Let's see if Greenstone exercises their preemptive right to buy some or all of the 13,818,977 shares (at $.72 USD) to maintain their % asset holding in Excelsior Mining. To me, it's a no-brainer for Greenstone to do so, given today's rise in share price.
Some info on Triple Flag CEO, Shaun Usmar, from Global Mining Observer:
Elliott’s New Royalty Group Open to IPO
CEO Shaun Usmar has closed $700m of royalty deals in two years
There's a large new player in the royalty and streaming market. That's the message coming from South African Shaun Usmar, who has closed more deals by dollar value than perhaps anyone else in the mining industry. It was on a trip through New York that he stopped by at the office of hedge fund Elliott (“just out of curiosity,” he says), spending four hours discussing deal flow. Before he knew it, Usmar had packed in his position at Barrick to launch a new $1bn royalty company, Triple Flag, backed by Elliott's capital. In little over two years the new business has gone through more than 250 transactions, doing detailed work on 90 deals and closing five worth $700m in gold and copper. “It's opportunistic,” Usmar says, fitting in an interview between calls with partners. “We have seen many transactions and continue to pursue deals that are well in excess of a billion dollars.” Triple Flag is currently private, but has already bought 32 royalties and streams generating $45m per annum, and may one day be listed. “Everything we buy we look at on a buy-to-hold basis, but we've built our own internal equity models and we understand if we're going to add something what it will mean to our broader portfolio, how that stacks-up to our notional peer group, and what that would mean for value accretion. We're doing things in a very deliberate, careful way, so that if the most valuable exit is through the public markets, we can do that very easily.” Every deal is customised, Usmar explains. “I come at this with a mining CFO hat, understanding that people have choices and markets evolve, so each time we put proposals together we usually are providing multiple alternatives.” He first went into mining finance having done an MBA at Kellogg in the US. It was the 1990s and all his former classmates went into banking and tech, but South African mining group Billiton was expanding overseas and invited him to go into M&A in their new head office in London. “We had a small core team so you really got a front-row seat.” Since then, he has worked on more than $100bn of deals, including Billiton's merger with BHP, creating the world’s largest mining company, but when finance director Mick Davis left to launch his own firm, Xstrata, Usmar was one of the first seven to join and was soon juggling the finances on its $19bn acquisition of nickel giant Falconbridge. “We bedded that down, worked through the financial crisis and reset the cost structure.” Still in his 40s, Usmar has also fitted in a stint as Barrick Gold's finance director, lopping $4bn off its debt and lowering its free cash flow breakeven point from $1,700 to $1,100 per ounce. “We had to get the company back on track… It was a busy but rewarding period.” Joining forces with Elliott, known as one of the world's most aggressive and relentless investors, was perhaps an inevitable move. “I wouldn't have left Barrick just to collect a salary. I think it's a great time to be building a mining business.”
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