Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Anyone know what happens in the case of a counter bid - do we still have the vote as planned? In assume so, but with chances of it being greatly reduced? Is it then a fight to get up to 50% as they compete with Geopark or BOD forced to engage with them re the new offer?
Re M&P taking a position I see they have two approaches. a) vote against in hope others do the same and then go aggressive to build a 50% stake ahead of Geopark. OR b) vote against having published a higher offer and then either build a stake or engage with management.
To me, option a) seems risky and unlikely. A published bid 10% over current effectively takes the canacord votes from Geopark. Expecting people to vote against something without a clear alternative would seem strange.
Actually it must me voting record time 17 dec. which is after the deadline for proxy vote.
All the dates are in the latest rns, I think.
What is not clear to me is what is the cut off date for share holdings to vote, which makes me wonder about the voting system as mentioned earlier.
I see that last Friday sales totaled £760000 against £50000 of buys . It’s astonishing that there has been ZERO communication from Amer on the timeline for shareholders to be paid and the exact dates of what happens next. I visualize GC in his ludicrous pinstripe suit basking at some cricket match and no one capable of any form of helping us shareholders to know whether to stay or get out . The BOD have seen their company languish over the past two years and without the M&P bid in August the share price would surely be still in the doldrums - despite all the wonderful possibilities now seen by Geopark.
I just contacted Lloyds to register my 'No' vote. Think still a bit early for them but said will send through the meeting resolutions to me once they get from the company. Suggest others contact them. They also indicated that they could arrange for me to attend the meeting if I wanted.
I know this Court voting is different, but I never understood the collation of proxy votes v show of hands at the AGM. If all at the agm voted no then would the proxy votes be taken into account.
I cannot remember an example of a minority of hands showing.
I unclear how my vote will be counted, as one vote per person or by number of shares I have.
I have asked the registrars their understanding of para one, action required in the scheme rns.
They do not know the answer so I have asked them to clarify with AMER. I explained that AMER will not communicate with me ..... vis a vis my emails not answered.
The words .... representing not less than 75 per cent. IN VALUE ......
what utter crap wording.
Also interesting that R&M have stopped selling.
Presumably M&P will publish their counter offer before the 19th of December??
If 10% over then triggers cananscord's clause re their commitment
another RNS from M&P via Barclays.
I have and alternative explanation for M&P buying shares and also taking a short position - I went to the take over panel website the other day and as well as a boat load of requirements and explanations they state that areason for declarations is to prevent anyone including the bidder creating a false market in the shares.
As M&P have not come out with an alternative to the BoD's recommendation they could be on a sticky wicket if buying shares and then making an offer. By balancing the scales with positive and negative trades they negate that. Just a thought.
The short positions, can easily be closed for a small consideration if necessary, but the shares owned are worth 3 times their face value in voting. If they do go for it this could very quickly unravel for the BoD
Response to a query by HL. I was concerned they might block vote in favour of the Board but that is not the case, i.e. they want active consent to vote YES. This is actually good news for those opposed to the deal.
"Thank you for your enquiry. We have checked our records and can confirm that we will be writing to holders of Amerisur Resources in the next few days in order to notify of - and canvass votes for or against - the proposed scheme of arrangement. Please note that we do not automatically vote our clients shares in line with any board recommendations and will only cast votes in line with the votes we receive.
We are currently drafting the relevant correspondence and will open our systems for voting when the correspondence has been sent. Your instruction to vote against the scheme has been noted and will be processed when our systems have been updated."
Moneylender, any chance you might send a note to MandP telling them of the votes you have been promised as a NO and intimating that a better offer might well succeed?
We all have a chance to express how we felt! If we all vote NO then the bid may/will not succeed.Voting forms from our brokers/share accounts should arrive in the post next week...
Hermes among others have been buying. I think there is general consent that out BoD and NEDs have behaved appallingly if not unethically and the guilty men know that they won’t be backed in other ventures but none care as this was expressly designed to get them out. So I think others are watching closely
I think many PIs would be happy with a part cash/share deal. Many long termers have invested in the idea and the assets. Sure many would like to see this through.
Bigger IIs not really interested in part share as difficult for them to shift. Current deal shows the BoD are not considering the interests of all shareholders - rather their own and Michinoko.
Echo the sentiment - come on M&P! Surely must be willing to increase the initial offer - frankly doesn't take much!
I hope M&P could be our white Knight. Give us a better deal, some cash back and still leave us with skin in the game.
Ithaca energy are producing circa 80,000 barrels a day since that takeover robbery, so a cash and share deal here would suit me!
I just can't stomach the thought of Geo using our saved up cash to pay for a big chunk of the takeover deal.
If the board were to disperse our cash reserves before the deal then maybe OK, but that's not going to happen.
Im so disappointed with our directors and NED's.
BMO have advised Amerisur poorly and I hope it comes back to bite them in the future when other selling companies avoid them.
Good luck gang! I’ve sold my entire position in AMER and put the cash into PTAL and TRIN ! Hopefully it works out well for anyone hoping for another bid! Good luck all
Barclays M&P have disclosed the following positions Long 12,570,733 / 1.03% Short 11,526,440 / 0.95%
Building a covered stake so can vote against current offer but won't lose when share price drops as a consequence??
They've gone over 1% and are buying at up to 18.58p which means that's their starting point if they where to make an offer and if my understanding is correct they would need to offer cash of at least that amount - interestingly if they offer cash and shares does it still require a cash element of the same value i.e. 18.58p cash + shares, or is it permissible to substitute shares for cash.
Interesting development though, they are not idiots and so we must assume they have gone over 1% to send a message rather than in error - what's the message??? There is every possibility that if, I know it's a big if, they are planning to throw the dice to beat Geo Park, that they have already got indicative support from some IIs. We should not assume all II's are with the BoD, only 2 have come out for them.
First one of these from M&P we've seen since the original offer. Includes a short swap. CFD.
No idea, Wonder if going to publish an offer with the cash part less than 19.21p but higher overall including shares????
I do hope this email the precursor to a counter offer
is something going on?
I'm not at all sure that the Mand P offer isn't better than the GeoPark deal. M and P offered less cash, for sure, but their shares are doing well and they promised to move from Aim to the main exchange. Curious that they haven't said any more, their initial offer contained the right to adjust if another party came in to the ring. I'm powerless like all of us, but there's a nasty smell ...
Fascinating to see who is listed under company contacts for enquiries at the bottom of the release - GEO are putting up their CFO and we are putting up our Head of BD(misnamed)… the most important statutory announcement and any other company would have at least the CFO if not the CEO.. but our guilty men are in hiding. Why? because its too embarrassing to have to explain what the rationale is or isnt!!!
For Amer:
Nathan Piper, Head of Business Development and Comms
For GEO:
Andrés Ocampo, Chief Financial Officer
Stacy Steimel, Shareholder Value Director
What commercial assessments Clarke? Your retirement plans? Your boredom with the whole business? Wardle's retirement plans? ONCG's behaviour? Strategic differences? What had changed one wonders....