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There's no reason to estimate 38%, it could be anything, but the RNS said 23.8%, they are the only confirmed votes in favour.
You are back to your old tricks, presenting plausible information that strikes a chord but has no basis in fact - you appear to have subtly changed your stance as regards a fight, don't start being defeatist.
It may well be that the shares sold thus far have gone to Geo but equally they could have gone to opportunist investors who will bide their time and make a decision as event unfold. IMO, Geo are likely to approach shareholders direct and buy large blocks (they then have to honour the finally offer price even if they increase it) or obtain commitments from large holders rather than buy in open market. It makes sense for large shareholders to wait and not give irrevocable commitments that prejudice the value of their investment and bear in mind Geo will have to announce any new commitments
The commitment of support from existing shareholders and the BoD are apparently irrevocable except under unlikely circumstances, however if someone or group gets a blocking interest of 25% + they cannot progress and eventually if someone does not present an acceptable offer the takeover panel will instruct them to back off, they are not allowed to stalk a company if rejected. According to Moneylender there are already around 60m shares indicated to vote against, that's in one day and is enough to cancel out almost 2/3 of the committed votes IMO if PI's hold firm there is a good chance of a better outcome.
The RNS said:
"Therefore, as at the date of this announcement, GeoPark and GeoPark Colombia have received irrevocable undertakings to vote, or procure the voting, to approve the Scheme at the Amerisur Court Meeting and vote, or procure the voting, in favour of the Special Resolution at the Amerisur General Meeting with respect to a total of 289,023,696 Amerisur Shares, representing approximately 23.8 per cent. of the existing issued ordinary share capital of Amerisur."
will another bid come of course nobody knows but I think M&P must be in the mix as GeoPark offer was hardly a killer bid.
I expect M&P to come along with adjusted offer and beat Geo. They would only need to up their initial offer by around 25% to get to 21.1 p price which is 10% more than 19.2p.
That would allow these guys to get on board, from RNS Appendix "The irrevocable undertaking given by Canaccord Genuity Wealth Management shall also lapse if a third party announces a firm intention to make a competing offer for Amerisur on terms which represent an improvement of not less than 10 per cent."
I believe M&P could easily adjust their offer to something like 14.5p in cash and 6.5p in M&P shares. After all M&P must have expected that their original offer could have been rejected and must have Plan B offer as a counter. Small ball offer by Geo def didn't kill that Plan B (if they have one)
Just a drop in the ocean ....but you have my 50,000
Feel free to add my 176,500 to a No vote
Johnny drop me an email please, trying to keep it all together in one place.
Ta.
Moneylender@gmx.com
you can add my No Vote 350,000
You can add my 250,000 shares for a No vote!
Anyone still in Laptops group? I am banned for not revealing my source of info can you believe. If you are and its still active or any other group that you belong to please share my post number 24988
moneylender18 Nov '19 - 11:25 - 24988 of 25028 Edit
0 7 0
All those that are prepard to support our challenge to the BOD please send me
approximate holdings at the moment. The more we have the more chance we have in getting GC and Co to listen. I dont want values just your holding numbers.
I can then keep you informed of any decisions that have to be taken
Moneylender@GMX.com
Edit:
Any disclosure would remain confidential to myself, we are just trying to establish out potential firepower for the moment. We will keep you informed before any action is undertaken.
Log on to your account and go to corporate actions and follow instructions or phone them.
New to this, could someone please give a template of what I need to say to my broker, BTW I'm with Halifax Sharedealing. Regards,
Good effort money and everyone who sent info of their holding (I did). So we have 5% of Amer as of now. Pretty good and if we all vote NO we could definitely make difference. We are at the same level as River and Mercantile Asset Management who have 5% based on yesterday's RNS.
I am sure we can gather another 2-3% from people who didn't respond.
Never understood the voting system. Cannot see how it is practical to count all votes accurately and who does it ..... can you trust them? Then you get the show of hands at agm’s. None of it makes much sense to me. I am going to look at this scheme of arrangement just to establish whether my vote is based on number of shares. The non disclosure of the votes % at the last agm was an absolute disgrace.
Morning all, just woken up and read the emails. A quick calculate suggests we now have around 60M pledged support to reject the bid.
Yes 60M.
