Hauptversammlung bei MIM!!! :)

In accordance with Listing Rule 3.13.1 and as contained in the
Preliminary Final Report lodged on 19 August 2002, I wish to advise
that the Annual General Meeting of this Company will be held on
Thursday 31 October 2002 at 10.00 am at the Sheraton Brisbane Hotel,
249 Turbot Street, Brisbane.

At this meeting an election of directors will take place.

M Gibney
SECRETARY AND GENERAL COUNSEL

Becoming a substantial holder


Deutsche Bank AG became a substantial shareholder in MIM Holdings Limited on 05/09/2002 with a relevant interest in the issued share capital of 101,573,334 ordinary shares/units(5.084%) and 1,263,309 ordinary shares in which a derivative interest is held (0.063%).

MIM is to walk away from its Duisburg zinc smelter in Germany at a cash cost of $53 million, saving itself as much again from not having to clean up the environmental legacy of more than a century of operations on the site.

The funds will be paid to the group acquiring the operation, a subsidiary of private US investment group Safeguard International. The money will cover operating losses over the next 18 months as well as part-financing the operation's conversion to total recycling.

Duisburg presently draws half its feed from recycling sources.

The rest is in the form of mine concentrates, including 70,000 tonnes a year from MIM's McArthur River mine in the Northern Territory.

McArthur River concentrates will continue to be shipped to the plant until the switch to total recycling is complete.

Lead produced at Duisburg will continue to be supplied to MIM's lead refinery at Northfleet in the UK.

The sale of Duisburg for less than half the cost of closing it and cleaning up the site was a cause for celebration in MIM stock yesterday.

The group's shares closed 4c higher at $1.22, with the market now waiting on a similar deal for the group's Avonmouth zinc smelting business in the UK.

MIM has previously estimated that it will cost $75 million to close Avonmouth, compared with $115 million for Duisburg.

The $53 million to be paid to Safeguard on the Duisburg deal is before a write-off on MIM's investment that takes its book loss to $68 million.

The Duisburg investment was made in the 1980s when MIM had a grand vision of becoming a totally integrated producer.

MIM managing director Vince Gauci said Duisburg and Avonmouth had been seen as non-core assets for some time.

The sales deal on Duisburg was a "considerably better outcome for MIM shareholders than closure".

MIM's long-term aim is to add value to its mine operations by on-site metal production.

Booking a loss on the sale of its zinc smelter should not have come as a surprise, writes Anthony Hughes.
MIM's history of winding back market forecasts on its earnings outlook is a bit like the Britney Spears song Oops I did it again.
The miner is being punished for unveiling yet another profit warning just as it seemed to be finally turning the corner.
Challenger First Pacific has joined the growing throng of brokers to downgrade its recommendation and target price on the company.
Challenger has slapped a "hold" recommendation on MIM and lowered its 12-month target price on the company from $1.65 to $1.35.
MIM revealed last week it would book a $68 million loss from the sale of its German zinc smelter and as a result would struggle to post a profit in the December half.
In MIM's defence, the exit from the Duisburg smelter shouldn't have come as a total surprise to the market as the company had been looking to dump its European smelters for some time.
It has, however, taken the gloss off the company's recent string of bullish developments including plans to significantly expand its core coal and copper operations.
Challenger notes that MIM's growth plans, despite boosting longer-term discounted cash-flow valuations for the company, would now take a back seat to recent developments.
However, the stockbroker adds that the company still offers some leverage, though corporate appeal (ie, takeover potential) is one of the few reasons to hold the stock.
Despite the latest downgrade, MIM's share price, at $1.20, continues to show some resilience.


