The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
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.
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.
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.
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.
Unless you hold your shares in CREST...and not a nominee account...you have not got any chance of stopping this offer....they will count all nominee accounts as 1 vote for that particular broker....this has happened many times. Check out the link to thismoney article
https://www.thisismoney.co.uk/money/diyinvesting/article-6359605/How-vote-shares-nominee-account-not-paper.html
Unable to email for privacy reasons. However I can disclose the 1.3 million I have left and would support.