Generation Mining Ltd T.GENM

Renmark today?

[dsdsemma]

Anyone listen in?  Anything about BN agreement?

[Specific]

not really, just that the hearing may be extended re. BN something i didn't know was that the 9 banks genm is negotiating with are all international... canadian banks do not finance mines according to kerry in addition, if the debt financing was with a bank, the bank would determine the amount of the equity financing, proportional to the amount of the debt kerry was "uncomfortable

[AGTCTTWW]

This is exactly the scenario where the value of manipulating the price might prove to be very worthwhile. Does anyone remember what happened to retail North American Palladium investors?

[Sacks45]

No please share quote=AGTCTTWW]This is exactly the scenario where the value of manipulating the price might prove to be very worthwhile. Does anyone remember what happened to retail North American Palladium investors?[/quote]

[AGTCTTWW]

North American Palladium Ltd. was purchased by Johannesburg-based Impala Platinum Holdings Limited for CA$1 billion in 2019.[9] Under the terms of the deal, Brookfield Business Partners was paid $570 million for its 81% stake in the company and minority shareholders were paid $19.74 per share.[10] From that point on, the Lac des Iles mine would be operated by the

[skiesthelimit]

Bringing back nightmares for me. Made some decent coin there but!!!!!! That would be a cash cow for share holders at these prices. Brookfield made their money too but man they must be kicking themselves for the last 3 years.  That sale is the reason I am in Genm today. I feel like it'll be a very similar mine (if commodity prices hold up. 

[Sacks45]

Sorry there is gaps here How much was share price b4 the offer. Why wasn't the 1 billion dived amongst all shareholders

[AGTCTTWW]

It was such a squirly deal, 80%+ majority owner got $16 something a share and retail got 19 something which was the share price at the time.  Maybe skiesthelimit can give us more info on the background.

[Sacks45]

Thanks for taking the ime. I'll Google it from ere

[Rainyday]

The acquisition was a $1 billion deal. GENM is currently valued at about $170 million in the market.

[skiesthelimit]

It was a joke on Brookfields part. They bought a desressed asset and owned 90% while retail owned the 10%. Got it up and running again.  At which point they decided that more liquidity was required, at which point it got sold down because bigger players were in the know of what is happeneing. Brookfield ended up selling about 10% of their stake to big banks at around 13$. Shortly afterwards

[Sacks45]

That's the weirdest buyout how can there be no premium?

[skiesthelimit]

Brookfield owned 80% of the company. They seemed desperate to get out. Retail got closing price and Brookfield got 3$ less. That's why I get nightmares about it. Retail would have got semi rich off of just the special dividends at these prices because Brookfield was paying out all the profit. At these prices or more it would have been a regular dividend of .10c a q plus around .50c special

[Rainyday]

Of the key shareholders of GENM I can see Sibanye deciding to sell their stake somewhere down the road but they only have 19% and there are many ways they could liquidate their investment that would not be a problem for the rest of the shareholders.

[Sacks45]

Yes they will find an interested party or b) they realize the mistake they did and submit an offer for the 81%