Western Areas Takes Stake In Nickel Rival Panoramic
Nickel miner, Western Areas has made an opportunistic grab for a dominant minority position in rival miner Panoramic.
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News
Panoramic Goes On The Attack Knocking Back “Opportunistic” Independence Bid
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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Independence Group Muscles In On Panoramic Resources
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 Takes The Limelight, But Will It Last?
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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Plucky Panoramic Plots Return To Savannah
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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Analyst Views
PAN – Macquarie rates the stock as Underperform
Panoramic Resources has restarted underground development work at the Savannah project that will enable the company to restart production. Macquarie believes the Panton sale will close the funding gap for ramping back to full production.
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PAN – Macquarie rates the stock as Outperform
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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PAN – Macquarie rates the stock as Reinstate Coverage with Outperform
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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PAN – Macquarie rates the stock as Cessation of coverage
Panoramic’s result was weaker than expected. It’s academic, as the company will cease nickel production in May.
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PAN – UBS rates the stock as Neutral
Nickel production was below the broker’s forecast in the March quarter while aggregate site costs were flat.
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