Dissidents in warning on Condor

THE dissident group of shareholders behind a reverse takeover bid for miner Condor Resources yesterday warned the firm&rsquo;s cash resources will not be enough to tide it over past the end of next year.<br /><br />Shareholder Michael Silver and half a dozen other investors joined forces with smaller rival Worldwide Natural Resources last Wednesday, as it unveiled a one-for-one share offer for Condor, valuing it at &pound;1.49m.<br /><br />The proposal is believed to be the first ever hostile bid by a Plus-listed company for a firm listed on Aim.<br /><br />Silver and his supporters, who control 15 per cent of Condor, argue it is burning up its &pound;1.2m of cash rapidly, paying &pound;550,000 a year in overheads without generating any income from its South American mines, which are currently out of action.<br /><br />Condor on Friday rejected WNR&rsquo;s offer, claiming it &ldquo;undervalues&rdquo; the firm and provides an &ldquo;unwelcome distraction&rdquo; from a share exchange deal it agreed with investment fund Grafton Resources on 27 May.