Bad month for Telstra

Macquarie Bank has compiled a quick rundown of events that could lead to a choppy share price performance for Telstra this month, November being a big month for our No 1 telecom.
First there is the Estens inquiry into regional telecom services, due out on Friday. Macquarie thinks the report might raise the prospect of further spending in rural areas but says that should have little material impact on Telstra.
However, if such issues are resolved the report could also open a way for the Government to sell the other 50.1 per cent and then the focus would be the "get away" price, which Macquarie estimates will be $US15 billion ($26.8 billion).
Another influential factor for Telstra will be the Australian Competition and Consumer Commission's decision on Foxtel. Rejection of Foxtel-Optus content-sharing would be a minor negative for Telstra, weakening the telecom's fixed line bundling prospects.
Then there's the proposed price cap regime, to be debated by the Senate on November 13. Macquarie says rejection by the Senate and a return to the previous regime would be a negative and lead to downgrades on 2004 and 2005 earnings.
The Competition Bill will be debated on November 11 - also adding to uncertainty.
Macquarie is maintaining its short and long-term "hold" recommendation on Telstra, saying downside risks associated with events this month are "mostly noise".


Dump some more

As Mayne sheds its logistics arm for $456 million, analysts are looking at what's left and what it's worth.
Salomon Smith Barney says the focus is now on improving the healthcare division (which the broker believes will prove a "significant challenge"), and while the temptation may be to buy a few more hospitals, pathology and radiology units, the sensible course would be returning funds to shareholders through a special dividend and share buyback. A $75 million buyback has already been announced and now that the logistics deal has been done, that's expected to begin immediately.
"In our view, the healthcare business is unlikely to demonstrate an adequate return on capital in its current form in the short to medium term," the broker says. "Mayne will need to look at the divestment of certain under-performing assets."
Salomon estimates that up to 20 hospitals are contributing negatively to earnings before interest, tax, depreciation and amortisation and should be divested in order to return the division to profit. It is said four or five hospitals are for sale in Victoria.
"The hospital business is dogged by lingering problems from Mayne's ... centralisation and cost-cutting strategy, which has been destructive of Mayne's relationship with its referring doctors and staff," SSB said. "It will take two years to turn these assets around."

Dragon predictable

St George Bank's full-year result, due today, should not have too many surprises but the reported number will be complicated by $136 million of net one-off losses and the usual confusion around preference dividends. Disregarding goodwill, preference dividends and one-offs suggests a profit figure of $600 million plus.
But the analysts will be looking at the net profit to ordinary shareholders before significant items, which should be up by more than 30 per cent to about $500 million.
The significant items include the Wealthpoint and other one-off losses on dotcom-style investments of $87 million (announced in the first half), plus the $21 million restructuring provision and a $42 million write-off of deferred expenditure.
Offsetting these losses is a $14 million gain on the selldown of the bank's stake in Cashcard.

After last week's bad news, the $6 billion Papua New Guinea gas project heard some good when MIM Holdings signed up to take gas to supply its Northern Territory zinc operation.

Executives from project owners ExxonMobil, Oil Search, ChevronTexaco, Japan PNG Petroleum and MRDC, a PNG company representing landowners, met in the US on Friday and agreed to press ahead towards a development decision.

Brisbane-based diversified miner MIM committed to take 25 petajoules per annum for 20 years from 2007 to supply its McArthur River lead and zinc mine.

The project partners, including operator ExxonMobil, remain confident of replacing the void left last week when the nation's largest utility, AGL, turned its back on PNG gas.

AGL has instead opted to take gas from the Gippsland and Cooper Basins, supplemented by coal-seam gas from Queensland's Surat/Bowen Basins.

AGL has earlier committed to take 50 petajoules of the estimated 100 to 150 petajoules needed to get the project off the ground.

