Friday, September 2, 2011

Minera Andes ( and US Gold (UXG): Toldyaz

On July 14th while commenting on the proposed 1-to-0.4 ego-driven pure paper merger of Minera Andes ( and US Gold (UXG), your author commented (amongst other ranterations):

"If I were a long time supporter and holder of I'd be hopping mad today."

...and also...

"...0.4 shares of UXG is an insult!"

Today we have a NR update on the process and we have this excerpted:
"Based upon the input of their independent financial advisors, each special committee has directed its legal counsel to continue due diligence and begin negotiation of binding transaction agreements at a ratio of 0.45 of a US Gold common share for each 1.0 Minera Andes common share held.   This is a change from the exchange ratio of 0.40 of a US Gold common share for each 1.0 Minera Andes share originally proposed by Mr. McEwen."

This still isn't that great, but at least it recognizes that Rob McEwen was trying to pull a fast one on holders of Anyway, I think I can say "toldyaso" on this one, even if is still being sold halfway down the river.

disclosure: no position in either