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PMM, PORTMAN LIMITED |
 Posted: Mar 11 2005, 12:02 PM
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 Posts: 10,059 Thanks: 878  |
closed em at $3.82
i will let the bid lapse then reload if it is compelling enough. -------------------- TOO MANY CHIEFS
NOT ENOUGH INDIANS |
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Posted: Mar 9 2005, 10:13 PM
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 Posts: 716 Thanks: 12 |
well well it was rumoured a few months back that CSM offered a 1:1 script offer for PMM, and the PMM board fobbed them off.
do you think the directors will reconsider now? |
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Posted: Mar 9 2005, 07:09 PM
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Posts: 10,059 Thanks: 878 |
hi burra, i have been gonna sell half for a few days but i have been sidetracked, so i haven't done anything.
oh well. when the divs come down they should ease the pain. -------------------- TOO MANY CHIEFS
NOT ENOUGH INDIANS |
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Posted: Mar 9 2005, 02:27 PM
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Posts: 412 Thanks: 1 |
Hi juke & wolve, I just had to hang on to all my pmm too, while there is debate over the valuation it seems its north of 3:85. This one is harder than nfd to spec a t/o price. Is anyone punting on a final t/o price?? Also juke, cash bids mean cgt, neatly solved by Fonterra with the pref option. These hard headed miners are probably not so concerned, the hedge funds will no doubt hold the key to control? Regards |
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Posted: Mar 4 2005, 11:24 PM
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Posts: 540 Thanks: 4 |
Thanks Wolve, Dow Jones N did put out a correction notice late this afternoon. Many shareholders will be making a final decision this weekend. It is hard to gauge what fraction of acceptances they might get. I suspect many small long term holders will be quite happy to keep their Portmans - it also avoids having to make a decision about where to park their money next! Juke |
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Posted: Mar 4 2005, 07:13 PM
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Posts: 10,059 Thanks: 878 |
juke to quote the report directly
"our PER and cashflow multiples only reduce from $7.50 to $6.48 a share, giving a shareprice Target of $5.40 (previously $6.20)." -------------------- TOO MANY CHIEFS
NOT ENOUGH INDIANS |
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Posted: Mar 4 2005, 12:51 PM
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Posts: 540 Thanks: 4 |
That also matches Aegis' target of $5.40 which hasn't yet been modified. I find it a bit puzzling that Dow Jones News this morning quoted Smith Barney as having just reduced its target figure to $6.46 from $7.50 whereas the SMH quotes the Smith Barney figure as $6.20. However they are all a long way ahead of the $3.85 offer. Juke |
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Posted: Mar 4 2005, 11:54 AM
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Posts: 10,059 Thanks: 878 |
update by SB, target now $5.40
-------------------- TOO MANY CHIEFS
NOT ENOUGH INDIANS |
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Posted: Mar 3 2005, 09:49 PM
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Posts: 10,059 Thanks: 878 |
ps. there might be another update from smith barney, hopefully their analyst will punch in the numbers from the corporatefile interview. i understand he wasn't as bullish as CSFB and closer to PMM's numbers on costs released today, i think his valuation holds up ok but probably drops the $6.20 target. how far i don't know.
-------------------- TOO MANY CHIEFS
NOT ENOUGH INDIANS |
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Posted: Mar 3 2005, 09:44 PM
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Posts: 10,059 Thanks: 878 |
did u get one of "those calls juke, they haven't got to me yet........ geez, does it smell like desperation with todays releases, corporatefile, the sniff of Eldridge getting a sweetheart deal after its over, board dissention, high Fe prices, CC are sweating it up and lastly did u see a notice indicating that a facility has been set up as a backstop in case the instos want to be half pregnant like the chairman, ie. sorta not for it, unless they get enough stock to go ahead then i sorta do want in???? -------------------- TOO MANY CHIEFS
NOT ENOUGH INDIANS |
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