Melbourne (vwd) - Das australische Bergbauunternehmen MIM Holdings Ltd hat am Montag einen Nettoverlust von 204,8 Mio AUD für das erste Halbjahr des Geschäftsjahrs 2002-03 bekanntgegeben, nach einem Gewinn von 21 Mio AUD im gleichen Zeitraum des Vorjahres. Am Markt hatten die Erwartungen bei einem Verlust zwischen 150 Mio und 210 Mio AUD gelegen. MIM zahlt eine Zwischendividende von unverändert 1,25 austr.cts je Aktie.
Die Halbjahresergebnisse wurden durch einen Verlust von 238 Mio AUD aus der Einstellung des europäischen Zinkhüttengeschäfts geprägt, davon Betriebsverluste von 46 Mio AUD, ein Verlust von 78,2 Mio AUD aus dem Verkauf der Duisburger Hütte und eine Rückstellung von 113,8 Mio AUD für die zu erwartende Schließung der britischen Anlage in Avonmouth. Aus dem fortlaufenden Geschäft erzielte MIM einen Gewinn von 33,2 Mio AUD gegenüber 47,2 Mio AUD im Vergleichszeitraum.
Die Ergebnisse des zweiten Halbjahrs würden "erheblich besser" ausfallen stellte das Unternehmen heraus und verwies auf die gegenwärtigen Rohstoffpreise und Wechselkurse. Die Verhandlungen mit der anglo-schweizerischen Gesellschaft Xstrata Plc über eine Fusion oder ein Übernahmeangebot würden fortgesetzt, hieß es, eine Erklärung werde dann erfolgen, wenn ein Ergebnis bekannt sei. Xstrata erwägt offenbar eine Offerte für MIM im Volumen von 3,0 Mrd AUD. Nach der Bekanntgabe des Halbjahresverlusts von MIM bleibt als letzte offene Frage für Xstrata noch die endgültige Entscheidung über Avonmouth, die im Laufe dieser Woche erwartet wird.
Neben Xstrata sollen auch Anglo American Plc und Teck Cominco an MIM interessiert sein. Am Markt wird auch spekuliert, dass mehrere Interessenten versuchen könnten, das Unternehmen unter sich aufzuteilen. Eine solche Aufspaltung könnte auch andere auf den Plan rufen, so etwa Rio Tinto Plc BHP Billiton Plc und WMC Resources Ltd. vwd/17.2.2003/DJ/dz

Die australische MIM Holdings Ltd. wird für 2,96 Mrd. Dollar (4,93 Mrd. A-Dollar) vom Schweizer Konkurrenten Xstrata Plc. übernommen. Die Schweizer, deren Anteilscheine zusätzlich in London notieren, bezahlen 1,72 A-Dollar je MIM-Aktie, was zu Beginn der Übernahmeverhandlung im November vergangenen Jahres einer Prämie von 37,6 Prozent entsprach.
Der Kauf, der komplett in bar abgewickelt wird, gilt als einer der größten in der australischen Geschichte. Mit dem Übernahme-Deal erweitert Xstrata die bisherigen Geschäftsfelder von Zink, Kohle und Eisenerz um Kupfer und Blei. Der Kupfer- und Bleiabbau macht rund zwei Drittel gesamten MIM-Jahresumsatzes aus, der 3,5 Mrd. A-Dollar beträgt.

Im Zuge der Übernahme erreichten die Aktien von MIM im Januar des laufenden Jahres ein neues Drei-Jahres-Hoch bei 1,67 A-Dollar. Getragen wurde der Kursaufstieg unter anderen von Zeitungsberichten, in denen von einem Übernahmepreis von 1,76 A-Dollar die Rede war. Analysten hatten den Wert einer MIM-Aktie zwischen 1,20 und 2,00 A-Dollar taxiert.

von finanzen.net

MIM managing director Vince Gauci has found a friend in the influential Platinum Asset Management, which yesterday became the first large shareholder to publicly criticise Xstrata's $4.9 billion bid for the Queensland miner.

While several institutions have privately questioned the Swiss group's $1.72 a share offer, Platinum, which holds just under 3 per cent of MIM, described the bid as "very opportunistic" and MIM's board as "jellyfish".

"Our view is that the bid doesn't represent the long-term value of MIM," said Platinum investment analyst Scott Gilchrist. "Xstrata are almost gloating about what they are paying.

"We really like what Vince and his team have done to turnaround the company. The work that guys like John Gooding (Mt Isa), Brian MacDonald (coal), Mike Menzies (mining) and Charlie Sartain (South America) have done has been great."

Earlier this month, MIM's board recommended shareholders accept Xstrata's controversial takeover proposal despite the managing director opposing the deal.

Mr Gilchrist joined Mr Gauci by arguing the offer did not adequately reflect the "long-term value" of MIM's core operations and growth initiatives. Platinum believes that, depending on commodity prices, MIM could be worth between $2.50 and $3 in "three to five years' time".

This is well above an independent expert valuation range of $1.70 to $2.24 commissioned by the MIM board from advisory house Grant Samuel.

