McEwen Mining - Älteste Beiträge zuerst (Seite 20)

[lucia30]

Die Kapitalerhöhung fällt zusammen mit einer Korrektur bei den Minenaktien.
Beides ist in Kürze vorbei.

MUX ist die drittgrößte Position meines Depots.
Weshalb?

- Rob McEwen ist nicht nur ein Company Builder, sondern ein "echter Gold Bug"
- er steht mit seinem eigenen Vermögen voll dahinter
- die Projekte sind klasse
- die Aktie ist im XAU Index

Nicht rausschütteln lassen ...

[tntxrxwelle]

Antwort auf Beitrag Nr.: 43.835.619 von lucia30 am 17.11.12 14:51:50

Eben mal die Präsentation vom 13.11. konsumiert.
Fully diluted 300 Mio. shares...= Bewertung rund 1 Mrd. $

Einziges pro Argument: Namensgeber erhält keine Kohle, sondern hält selbst Aktien.

Im Übrigen: Argentinien Länderrisiko, welches sich z.T. auch bereits verwirklicht hat. Der Rest ist marginal (im Verhältnis zur Marktkap.) und/oder im Entwicklungsstadium.

M.E. braucht das Unternehmen nächstes Jahr nochmal 50-80 Mio. $ für die Entwicklung von El Gallo Phase 2.

M.E. im derzeitigen Umfeld überbewertet. 2,50 $ erscheint realistischer.

[Antarius]

Antwort auf Beitrag Nr.: 43.836.196 von tntxrxwelle am 17.11.12 20:43:15

"Einziges pro Argument: Namensgeber erhält keine Kohle, sondern hält selbst Aktien.
..."

etwas einfach, zu einfach, Deine Betrachtung,

vielleicht sich mal hier informieren und einlesen.
Die Angelegenheit ist eben etwas komplexer, um nicht zu sagen ERHEBLICH komplexer:

Der Aktien MUSS VOR der KP fallen, weil die Shorts (23,854 MIO Aktien!) mit von der Partie sind = absichtlich den Kurs noch weiter runter drücken, um sich dann einzudecken, b.z.w. eindecken ZU MÜSSEN!, weil:
"Yes, the shorts want to buy the rights cheap. They probably are naked short all the 25 million x 10 = 250 million R/O they need to deliver to all the holders of the shares the shorts shorted to them.

Stock would be better served if people just exercised and did not sell the rights back. Selling them back plays into the hands of the shorts.

But individuals can get a penny premium today for each R/O, which will dissipate over the next three weeks."
(http://www.siliconinvestor.com/readmsg.aspx?msgid=28547069)

(Erklärung zum Lesen:
R/O (Right Offering) ist KP (in Deutsch) = Kapitalerhöhung = Ausgabe von neuen Aktien NUR an diejenigen, die bereits Aktien besitzen!)

((
"below it is a "very good" explanation that everyone should carefully read and make an effort to fully understand the process, like some of you,
Understanding Rights Issues

Cash-strapped companies can turn to rights issues to raise money when they really need it. In these rights offerings, companies grant shareholders a chance to buy new shares at a discount to the current trading price. Let's look at how rights issue work, and what they mean for all shareholders.

Defining a Rights Issue and Why It's Used
A rights issue is an invitation to existing shareholders to purchase additional new shares in the company. More specifically, this type of issue gives existing shareholders securities called " rights", which, well, give the shareholders the right to purchase new shares at a discount to the market price on a stated future date. The company is giving shareholders a chance to increase their exposure to the stock at a discount price.

But until the date at which the new shares can be purchased, shareholders may trade the rights on the market the same way they would trade ordinary shares. The rights issued to a shareholder have a value, thus compensating current shareholders for the future dilution of their existing shares' value.

Troubled companies typically use rights issues to pay down debt, especially when they are unable to borrow more money. But not all companies that pursue rights offerings are shaky. Some with clean balance sheets use them to fund acquisitions and growth strategies. For reassurance that it will raise the finances, a company will usually, but not always, have its rights issue underwrittenby an investment bank.

