Rob Mc Ewen und die Trends 2006

Die sollen mal alle ihre Papiere in Ordnung bringen sonst umarmt sie nicht Schneewitchen....

NEW YORK, June 5 (Reuters)

- U.S. Gold said on Monday it has terminated its offer for White Knight Resources Ltd. because it did not meet regulatory requirements.

The gold mining company said that it intends to recommence the White Knight offer and to start offers for Nevada Pacific Gold Ltd. (NPG.V: Quote, Profile, Research), Coral Gold Resources Ltd. (CGR.V: Quote, Profile, Research) and Tone Resources Ltd. (TNS.V: Quote, Profile, Research) as soon as it can meet regulatory requirements.

But the company, which on March 6 launched unsolicited bids totaling about $256.9 million for the four mining and gold exploration companies, said that it may have to reevaluate plans to buy any or all of these companies if it does not receive documents it requires.

U.S. Gold, founded by former Goldcorp Inc (G.TO: Quote, Profile, Research) chief executive Rob McEwen, said that it had to terminate the White Knight offer because it had not received auditors' consents and certain financial statements required by the U.S. Securities and Exchange Commission.

The company also said it needs to receive formal financial valuations from Nevada Pacific and Coral Gold before it can commence its offers for these companies.

"Despite what it believes have been its best efforts, U.S. Gold has to date been unable to obtain this necessary information," the company said in its statement.

"U.S. Gold may reevaluate its intention to acquire any or all of these companies if it is not able to obtain on a timely basis the required auditors' consents and in the case of Nevada Pacific and Coral Gold, formal valuations," the company said.

http://us.rd.yahoo.com/finance…l/reuters/SIG=11vg30000/*http://yahoo.reuters.com/finan…10-43-53_n05336608_newsml

Die Zwerge wurden darauf gleich verpruegelt.

Hi Eldo, et al

...und ordentlich auch noch!

Doch sollte man nicht ganz vergessen, dass Rob Mc. vielleicht von der Hüfte geschossen hat und mehr auf sein Image als auf seine Kompetenz geachtet "haben möge"!

Warum musste er vor Wochen als Chmn. und Dir. zurücktreten? - Come on - Rob will do it anyway - even if he knows it's a steal and the SEC will only approve the deals on the basis of a fair value opinion - which usually is a farce as well.

... und wie es sein soll muss Rob vor der eigenen Türe kehren, denn Fair Value Opinions sind von den Raiders zu bezahlen ... Ha, interessant,
für CGR hab ich diese heute bekommen ... soviel zu der Aussage, dass er nicht zeitgerecht diese Infos bekam!

Mehr kann ich nicht sagen - ausser dass CGR total unterbewertet on a net asset basis - vis a vis den anderen ist. Scheint sich auch in der relativen Marktlage abzuzeichnen.

Hab mehr von Rob gehalten als seine diversen offiziellen Aussagen zuletzt Ihn und seine Targets belasteten. Das mag natürlich auch eine Strategie sein - eine dumme, wie ich meine...

;)Frr

Fuer diesen dummen und schaedlichen Zug hat er mich als Fan verloren, ich pfeiff auf sein Image, dieser Hipshooter !
Das er so bloed ist ist mir neu aber wie du sagst vielleicht bezweckt er etwas damit, ...einen guenstigerer Kauf der Zwerge ueber einen anderen Weg ???
Zum Glueck habe ich keine Zwerge in letzter Zeit gekauft, die ich habe sind noch im plus nach diesen nonsense.

Cheers

XEX

By a directors' circular dated May 16, 2006, the Board of Directors of White Knight indicated that it was not making a recommendation on the U.S. Gold offer because of its concern that U.S. Gold Corp. had certain issues that had to be resolved with respect to the timing of the offer, particularly with respect to the timing of receiving appropriate clearances from the United States Securities and Exchange Commission.

White Knight is generally supportive of the business proposition and, in connection with a future offer, will continue to cooperate fully with U.S. Gold in respect of their regulatory requirements.

Management of White Knight has maintained focus on its business and forthcoming exploration season through the announcement of U.S. Gold Corp.'s intention to bid, the subsequent receipt of the formal offer, and the retraction of that offer. Consequently, White Knight has drill rigs and personnel ready to commence drilling within days.

About White Knight Resources Ltd. - White Knight is an exploration company active in finding and exploring mineral prospects. The Company has been exploring Nevada since 1993 and currently controls the second largest land holding in the Cortez Trend. Its property portfolio includes 18 properties (over 60,000 acres), fifteen of which are located in the Cortez Trend.

