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PMM, PORTMAN LIMITED
wolverine
post Posted: Mar 11 2005, 12:02 PM
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closed em at $3.82

i will let the bid lapse then reload if it is compelling enough.



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TOO MANY CHIEFS

NOT ENOUGH INDIANS
 
suti
post Posted: Mar 9 2005, 10:13 PM
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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?

 
wolverine
post Posted: Mar 9 2005, 07:09 PM
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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.



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TOO MANY CHIEFS

NOT ENOUGH INDIANS
 
burratipi
post Posted: Mar 9 2005, 02:27 PM
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In reply to: juke on Saturday 05/03/05 12:24am

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

 
juke
post Posted: Mar 4 2005, 11:24 PM
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In reply to: wolverine on Friday 04/03/05 07:13pm

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

 
wolverine
post Posted: Mar 4 2005, 07:13 PM
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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)."



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TOO MANY CHIEFS

NOT ENOUGH INDIANS
 


juke
post Posted: Mar 4 2005, 12:51 PM
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In reply to: wolverine on Friday 04/03/05 11:54am

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

 
wolverine
post Posted: Mar 4 2005, 11:54 AM
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update by SB, target now $5.40



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TOO MANY CHIEFS

NOT ENOUGH INDIANS
 
wolverine
post Posted: Mar 3 2005, 09:49 PM
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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.



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TOO MANY CHIEFS

NOT ENOUGH INDIANS
 
wolverine
post Posted: Mar 3 2005, 09:44 PM
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In reply to: juke on Thursday 03/03/05 10:08pm

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????



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TOO MANY CHIEFS

NOT ENOUGH INDIANS
 
 


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