CLE - Cyclone Metals

[shaunm]

Anyone happen to notice another article about "chinese being blocked" floating around today??
I am a little perplexed by the high volume sell-down on an otherwise positive day.

 

[Neutral]

With the recent changeover in government, it is hard to know what sort of stance Labor has on Foreign takeovers/investment. I would have been more optimistic under the Libs. Not sure on this one. :dunno:

 

[nioka]

With the recent changeover in government, it is hard to know what sort of stance Labor has on Foreign takeovers/investment. I would have been more optimistic under the Libs. Not sure on this one. :dunno:

Why worry. If the sale does not go ahead the iron ore is still there and so is the management. In the long term they may be able to develop it and make it worth a lot more than it is being offered for at this stage. I like the management's ability. They also have more than one string to their bow.

 

[TheAbyss]

With the recent changeover in government, it is hard to know what sort of stance Labor has on Foreign takeovers/investment. I would have been more optimistic under the Libs. Not sure on this one. :dunno:

How can anyone be sure when the labor party are be so indecisive? Their inactivity is bordering on incompetence in my opinion. They did approve the Heron deal this week so the log jam may start to move. Either way as Nioka pointed out they have the resource so there value is still there either way, just not the premium the deal provided in the shorter term.

 

[Neutral]

A Change of Director`s Interest notice popped up today. What do you guys make of this in light of the pending FIRB decision? He knows something we don't?

http://www.asx.com.au/asx/statistic...rchByCode&issuerCode=CFE&releasedDuringCode=T

 

[jeffTH]

A Change of Director`s Interest notice popped up today. What do you guys make of this in light of the pending FIRB decision? He knows something we don't?

http://www.asx.com.au/asx/statistic...rchByCode&issuerCode=CFE&releasedDuringCode=T

I don't read much into this transaction as the director sold 511,000 options exercisable @27.7 expiring in Oct 2008. He still has shares and also another parcel of options. I also sold the options I held to take some profit as I hold shares purchased at 30.5c. In addition, I am not sure whether I will be interested in CFE if they choose to go to spend the MCC proceeds in Africa!

 

[enigmatic]

well we have only 2weeks to go to see if this deal goes through. Then we should see some movement north. I myself aint to keen on this african interest we will see how it pans out.

 

[Neutral]

I don't read much into this transaction as the director sold 511,000 options exercisable @27.7 expiring in Oct 2008. He still has shares and also another parcel of options. I also sold the options I held to take some profit as I hold shares purchased at 30.5c. In addition, I am not sure whether I will be interested in CFE if they choose to go to spend the MCC proceeds in Africa!

Didn't MCC offer to buy out most of CFE for 90 cents per share? So that would mean if you held CFE and the FIRB approval went ahead that MCC would buy holders out? Sorry I'm new to this!

 

[jeffTH]

Didn't MCC offer to buy out most of CFE for 90 cents per share? So that would mean if you held CFE and the FIRB approval went ahead that MCC would buy holders out? Sorry I'm new to this!

Hi Neutral

My understanding is that CFE have signed a MOU with MCC under which CFE will sell the Cape Lambert Project for $400m. It is the project that they are selling, not the company. CFE are still to retain one Exploration Licence out of the whole Cape Lambert Project. CFE will get the money and they can do what they wish with it (like go and buy something in Africa) or return some to shareholders. No transfer of shares will take place under this arrangement.
We just have to hang in there to see what CFE will do with the money....

Cheers

 

[TheAbyss]

Didn't MCC offer to buy out most of CFE for 90 cents per share? So that would mean if you held CFE and the FIRB approval went ahead that MCC would buy holders out? Sorry I'm new to this!

The $400m values the Cape lambert project in isolation of all other CFE assets at 78 cents per share on a fully diluted basis. As per jeffTH this leaves CFE with their other tenements plus their cash in the bank which was circa $8m a few weeks back.

When you add it all up you get to around the 90 cents per share valuation, so the FIRB plus the due diligence by MCC is important and why the sp is on a holding pattern at the moment on low volumes as we all await the govt decision. Either way the value is still there it will take longer to realise if the FIRB is not given.

 

[Go Nuke]

Personaly Im getting quite nervous at how the share price is slowly going down.
Ive seen this happen too many times for my liking. There are also alot of sellers lined up and the big sell orders have slowly filtered down to 65c from 70c.


If the share price gets to 78c , I'll be out of CFE. And i'm sure I wont be the only one.
Had a sell order in but its since expired because we didnt get to 78c

 

[jeffTH]

Further to previous posts on Change of Director's Interest, I see that Director Mr Brian Maher has been responsible for another notice yesterday. Previously on May 1 and May 2 he sold 511000 options for $205,301, this time he exercised 735,000 options at 27.7 cents costing him $203,595. In other words, he sold enough on market first time to provide the funds for those he exercised as per notice yesterday.

Rather than see this as a worrying sign, I take the view that Mr Maher sees better value in the shares than the options.

Cheers...

 

[MR.]