On behalf of the Board of Directors,

John M. Leask, P.Eng., Chairman of the Board

Nevada Pacific Gold Ltd. (TSX VENTURE:NPG - News)

provides the following response to the New Release issued by US Gold Corporation ("US Gold") on June 5, 2006. Nevada Pacific, at the direction of the special committee of the Board of Directors ("Special Committee"), has done everything in its power to facilitate US Gold in making a formal offer.

On March 5, 2006, US Gold issued a News Release announcing its intent to acquire all of the outstanding common shares of Nevada Pacific as well as the shares of White Knight Resources Ltd., Coral Gold Resources Ltd. and Tone Resources Ltd. (collectively, the "Target Companies"). Nevada Pacific responded by forming a Special Committee on March 6, 2006 and hiring financial advisors on March 15, 2006 to assist Nevada Pacific.

On April 5, 2006, Nevada Pacific received a copy of US Gold's application to various Canadian Securities Commissions seeking exemption from the requirement that it obtain a formal valuation of certain of the Target Companies, including Nevada Pacific. On April 12, 2006, the Special Committee of Nevada Pacific, in a submission to the Securities Commissions, stated its unequivocal support for the exemption order.

On April 26, 2006, Nevada Pacific was advised that US Gold's application for exemption from the formal valuation requirement had been rejected, and on April 27, 2006, Nevada Pacific was requested by US Gold to proceed with the formal valuation. On May 1, 2006, the terms and conditions for preparation of a combined valuation for both Nevada Pacific and Coral Gold Resources Ltd. were confirmed by US Gold. The valuation work has been completed, several draft reports have been received and reviewed by Nevada Pacific's Special Committee and a final report is anticipated to be delivered to US Gold by the end of this week.

On April 19, 2006, US Gold requested that Nevada Pacific prepare its financial statements according to US GAAP for the past three years and provide these, together with Nevada Pacific's auditors' certification, to US Gold for inclusion in US Gold's registration statement. On May 18, 2006, the work and fee requirements were settled by US Gold together with a timeline confirming a delivery date of June 19, 2006. Nevada Pacific is working with its auditors to complete the work within the original timeframe provided to US Gold.

The Special Committee, comprised of independent directors of Nevada Pacific, categorically deny the allegations of delay and lack of co-operation made by Mr. McEwen in the US Gold News Release. Preparation of the formal valuation and Nevada Pacific's financial statements under US GAAP are complex, time consuming tasks for a company with an operating mine, and have been proceeded with due dispatch by the Special Committee. Nevada Pacific, at the direction of the Special Committee, is and will continue to do everything within its power to assist US Gold in making a formal offer to its shareowners.

ON BEHALF OF NEVADA PACIFIC GOLD LTD.

David Hottman, Chairman

http://www.resourceinvestor.com/

Posted to the web on: 08 June 2006
US gold acquisitions stall, McEwen lashes out
Ben Abelson - http://www.resourceinvestor.com

--------------------------------------------------------------------------------

NEW YORK - US Gold’s bid to acquire four Nevada exploration companies has encountered regulatory turbulence that could delay a formal offer from being completed for several months, if at all.

The news sent shares of White Knight Resources, Nevada Pacific Gold, Tone Resources and Coral Gold tumbling as much as 20% on Tuesday, as panicked investors sold the stocks into an overall down market.

The possibility that the bid may fall apart has created spreads on the order of 30% between the companies and their acquisitions prices, making a very attractive arbitrage opportunity for investors who remain confident in the deal’s prospects.

White Knight Offer Terminated, Other Offers Delayed

Due to delays in receiving various financial statements, US Gold has been forced to terminate its offer for White Knight, and may have to significantly delay its offers for the other companies. US Gold has said it plans on reinitiating its offer for White Knight once the required documentation is in place.

In a press release issued Tuesday, legendary US Gold CEO Rob McEwen appeared frustrated with the situation, placing the onus for the delayed bid squarely on the shoulders of the four companies to be acquired.

“I’m extremely disappointed with the delays that we have encountered and the lack of cooperation that we have received from the other companies in this effort. We have diligently sought to obtain from each of these companies the necessary information to complete the required regulatory filings but their failure or inability to respond in a timely manner has worked to the disadvantage of our respective shareholders,” he said.