How Rights Issues Work
So, how do rights issues work? The best way to explain is through an example.

Let's say you own 1,000 shares in Wobble Telecom, each of which is worth $5.50. The company is in a bit of financial trouble and sorely needs to raise cash to cover its debt obligations. Wobble therefore announces a rights offering, in which it plans to raise $30 million by issuing 10 million shares to existing investors at a price of $3 each. But this issue is a three-for-10 rights issue. In other words, for every 10 shares you hold, Wobble is offering you another three at a deeply discounted price of $3. This price is 45% less than the $5.50 price at which Wobble stock trades. (For further reading, see Understanding Stock Splits.)

As a shareholder, you essentially have three options when considering what to do in response to the rights issue. You can (1) subscribe to the rights issue in full, (2) ignore your rights or (3) sell the rights to someone else. Here we look how to pursue each option, and the possible outcomes.

1. Take up the rights to purchase in full
To take advantage of the rights issue in full, you would need to spend $3 for every Wobble share that you are entitled to under the issue. As you hold 1,000 shares, you can buy up to 300 new shares (three shares for every 10 you already own) at this discounted price of $3, giving a total price of $900.

However, while the discount on the newly issued shares is 45%, it will not stay there. The market price of Wobble shares will not be able to stay at $5.50 after the rights issue is complete. The value of each share will be diluted as a result of the increased number of shares issued. To see if the rights issue does in fact give a material discount, you need to estimate how much Wobble's share price will be diluted.

In estimating this dilution, remember that you can never know for certain the future value of your expanded holding of the shares, since it can be affected by any number of business and market factors. But the theoretical share price that will result after the rights issue is complete - which is the ex-rights share price - is possible to calculate. This price is found by dividing the total price you will have paid for all your Wobble shares by the total number of shares you will own. This is calculated as follows:

1,000 existing shares at $5.50 $5,500
300 news shares for cash at $3 $900
Value of 1,300 shares $6,400
Ex-rights value per share $4.92 ($6,400.00/1,300 shares)

So, in theory, as a result of the introduction of new shares at the deeply discounted price, the value of each of your existing shares will decline from $5.50 to $4.92. But remember, the loss on your existing shareholding is offset exactly by the gain in share value on the new rights: the new shares cost you $3, but they have a market value of $4.92. These new shares are taxed in the same year as you purchased the original shares, and carried forward to count as investment income, but there is no interest or other tax penalties charged on this carried-forward, taxable investment income.

2. Ignore the rights issue
You may not have the $900 to purchase the additional 300 shares at $3 each, so you can always let your rights expire. But this is not normally recommended. If you choose to do nothing, your shareholding will be diluted thanks to the extra shares issued.

3 Sell your rights to other investors
In some cases, rights are not transferable. These are known as " non-renounceable rights". But in most cases, your rights allow you to decide whether you want to take up the option to buy the shares or sell your rights to other investors or to the underwriter. Rights that can be traded are called " renounceable rights", and after they have been traded, the rights are known as "nil-paid rights".

To determine how much you may gain by selling the rights, you need to estimate a value on the nil-paid rights ahead of time. Again, a precise number is difficult, but you can get a rough value by taking the value of ex-rights price and subtracting the rights issue price. So, at the adjusted ex-rights price of $4.92 less $3, your nil-paid rights are worth $1.92 per share. Selling these rights will create a capital gain for you.

