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I cant see getting 'chinese approval' for such a good deal would be anything more than a formality, unless they have gauged that other shareholders will not be able to veto and want to get it even cheaper !
Thanks for the info I did miss the fact that the approval had been given however small investors still hold 35% of the shares and should make certain that they are not shafted by this BoD.
Strangerstill
If you read the 6th May RNS to the end then it makes clear that the increase in GF holding of BCN to 28.8% has now got Chinese Authority approval:
'Further to Bacanora's announcement of 5 February 2021, Bacanora and Ganfeng are also pleased to announce that the exercise of Ganfeng's pre-emptive right to increase its holding in Bacanora following Bacanora's placing and retail offer of 3 February 2021 has now received the relevant approvals and consents from authorities in the People's Republic of China. Ganfeng's subscription for a total of 53,333,333 new Bacanora Shares at the placing price of 45p per share, representing gross proceeds of approximately US$31 million, is therefore expected to complete shortly. On completion, Bacanora will have 384,144,901 shares in issue and Ganfeng will own 28.88% of all Bacanora Shares.'
At present Ganfeng's increased holding in Bacanora has not had Chinese approval. Ganfeng currently holds 17.4% of Bacanora shares. There are a lot of different investors in Bacanora including about 40% of small investors not including people invested through the likes of Hargreaves Lansdown. Even after the increased shareholding for Ganfeng the small investors hold about 35% of Bacanora shares. Bacanora is worth much more than this offer price and the investors should at least force Ganfeng to offer a reasonable price for the shares. It is up to the shareholders both small and institutional to reject this low offer and force Ganfeng back to the table. Below is the information I have been able to get re the number of shares currently held (if the table posts correctly).
Current After Ganfeng
increased holding
Name Equities % %
Ganfeng Lithium Co., Ltd. 57,600,364 17.40% 28.88%
M&G Investment Management Ltd. 52,528,941 15.90% 13.67%
Hargreaves Lansdown Stockbrokers Ltd. 20,275,000 6.13% 5.28%
Robeco Institutional Asset Management BV 16,280,000 4.92% 4.24%
Hanwa Co., Ltd. 12,333,261 3.73% 3.21%
Hargreaves Lansdown Asset Man Ltd. 10,056,000 3.04% 2.62%
Igneous Capital Ltd. 9,883,774 2.99% 2.57%
Henderson Global Investors Ltd . 6,885,000 2.08% 1.79%
Capital Research & Management Co. 6,438,925 1.95% 1.68%
Jarvis Investment Management Ltd. 5,908,000 1.79% 1.54%
Others 40.07% 34.52%