Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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i) the Company’s volume weighted average ordinary share price rises above 479.4p for a period of one month during the period commencing on 22 March 2013 and ending on 22 March 2021;
Focus less on the definition of VWAP and more on the “ for a period of one month”.
Twenty days to go.
I agree on there almost certainly not being enough time for an offer to be declared unconditional.
It looks like I've been reading the average share price test wrong. I was reading it as satisfied if the volume-weighted average share price over the period 23rd Feb to 22nd Mar was above the threshold (i.e. the averaging period is 1 month). But looking up VWAP on investopoedia it suggests the averaging period is 1 day, so that each day a VWAP is calculated. For the test to be met, that daily VWAP would have to exceed the threshold for a (continuous period of 1) month. If that's the case, you're right , we already know that test can no longer be met.
1GW_, many thanks for your post, thanks also for duplicating to ADVFN. While I take your point concerning the reluctance of the board to confirm acquisition interest prior to 22nd March, my take on point (i) of note 23 (Share Capital) is that this condition does not now apply as we are less than one month from 22nd March. So even if the vwoasp were to rise to 480 pence in the short term there is not enough time left for the condition to apply. Am I correct in believing this ? As regards point (ii) of the same note, surely there is again simply not enough time for an offer to be declared unconditional should one be made ?
I've put this post an advf n as well, since I see you're also over there skindle and there are some other contributors as well. I generally post over there on my holdings because it's much easier to search for earlier posts that might be relevant, but I have posted over here on Studio/Findel and 1 or 2 other shares just because there was no real debate over on advf n.
Can we expect to wait until 22nd March then before (positive) news on the strategic process?
Given the average for the convertible test is volume-weighted and given the current very low volume, any sudden spike on volume would skew the average very much towards the high volume days. So if for example they announced they had companies who had tabled indicative offers and they were now going forward to seek binding offers in a final round, the price could spike on heavy volume. While it might seem unlikely it would spike as high as 480p, they might want to manage the process so that that risk was removed by delaying any announcement until 22nd March.