Be Warned
It is awfully easy for investors to get tempted by the prospect of buying discounted shares with a rights issue. But it is not always a certainty that you are getting a bargain. But besides knowing the ex-rights share price, you need to know the purpose of the additional funding before accepting or rejecting a rights issue. Be sure to look for a compelling explanation of why the rights issue and share dilution are needed as part of the recovery plan. Sure, a rights issue can offer a quick fix for a troubled balance sheet, but that doesn't necessarily mean management will address the underlying problems that weakened the balance sheet in the first place. Shareholders should be cautious."
http://www.siliconinvestor.com/readreplies.aspx?msgid=285517…))
-------

"Hello, think of it this way: the rights are a coupon such that ten of them put together give you the *right* to buy shares at a *fixed price* of $2.25/sh (US exchanges). You still need to come up with the $2.25/sh; so that is not what the value of the rights would be. Instead, the *value* of (ten of) the rights is the difference between what the stock price is currently trading at, and the number 2.25. There will also be a little bit more due to a 'premium,' but I cannot even get an online quote in either account.. Since I believe this shorting is a short-term phenomenon, intended in large part to suppress the stock (and rights offering) price in the time frame when people might look to sell the rights back, I am exercising the rights instead of selling them back, so I don't care what they are offering to buy them for.
Hope this helps."
(http://www.siliconinvestor.com/readmsg.aspx?msgid=28552358)

"I would rather have the dilution be available to shareholders. All things being equal, the R/O mitigates the dilutive effects of the equity valuation one holds, though it does still result in earnings dilution. The stock dropped to $4.50 to price in dilution already. The drop from $4.50 to low of $3.30 today is mostly short manipulation.
I will note that with around 29 million shares short, the shorts would need to obtain and deliver 290 million R/O on the open market, to deliver to the accounts of those who bought the shares they shorted. But, we see 1.2million R/O traded today on the NY exchange. I suspect they have also naked shorted the R/O themselves, and with a short 2+ week window for everything to settle, they may never actually buy the R/O to deliver, but just make good on the cash difference for those who 'sell' them, or on delivered shares for those who exercise them.
When the dust settles by mid-Dec, all things being equal, and barring a market meltdown that takes all PM shares with it, I somewhat expect the shareprice to be back in the mid-4s. Long term, the R/O is only beneficial to shareholders, and I am glad Rob took that route.
So I don't agree with any laying of 'blame' on McEwen, suggesting the R/O decision is in itself responsible for the share price drop - it is not - and he is only doing right by the shareholders, IMHO, and all the stock fluctuations are manipulation. So take advantage and stick it to the shorts by buying more. I have, and will again. Also bought spring call options on the takedown.
Good luck to you,"
(http://www.siliconinvestor.com/readmsg.aspx?msgid=28552916)

(http://www.siliconinvestor.com/readmsgs.aspx?subjectid=58536…) :
"The shorts are getting squeezed on the rights (MUX-RI). Right now they are trading at an 11% premium to the MUX shares. In other words, with the current market price for MUX-RI it would imply a MUX price of $3.85 ($0.16*10 + $2.25) yet the share trade in the market at $3.47 as I write. I took the opportunity to sell my rights into the market and simultaneously purchase MUX, thus capturing the premium. My guess is a lot of people are doing this arbitrage and that is helping hold up the share price. Going into next week, which should be light trading because of the holiday, the shorts could take the opportunity to push the share price down a little more to hit the $3 support. Lets see. How long the squeeze will go on and how high it will go I do not know. However what we do know is that the shorts have 23m MUX-RI to buy in the market to cover their position if they were to do it in full. Today alone over 3m MUX-RI will trade in the US."

"Thanks, hunt.
Remember to multiply the number of MUX-RI by a factor of ten. Each shorted share needs to be delivered in its account TEN of the rights.
So with 23,854,000 shares short as of last report
(see http://www.siliconinvestor.com/readmsg.aspx?msgid=28538937 )
that means the shorts need to purchase over 230 MILLION of the rights offering. (I had incorrectly quoted this earlier)
If a mere 3 million traded today, that is still chump change.
The shorts are far, far from covered. And I am speculating they will drag out 'fail to delivers' and settle for cash difference or stock (if the receiver of the phantom shorted R/O decides to exercise).
just fwiw.

