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.....is that the deal does not go through, there is no improved offer and the share price drops to its pre offer level or below. That's probably why the shares haven't gone higher.
I've received the same three options via HL.
Presumably, hold and do nothing means a rejection. If it was the case that only those in attendance count towards the final score, they would have to provide a reject option so we each could reject by proxy.
This is a positive. Struggling to see how he gets his 75% when the apathetic's votes are automatic rejections.
Large number of big buys after hours.
Apologies - the response is from the independent directors, not the whole board
I've not seen anything from my broker yet but personally I'm holding and following the boards response I believe (and hope) that is the correct decision for now.
Interesting choice of words also...'materially'...the board and institutions aren't looking for 50p higher here....they see the value here is north of 5 quid.
hats off to the board here....good to know that this isn't some stitch up. Would love to be fly on wall with company's call to slater - the son of jim slater who wrote the Zulu Principle. He would have told them where to stick it...and clearly others did also.
Very good news and I'm buying back in today.
Felicitations to KAPE's independent directors, who have now correctly concluded:
"the Offer materially undervalues Kape and its future prospects"
Over to Unikmind et al to produce a much weightier offer?
I’ve received paperwork from HL offering a vote to accept current offer in £ or $ or Hold. I assume based on the mood-music of this BB and the fact buys are still going through that Hold is the best route forward in expectation of a better offer being made shortly? Would appreciate fellow investors’ advice
Manipulation of sp at its worst.
Haha I like your style!!!!! Very true!!!!
If the board and Sagi thinks the 285p offer is fair, then the other (non-Sagi) shareholders should be allowed the chance to buy out Sagi for 285p and he should be happy with that.
Shocking how the board didn’t release news of the initial approach - and no update since! Talk about disorderly and false markets! They must release an update this week
My online calculator suggests the sterling value of the offer is now £2.84, so about 8p short of the current price. I really don't know what will happen but am prepared to take the risk of losing 8p a share in the hope that we will be offered over £3 once the Board has given their assessment.
There's a little more to come:-)
Why no comment from the board??!
Got official offer through on ii for 3.44 USD per share.
When are we going to hear from the board?! Radio silence. Suspect they are eeking out 310p a share for a bull**** ‘recommend’ takeover. End game this week IMO
https://masterinvestor.co.uk/equities/small-cap-catch-up-cyber-security-bricks-shipbroking-and-debts/
"Kape Technologies (LON:KAPE) – Teddy The Price Is Not Cuddly Enough
What do you do when a company, in which you control 54.8% of the equity, is not being afforded a realistic market rating?
That must have been a quandary facing Teddy Sagi, the Israeli-Cypriot multi-billionaire financier whose cyber security software services group Kape Technologies was suffering such a low valuation.
So last December, when its shares were trading at only 225p, he approached the group’s Board with a 265p a share cash bid for the 45.2% that his Isle of Man-based Unikmind investment company did not already own.
The approach was rebuffed.
In a statement to The Financial Times Sagi commented:
“Having weighed the pros and cons of a public listing under the current macro uncertainties and thin stock market trading as well as new growth avenues, we are firm in our view that Kape’s next chapter in its corporate journey should be within the private arena.”
On Monday of this week Sagi, who also owns Camden Market in North London, came back with his offer to the Board, after he was enabled to do so following restrictions being lifted.
Again, the offer has been rejected by the Board, who advise shareholders to await their next comments.
Immediately it became public knowledge, the shares lifted in price to touch 295p before resting 35p higher on the day at 292p.
The dealing volume in the shares was nearly 100 times greater than the daily average, with some 31.8m traded on Monday.
Last night they closed at 292.5p on the back of some 3m shares being traded.
Such a cash offer may not succeed, however what Sagi has now given the market is a very clear marker of the price that he is more than willing to pay for this cracking technology services group’s shares.
Hold very tight and remember that just fifteen months ago they were up to 455p – although it may take a long time before my 2021 Target Price of 600p is achieved.
I would guess that when he is able to, Sagi will dip into the market and soak up more shares.
No doubt he will table a proposal to shareholders that the group is taken private, but he will need at least another 21% of the group’s equity under his belt to secure such a voting victory.
Come on Teddy give shareholders a good cuddle with a better price than 285p for their shares – you know that you can afford it and you also know that the shares are worth well over 400p at least.
That does not mean that another bid would need to be around that price, but 325p a share feels a great deal more attractive."
If the three largest institutional shareholders which together hold c20% of the shares were to come out and say “this offer materially undervalues the company’s prospects and we will not support it” then that would put the Board in a difficult place - if they were indeed planning to let Sagi get away with this in order to keep themselves on the gravy train. They have a duty to ALL shareholders. They would have to explain why their version of the future differs from the institutions’ views. They also have to explain what’s happening with the 265p monies - let’s recall we all expected these to fund meaningful, earnings-accretive acquisitions that would further enhance prospects. I expect the Board has already taken soundings and we can expect a response imminently.
I think you're right, management knows if they want to stay with the business post-highway-robbery they have to keep on the right side of Sagi.
If I were management I would have been embarrassed to present to shareholders an offer of 285p and would not have mentioned that, before I had used my amazing negotiating skills, it was 265p. I would simply have resigned and at least retained my integrity.
But unfortunately most people are cowards and value money and their own comfort above integrity.
" 'we recommend that you do not accept the offer' would be nice."
--------------------
Yes, that stinks to hell that it's not been forthcoming.
Wouldn't be surprised to learn he's done a deal with the management promising them no loss of income/remuneration under the guise of:
I'll need a management team to continue running the company for me. Oppose me and you can close the door after collecting your hat and coat. Support me and you won't lose out financially.
They've put nil effort into negotiating a better settlement for holders.
Probably sheer coincidence but from the first RNS announcing a bid for the company had been received - to the second RNS coming out stating:
We've accepted it (without negotiaton) - was all of 15 minutes apart from start to finish.
Stinks to heaven by not negotiating for better terms. Maybe they didn't want to put their head on the line, especially as the bidder gets himself involved in real-life assassination attempts.
- What undesirable company is he mixing with?
The stubborn and stable market price unfortunately suggests that the market is not expecting a higher offer, which is a shame. Whatever the Board says next may of course have an impact on the share price.......'we recommend that you do not accept the offer' would be nice.
On the trading update, hmm not sure we'll get one now given the last one less than a month ago along with notice of results for 21st March. That update did say though that 'Kape is now in an enhanced position to accelerate our ambitious strategy' thus lets see that deliver value in stead of the current offer. Cheers.
Still annoyed, I anticipate the Board are seeking views from the other main holders, and I expect those new and existing institutional investors welcomed at the fundraise last year will not be satisfied with this 7.7% 'premium' on their 265p invested, particularly when they understand that the first offer was just 265p and thus no premium at all. They took the effort on diligence then and invested substantial sums, as we all do in relative terms, and will expect more than that. In particular they'll want to know how current trading is going and that the 'accelerated growth strategy' sold with the fundraise is on track, that's why they invested. It's a bit complicated though with one large holder who is the bidder here, from his point of view if he can get Kape for 285p given the low market valuation then why not, and up to the other holders to resist and seek a better exit if this is where its going, or indeed delivery of this 'accelerated growth strategy'. I wonder if the Board will issue a robust trading update in the next few days in our defence here.