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#426 2017-01-02 20:26:46

heartastack
Member
From: Perth
Registered: 2010-09-02
Posts: 593
Trades :   

Re: BGS - Birimian Gold

You almost can't make it up, eh...

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#427 2017-01-02 20:36:53

radiobirdman
Silver Stacker
Registered: 2011-04-25
Posts: 2,300
Trades :   59 

Re: BGS - Birimian Gold

What a joke management, lets hope there is a counter offer

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#428 2017-01-02 20:45:53

boneyard
Silver Stacker
From: 55G 528505 5257160 TASSIE
Registered: 2009-07-10
Posts: 6,072
Website

Re: BGS - Birimian Gold

Could someone give me some insight into the $100 million sale and why the price of the stock has risen approx 21%?

Comments welcome.............


"We should know where we're going, so we know when we get there..."

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#429 2017-01-02 20:49:52

heartastack
Member
From: Perth
Registered: 2010-09-02
Posts: 593
Trades :   

Re: BGS - Birimian Gold

It's the binding agreement of the deposit that is creating all the confusion and anger (so if the potential buyer fronts up with the 10% deposit then BGS BOM are obliged to honor the deal).
The price has risen because the bid creates a gap in the current $60M market cap.

But what nobody can understand is why would management insert that clause into the deal when it is apparent that most people think the resource (which is likely to double on further drills) is worth so much more.

Hopefully there's more to the story and more bids will show up. Or there is something wrong with everyone's interpretation of the contract..

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#430 2017-01-02 20:50:12

STC
Silver Stacker
From: Perth
Registered: 2011-03-16
Posts: 915
Trades :   52 

Re: BGS - Birimian Gold

boneyard wrote:

Could someone give me some insight into the $100 million sale and why the price of the stock has risen approx 21%?

Comments welcome.............


Number of shares divided by sale price + cash holding is greater than current share price.


We are all here because we are not all there.

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#431 2017-01-03 00:58:39

Dabloodymess
Member
From: Russia
Registered: 2010-07-07
Posts: 1,370
Trades :   30 

Re: BGS - Birimian Gold

Disappointing offer and 'interesting' terms that have been outlined.

I have decided that this should be seen as a starting point, not an end point though. The clause to really pay attention to is that  even with a deposit paid up in full, there must be shareholder approval to seal the deal. I hope that this low ball offer shakes some other bidders out, so that  this one can be turned down and another, larger offer taken up.

No sale will reflect the full potential of the deposit, but realising that potential requires potentially years of waiting for production, from a company with no track record of getting projects to production. Give me a sale any day, just a bigger figures please!


"Those who cannot remember the past are condemned to repeat it." - George Santayana
My Site

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#432 2017-01-16 08:42:08

southerncross
Silver Stacker
Registered: 2012-07-26
Posts: 3,364

Re: BGS - Birimian Gold

heartastack wrote:

It's the binding agreement of the deposit that is creating all the confusion and anger (so if the potential buyer fronts up with the 10% deposit then BGS BOM are obliged to honor the deal).
The price has risen because the bid creates a gap in the current $60M market cap.

But what nobody can understand is why would management insert that clause into the deal when it is apparent that most people think the resource (which is likely to double on further drills) is worth so much more.

Hopefully there's more to the story and more bids will show up. Or there is something wrong with everyone's interpretation of the contract..

That's not exactly correct, the deposit means that they then enter into an agreement with the letter of intent. The LOI is just a arrangement of terms to negotiate a prospective sale which precludes the company seeking other buyers or any other included conditions as agreed to by both parties.

Any negotiated sale is still dependent upon the shareholders agreeing to any sale or other sort of arrangement at an EGM in any case.

The non refundable deposit and LOI is the actual starting point for negotiations and the current offer of $107 M, U.S is the current base price that people should be thinking of as BGS current value.

The offer is a joke and everyone knows it.

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#433 2017-01-30 06:24:24

Scyb
Silver Stacker
Registered: 2012-11-21
Posts: 827
Trades :   84 

Re: BGS - Birimian Gold

Not sure if anyone saw the announcement today, but an EGM has been called by some major shareholders for a reshuffle of the board.

Basically they are calling for Winton and Hugh to be replaced by Michael Langford and James Mckay   

Langford is the guy that have been developing relationships with our Chinese partners, getting the 2 MOU's with billion dollar companies. He sees great potential in our lithium tenement and is happy to work for options based on performance targets. This shows how much value he sees in the lithium project.

James Mckay is brought in for his experience. He has previously taken from a 10mil company to a billion dollar company. He also has some African experience. He knows what it takes for us to go into production.

Winton and Hugh has done a good job thus far in taking us to where we are now but I feel that in order for us to take the next step, we need to have the right personnel in place and this change is definitely, in my opinion, a step in the right direction.

I am excited for this change and will vote 100% yes to the resolutions proposed. If anyone has any further questions, feel free to contact Curtis (boy1 on hotcopper) at [email protected]    They are addressing all queries from shareholders.

Last edited by Scyb (2017-01-30 06:50:05)

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#434 2017-02-03 23:11:20

heartastack
Member
From: Perth
Registered: 2010-09-02
Posts: 593
Trades :   

Re: BGS - Birimian Gold

It gives me confidence that the top end of the registry has stamina and a good sense of what needs to happen going forward without senselessly dumping their shares. Unfortunately the insto's (i.e. GAS & Sprott) are at the mercy of their business models, and so we've seen some further downward pressure from their selling (GAS confirmed, Sprott unconfirmed). It tells me that yet again, there is a great entry point here.

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#435 2017-02-15 22:20:20

Scyb
Silver Stacker
Registered: 2012-11-21
Posts: 827
Trades :   84 

Re: BGS - Birimian Gold

Just voted for 4 x For smile

May this steer us into the right direction and for bgs to realise it's true potential.

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