Mr Gilchrist was particularly disappointed with the board, led by chairman Leo Tutt, which agreed to the $1.72 price and accepted a scheme of arrangement, rather than a straight takeover offer.

"They have gone for near-term certain value but that is not what this world is about. They should believe in the management and that they can grow this company in the years ahead." he said. "The board has been spineless, a bit like jellyfish".

Other large shareholders are awaiting the release of the information memorandum containing the expert's report, the board's recommendation and Mr Gauci's argument later this month before deciding. The offer goes to a vote in early June.

Xstrata chief financial officer Trevor Reid 's admission after the offer that the Anglo-Swiss group had not included MIM's copper and zinc growth projects, or the expected $US45 million in annual synergies, in its valuation has concerned some investors.

Mr Gilchrist said the offer did not consider the planned expansion of the McArthur River zinc mine using MIM's new processing technology.

< < Back to Start of Article A top executive of M.I.M. Holdings Ltd. has said that Xstrata PLC's 4.93 billion Australian dollar ($3.1 billion) takeover offer was too low, according to a report issued to investors Thursday.
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Vince Gauci, the M.I.M. managing director, urged investors to reject Xstrata's bid of 1.72 dollars a share for M.I.M., saying Xstrata was taking advantage of falling commodity prices to buy the miner cheaply.
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Xstrata's bid for M.I.M., the world's fifth-biggest coal exporter, has been accepted by M.I.M.'s other directors and recommended by the financial advisory firm Grant Samuel Associates.
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Gauci had expected Xstrata to offer more when the companies started talks, according to documents being sent to M.I.M. shareholders.
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M.I.M. shareholders will vote June 6 on the takeover, which will give Xstrata coal, copper and zinc assets in Australia and help it diversify outside South Africa.
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Gauci said the offer was inadequate and opportunistic in timing, and that it gave more benefits to shareholders of the Swiss-based company.
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"Vince is standing firm to his guns - the bid has come in very much to the low end of what the market expected and even to what the independent expert said," said Ric Ronge, senior investment manager at Invesco Asset Management.
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M.I.M. shares closed unchanged at 1.70 dollars on the Australian Stock Exchange. The stock has traded below Xstrata's bid since it was announced, suggesting that investors do not expect a higher offer.
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In its report, Grant Samuel said the offer arguably had been made "in the context of depressed world economic and capital market conditions, and that greater value could be realized in a more favorable environment."
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Copper prices have fallen more than 6 percent in the past two months, while Australian coal prices have slumped to a seven-month low.
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"Xstrata is capitalizing on the uncertain world outlook, the effects of the war in Iraq and what it describes as the current "trough in commodity prices," the documents said, citing Gauci.
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"Xstrata's bid has been perfectly timed from a buyer's point of view, but does not provide best value for shareholders," they said.
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Brisbane-based M.I.M. received takeover proposals from other companies after saying Nov. 21 that it had entered talks with Xstrata, the board said in the documents, adding that it did not consider any of them better than the Xstrata offer.
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Xstrata's bid for M.I.M. is at the lower end of a valuation of 1.70-to-2.24 dollars a share by Grant Samuel.
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Also Thursday, an Australian court approved Xstrata's acquisition of M.I.M. under a so-called scheme of arrangement, which means that the proposal needs the approval of only 75 percent of shareholders. A top executive of M.I.M. Holdings Ltd. has said that Xstrata PLC's 4.93 billion Australian dollar ($3.1 billion) takeover offer was too low, according to a report issued to investors Thursday.
