Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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The problem for SABA is that having frustrated the Crystal Amber Continuation Vote it would be necessary to obtain 75% shareholders agreement to support the passing of a Special Resolution to wind up the company.
SABA only have c25% shareholding so whilst they may frustrate a Special resolution, they cannot guarantee the passing of a Special Resolution!
A SABA tactic is to buy stakes in discounted funds (CA) and cajole management into taking steps to reduce the discount. This can be achieved by the fund making tender offers to buy back shares at NAV or a lesser NAV discount to that currently existing or, inter alia, liquidation of the fund.
CA SP is cĀ£1 and NAV discount is c20% and MC of cĀ£84M
SABA controls c 21M CA shares so a Tender buyback =Ā£30M
Just a thought to speculate upon as Hurricaneās SP evolves to its true value.
We live in interesting times!
'Crystal Amber Fund Limited Letter from Saba Capital Management - 25 June 2021'
'The Sanction Hearing was convened on 21 June 2021 at 2:00 p.m. and concluded on 23 June 2021. Judgment was reserved and was handed down today, 28 June 2021. '
The timing of SABA's news release stinks and the date and timing of the Zacaroli decision not to sanction the scammers plan are deliberate and coordinated. The timing of SABA's intervention is not coincidental.
Someone's playing silly games and Bernstein knows it. He's not come this far to allow SABA to muddy the waters.
SABA's actions are destructive, malicious and designed to harm the company and its shareholders. Scummy fecking reprobates
The action of Saba in frustrating the Continuation Vote requires the Directors to formulate proposals, covering the three options, that would be available to shareholders.
One option is to wind-up the Company. This would require the sale of their investments in other companies. In theory, this would produce cash in excess of the current market capitalisation of Crystal Amber ā the Net Asset Value being at a discount to the market value of the constituent invested companies.
The other two options are to REORGANISE or RECONSTRUCT Crystal Amber!
These are the options of interest ā and could explain the increased investment in Hurricane by both CA and ANO, as a future TR-1 might reveal!
Clearly Hurricane is much more valuable than the current market cap indicates and the nugatory efforts, by BB contributors, to persuade otherwise are indicative that this is the case.
We live in interesting times!
Saba have been buying since February this year. CA's recent Hurricane purchases have come after the liquidation clause invocation by Saba. See CA's RNS's. As for the court saga, I don't think anything nefarious took place, I just think it was bungled and the company's immediate liquidity didn't presage a technical default, though that may well happen next year. The question for you is what happens if CA is wound up later this year, as is suggested by CA's recent RNS.
CA was buying HUR long long before Saba came along, however, on the basis of your story here, I can then assume that CA also paid a high ranking British Judge to dismiss the Ex-BoD proposed restructuring scam for which the Ex-HUR BoD was prepared to spend/waist $17M so that they can then subsequently increase their HUR stake to 25%+, and maybe even the Ex-HUR BoD, CA, and the yet unknown āad hoc group of bondholdersā are all in it together, it could be a good story for a new James Bond movie maybe?
Pretty clear to me that CA are buying Hurricane stock in order to create a poison pill for Saba Capital. Saba have 20%+ of CA and have invoked a wind-up clause for the EGM later this year. Saba have shorts in CA's other holdings eg De La Rue and Allied Minds. However shorting Hurricane isn't easy for a US hedge fund. Given Hurricane is a potential illiquid risk of going to zero, by buying more Hurricane CA is attempting to ward off Saba and get them to give up their wind up attempt (which is a risk arb trade as CA trades at a 20-30% discount to NAV). So unless CA put in a bid for all Hurricane shares outstanding (seems unlikely) this looks like a poison pill defence which either works (Saba goes away) but them CA doesn't need all that Hurricane stock, or fails, in which case CA will be wound up and the Hurricane shares will be fire sold later this year. On that basis to own it you really need to believe at a minimum Saba get cold feet (neutral) or CA go for the jugular and bid for the whole company if they hit 30%. I'm not sure CA's shareholders will allow them to do that however, and it would represent over 50% of CA's NAV. In terms of Hurricane's own prospects, I recommend brevarthanresearch(dot)substack(dot)com pieces on Hurricane.