I Reiterate that it's not straight forward to vote this down, you have to instruct your broker, they won't come looking for you!
My shares are held in a nominee accounts with ii. I always get notified automatically about voting and I have always used my votes for Amerisur. I have attended many AGMs. Voting online is easy-peasy. I will be voting against this very poor offer and will be emailing moneylender with my details.
Correction to my last!
DavidWK is correct (and not Lonestag).
Apols all round for the confusion - late at night :(
Lonestag
Thank you for your intervention. I fully endorse your statement.
I contacted my brokers this morning specifically to clarify this point. They hold my shares in an 'execution only' nominee account and assured me that, following my instructions, they will vote against the proposed deal, and that each share will count as an individual vote.
I would strongly urge all shareholders to support ML's initiative.
You easily learn the basic of Spanish with the cartel of Medellin. ;-)
I told you, the Oracle said it. What is unclear is whether it will be part of the counter bids before the vote or a take over bid after this deal is voting down.
GC is selling Amer so that he can take over IRON and make 10 times what he will makes with Amer. Simple.
Lonestag
This is simply untrue. Nominee accounts don't count for one vote. Imagine if you have 10 nominee accounts accounting for 51% of the shares in number but only 10 votes. Then there will never be any majority in any votes because it would be simply impossible to get more than 50% of votes cast.
What you are telling here is either ignorance or worse.
If your shares are held in a nominee account rather than in a CREST account, your shares are worth the same amount of vote. The only difference is that in a CREST account, your name is on the registrar and therefore you are being written and posted a voting form at your address while with a nominee account, the nominee is on the registrar and they don't inform automatically the shares owners (the PI holding shares in the nominee account) of the right to vote in the shareholders meeting. If your shares are held in a nominee account, you must contact them in order to get a voting form and make your intention known to the nominee account. It is that simple but you must be proactive rather than simply reactive.
You must contact your online trading platform when we have the meeting date and ask them for a voting form and tell them you vote against the deal.
Selling 2,892,600 on Friday
In hindsight, it was a warning sign that they continued to sell after the FSP was initiated. Would have thought they would have been contacted about the deal and declined to participate in the stitch up - might be worth contacting them too ML?
lone stag
Was going to post the same. Unfortunately my shares in 3 investment ISAs. are held in nominee accounts. Not something I thought about when switching to online trading. I posted some device on the bb a few months ago on the importance of doing due diligence before choosing an online broker.
I cannot do anything other than sit on my hands and accept the current derisory offer if no counter bid comes in.
I'm with you and will check if my shares are in Crest.
Moneylender - IMO the way to fight this is to ensure those that want to reject this are not shaken in their resolve (the BoD will try) and most importantly have a genuine reason to be optimistic in voting No to the deal.
I shall vote no, as I voted to get rid of NH and GC previously - very few others did even if dis-satisfied. preferred to trust all would come good in the end if they refused to challenge and trusted them for another year after year after year. Don't bury your head any longer and don't be scared of facing them down, as it will like as not result in a better offer from Geo Park or precipitate some other interest.
Hopefully, everyone has wised up now, I sincerely hope no one still thinks they have your best interests at heart - if you do then you need to go and see a shrink to straighten out your head.
However we must be realistic, IMO there should be a proposal(s) to vote on alternative course(s) of action put to a vote at the up-coming meeting, only a 50% majority would be required for those.
The one that springs to mind is to instruct to the BoD to re-engage all the bidders that were told they could only bid cash and for the whole company with the objective of ensuring this truly is the best deal for ALL shareholders, not just the biggest. Also that the BoD should launch a share buyback programme in the meantime to all the disgruntled to depart and retain a decent SP (it would result in a higher price for those still in if a sale took place, even if the buyer reduced their offer by the cash amount spent.
All this is of course, only if no new offer or activist investor entered the contest, then everything changes.
IMO the one thing we must not do now is attempt to vote off the BoD, even though I believe GC and NH are expendable, that is only feasible if an alternative is suggested, maybe a grouping of activist institutions bring in a professional/ respected crew.
I personally think the BoD don't want this deal but have no choice - though they'll never admit it, I also think they'll welcome a deal rejection that's not their fault. The RNS leaves open the option of another party outbidding Geo Park, lets hope as I think even they would have given us a better deal for cash and shares and would up their offer.