"Wolf, you are correct that there are about 23m shares of MUX that have been shorted and for each of those shares will have a liability of 1 MUX-RT per MUX share. Thus, their total liability is in fact 23m MUX-Rights (MUX-RT). The factor of 10 is only for exchanging those Rights for newly minted MUX shares (10 MUX-RT + $2.25 = 1 MUX share). It seems if the shorts can close out their MUX-RT liability via cash settlement, why not just buy MUX shares to delivery against the MUX-RT liability and take the $2.25? Since there is such a large premium on the MUX-RT it makes me believe that such an option is easier said than done. Or people are thinking they can get a quick flip on the MUX-RT, via the leverage involved, and are paying a premium for it? If so then we should see a similar premium in the near term MUX call options which we kind of do but the volume is low.
Chris"

"Hunt: If the short squeeze continues on the Rights, doesn't it pay to buy some, hoping they take it up to 22.5 cents. That would be a gain of 30%..."
"Hi Markey. There is no max price for MUX-RT. Its price is determined by the underlying price for MUX and the speculative premium added. In other words, the price of MUX-RT would be as follows:

(MUX-RT) = (MUX - $2.25) / 10 + Speculative Premium

You could buy MUX-RT and get a leveraged return presuming that the underlying MUX shares appreciate between now and when you re-sell the MUX-RT. However, if you hold the MUX-RT to maturity having bought them in the market with a speculative premium, you will lose some money on that trade as you know. It would be no different than trading a call option that is soon to expire."

------------
"Mux could see R2 Today or Monday R2 = 3,74

Anyway by january $7

Fractal Gold Report
Gold: History Doesn’t Repeat Itself, But It Does Rhyme

If it happens again, gold will be around $2,700 in mid-2013

http://www.321gold.com/editorials/nichols/nichols111612.html

Soros Adds to Gold Miner ETF Positions,Soros has more than doubled his GDX stake to 2.32 million shares


Soros Adds to Gold Miner ETF Positions, Raises GLD Stake (Excerpts)
Published November 15, 2012

The November filing indicates Soros has more than doubled his GDX stake to 2.32 million shares and now holds a sizable chunk of call options on the ETF as well. The firm’s position in GDXJ has not changed, according to the filing.

The filing also indicates Soros Fund Management has boosted its holdings of ETFs that own shares of gold miners. An August SEC filing showed the firm held 1 million shares of the Market Vectors Gold Miners ETF (GDX) and nearly 2.4 million shares of the Market Vectors Junior Gold Miners ETF (GDXJ) http://www.foxbusiness.com/news/2012/11/15/soros-adds-to-gol…

(http://www.siliconinvestor.com/readmsg.aspx?msgid=28553124)

[tntxrxwelle]

Antwort auf Beitrag Nr.: 43.837.519 von Antarius am 18.11.12 19:14:17

Geh einfach mal davon aus, dass ich nicht komplett verblödet bin
Insofern interessiet mich der "Roman" über shortselling-Strategien im Rahmen einer Kapitalerhöhung genau Null. Klar ist auch, dass durch die Verwässerung von 10% vs. 60 Mio. cash der Kurs angepasst werden muss.

Das spielt bei meiner Betrachtungsweise allerdings keine Rolle. Für meinen Geschmack liegt die faire Bewertung des Unternehmens eher bei dem Emissionspreis, als beim derzeitigen Kurs.

