I am really pizzed with this low-ball offer!
What benefit will a Shareholder Conference be to shareholders tomorrow. It will merely be a rehash of the craap we have become accustomed to. Greg McCoach (The Mining Speculator newsletter) came out today and said he was hoping the offer would be closer to $3.50, after he had earlier suggested a takeout price of $5.00, back when Pan Am had an option on 55% of LP. NOW, Orko owns 100%!!!
McCoach totally supports the offer and will vote in favour of the transaction. He goes on to say, “There is a 30 day clause that allows Orko to receive other bids from any interested parties before the First Majestic deal closes. I am not sure of all the exact particulars, but First Majestic would be able to match any superior offers that Orko receives within this 30 day time frame. There is a possibility that another company may want to take a run at Orko which could get us a higher price. We’ll have to wait see if anything develops over the course of the next few weeks.”
And he further says, “I feel investors will maximize their share value by voting to accept the deal at which point you can sell or take shares of First Majestic for further upside. First Majestic is a very well run company that in my mind had great upside potential as silver prices move to their next new high. If you believe as I do that silver prices are at a fraction of where they will be you may want to hold your First Majestic shares. Otherwise take your profits as you see fit according to this announced deal.”
Should I reiterate that I am really pizzed with this low-ball offer?
I wouldn’t touch Orex Minerals with ANY pole, 10 feet or not! These guys can't get value for my money!