Further to previous posts on Change of Director's Interest, I see that Director Mr Brian Maher has been responsible for another notice yesterday. Previously on May 1 and May 2 he sold 511000 options for $205,301, this time he exercised 735,000 options at 27.7 cents costing him $203,595. In other words, he sold enough on market first time to provide the funds for those he exercised as per notice yesterday.

Rather than see this as a worrying sign, I take the view that Mr Maher sees better value in the shares than the options.

Pigs ****.... I'll fill in the gaps

Notice 13/5 he sold 511,000 options for $205,301.00 brought nil.
leaving him with 839,000 options left from 1,250,000
Why is this notice late? The notice came out 11 - 12 days after he sold????

Notice 15/5 he sold a further 735,000 options for "$ he didn't declare" leaving him now 104,000 options out of the original 1,250,000
He exercised 735,000 options for $203,595.00 ($0.277 x 735,000-)
He has money left in his pocket! over $250,000- is my estimate.

Perhaps with this money left over he will buy more (Full shares) when the share price falls!

Go Nuke,
money is money even if you only have a little and its at a loss.
Who's going to tell you when to sell? Even if it was allowed on ASF. I helped ramp CFE last year and you brought near its top. I had brought at $0.45 (last year) I didn't know the deal was going to fall over at the time. But I worked it out before it was announced that "Ding / Delong" deal had fallen over. Read the history of this thread.

But perhaps you already know "all" this.

 

[MR.]

Notice 15/5 he sold a further 735,000 options for "$ he didn't declare" leaving him now 104,000 options out of the original 1,250,000
He exercised 735,000 options for $203,595.00 ($0.277 x 735,000-)
He has money left in his pocket! over $250,000- is my estimate.

Perhaps with this money left over he will buy more (Full shares) when the share price falls!

Sorry guys, I am a bit wrong above. Brian sold 511,000 options and as it appears it was to exercise the 735,000 options. (He didn't sell the 735,000 options at an undeclared amount and there is no $250,000- in his pocket) Jeffth has read the announcements correctly.
I am in no position to give anyone advise...........

Are they exercising options so full shares can receive a cash return "DIVIDEND"?
Have a look at this post from ASF SKINT 27/7/07 at 02:30pm
https://www.aussiestockforums.com/forums/showthread.php?t=5107&page=18

 

[TheAbyss]

Good news in the release today. The holding pattern will be broken by the 28th May.

If they are finalising the sale agreement then there must be something burning beneath the smoke.

In addition the tenements CFE are retaining will start drilling end of August.

MCC SALE UPDATE
The Foreign Investment Review Board is scheduled to complete its determination on or before 28 May 2008. Further, the Company, officers from MCC and their respective legal advisors are currently working on finalising the Sale Agreement.

 

[schnowzer]

So wrote to FIRB last week and got:

Thank you for your enquiry.

Due to privacy requirements, it is the Foreign Investment Review Board's standard practice to neither confirm nor deny the receipt of any foreign investment proposal. For further information please refer to Chapter 1 of the Foreign Investment Review Board's annual report 2006/07.

Very helpful! FIRB has a week to decide, from other people's experience do they usually wait until the target date to release their decision or do they do it early. Is it a good/bad/no sign that nothing has been said?

S

 

[MR.]

So wrote to FIRB last week and got:

Very helpful! FIRB has a week to decide, from other people's experience do they usually wait until the target date to release their decision or do they do it early. Is it a good/bad/no sign that nothing has been said?

S

I believe if the FIRB has a problem granting the approval they will respond to the applicant during the 30 days. Otherwise if there is no responce! So granted.

At this stage there is no sign. (to answer your question)
You will not know until CFE's release or MCC's.

Watching with interest.

 

[Go Nuke]

Oooh closed under 60c today from memory?

Not good I imagine. Tomorrow will be a very interesting day.

 

[shaunm]

Ditto Nuke.
Remember when we were hitting 70 cents. WTF is going on. The volume was fairly low today. Is this an attempt to shake out the weak holders before the announcement?
I heard the directors are currently o/s, perhaps looking at new opportunities, so this may be re-assuring.
I am a little shaken, but not stirred.

 

[TheAbyss]

CFE due to release results of FIRB decision today. Will it be positive or will they tell us that they have been informed that they have to resubmit again?

Tricky question in that there is a lot of acqusition going on and the govt must be a tad anxious as deals are coming in from everywhere for every commodity so it could go either way

Given the above, i placed a call to CFE and was greeted with the news that most are out of the country till next week. Not to be deterred i persisted and eventually got onto someone who is in a position to know what is going on and he assured me that there would definitley be a release today as promised however he was bound to non disclosure rules so no hints.

However.... I changed course and asked him how everything else at CFE was going and he did say that they are very busy with the MCC deal and things are going very well (i could hear the smile on his face). My opinion of that is that you do not proceed with something that isnt approved or at the very least is yet to be ticked off.

Either way it couldn't be a no by FIRB or he would have not been as jolly imo.

Make of that what you will or better yet call them yourselves

Ian Burtson 08 9481 4040 - away till Monday
Tony Sage - 08 9380 9555 - Away till Monday (on his personal company business not CFE. Planet something or other was the co name)
Tim Turner - 08 9362 5855 Responsibl;e for the release and at his desk. A very happy camper. Call him