Now there’s one way of seeing off an unwanted takeover offer - do what the putative bidder doesn’t want to do, such as announce a capital raising when the bidder, Independence Group made such a move a condition of the offer failing.
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Panoramic Resources shares jumped more than 34% at one stage yesterday after it revealed a $312 million all paper takeover offer from Independence Group.
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Nickel prices have surged recently but as some brokers assess, fundamentals do not appear to be supporting the rally. Hence, a retracement is considered highly likely.
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The rally in a broad sweep of commodity prices has not only benefitted the big end of town where the likes of BHP Billiton and Rio Tinto have gone a long way in justifying their strong share price recoveries by posting big profit gains for the December half and 2016 calendar year respectively.
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Panoramic Resources' underlying earnings were in line with expectation. No guidance was provided and the broker has made no changes to forecasts.
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Macquarie reinstates coverage with an Outperform rating and 70c target. The company is in the process of re-starting production at Savannah. First concentrate shipments are expected in January.
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Panoramic’s result was weaker than expected. It’s academic, as the company will cease nickel production in May.
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Nickel production was below the broker’s forecast in the March quarter while aggregate site costs were flat.
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The broker has cut its Panoramic target to 80c from 85c to reflect exploration expenses, but reiterates that PAN is the only pure-play nickel stock offering value at current nickel spot prices, and Savannah North could add materially to mine life.
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