Registered Members Login:
   
Forgotten Your Details? Click Here To Recover +
Welcome To The ShareCafe Community - Talk Shares And Take Stock With Smart Investors - New Here? Click To Register >

56 Pages (Click to Jump) V   1 2 3 4 > »    
 
  
Reply to this topic

OMC, OMEGACORP LIMITED
mme
post Posted: Aug 7 2007, 12:46 PM
  Quote Post


Posts: 8,075
Thanks: 429


This one amid all the doom and gloom of recent days continues to travel north!! Not holding anymore but still have the off shoot oppies MAVO. biggrin.gif

 
mme
post Posted: Jun 26 2007, 01:44 PM
  Quote Post


Posts: 8,075
Thanks: 429


Some big buy orders in at $1.26 and $1.24. Easy way to make $20000 and $30000 if you play with that kind of money. biggrin.gif

 
denpal
post Posted: Jun 25 2007, 08:26 AM
  Quote Post


Posts: 1,154
Thanks: 128


24 June 2007

Denison revives OmegaCorp bid

ANDY HOFFMAN, Globe and Mail Update

Denison Mines Corp. is set to revive a failed takeover bid for Australia's OmegaCorp Ltd., according to sources, in an attempt to add properties in Africa to its stable of uranium development projects.

Toronto-based Denison is expected to offer $1.30 (Australian) in cash for each OmegaCorp share, or about $1.18 Canadian, the sources said.

OmegaCorp is developing potential uranium mines in Zambia, Tanzania, Mozambique and Zimbabwe. Its most advanced property is the Kariba uranium project in Zambia, which contains roughly 13.7 million pounds of the metal used to power nuclear reactors.

“[Kariba] will be a nice little deposit for Denison. It should add between 750,000 to one million pounds [of uranium] per year and they should be able to get it going by 2010,” said a source familiar with Denison's plans.

Denison launched an ultimately unsuccessful attempt to acquire OmegaCorp in December, initially offering $1.10 (Australian) per share. Denison later raised its bid to $1.15 a share but managed to gain control of only a third of OmegaCorp's outstanding shares.

In April, London's Central African Mining & Exploration Co. (Camec) swooped in with an all stock offer that valued OmegaCorp at roughly $222-million (Australian). The Camec bid was worth about $1.44 a OmegaCorp share at the time it was announced.

However, a sharp decline in the African-focused mining company's share price reduced the value of the offer and the company withdrew its bid earlier this month. Camec, whose chairman is former England Test Cricketer Phil Edmonds, saw its shares fall as much as 25 per cent from the level they were at when it announced the OmegaCorp offer.

Camec said it had pulled its offer because OmegaCorp had breached its bid conditions by disposing of assets and proceeding with a spin-off of its Mavuzi copper and gold project in Mozambique.

The Denison bid, which sources said could be announced this week, caps a frenzy of merger and acquisition activity in the red-hot uranium sector. French nuclear giant Areva Group offered $2.5-billion (U.S.) for Toronto Stock Exchange listed UraMin Inc. this month. The UraMin bid came less than two weeks after aggressive industry consolidator Uranium One Inc. tabled a $1.75-billion (Canadian) takeover bid for Vancouver's Energy Metals Corp., which owns a slew of uranium projects in the United States and a processing facility.

The price for uranium concentrate or yellowcake has soared to $135 (U.S.) a pound, a sixfold increase in the past three years. The staggering increase in the spot price has been driven by renewed interest in nuclear power which is seen as an environmentally preferable alternative to coal-fired power stations.

With a market value of $2.6-billion, Denison is one of only a handful of publicly traded companies that actually produce uranium concentrate. Through its 22.5 per cent interest in the McLean Lake joint venture in Saskatchewan, Denison is expected to produce roughly 800,000 pounds of uranium this year. The company has development projects in Canada, the United States and Mongolia and hopes to produce over 5 million pounds by 2011.

Denison teamed with Vancouver's International Uranium Corp. in a $1.8-billion merger last year.


 
nizar
post Posted: Jun 14 2007, 10:15 AM
  Quote Post


Posts: 2,208
Thanks: 4


I cant believe you guys are still in.
You must really be permabulls.

I sold out at 1.15ish after the takeover was announced, and directors supported it.

I dont like it when directors do that to the little guys grrr.gif



--------------------
My posts express my opinions and thoughts and do not constitute financial advice.
Please consult a professional financial advisor and/or do your own research before investing.
 
denpal
post Posted: Jun 14 2007, 05:58 AM
  Quote Post


Posts: 1,154
Thanks: 128


OK so now what are the directors going to do? They need to employ top staff to move this project forward. It's such a shame seeing this great potential going nowhere ATM. I would buy back in in a flash if I knew they had a Borshoff at the helm.

Some of the directors are involved in ECH which has very prospective U ground immed iately north of SMM's land in QLD...............I suspect their energies arte going into that ATM...............worth a look except I find it hard to trust them given what has happened to OMC.

 
mme
post Posted: Jun 13 2007, 07:46 PM
  Quote Post


Posts: 8,075
Thanks: 429


Yeah saw that. Obviously weren't happy with no gaining the IPO prospects. Holding. biggrin.gif

 


crystal
post Posted: Jun 13 2007, 07:45 PM
  Quote Post


Posts: 1,635
Thanks: 45




camec bid withdrawn lmaosmiley.gif
Attached File(s)
Attached File  omc.pdf ( 19.89K ) Number of downloads: 44

 


 
afroboy
post Posted: Apr 19 2007, 10:10 AM
  Quote Post


Posts: 73
Thanks: 1


QUOTE

Denison Mines won't pay premium for undeveloped uranium properties, CEO says

April 18, 2007 - 16:57

By: LAURA BOBAK

TORONTO (CP) - Uranium producer Denison Mines Corp. (TSX:DML) says it continues to seek acquisitions but won't buy properties in early development that carry a stiff price in today's heated market.

