Ok so I retrack my last thoughts on the Mincor Wyloo take over. It now seems MCR has been supplying BHP with off specification of ore that BHP requires. BHP is working with MCR to help rectify this however this will impact the MCR targets until it is rectified.

Because of this, Wyloo (Twiggy"S company) has added that the Deal will be the best and final offer unless a competeling offer is submitted. This will still need board acceptance which will be unlikely as WYloo has a 20% stake in the company and seats on the board as a major share holder. Therefore it is unlikly to vote in favour of a better offer.

Twigy has this one sealed up tight. Oh well

Seems to me evryone feels that Twiggy is getting a bargin if the board accepts his offer. Royal Bank Canada (RBC) has Valued the company at $1.95.

Have a read of this Article by Small Caps on Wyloo (Twiggy Forest). There might be an opportunity here. If I bought shares Shares today @ 1.40 ish then there are only two outcomes, 50 50 odds. The board accepts the offer of $1.40 or they reject it.

Either way Twiggy's not stupid and the $1.40 offer has put a base line Valuation for the company. It may as the article states, bring out further offers from Competitors or as most investors will know, there is obviously plenty of opportunity in the company for the future and investors will buy in after the offer is rejected by the board.

I think it could be a good investment before the offer is accepted or rejected. If accepted then effectively you have a guarantee of getting your money back less some broker expenses or you could be in for a surprise with another offer submitted or as RBC has valued the company higher then then price may rise in coming months. The odds here are much better. Anyone else out there able to value the company or offer commentry / thoughts?

Takeover bid from Andrew Forest's Wyloo

"From the date and time of this announcement and ending at the close of trading on the ASX on 8 May 2023 (unless the Offer is withdrawn or extended in accordance with the Corporations Act), the Bidder’s Broker (on behalf of the Bidder) will accept at the Offer Price every Mincor Share offered to the Bidder’s Broker on market up to a maximum of 429,421,114 Shares (being all the Mincor Shares on issue at the date of this announcement, excluding those held by the Bidder and its associates) together with any additional Mincor Shares which are issued during the Offer Period. "

AFR article on Mincor Trading Halt - a capital raising

AFR Street talk

Mincor cashes in on nickel run with $60m raising

Anthony Macdonald and Yolanda Redrup

Sep 6, 2021 – 9.38am

Here’s another one for Andrew Forrest!

ASX-listed nickel group Mincor Resources, where Forrest has a 15 per cent stake, is seeking to raise $60 million at $1.28 a share in a deal via Aitken Murray Capital Partners and EurozHartleys.

Andrew Forrest’s Squadron Resources owns a 15 per cent stake in Mincor Resources. Bloomberg

The deal was split into a $55 million share placement and $5 million SPP, both at the same price.

The brokers were calling for bids into the placement by 5pm Monday, according to terms sent to potential investors.

The deal was at an 11.1 per cent discount to the last close and a 5.6 per cent discount to the 10-day VWAP, the term sheet said.

Funds raised were to construct a camp at its Cassini operations, potentially increase exploration activity in the 2022 financial year and replace an existing $55 million project finance facility with BNP Paribas and Societe Generale.

Interestingly Mincor Resources’ two biggest shareholders are Forrest’s Squadron Resources and ASX-listed IGO Ltd, the two groups also maneuvering around another nickel play, Western Areas.

Mincor Resources shares went into a trading halt on Monday morning. The company was expected to resume trading on Wednesday, according to terms sent to potential investors.

The raising comes with the group’s shares at a 10-year high. Mincor Resources most recently raised equity in June last year, when it picked up $50 million in a placement at 72¢ a share.