.
Vince Gauci, the M.I.M. managing director, urged investors to reject Xstrata's bid of 1.72 dollars a share for M.I.M., saying Xstrata was taking advantage of falling commodity prices to buy the miner cheaply.
.
Xstrata's bid for M.I.M., the world's fifth-biggest coal exporter, has been accepted by M.I.M.'s other directors and recommended by the financial advisory firm Grant Samuel Associates.
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Gauci had expected Xstrata to offer more when the companies started talks, according to documents being sent to M.I.M. shareholders.
.
M.I.M. shareholders will vote June 6 on the takeover, which will give Xstrata coal, copper and zinc assets in Australia and help it diversify outside South Africa.
.
Gauci said the offer was inadequate and opportunistic in timing, and that it gave more benefits to shareholders of the Swiss-based company.
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"Vince is standing firm to his guns - the bid has come in very much to the low end of what the market expected and even to what the independent expert said," said Ric Ronge, senior investment manager at Invesco Asset Management.
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M.I.M. shares closed unchanged at 1.70 dollars on the Australian Stock Exchange. The stock has traded below Xstrata's bid since it was announced, suggesting that investors do not expect a higher offer.
.
In its report, Grant Samuel said the offer arguably had been made "in the context of depressed world economic and capital market conditions, and that greater value could be realized in a more favorable environment."
.
Copper prices have fallen more than 6 percent in the past two months, while Australian coal prices have slumped to a seven-month low.
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"Xstrata is capitalizing on the uncertain world outlook, the effects of the war in Iraq and what it describes as the current "trough in commodity prices," the documents said, citing Gauci.
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"Xstrata's bid has been perfectly timed from a buyer's point of view, but does not provide best value for shareholders," they said.
.
Brisbane-based M.I.M. received takeover proposals from other companies after saying Nov. 21 that it had entered talks with Xstrata, the board said in the documents, adding that it did not consider any of them better than the Xstrata offer.
.
Xstrata's bid for M.I.M. is at the lower end of a valuation of 1.70-to-2.24 dollars a share by Grant Samuel.
.
Also Thursday, an Australian court approved Xstrata's acquisition of M.I.M. under a so-called scheme of arrangement, which means that the proposal needs the approval of only 75 percent of shareholders. A top executive of M.I.M. Holdings Ltd. has said that Xstrata PLC's 4.93 billion Australian dollar ($3.1 billion) takeover offer was too low, according to a report issued to investors Thursday.
.
Vince Gauci, the M.I.M. managing director, urged investors to reject Xstrata's bid of 1.72 dollars a share for M.I.M., saying Xstrata was taking advantage of falling commodity prices to buy the miner cheaply.
.
Xstrata's bid for M.I.M., the world's fifth-biggest coal exporter, has been accepted by M.I.M.'s other directors and recommended by the financial advisory firm Grant Samuel Associates.
.
Gauci had expected Xstrata to offer more when the companies started talks, according to documents being sent to M.I.M. shareholders.
.
M.I.M. shareholders will vote June 6 on the takeover, which will give Xstrata coal, copper and zinc assets in Australia and help it diversify outside South Africa.
.
Gauci said the offer was inadequate and opportunistic in timing, and that it gave more benefits to shareholders of the Swiss-based company.
.
"Vince is standing firm to his guns - the bid has come in very much to the low end of what the market expected and even to what the independent expert said," said Ric Ronge, senior investment manager at Invesco Asset Management.
.
M.I.M. shares closed unchanged at 1.70 dollars on the Australian Stock Exchange. The stock has traded below Xstrata's bid since it was announced, suggesting that investors do not expect a higher offer.
.
In its report, Grant Samuel said the offer arguably had been made "in the context of depressed world economic and capital market conditions, and that greater value could be realized in a more favorable environment."

