Win us with honest trifles

Appian should have hired Nicole Adshead-Bell

As Ed Stoddard so aptly put it, “If you want to sell a mine, here’s a tip: make sure the pit walls stay upright until the deal gets done.”

Nicole Adshead-Bell knows that, she was brought in by Beadell to sell its Tucano gold mine in Brazil and within months, managed to get the morons at Great Panther to buy the thing. Only then did its pit walls began to collapse (and not once but at least twice) but by then, Beadell was outta there and Adshead-Bell had banked her success fee cheque so who cares, caveat emptor and all that? But not at Appian, they forgot how rainfall in Brazil affects assets when their owners refuse to fund sustaining capital budgets, dragged their heels on its sales process and, oops!…its Santa Rita nickel mine started falling apart too early. The upshot is seeing Sibanye walk away from the $1Bn deal, no cheques written for Santa Rita or for the other asset in the deal, Appian’s Serrote copper mine. Hilarity ensues and here’s how Ed Stoddard kicks off his follow-up note:

Private equity group Appian Capital has signalled a legal challenge after Sibanye-Stillwater’s abrupt termination of a deal that would have seen the South African metals producer acquire nickel and copper assets in Brazil for $1-billion in cash. Appian takes issue with Sibanye’s assertion that a ‘geotechnical event’ impacting a pit wall was ‘a material adverse event’.

Great coverage from the man on this story, please read the whole of his article on how Appian is now stuck with a hot legal mess. Meanwhile our role model Adshead-Bell has moved on to greater things, having been inserted into Hot Chili (HCH.v) by Rick RIM Job Rule. The perfect vehicle for this dynamic duo (they have a long history of partnering in corporate deals), expect glowing social media coverage about this crassly-named Aussie pumpjob while Rule moves his paper into your pockets. As for Appian, between its Brazilian disaster and Harte Gold it’s clear they have a lot to learn about the Canadian markets and should at least consider hiring Adshead-Bell. For profit.

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