullyInteresting Tad, pointing out what joda007 said ... "If you are happy with the Chinese paying you cash". Joda007, and the Ozzies on HC, you seem to have some interesting info. And Titan is offering ... no cash? joda007, we're grateful for you making the choice clear.
Explain again how anyone would prefer Titan? Titan has negative $9.6million in cash. That's with a minus sign. Their Peruvian Vista plant permit is getting torn up by the government. Their famous ability to raise cash - is nonfunctional now? Titan's "cash offer" to Core shareholders outside Canada, which is just a promise of Titan dumping your shares on the market, would likely get shareholders 1/10th of their value, maybe 2 cents. If that.
I am trying really hard to see it your way, joda007. But I think merlin laid it out for us, as to what will really happen, going the Titan way. And Titan is figuring it out too - they are actually in real trouble in Peru, and real financial trouble, and they can't get to 50% of the shares of Core, even by whatever inducements, even if we knew of any secret side-deals. We've heard of some pretty extreme measures being taken to pressure Core shareholders.
And even if they by some method got to 50%, that doesn't entinguish Core's Canadian listing which needs 67% minimum-minimum - and usually 90% is normal. So any amount Titan is likely to get in Core shares doesn't seem to work for them. With Core standing separate, we'd have an independent price, not one so easily pushed around. You'd think Titan would give up now, but maybe it's cheaper for them to leave it as is, and let it expire while they try to paper over the cracks at their end.
Titan obviously is in no position to offer anyone serious money now, to have people pledge their shares in big chunks. But instead, they could offer a "special deal" to a few choice people, to give them a huge chunk of Titan afterwards for the same "peanuts" price mentioned above, maybe 2 cents, maybe 0.2 cents. In Australia you can do that kind of thing. Javier Reyes is the only one that matters in that regard, having the deciding chunk - without Javier's shares, Titan is at a dead stop. And ... Titan could double-cross Javier too - shed all us shareholders, and then shed Javier, for dessert. Look at their track record.
On the healthier side of normal bidders, no serious offeror wants less than 67% approval. Javier, Pender and Washer are pretty important there too. But Pender and Washer want the cash now, that joda007 is promising. Robert Washer in particular would not appreciate being diluted to nothing, and he's canny enough to fend off hazy backhanders set for some future day.
If Titan were already planning to make their stock 2 cents or 0.2 cents, the pieces fit together pretty nicely. All the regular shareholders, i.e. us, get diluted paper-thin. What did Titan lose before? The dilution was 20,000 to 1, or even something like "just" 100 to 1 since Carr took over.
Going the Titan route, all of Titan would be owned by the big players. Would they even double-cross Javier? If the board is chewing their cud on a decent offer, what does it take for them to wake up to the fact that extending endlessly towards Titan is a fool's game?