Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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One a day, keeps the scrutineers away!
Also, let us not forget, the bod, are shareholders too, a complete sale at the right price is a formality, in terms of a vote. Imo
Don’t want to draw attention so one a day keeps it under the radar f they did 3 or 4 in one day the price would react
I don't understand why it is only one a day. It as if they are working together to aid accumulation.
GLA
This is giving me the impression they are allowing the shorts to close , before any news , manipulation at its best
Acceptance subject to shareholder approval for full sale.
The board can only accept a price if it's ONLY a sale of assets. If the whole company is being sold it has to go to shareholders to vote. Them's the rules.
On Sales of this magnitude, DLA's 1st job is a pre-contract of Exclusitivity.
The buyer, who will already have made a formal offer(subject to contract), which will have been done by the in-house legal team, wants to keep other potential guzumpers, out.
We are way past that stage now, simply because of the time frame.
99%.
If you were one of the big boys, would you want to buy EUA now or when Rhodium is $20,000 or Palladium is $8,000 or nick 500% from current etc?
This is a strategic fight amount the big boys. A sale is certain with world class assets at EUA.
If the offer is too good to miss the bod will accept without needing a vote.
Mike,
You may well be right - I assume if the sale is big enough the buyers will need to get shareholder approval?
tc101
no probs
although the contracts are no doubt exceedingly complex, and an astronomic amount of DD is required on both sides, the house purchase analogy (which we're all familiar with) does help us get to grips with the thing
I think it is more likely that a conditional contract will be in place by the time we see a sale RNS. Contract subject to shareholder approval. Otherwise a buyer could just walk away.
Thanks DE very insightful and thanks for the replies. Truly appreciated!
Stay safe!
tc101
part of Piper's DD will be to make sure the buyer(s) have the readies to pay
I'd like to see a mortgage application for 5B (assuming 75% LTV)...
I just hope it’s a cash buyer and they aren’t in a chain! :-) I shall keep waiting and probably top up for the 5th time!
tc101
I think anyone still can gazump - and it does happen - but I don't know if that means the legals start all over again - I doubt it
but until the contracts are "exchanged" there's nothing binding
Thanks DE - that makes sense. Was hoping that if EUA release the mother of all RNS’ some bidder could ‘gazump’!
Gla.
tc101
good question - it's not the same as a house sale - but if you think about it:
you agree a price
you engage lawyers to agree a contract
you exchange contracts
you complete
this looks to be similar - before we exchange contracts the shareholders have to agree...
The BoD and the buyers will have agreed on the sale price buy now. They’re not going to employ DLA Piper to sift through the nitty gritty if the negotiations aren’t settled as their fees would be racking up indefinitely. Plus to get it finalised DLA need to know what portion of the sale goes to UBS and the BoD members brought in to advise on a sale who are working on a success fee basis.
Otherwise there would be a lot of thumb twiddling by DLA Piper and there bill would be racking up
When an offer is made and the BOD are happy with it, the contract won’t be signed there and then, they will have to wait for investors to approve so it will only be a provisional agreement. Or have I missed something?
One OR possibly 2 separate sales - Plus a JV
- some of the BoD receive no salarary, only receive compensation in the event of a sale
- CITIC (if still involves) only get paid if there’s a sale, been engaged for up to 12 months
- VTB also approaches EUA 12 months ago and were working on a success fee basis.
-UBS working on a success fee basis for at least 4 months
There’s to many industry leading banks interested in a sale of Eurasia or its assets that have been working for too long for this to fall through. So the chance of this happening 98%
How much wages has ubs spent on just trying to doing this deal , there not stupid enough to carry on doing that ,if they thought a deal wasn’t happening. it’s been months not weeks , the figure would be huge imo , they will have to justify it , gla
Honestly, I don't see why they'd be instructing DLA if it wasn't becoming almost a certainty. Wouldn't make much sense. I'd agree with 85-90% because there will always be room for some doubt until the contract is signed, but DLA made the chances of this happening much higher IMHO.
100% or UBS would have flown the nest ages ago.