leo tutt sold out mim

  1. 1,087 Posts.
    I have read leo tutts teleconference transcript on mim website and i beleive that he has sold out a lot of hard working mim employees who have turned this company around from once being very close to going under.

    Why the board has agreed to a scheme of arrangement is beyond me.
    Xstrata now has to only obtain a vote of 75% approval to get the company where an on market bid would require them to get over 90% and as has happened many times in the past with takeovers.

    The predator gets to say 80% then has to raise the bid to get over the 90% to get the company.

    Another thing that bothers me is that Tutt only got one independent valuation (grant samuel), i know myself that when i want to value something i personally get more then one valuation.

    Brokers have differing views on where metal prices and the aussie doller will be in a couple of years so why just take grant samuel view, are they the gods of the market or something.
    I have only ever heard of em a couple of times.

    I wonder has this grant samuel ever been involved with work with xstrata at some stage in the past or will be looking to the future.
    the valuation ranges from 1.70 to 2.44 now that is a very wide range and the offer JUST scrapes in past the bottom value.

    Something stinks here in my opinion and no wonder Vince gaucci is angry. he must be the only one on that silly board who can only see the value in the future, then again he is a very experienced mining man so that may explain it .

    MIM has by the end of this year got their hedgeing problems well behind them, (last year would of been a profit of over 300 million dollars without the hedgeing).

    Right now we are at the bottom of the metals cycle and the incompetent fool non-execetive directors allow this to happen in this manner.

    Yes mim non execetive directors you have sold out an icon and once again as you have many times in the past failed.

    Hopefully one day someone can make a deceison which would personally effect you.

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