According to US Gold, all four companies have failed to deliver financial documents required by the SEC and TSX needed to make a formal bid. Additionally, neither Nevada Pacific nor Coral Gold has yet to complete a formal financial valuation. The TSX requires this process since McEwen formerly held board seats on those companies, and as such is considered a company insider.

Target Companies Lash Back

Representatives from the target companies protested McEwen’s statements. A Nevada Pacific spokesperson, who requested anonymity, said McEwen had jumped the gun in launching his bid for White Knight, and could only blame himself for the regulatory snafus. McEwen was aware of the SEC requirements, the spokesperson said, and should have waited for the required documentation to be in hand before formally commencing the offer. (White Knight was the only company of the four to have received a formal offer.)

Louis Wolfin, a director with Coral Gold, said while he liked McEwen’s acquisition concept, he couldn’t say if the bid was fairly priced without the formal valuation in place.

“The independent company is proceeding with their valuation…it [the delay] is not up to us, and the auditors simply haven’t finished it yet,” said Wolfin.

US Gold spokesperson Ian Ball attempted to tone down the frustration expressed in the news release, noting that “Rob [McEwen] still fully intends to acquire all four companies…we’re confident that the deal will go through.” But Ball couldn’t give a more specific timeline as to when the formal bids would be made.

Calls to White Knight and Tone Resources were not returned as of publication.

Deal at Risk?

When US Gold’s plan to acquire the junior exploration companies was revealed in early March, the deal was hailed as the second coming of McEwen, the former CEO of Goldcorp. Three months later, with none of the four transactions anywhere near closing, US Gold’s press release was probably intended to move the process along by stirring up shareholder pressure on management of the target companies.

Still, investors have been forced to consider the possibility that the bid could fall apart. According to the news release, US Gold has reserved the right to “reevaluate its intention to acquire any or all of these companies” if it doesn’t receive the required documentation in a “timely manner.”

Although it’s unlikely that McEwen is giving up on his Nevada dream just yet, it would appear that of all the companies Nevada Pacific and Coral Gold are in the most trouble. The two have the largest amount of information to deliver, including the required financial valuations.

Indeed, in the press release McEwen singled these two companies out for this missing documentation. (According to a source, both companies are using the same outside firm to conduct their valuations.) Tone Resources has already submitted their valuation, so it has a smaller remaining burden to meet. White Knight is probably the most attractive of the four companies to McEwen, considering that he has been a long-term shareholder (first via Goldcorp, and later individually).

Arbitrageurs Pick Up on Spreads

Still, the spreads on all four companies remain large. One thing is for certain: the longer the deal drags out, the greater the volatility will be in their share prices. For arbitrageurs who have faith that the deal will be completed, this has also created a significant, albeit speculative, opportunity.

After plunging some 24% yesterday, at the close of trading White Knight was changing hands for C$1.80, some 35% below US Gold’s offer price of C$2.80. Coral Gold fell 21% and closed at C$3.70, 27% below the offer price of C$5.05. Nevada Pacific slumped 23% to C$1.20, 35% below the offer price C$1.84. And, Tone Resources dropped 17% to C$1.41, 32% below the offer price of C$2.08.

Since it is an all stock deal, however, these prices are a moving target, and as of Wednesday afternoon trading some of these spreads had narrowed slightly. Until the market receives clarification on the bids, however, it’s likely that spread between US Gold and the companies it wishes to acquire will remain quite large.

Conclusion

US Gold’s acquisition snarls have presented a classic arbitrage scenario for investors who remain confident that McEwen can pull off a deal. Daring investors could go long the acquiring companies and short US Gold to remain market neutral while capturing this spread. But while Rob McEwen remains a force to be reckoned with in the mining industry, the episode is a key example of why not everything one man touches will necessarily turn to gold.

Moin moin.

Habe von meiner Bank letzte Woche das Übernahmeangebot von USG an die WKR-Aktionären erhalten.
1 St. WKR in 0,35 USG.

Und jetzt? Mal abwarten und auf Nachbesserung hoffen oder gleich annehmen?

Wie geht ihr das Ganze an.

Grüße

Moin Edel.

Sicher hast Du recht mit der Nachbesserung.

Aber, selbst wenn ich jetzt nicht tausche und McEwen krallt sich WKR, dann gibt es eben einen Zwangsumtausch. Und so komme ich dann auch wieder zu USGold.

Oder sollte ich besser nicht so denken? Denn wenn jeder so denkt dann scheitert die ganze Sache vielleicht doch noch?

Muss mich heute noch entscheiden

Grüße