Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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today is t-21… the last day to announce to us any material information…
the offer is not provisional only… it’s already passed the unconditional acceptance threshold 50%… no going back from there… if they don’t have macc1 by the current long stop date ganfeng will be expected to waive it… or… if it is necessary for them to obtain macc1 and cannot be waived… the bidder and target will need to agree to an extension to the long-stop date… ganfeng cannot just lapse this offer now… not without consent from the panel… why would they anyway… it’s the steal of the century…
what's beyond the longstop is another longstop i expect. When they were extending the PUSU date they left the RNS's right up to the end, so could possibly be extended between xmas /NY; thats if everyones working then ? extension has to be cleared by takeover panel.
Really the only unknown here is Mex authority. How many have they turned down before?......
sorry… shuffle that around a bit… *extended not waived…
looks like it will either be waived… to give them the time they need for macc1… cough 82.22%… or the long stop will be extended… until they get to 82.22% lol… https://www.sullcrom.com/files/upload/sc-publication-changes-to-UK-takeover-code-most-significant-in-a-decade.pdf …
Careful Cliff. I had a frustrating webchat with iWeb today which I wasn't convinced by. If you look in the latest RNS it gives a telephone number for some institution called Link to ring if you need help....so I did.
I asked them if you made a new investment now could you immediately vote to accept in respect of those new shares, when you already have a vote in from a past holding. I thought the answer would be a no brainer yes as the timetable is suspended and we haven't past any 'x' date that I can remember. However after being left listening to Greensleeves 2 or 3 times which they tried to bottom the answer out we never got there! Even they said it was very hard to understand. Obfuscation....you heard it here first.
The offer Document answers this on page 27 - Settlement. You invest 66p now and get 67.5P back within 14 days of the offer becoming or being declared unconditional, plus the Zinnwald shares worth about 4p when I last looked. So c 5% return for 1 month of investing - so long as the Mexicans play ball. Can the Takeover panel extend the timetable past the year end? Is there a put up or shut up date? I am looking at the docs to try and find this out.
Actually touch annoying John as an sp drop to me worries me that Mexico isn’t playing ball. Or someone thinking the U.K. could step in, which would drop the sp. Sick of this company.
Or simply 1 tinnie short of a 6 pack;;;;
Is it beer o'clock yet?
Interesting SP drop. Any ideas?
johnp - Yes I concede its now over of course and I bloody hope secker is pleased with himself. Once I thought he was steady but slow but now I think he is a crook !
Another question. If someone bought BCN shares today, either as a new shareholder or as an existing one, would they be able to accept the offer in respect of those new shares. ie divi up about 66p and receive 67.5p plus a (part) ZNWD share if the offer goes unconditional?
ta tomcat, I did admit yesterday that I had taken my eye off this a bit
it’s the subject of this other thread…
Hi Mr C
I always read your posts, and appreciate your passion. But sometimes you have to be pragmatic like our foz. This situation isn't fair, I totally agree, and we have been badly let down by a poor BOD who have fallen far short of what should be expected of a sizeable quoted company. But unless Mexican approval is refused this is logically over, it's time to move on.
John
Oh and I forgot to say, its also a possibility that they have been sold a continuation of their employment on the board when the acquisition comes -- well I have news for them, I was a telecoms professional and had many friends that were head-hunted to Huawei a few years ago. It was a horror story and after a year most people are tossed aside as empty husks, thats their culture when employing westerners !
Fozdfog - I spent some time weeks ago looking at what the BOD interests were and came up with nothing of note really, which leads me back to my old question 'what incentive do they all have to do this' which again leads me to suspect less than honest reasons.
Mr C just goes way beyond that doesn’t it, the opportunity cost of being sat here for however long is horrid. Could have just bought lithium at spot!!
First bid should have always been rejected but the bod never had enough skin in game and wanted to move on.
So this is like a siege, they keep getting excuses to extend the cut off date in the knowledge that eventually the last few holders will fold. It looks like we lost this one - Secker has screwed us and the Chinese have just skillfully taken control of another part of the worlds resources - they are busy buying the Carribean at present and not one politician wants to do a thing about it. I'm sure it will be a very merry christmas in the Secker household as I am sure he will be getting some very nice christmas presents (if you know what I mean !)
can they extend the offer beyond the long stop… because of this outstanding macc1 condition… or does it lapse regardless… they won’t let it lapse now that they’re at 72.94% and so close to being able to delist…
Apparently, (see RNS 3/12/21) Weiss Asset Management LP still holds 16,789,642 shares or 4.37%. and Sand Grove Capital Management LLP 9,349,500 % These holdings can make the difference as far as the 75% threshold is concerned.
Good morning tomcat-14. Your sentiment is still "strong buy". What makes you believe that this is still a good buy after today's RNS ?
t-26… and no mention in today’s rns acceptance update of what the anticipated unconditional date will be now… when macc1 is obtained or waived…
extend it ? remember the put up or shut up date that GF did neither, until they'd extended the date twice. 31st Dec isn't it? Doubt they'll be a Mexican decision during the xmas/NY season
looks like we’re going beyond the long stop… unless now that they have over the 50% unconditional threshold… they surprise us all and resume at t-14days… rather than the anticipated t-28days reported previously…