To All,
In the last couple of weeks I have spoken with the folks at Atlanta and I will try post as accurately as possible.
In general they are very encouraged by the new direction, even enthusiastic. there seems to be great confidence in Mr Derbuch. His approach to the company is that of one entity not two. He is currently in Indonesia and has plans to boost awareness in Europe as well since AAG trades in Berlin too.
The merger terms are NOT finalized. A fairness comittee still needs to complete its assessment of the assets, liabilities, tax situations, market caps, and legal issues. Please do not mislead yourselves to think that there will be a 2:1 exchange ratio with the Idaho property left out. There is possibility that the ore body be included in a merger and in this case we could see a 1:1 exchange.
The Idaho propery is a valuable asset that will not be left unattended. I think Quest has already put in 13 million and has another 5 or 6 million before acquiring their 51%. I was told that based on this ore body alone AAG has a book value of 55-60 cents.
I heard that an EGM could happen by February so that we can vote on the merger. By that time we will have ample opportunity to digest the information.
As far as any private placements go, it is pretty typical to see them written with one year holds.
As to what is actually going on over there I believe three properties will be worked on simultaneously. They are the latest South Sumatran acquisition, the Hespari Indah Kutai (also known as "the general's property"), and some other property on Kalimantan. I was told that there may be some news in the early part of January. Some of the properties are drill ready some are still being prepared. The important thing is that the right people feel they have the right properties.
There are majors sniffing around, and keeping in mind that contrary to what the media would have us believe, the mining community feel that Indonesia is a very disireable location for investment.
I also understand that another listing is desired, and that it would probably be NASDAQ. The name TWIN GOLD was mentioned.
We should run an informal contest on a name for "NEWCO".
Here's mine: Elysian Fields Gold symbol :EFG
I wish you all the best in this holiday season and the coming new year and good luck with your investments, especially this one.
Dan Byrne |
