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EV - If you sold up some time ago why are you posting here ? I will wager there is always a reason and an agenda behind your posting .
Wrote this several times, firms such as and m&g need to tell their custodians weeks in advance to prevent any issues. Especially when something can be held over countless sub funds of one fund.
Therefore it reads as m&g accepting, but still find it such a misleading written official document! Fca come on….you can see the rns is misleading!
It’s also clear there are no broker acceptances here, 396,250 v 396,250 week before so these numbers just aren’t right.
I did a back of the envelope calculation (believe it or not it actually was on the back of an envelope) and thought it was a few more than just the M&G holding. But please don't trust me because I've got a maths degree so almost all calculations i do are wrong!
@john I agree, M&G have accepted although when I took away their shares I found that there were no other accpeted shares in the total, I better check that again. Of course it would have been nice if M&G had backed up as that 13.6% would have gone a long way to stopping any delisting. We wait to see what the other IIs do.
I intend to hold and am in this for the long game as long as my ISA profits are protected.
Thanks for the ISA comments. Makes sense.
Matthew
In my opinion it is pretty clear from the wording that M&G have accepted, and apart from that the increase in numbers accepted is a few thousand above the M&G holding which is one hell of a coincidence! Anyway, people can believe what they want, and will. The only think I wouldn't agree with you about is that it makes no difference whether they have or haven't - because if they haven't and you expect them to, then exercising their holding would now take acceptances past GFs target!
LOL. Yes I checked that before. Ok, they accepted. Big deal. Didn't you already sell?
It’s not spin, they have accepted. Let me shorten it further for you by removing the other section.
Let me put it another way if M&G hadn’t accepted and it’s somebody else, you should explain who the 53.6m valid acceptances are and be worried about M&G’s 52.5m being added to that.
As at 4.00 p.m. on 27 October 2021, Ganfeng had received valid acceptances of the Offer in respect of a total of 53,652,640 Bacanora Shares.
————
The above acceptances include those received in respect of 52,528,941 Bacanora Shares (representing approximately 13.67 per cent. of the issued ordinary share capital of Bacanora) beneficially held by M&G Recovery Fund who had given a letter of intent to accept the Offer.
@EV I understand where you are coming from. The change in wording is certainly to imply that M&G have accepted. However, I sense it could still be spin as the language doesn't appear definitive.
It makes no difference to me as I never thought that M&G wouldn't accept. What I find more interesting is how the share number change is only from including M&G shares, no others.
As I said, I'll be sitting tight until the end and recent events are making me more confident that Ganfeng won't be able to get this over the line.
@Dave and EV That is old news. If they get to 75% they will APPLY to delist. It doesn’t outline how long this process will take or how tradable your shares will be in the interim. Seems like more scare tactics from the BoD to create doubt.
What isn’t so clear to me, due to all these arbitrary cut-off dates (which are making less and less sense due to the suspension), is will shares still be bought by Ganfeng from those that sit tight until after these cut-off dates? If it is announced after the cut-off that Ganfeng have say 80-85%, it would be in their interest to keep buying to avoid the hassle of having minority shareholders.
As for the delisting, this has only happened to me once before. In that case the shares were moved from my ISA into my trading account (same broker). The book value should change to the value it comes out of the ISA at, so tax implications if you were to sell immediately should be minimum. If you can’t sell immediately due to liquidity, is this a problem? I bought for a LT investment, I bought for dividend income. Could this not still work out to be the case, even as a minority shareholder?
As I say the wording of all the RNSs and documentation of this scheme has been to create fear and doubt, to panic folks into selling. Even the over 75% under 90% outcome can be worked with (and may still make you rich!) and I suspect if this was the case more opinions would arise.
They are some unknowns here but once the BoD are gone things can only look up! ;) I’ll be holding until they get over 90% and I am forced to give my shares up.
It’s there in black and white.
As at 4.00 p.m. on 27 October 2021, Ganfeng had received valid acceptances of the Offer in respect of a total of 53,652,640 Bacanora Shares.
————
The above acceptances include those received in respect of 396,250 Bacanora Shares (representing approximately 0.1 per cent. of the issued ordinary share capital of Bacanora) beneficially held by certain Bacanora Directors who had given irrevocable undertakings to accept the Offer1 and 52,528,941 Bacanora Shares (representing approximately 13.67 per cent. of the issued ordinary share capital of Bacanora) beneficially held by M&G Recovery Fund who had given a letter of intent to accept the Offer.
You mean apart from where it says they have accepted right?! You are not seeing it because you don’t want to believe it.
MrC has it in for me, I sold my holding a while back but what I am saying regarding delisting is correct if you look it up for yourself.
The RNS repeats that M&G 'had given a letter of intent to accept the offer'. There is absolutely no indication that they have accepted the offer, and until there is we should assume they have not.
Davemonk - be very careful how much of EV's stuff you take on board he is a very hardworking and clever influencer and Reddit ramper that is VERY active on the KDNC board. He clearly has an influence agenda on here also..
EV_Bull - they have to get to 50% first ! I know you want a quick flip but it may still not yet happen. There has been quite a time now for people to accept so are you hoping/working for a late takeup ?
Damn EV_Bull, that is a bit of a bombshell about delisted shares not being allowed in an ISA.
They are including in the total and are using 'had' rather than 'have' regarding the LOI. If they haven't actually committed the votes then I think there would be basis for reporting this to the takeover Panel as its potentially fraudulent - a misleading statement with the intention of enticing others to commit votes.
In fairness to them they have always excluded M&Gs LOI votes in previous weeks announcements. So I conclude that M&G have given up
Todays RNS
'The above acceptances include those received in respect of 396,250 Bacanora Shares (representing approximately 0.1 per cent. of the issued ordinary share capital of Bacanora) beneficially held by certain Bacanora Directors who had given irrevocable undertakings to accept the Offer1 and 52,528,941 Bacanora Shares (representing approximately 13.67 per cent. of the issued ordinary share capital of Bacanora) beneficially held by M&G Recovery Fund who had given a letter of intent to accept the Offer.'
@john where did you see that M&G have accepted? The RNS just says the same about intend?-
Yes, pretty standard taking a position to profit from acceptance.
https://www.investopedia.com/terms/r/riskarbitrage.asp
Weiss Asset Management LP: 14,409,142 s 3.75%
Sand Grove Capital : 8,281,500 2.16%
They are taking a long position. .....
Sorry MrCautious, PI's alone cannot stop this, once they are over 50% then you need to worry about the 75% because you cannot hold de-listed shares in an ISA or SIPP and you would therefore lose your allowances.
This could be very detrimental and then acceptance would be the only sensible option.
Shareholding Percentages are as of 13.09.21:
Gangfeng Lithium 28.88%
M&G Investment Funds 13.67%
Robeco 4.24%
Hanwa Co., Ltd 3.21%
Igneous Capital Ltd 1.81%
D&A Income Ltd 1.23%
Other 46.96% (Directors 0.82%)
If Ganfeng receives acceptances under the Offer in respect of, and/or otherwise acquires 75 per cent. or more of the voting rights carried by the Bacanora Shares (including the Bacanora Shares it already owns), Ganfeng intends to procure that Bacanora will make applications to cancel the admission of the Bacanora Shares to trading on AIM.
https://www.bacanoralithium.com/pdfs/Offer-Document-150921.pdf
Permission to say bugger