Williams406 Posted May 1, 2014 Share Posted May 1, 2014 Gio, I would say a management's quality is a function of all relevant decisions made, including financing choices. My assessment of management today has a lower grade than last week. I concede that even the best will make mistakes along the way as they face the same limitations we all do such as crystal balls that don't function properly. With this equity raise, my ownership stake is adversely affected without my having sold a share directly. Giving up some equity to get a lot more value can make sense. But I doubt they had to do it this way. I'm not shouting off with their heads here, but I'm not giving them a free pass, either. We always knew a funding gap would exist if CDP ROFR was waived and management had time to consider options. This wasn't the best one in retrospect. I'd love to see a Plan B given the way this has unfolded. Link to comment Share on other sites More sharing options...
giofranchi Posted May 1, 2014 Share Posted May 1, 2014 Gio, I would say a management's quality is a function of all relevant decisions made, including financing choices. My assessment of management today has a lower grade than last week. I concede that even the best will make mistakes along the way as they face the same limitations we all do such as crystal balls that don't function properly. With this equity raise, my ownership stake is adversely affected without my having sold a share directly. Giving up some equity to get a lot more value can make sense. But I doubt they had to do it this way. I'm not shouting off with their heads here, but I'm not giving them a free pass, either. We always knew a funding gap would exist if CDP ROFR was waived and management had time to consider options. This wasn't the best one in retrospect. I'd love to see a Plan B given the way this has unfolded. This is very reasonable and I agree. Gio Link to comment Share on other sites More sharing options...
Blue Macaw Posted May 1, 2014 Share Posted May 1, 2014 We should not be to hard on them just yet. We still don´t know what they will get for the shares. If they get 18 we will all be singing hallelujha all the way to church (not me I am Swedish). If they get 15 I would be happy actually. If 14 ok, if 13 disappointed, 12 very disappointed, 11 I am out. (Then management have lost it and trust will be completely gone). The problem is that they should have disclosed the price they were going to sell them for. This is the major flaw. Link to comment Share on other sites More sharing options...
giofranchi Posted May 1, 2014 Share Posted May 1, 2014 What I know is that, if the partners in my company were able to get out anytime they don't agree with a decision of mine, I would have been partnerless since a very long time now! Besides, I don't know if a mix of debt and equity is decidedly the wrong choice... I am not so sure about it... As I have said, I am buying more today. Gio Link to comment Share on other sites More sharing options...
phil_Buffett Posted May 1, 2014 Share Posted May 1, 2014 in 1month i have more Money, then i would buy more :D Link to comment Share on other sites More sharing options...
SharperDingaan Posted May 1, 2014 Share Posted May 1, 2014 It is time for ALS to enforce some UW discipline; the smart thing would be to pull 1/2 the offering - & make Scotia wear it. Some people still get shares, but everybody gets fewer fees. This is a rich deal, & to lose it simply because the lead screwed up, is not appreciated. SD Link to comment Share on other sites More sharing options...
SharperDingaan Posted May 1, 2014 Share Posted May 1, 2014 There is no minimum amount of funds that must be raised under the Offering. This means that the Company could complete this Offering after raising only a small proportion of the Offering amount set out above. Pursuant to the terms of the Agency Agreement, the Agents will be paid a fee (the ‘‘Agents’ Fee’’) of 5.0% of the gross proceeds from the sale of the Common Shares, including any additional Common Shares sold pursuant to the exercise of the Over-Allotment Option. On April 25, 2014, the last trading day before the date of this short form prospectus, the closing price per Common Share on the TSX was $15.46 The UW was hired to sell shares into a tight market, provide market coverage & price support, & is being well paid for it. Do squat, & you get squat. SD Link to comment Share on other sites More sharing options...
EliG Posted May 1, 2014 Share Posted May 1, 2014 Re pulling part of the offering: Let your views known to management! Just a quick email from all of us to let them know what shareholders think. Link to comment Share on other sites More sharing options...
Sunrider Posted May 1, 2014 Share Posted May 1, 2014 Done Link to comment Share on other sites More sharing options...
gary17 Posted May 1, 2014 Share Posted May 1, 2014 We should not be to hard on them just yet. We still don´t know what they will get for the shares. If they get 18 we will all be singing hallelujha all the way to church (not me I am Swedish). If they get 15 I would be happy actually. If 14 ok, if 13 disappointed, 12 very disappointed, 11 I am out. (Then management have lost it and trust will be completely gone). The problem is that they should have disclosed the price they were going to sell them for. This is the major flaw. I just spoke to management & the pricing is done... will get announced today. Let's just say you won't be disappointed. Trade is halted btw. Link to comment Share on other sites More sharing options...
