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Difficult one .The sheep stealers clearly got the other bottom feeders Oaktree on board so unlikely that a shareholders revolt will upset the applecart
Like Whatprice will watch and see what develops
I wouldn't have thought it would be too difficult for Paterson to get a few investors in to chip in some wedge to mount a bid
Sincerely hope so. Maybe a cash bid of 200p would win the races
It's ironic shareholders here have seen the value of their holdings sliced and diced on several occasions all seemingly for the greater good Noe the sun has appeared from behind the clouds all that seems to have done is put them in line for another good kicking
They could easily raise £15m from existing shareholders at say 160 p a share which is more than sufficent
what you reckon Sain...still worth holding?
I,m thinking of cutting my losses and topping up on MNZS...the are looking great to double up by net summer
Buried in the ambush even handicapped by the onset of COVID they actually turned in a profit of £14.9m for H1
This is despite the BODS efforts to derail with a raft of abortive fees with botched sales and mergers
Leaver the new chairman is no stranger to being an unwelcome guest at the party and ruffling existing shareholder's feathers . No doubt looking to rinse and repeat at CWD and exit with a fat payout
https://www.irishtimes.com/business/technology/eir-selects-ladbrokes-coral-executive-as-new-chairman-1.3138098
He was chief executive of Gala Coral for six years prior to its merger last November with Ladbrokes, a deal that earned him £15 million (€17 million) in shares in the merged business. He agreed to join its merged board as deputy chairman for a period of a year from the merger.
Dermot Desmond
The Ladbrokes-Coral tie-up was strongly opposed by Ladbrokes shareholder Dermot Desmond. Mr Leaver publicly dismissed the Irish tycoon’s criticisms."
A serious beast not many get the better of Dermot Desmond
This company do not give a stuff about staff many of whom were in a 5 year share incentive scheme many loyal staff have lost thousands of £s with no possibility of recovering what was put in, expect Peter Long and his bunch of inefficient board members will no doubt come out a few quid in.
The BODS have gifted control of the company over 50% to Alchemy letting them off the hook to make a formal bid
CWD do not need anything like £90m to keep the wheels on
Not only that paying effectively an up front fee of £8m for basically an unused overdraft facility
Shareholders have been tucked up like a kipper
In answer to an earlier question whether to hold or buy I will probably hold for a while longer to see whether Paterson has the stomach or financial backing for a fight as otherwise the current deal will be absolutely toxic for smaller shareholders like me. Hard to see this above 150p at close with all the negative press as Alchemy appear to be the only winners here having seemingly already received a nod and a wink from the BODS or whomever else is running the show behind the scenes. Baaa!
Yes, and its difficult to imagine Alchemy wanting to share future gains with ordinary shareholders
The main problem is Alchemy are being gifted control . They have already shown a contempt for exiting shareholders with the deal
£8m of fees being milked for a capital raise of £90m!
Classic case of an umbrella being offered when the sun is shining
Post acquistion their interest might not be necessarily fully aligned with existing sharehlders
What will be interesting to see if the departing members of BODS "golden goodbye" packages
They certainly have outflanked Paterson Let's hope he is made of stern stuff and give them a fight
So after this disaster, are you a buyer or a seller of CWD?
What an absolute mess and yet another example of the wool being pulled over the eyes of the smaller share holders and staff who continue to be utterly shafted by whoever is effectively running this train wreck. The BODS have all been next to useless as demonstrated by their complete lack of direction and any forceful input into the running of the business over the last few years as it went down the drain and most of them are now soon to be culled ( good riddance ) should the proposed Alchemy deal proceed with no doubt fat pay offs to all. Sheep the lot of them and that's probably being unkind to our woolly friends.
Diluting shareholders by 66%, criminal !!!