[Insolvenzverwaltung]

MUX ist relativ teuer verglichen mit anderen Minen, das stimmt. Es ist offensichtlich so, daß für den CEO hier eine Prämie bezahlt wird.
Meiner Meinung nach ist sie berechtigt, schon deshalb , weil es im Minensektor nur so wimmelt von Hasardeuren, die ihr Handwerk nicht beherrschen mit dem Resultat, daß die ursprüngliche Rechnung von gehebelten Gewinnen für die meisten Minenaktionäre nicht aufgegangen ist. Tatsache ist, daß die meisten Minenaktien während 10 Jahren Goldpreishausse deutlich schlechter performed haben als das Gold selber, dabei aber ungleich stärker geschwankt haben.
Einer der wenigen CEOs, die allerdings bereits unter Beweis gestellt haben, daß sie fähig sind auch für die Aktionäre einen beträchtlichen Mehrwert zu erwirtschaften ist Robert McEwen. Das ist natürlich keine Garantie , daß es ihm erneut gelingt, aber für einen Aktionär mag es beruhigend sein, daß er hier die Entscheidungen trifft und nicht irgendein anderer. Letztlich ist die Qualität des Managements bei allen Aktien von Bedeutung, aber es gibt Sektoren in denen sie noch wichtiger ist als in anderen.
Man muss sich über die Natur eines solchen Investments auch keine Illusionen machen , Minenaktien sind Wettscheine, sie sind sehr spekulativ, was sich schon aus ihrer enormen Volatilität ergibt. Wer Gold als sicheren Hafen sucht, der kauft Krügerränder und keine Goldminenaktien.
MUX wird nicht nur von McEween geführt, McEwen hat hier auch einen Großteil seines eigene Kapitals investiert und seit Anfang des Jahres trägt die Firma auch noch seinen Namen. An seiner Motivation hier erfolgreich zu sein, besteht für mich kein Zweifel. Ob der Kurs steigt, hängt natürlich von vielen Faktoren ab, in erster Linie von der Entwicklung des Goldpreises und wenn er steigt wird MUX wahrscheinlich steigen und solange McEwen an der Spitze steht, wahrscheinlich auch seine Bewertungsprämie gegenüber anderen Minen behalten.

[Antarius]

http://www.mcewenmining.com/Media-Events/News-Releases/News-…


McEwen Mining Important Notice for MUX.RT Rights Holders: Time to Use Subscription Agent to Sell Extended
11/21/2012

TORONTO, ONTARIO--(Marketwire - Nov. 21, 2012) - McEwen Mining Inc. ("McEwen Mining") (NYSE:MUX)(TSX:MUX) announces that in connection with its ongoing rights offering it has extended the time period for which holders of MUX.RT are able to use the subscription agent (Computershare Trust Company N.A.) to sell such rights to 11:00 a.m. (EST) on Thursday, November 29, 2012. There is no change to the expiry of the rights offering which remains 5:00 PM (EST) on December 4, 2012.

In order to provide holders of the MUX.RT subscription rights additional time to use the subscription agent to sell their MUX.RT subscription rights the time period has been extended for delivering such holders' duly executed subscription rights certificate, with appropriate instructions, to Computershare Trust Company N.A. to 11:00 a.m. (EST) on Thursday, November 29, 2012, from the previous deadline of 11:00 a.m. (EST) on November 23, 2012. This extension is being provided due to the delay by certain intermediaries in providing rights offering materials in a timely fashion.

If you are a holder of MAQ.RT (Exchangeable Shares) subscription rights this announcement does not impact you.

As previously announced, the Rights Offerings will continue to remain open until 5:00 p.m. (EST) on December 4, 2012. Holders of both MUX.RT and MAQ.RT subscription rights will need to exercise their subscription rights prior to that time and date.
..
..
.

[Mr-Diamond]

Habt ihr eigentlich schon Infos von eurer Bank wegen der KE? Man müsste die Aktien doch eigentlich zeichnen können, oder? Wann kommt der Abschlag für die Bezugsrechte?

[boersentrader02]

Antwort auf Beitrag Nr.: 43.850.848 von Mr-Diamond am 22.11.12 10:34:01

Auch ich habe leider bisher noch keine Unterlagen von meiner Bank bekommen.

Was ist da los ?

Werden die nicht in den USA/Kanada beheimateten Aktionäre von dieser KE ausgeschlossen ?

Wer kann dahingehend eventuelle Aussagen machen ?

