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Title : Core Gold (CGLD.v): Allow your humble scribe to do a little mathematics for you
link : Core Gold (CGLD.v): Allow your humble scribe to do a little mathematics for you

Core Gold (CGLD.v): Allow your humble scribe to do a little mathematics for you

There's plenty of noise around the Core Gold (CGLD.v) / Titan Minerals (TTM.ax) merger, what with the ex-CEO Piggott opposing and throwing items out of his pram on a regular basis, but the only thing that really matters in the NRs of both sides are their claims on the votes. Piggott has written that he has enough votes to stop the deal, but today in its NR, CGLD put this;

To date, 140,711,510 securities representing 70.17% of all outstanding Core Gold securities eligible to be voted have been voted, with 82.62% of the votes being cast FOR the Arrangement with Titan.

That's solid data, for sure straight from the ComputerShare tallies so there's no way they'd be lying. And as we know the vote has to go 66 2/3rds in favour in order to pass, we can do a little math for you now.

• There are 200.529m CGLD shares out 
• Which means there are 59.88m shares left to vote
• We know from the above that 116.256m shares have voted FOR the arrangement. That's 57.97% of all votes. 
• Therefore, CGLD needs just 8.7% of shares to vote for the arrangement in order to pass no matter what.
• However, as in all proxy contests, the likelihood that 100% of shares are voted is very slim. In fact, getting to 90% would be impressive. If that 90% is the case, CGLD already has 64.4% of votes cast in its favour.
• In other words, the chances of Piggott stopping this merger from happening are between slim and none.

Bottom line: It's a noisy battle, because that's due to the fact that one side has the votes and the other only has screaming left to do. If you do the math, note TTM's 2.1c A$ share price, take into account the share ratio of the deal and then AUD/CAD forex pair, you too will see that CGLD at 25c is a drop dead bargain even if TTM shares dilute somewhat after the close. This arb is wide and will fill soon.

 

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Thus Article Core Gold (CGLD.v): Allow your humble scribe to do a little mathematics for you

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