CEO Peter Farmer told the company's annual meeting on Wednesday that the current uranium spot price of US$113 a pound, the highest it's been since the 1970s, is not sustainable for the long term.

"We are looking for more uranium prospects and are talking to several parties," Farmer said after giving shareholders an update on the company's operations, which include mines in Canada and exploration, mine decommissioning and other activities in the United States, Mongolia, Zambia and Australia.

In Canada, the Toronto company owns a 22.5 per cent stake in the McClean Lake uranium mine and more than 25 per cent of the Midwest project, both in northern Saskatchewan, one of the world's leading uranium-producing regions.

"Although we believe that the uranium market will be stronger than it was as recently as last year, and that in the short term we will likely see further price escalation, we do not believe prices will be sustained over the longer term. So we will not acquire assets that require development over a number of years and are priced in the context of today's market," Farmer said.

"We believe that as a producer, with capacity and production that has not been pre-sold - together with our experience and reputation - we will be able to consummate acquisitions that are reasonable and fair."

The comments may have been a reference to Denison's recent unsuccessful attempts to take control of Australia's OmegaCorp. OmegaCorp's Kariba project in Zambia is not expected to be in production until 2010.

Last Friday, Denison said it was considering a sale of its one-third ownership in OmegaCorp., following a recent buyout offer by Central African Mining and Exploration Co.

The all-stock offer by CAMEC would have been a 25 per cent premium, at A$1.44, to what Denison paid following its partially successful offer to acquire all of OmegaCorp. Denison, which currently owns 51 million shares, or about 33 per cent, bought for A$1.15 each, would not raise its bid.

Denison, which posted a net loss of $17 million in 2006, said it expects 2007 production to be about 700,000 pounds of uranium, which is used as fuel in nuclear power plants. It has a production goal of five million pounds by 2010.

The estimate doesn't include the potential of projects underway in Mongolia and Zambia, Farmer said.

The company aims to improve production in particular at Saskatchewan's McClean Lake, which Farmer called "disappointing."

As uranium companies around the world race to profit from high spot prices caused by a tight supply of uranium "yellowcake," Farmer said Denison will ramp up production in North America "as quickly and safely as we can."

Several factors boosting demand for uranium include:

-Floods that have recently halted production at several mines including Cameco Corp.'s Cigar Lake mine (TSX:CCO) in Saskatchewan, the world's largest uranium supplier;

-A three-decade halt in mine development caused by a global glut of uranium from decommissioned Russian nuclear weapons; Russia has said it won't continue exports of the material, once the original 10-year arms-control agreement expires.

-Speculators, including hedge funds, buying uranium to store in the expectation of more price hikes.

Some uranium producers have also been affected by a trend among utilities to exercise negotiated rights to extend their contracts by purchasing uranium at prices much lower than current market prices.

Farmer said Denison is locked into the sale of 220,000 pounds of uranium at less than current market value. Uranium was about US$70 per pound last fall.

Neal Froneman, CEO of SXR Uranium One (TSX:SXR), said in a recent interview he expects uranium prices will rise to US$150 a pound by the end of 2007, and forecasts global demand for uranium to increase by 2.5 per cent annually over the next decade.

Froneman, who led the South Africa-based SXR Uranium One into a merger with UrAsia Energy Ltd. (TSXV:UUU) of Vancouver, said China alone is building 30 of the 100 new nuclear reactors being planned or built worldwide. There are currently 440 reactors around the globe.

The recent frenzied global interest in nuclear power - fuelled partly by concerns about climate change caused by other traditional energy sources - was a key factor that inspired the merger of former Denison Mines Inc. with International Uranium Corp.

The two companies formally united on Dec. 1, a marriage that Farmer said has "gone very well."

"Our balance sheet is extremely strong," he said, adding the company has "effectively no debt."

Asked by a shareholder when the company would be profitable, Farmer said the company has not made any public projections. He also said that after the merger all assets were re-evaluated at market value, and that depreciation will affect future profit.

The key will be to watch for improvements in cash flow, Farmer said.

Denison's assets include an interest in two of North America's four licensed and operating uranium mills, including full ownership of the White Mesa mill in Utah.

Exploration projects include properties near Denison's mills in the Athabasca Basin in Saskatchewan and in the Colorado Plateau, Henry Mountain and Arizona Strip regions of the southwestern United States.

Farmer also said the company plans to expand its work in mine decommissioning and environmental services through its Denison Environmental Services division.

The company also manages the publicly traded Uranium Participation Corp. (TSX:U), which invests in uranium oxide in concentrates and uranium hexafluoride.

On Thursday, Denison is to begin trading on the American Stock Exchange under the ticker DNN.

Denison shares closed down 48 cents, or 3.3 per cent, to $13.88 on the Toronto stock exchange Wednesday.
 
denpal
post Posted: Apr 13 2007, 09:42 AM
  Quote Post


Posts: 1,154
Thanks: 128


Read today's ann. New bidder all scrip at $1.44 equivalent. AIM listed company active in DRC called CAMEC.

 
mme
post Posted: Apr 12 2007, 11:03 AM
  Quote Post


Posts: 8,075
Thanks: 429


I agree Nizar. Company IMO didn't look after S/Holders on this occasion. I still hold because I thought the offer was too low. biggrin.gif



 
 


56 Pages (Click to Jump) V   1 2 3 4 > » 

Back To Top Of Page
Reply to this topic


You agree through the use of ShareCafe, that you understand and accept the TERMS OF USE.


TERMS OF USE  -  CONTACT ADMIN  -  ADVERTISING