FFHWatcher Posted May 1, 2014 Share Posted May 1, 2014 Scotia said they would price the offer yesterday. Important Details Issuer: Altius Minerals Corporation Issue: Offering of common shares Minimum Order: 100 Price: 16.32 Sizing: 65000000 Closing Date: May 12, 2014 ***Please note the final offering price is yet to be determined. It is expected that the final offering price will be announced on or about Wednesday April 30th, 2014 and the offering will be priced based on the context of the market at this time*** ***Allocations for this deal are expected to be posted online on or about TBA*** Issuer: Altius Minerals Corporation (the “Company”). Issue: Offering of common shares (the “Common Shares”). Amount: Up to $65,000,000. Issue Price: $? (To be determined in the context of the market.) Over-Allotment Option: The Agents shall have the option, exercisable in whole or in part for a period of 30 days after the Closing Date, to purchase up to an additional 15% of the Issue at the Issue Price and on the same terms and conditions as set forth herein to cover over-allotments, if any, and for market stabilization purposes. Use of Proceeds: The net proceeds of the Issue will be used (i) to pay the OTPPB Purchase Price to OTPPB, (ii) to repay the $7.2 million Unsecured Loan, (iii) to repay $20 million of the Credit Facility and (iv) for general corporate purposes. Listing: Application has been made to list the Common Shares on the Toronto Stock Exchange under the symbol “ALS”. Eligibility: The Common Shares are eligible under the usual statutes for RRSPs, RRIFs, RESPs, RDSPs, DPSPs, and TFSAs. Link to comment Share on other sites More sharing options...
FFHWatcher Posted May 1, 2014 Share Posted May 1, 2014 We should not be to hard on them just yet. We still don´t know what they will get for the shares. If they get 18 we will all be singing hallelujha all the way to church (not me I am Swedish). If they get 15 I would be happy actually. If 14 ok, if 13 disappointed, 12 very disappointed, 11 I am out. (Then management have lost it and trust will be completely gone). The problem is that they should have disclosed the price they were going to sell them for. This is the major flaw. I just spoke to management & the pricing is done... will get announced today. Let's just say you won't be disappointed. Trade is halted btw. Why say shit like that...? 'You won't be disappointed...' Link to comment Share on other sites More sharing options...
gary17 Posted May 1, 2014 Share Posted May 1, 2014 15 = good 14 = ok 13 = disappointed ?????? Link to comment Share on other sites More sharing options...
Granitepost Posted May 1, 2014 Share Posted May 1, 2014 $14 is it. https://ca.finance.yahoo.com/news/altius-confirms-pricing-65-million-132400219.html Link to comment Share on other sites More sharing options...
Blue Macaw Posted May 1, 2014 Share Posted May 1, 2014 $14 is it. https://ca.finance.yahoo.com/news/altius-confirms-pricing-65-million-132400219.html Ok then. We will see share price hovering around this for some time now. It could be that market want t show its disappointment and bring it further down to 13,5 but not lower. Kami and Julienne lake will bring it up eventually. Link to comment Share on other sites More sharing options...
Blue Macaw Posted May 1, 2014 Share Posted May 1, 2014 So the new share count should stand at 4,64 M + 27,6 M=32,24 M shares Link to comment Share on other sites More sharing options...
naboo Posted May 1, 2014 Share Posted May 1, 2014 I am unhappy with that number. CAD$14 is really the low end and it is a big dilution of shareholders value. Very bad deal !!! Link to comment Share on other sites More sharing options...
sarganaga Posted May 1, 2014 Share Posted May 1, 2014 I just received a call from Altius management in response to an email query. The $14 price is OK IMO. I have a much better feeling about this now that the deal is done, even if it is somewhat dilutive. Hopefully, we can make some money from these promising assets. Link to comment Share on other sites More sharing options...
Otsog Posted May 1, 2014 Share Posted May 1, 2014 So the new share count should stand at 4,64 M + 27,6 M=32,24 M shares 5.34 M if the full Over-Allotment Option is exercised. Link to comment Share on other sites More sharing options...
naboo Posted May 1, 2014 Share Posted May 1, 2014 Trading halted again? Link to comment Share on other sites More sharing options...
Blue Macaw Posted May 1, 2014 Share Posted May 1, 2014 So the new share count should stand at 4,64 M + 27,6 M=32,24 M shares 5.34 M if the full Over-Allotment Option is exercised. It says in the news that there is no over allotment optin. Withdrawn? Link to comment Share on other sites More sharing options...
alertmeipp Posted May 1, 2014 Share Posted May 1, 2014 Just bot more. I am not diluted anymore. Link to comment Share on other sites More sharing options...
Otsog Posted May 1, 2014 Share Posted May 1, 2014 So the new share count should stand at 4,64 M + 27,6 M=32,24 M shares 5.34 M if the full Over-Allotment Option is exercised. It says in the news that there is no over allotment optin. Withdrawn? Whoops, missed that. That is good news. Link to comment Share on other sites More sharing options...
SharperDingaan Posted May 1, 2014 Share Posted May 1, 2014 We are sorry, but $14.00/share does not cut it. Reduce the size to raise the outstanding to +/- 30M (institutional investable minimum), elevate the price in a 2nd discovery round, & simply temporarily increase the credit line (incremental 50/50 debt/equity mix). ALS is CF positive, & there is nothing to prevent them from coming back to the market after the Kami financing is announced, & JL is spun out. If the UW marketing support is any good, there should not be no problem with doing a bought deal at a higher price Graceful exit, UW discipline enforced, & they come back as a senior - not a junior. A 65M best efforts raise with 5% UW fee, & 15% UW over allotment is Howe Street, & bad Howe Street at that. World class, senior royalty firms, don't do their primary financing in Vancouver. SD Link to comment Share on other sites More sharing options...
Williams406 Posted May 1, 2014 Share Posted May 1, 2014 SD, I'm with you on these terms. It didn't have to be done this way. I'm open to some equity dilution on better terms, but I consider Altius the kind of investment I'll be lucky to find more than once or twice in a lifetime. Giving away this much ownership hurts if there are alternatives. 348 (formerly known as 406) Link to comment Share on other sites More sharing options...
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