[Antarius]

Antwort auf Beitrag Nr.: 43.850.848 von Mr-Diamond am 22.11.12 10:34:01

Ich warte auf Antwort von meiner Bank (comdirect), nachdem ich dort mit der "Spezialistin" für solche Angelegenheiten telefoniert hatte (vorgestern).
(Meine Aktien liegen in den USA und in Toronto, NICHT handelbar in Deutschland; hatte ich mit der Umwandlung von USGOLD in MUX ändern lassen)

In den USA scheint deswegen zum Teil ein ziemliches Durcheinander zu herrschen (siehe Beiträge im http://www.siliconinvestor.com/readmsgs.aspx?subjectid=58536…). Einigen haben Ihre Zusatzaktien im Verhältnis 10:1 geordert, anderen haben noch zusätzlich welche dazu bestellen können(!) Wieso das so ist, weiß kein Mensch.

Also, noch mal:
wer z.B. 1000 Aktien hat, kann sich (10:1 =) 100 Aktien dazu legen lassen b.z.w. das Bezugsrecht dazu ausüben.
Kostet dann pro Aktie 2,25 us$ b.z.w. 2,24 can$; zusätzlich Gebühren?
Er kann diese Bezugsrechte (MUX.RT) auch sofort wieder verkaufen.

[Antarius]

Antwort auf Beitrag Nr.: 43.851.211 von boersentrader02 am 22.11.12 11:40:46

Habe jetzt Antwort von meiner Bank
(Ihr müsstet wohl selbst bei Eurer Bank diesbezüglich anrufen)

"Bezugsangebot der
McEwen Mining Inc.
Sehr geehrter Herr ...,
die oben genannte Gesellschaft unterbreitet das nachstehende Bezugsangebot:
B e z u g s v e r h ä l tn i s S T K 1 0 z u S T K 1
k l e in s t e b e z i e h b a r e E i n h e i t S T K 1
z u b e z i e h e n d e s W e r t p a p i e r M C E W E N M IN IN G I N C .
B e z u g s p r e i s U S D 2 , 2 5 p . S t .
B e z u g s f r i s t bis 0 4 . 1 2 . 2 0 1 2
N o t i e r u n g d e r B e z u g s r e c h t e v o m 1 4 . 1 1 . 2 0 1 2 bis 0 3 . 1 2 . 2 0 1 2 i n A U S L A N D / A U S S E R B .
B e z u g s p r e i s z a h l b a r a m 0 4 . 1 2 . 2 0 1 2
K u r s d e r a l t e n G a tt u n g a m 2 1 . 1 1 . 2 0 1 2 U S D 3 , 5 3 p . S t . i n A U S L A N D / A U S S E R B .
Ihr Bezugsrechtsbestand setzt sich wie folgt zusammen:
W K N T r e n n v e r h ä l t n i s a l t e r B e s t a n d B e s t a n d B e z u g s r e c h t e
A 1 J S 7 T S T K 1 z u S T K 1 S T K 1 . xxx S T K 1 . xxx
Wir bitten um Ihre Weisung über die Verwendung der Bezugsrechte bis spätestens 28.11.2012.
Hierzu können Sie gerne beigefügte Rückantwort verwenden.
Sollten Sie uns bis zu diesem Termin keine Weisung erteilt haben, halten wir uns mangels Weisung für ermächtigt,
Ihre Bezugsrechte gemäß den Produktbezogenen Geschäftsbedingungen / Trading Nr. 15.1 für Ihre Rechnung
bestmöglich zu verkaufen bzw. zu verwerten."

P.S.:
es ist möglich MEHR Bezugsrechte zu ordern!
Aber es gibt keine Garantie, ob sie auch zugeteilt werden können!

(Wer das Bezugsrecht verkaufen will: es gibt zur Zeit dafür 2 cent pro Bezugsrecht, das ist bei einer Mindestordergebühr von 12,90 € + Auslandsspesen ... :O