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I think pessimist is more accurate.
https://twitter.com/DavidLenigas/status/1390271879701749760
"Amazing for @CadenceMinerals - Bacanora being potential cash bid by Gangfeng at 67.5p a share. I started this whole venture at Sonora. So chuffed. Cadence own about 30% of about 70% of this massive Sonora #Lithium deposit. Now 800lb gorilla partner.#KDNC"
EV_Bull - Now you are on this board cheerleading for KDNC ! While as you say I we are whinging ! I'm sorry to say I am 1000% more convinced by Dee's argument that if/when Ganfeng get control the KDNC concession may not mean much to them. If they decide not to work it how will KDNC do it ? I personally thing the KDNC stake in sonora (without funding) isnt worth much. But then I am a realist and NOT part of a Reddit crew !
Hi @Dee,
If you appreciate the value of the project then surely you can appreciate the value of the Cadence 30% especially with a production increase scenario. The same could have been said for BCN prior to the 45p raise though.
If Cadence can't come up with the cash call, We would most likely be able to sell to someone who can and with a partner like Ganfeng I expect we'd be able to get an attractive debt finance to fund our share. Ganfeng themselves of course may wish to buy the share and own 100% of the project.
@EV_Bull
I'm not sure why the KDNC holders are so bullish about their stake in Sonora.
Ganfeng owning 100% of BCN means there's a united entity to cause issues for KDNC further down the line.
Put yourself in Ganfeng's shoes - All they need to do is put a plan for 100,000 MTs+ per year, and issue a cash call for a very, very high Capex. Then they can issue a cash call to KDNC, and dilute as soon as KDNC can't come up with the amount required.
It's not such a bad offer when you remember that BCN only own 50% of the main tenement and 35% of the others and that it's currently just dirt and a license, production being some years away still.
Acceptances won't come through until near the end because it's too much hassle for the nominee's because voting would lock up your holdings and prevent selling.
The real value from this now will be bourne by KDNC when the expansion plans become clear and the Mexilit tenements Fleur and El Sauz are needed sooner and in greater quantities.
can’t be sure… but quite confident they won’t be stealing my shares for such an unreasonable offer… particularly now that i/we voted to give them access to my/our shareholders profits account… my vote was conditional that they use that to up the offer to the max… it’s available to them now… and £1 is still a steal for them anyway… i also don’t think they’ll want to drag this on in a fight through 75% to try to get to a 90% compulsory purchase as much as i want to… getting it for £1/share will be a great result for them…
This is starting to feel very much like the bid by Barrick Gold to buy the outstanding shares in Acacia a couple of years ago.
https://www.bloombergquint.com/business/barrick-gold-reaches-agreement-to-buy-out-acacia-mining
Fortunately, in the case of Acacia , Crispin Odey decided to get involved .
https://www.cityam.com/odey-hedge-fund-backs-barrick-gold-takeover-of-acacia-mining/
@tomcat-14 you must be quite sure that GFL will improve their offer as you are still of the opinion "strong buy".
@mrcautious I am not so sure M&G have accepted. If they did why GFL still refer to a letter of intent?
Nobody expected the acceptance levels to be this low.
Not us, not The Board of Directors, and not Ganfeng, either.
We know the nominee accounts haven't reported yet, but thus far we've seen underwhelming numbers from those who have accepted, and nothing from the II's aside from a Letter of Intent.
Somebody has been advising BCN incorrectly about their private shareholders, and BCN have likely been (incorrectly) informing Ganfeng that this would be an easy takeover.
Even after the launch of our campaign, press coverage and pressure - They still maintain that the only people opposing this offer is a small group of vocal shareholders.
However our numbers are growing, even accounting for those who have decided to fold. Many have contacted us saying they're on the fence due to 'fear' - Not because this is a good deal.
They will get a lot more acceptances, but it looks increasingly unlikely that they'll get this over the line in its current form.
don’t they have a few other outstanding conditions that they need to satisfy before making their next move…
Makes you wonder what their expectations were for this stage? Neither the BCN board or Gangfeng’s M&A team are covering themselves in glory?
bcn shares in issue… 384,144,901… (100%)…
ganfeng’s holdings… 110,933,697… (28.88%)…
valid acceptances since 13oct… 89,024… (0.02%)…
total valid acceptances… 1,075,361… (0.28%)…
total… 112,009,058… (29.16%)…