herald tribune

Das australische Kartellamt hat den Weg für die 2,96 Milliarden Dollar schwere Übernahme des australischen Minenunternehmens MIM durch den Schweizer Rohstoffkonzern Xstrata Plc frei gemacht. Der Kauf habe nur geringen Einfluss auf den Wettbewerb am Kohlemarkt, teilte die Behörde am Freitag in Sidney mit. Durch den Kauf würde Xstrata zum weltweit drittgrößten Kohleexporteur aufsteigen und könnte sein Angebot von Kraftwerkskohle auf das in der Stahlproduktion benötigte Koks ausweiten.

In London begann am Freitag der Bezugsrechtshandel für eine Wandelanleihe, mit der die im FTSE-100-Index gelistete Xstrata die Übernahme zum Teil finanzieren will.

Xstrata hatte Anfang April 1,72 australische Dollar je MIM-Aktie in bar geboten. Dies entspricht einem Übernahmepreis von rund 4,93 Milliarden australischen Dollar (2,96 Milliarden US-Dollar). Die Schweizer übernehmen auch die Schulden von MIM, die auf 894 Millionen US-Dollar geschätzt werden.

FINANZIERUNG ÜBER WANDELANLEIHE

Die Übernahme will Xstrata teilweise über den Kapitalmarkt finanzieren. Eine Wandelanleihe, die mit einem Bezugsrecht 3 zu 2 begeben wird, soll 901 Millionen britischen Pfund (1,4 Mrd Dollar) einspielen. Sobald der Übernahmenvertrag abgeschlossen wird, berechtigt jede der Wandelanleihen zum Bezug einer neuen Xstrata-Aktie. Die restlichen Mittel will das Schweizer Unternehmen mit der Hilfe von Banken aufbringen.

Zusätzlich zum Ausbau des Kohleexports steigt Xstrata mit der Übernahme auch in das Geschäft mit Kupfer und Blei ein. Xstrata ist bereits der weltweit größte Chromproduzent und der zweitgrößte Vanadiumhersteller. Mit MIM gewinnt Xstrata ein Standbein außerhalb Südafrikas. Von der Forstwirtschaft in Chile abgesehen hat Xstrata bisher den Löwenanteil seiner Produktion auf Südafrika konzentriert.


Die Schweizer Rohstoffhandelsfirma Glencore hält 40 Prozent an Xstrata. Firmensitz von Xstrata ist Zug in der Schweiz. Notiert wird die Aktie des Unternehmens in London./cs/jkr/sbi



09.05.2003 - 11:31
Quelle: dpa-AFX

After "carefully considering" Xstrata's bid for MIM Holdings, Queensland independent MP Bob Katter has thrown his hat into the ring to lobby the Foreign Investment Review Board to reject the $5 billion offer.

While not considered likely, the possibility FIRB may block the bid has put some pressure on the Queensland miner's previously solid share price and prompted a swift response from the Swiss predator.

"I called MIM to tell them what I was doing and about seven minutes later I got a call from Xstrata in London wanting to talk to me so they must be pretty worried," Mr Katter said yesterday. "I was getting in a plane so I won't talk to them until [today] but I'm not sure anything they say will change my mind".

Mr Katter said a group of Queensland politicians, in-cluding Mt Isa mayor Ron McCullough and state MP Tony McGrady, would focus on shareholders in the Mt Isa region.

The group finds itself in an unlikely alliance with Sydney fund manager Platinum Asset Management, which wrote to MIM's top 100 shareholders yesterday arguing that the bid undervalues the company.

Mr Katter is expected to put his case in more emotive terms, but both parties are pinning their hopes of defeating the proposal on MIM's "mum and dad" investors.

Platinum's campaign has also drawn a response, with Xstrata reportedly calling MIM shareholders to ask them about the vote and whether they had been influenced by the fund manager.

While most observers expect the $1.72-a-share offer to succeed when shareholders vote at a June 6 meeting, it requires 75 per cent of shares voted to be in favour and a majority of the shareholders at the meeting, in person or by proxy, to vote yes.

Both Mr Katter and Platinum director Andrew Clifford believe they can convince sufficient shareholders to vote no even though the shares are expected to drop should Xstrata fail.

MIM's board supports the bid, which falls within independent expert Grant Samuel's valuation, but managing director Vince Gauci opposes the offer.

MIM's heavily traded shares closed 3c lower at $1.67 after touching $1.65 during the day, the first time they have dropped significantly below Xstrata's bid.

Unsourced reports in London that FIRB could reject the bid might prompted have local selling, one institutional trader said.

James Chessell

MIM's estimated net profit after tax for the June half 2003 for
continuing operations has been revised downwards.

On 29 April, the company stated that it expected a range of $50 to
$65 million subject to ongoing price and exchange movements and the
achievement of heavy shipping schedules.

The company's financial results are being adversely affected by the
strengthening Australian dollar compared to the US dollar, which
impacts not only sales for the balance of the period but also
inventory and debtors in hand.

Assuming that the A$/US$ exchange rate remains around 65 cents and
there is no material improvement in commodity prices, MIM estimates
that the net profit after tax for continuing operations for the June
half is unlikely to exceed the first (December 2002) half's $33
million.

For more information visit our website www.mim.com.au