Cheaper to get a payday loan
Countrywide is proposing to raise gross proceeds of £90 million (approximately £82 million after deduction of estimated commissions, fees and expenses) by way of:
Very disappointing that the BODS have not chosen to highlight the stellar progress made since the end of H1 in a determined attempt to shoehorn this shareholder shafting deal through
On the sales front since July .Inventory 20.814 with . 32.616 to incl.recently sold
That makes recent sales then 11,692
Today invent'y stands at 19,900 with 36,366 incl recently sold
16,466 sold. A very healthy increase of 40% which a decent set of BODS would be shouting from the rooftops
Oaktree & Alchemy are major shareholders and Paterson has just over 10%
He has now responded
"Catalist Partners notes Countrywide’s announcement this morning. As one of the Company’s largest shareholders, Catalist strongly opposes this unnecessary, ill-judged and dilutive transaction which, while clearly a very attractive deal for Alchemy, is destructive for shareholders and only serves to fund the continuation of a flawed 'back to basics' business plan.”
The BODS burying all the good news of recent performance in their support of this opportunistic bid by Alchemy
Forever giving shareholders a good kicking
"Since the beginning of 2018, Countrywide has agreed six different amendments to the Current Credit Facilities "
That statement alone highlighting the failure of the BODS to manage
White knight required
Sounds to me a deliberately downbeat RNS keen to foist this deal on shareholders by Alchemy . Hopefully rattle a few cages and spur Robin Paterson into action
No mention of any scores on the door since July when sales have been flying
Sales up nationally by 21% in September and CWD have had a chunk of that pie
The Alchemy deal one final blow at a giveaway price by a set of BODS determined to leave the premises with yet another kick in the teeth for shareholders
Slashed the value of LSH to a fire sale price as a result of their ****up with the Dane
Investors are rarely given much news of progress by the BODS and rarely during the autumn .However we live in interesting times and its incumbent on them to inform us what has been going on especially after receipt of the open letter from Paterson .Many areas going into lockdown again
Time to get the succession organised and out of limboland .
It does seem that they have enjoyed a purple patch and hopefully put some hay in the barn where the next 6 months look to be very challenging indeed although the still stacking up thru to November Be good to find out!
Dixons branches in the W Midlands ,the shelves are being cleared .It's been like the Klondike.Staggering
Sheldon branch just 3 instructions left the oldest listing is October and average sale time is under a week
https://www.zoopla.co.uk/for-sale/branch/dixons-estate-agents-sheldon-birmingham-28271/
Likewise Hodge Hill with just 4 left ,the oldest listing 27th Aug and that is sold STC.Average sales time 4 weeks
https://www.zoopla.co.uk/find-agents/branch/dixons-estate-agents-hodge-hill-birmingham-28276/
Well agreed CWD track record of doing any deals is poor .I guess they will be trying anything to head Paterson off to the hills
What you can't discount of course is a third party on the premises who might have their own ideas about mergers & acquisitions
What is clear is that shareholders at least have the prospect of an exciting future .The shape of which needs to happen sooner rather than later before the current market momentum comes to a grinding halt
CWD track record of selling any part of themselves is pretty poor. LSL wont do this-risk is beyond acceptable. CWD really do need to focus on sorting themselves out and showing staff they are stable and have a future -not diving into an other period of uncertainty.
Acc .to RM today 1 in 7 are selling in a week .Make hay (which CWD has) as that is unsustainable. However in many areas of London 1 in 7 have been on the market 12 months or longer !
https://twitter.com/AnneAshworth/status/1313801919312396289
Should be worth looking in .
Major
I agree with all that savings on staff during lockdown it didnt stop those sales in the sausage machine from going through and completing just some delay. Gratfication deferred
Now taking a month just to book a survey the valuers will be on overtime. Q4 will be mustard
Those properties to include sold has shot up to nearly 37k whilst inventory has remained steady Numbers of completions probably peaking at the end of month
The bankers must be delighted
Whens the Q3 update ?
I think CWD will have done better bottom line being closed and taking advantage of furlough support than if they were open. JMO