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More importantly, what happens to their options? http://www.lse.co.uk/share-regulatory-news.asp?shareprice=AFE&ArticleCode=kt8q25pb&ArticleHeadline=African_Eagle_Resources_PLC_Grant_of_Options
Mean't to say, please correct me if I've got this wrong.
As I read it: 90% of AFE is owned by Blackdown Resources (UK) Limited, a subsidiary of Cienega S.a.r.l. ("Cienega"), which, as previously disclosed, is ultimately owned by Nick Clarke and his family trusts. After todays announcement, NC will hold a further 26.18% of the remaining 10% of AFE. The three share holders may have sold knowing that there was no further progress/funding without NC's approval. In other words, a stalemate for them. The SP increase after the announcement was down to speculators. In essence, the only new money today is from the speculators. NC could if he wished, hold his position, do nothing and watch the SP fall and/or get diluted until a future TO price suits him. Alternatively, if NC has a deal in the offing, take the remaining few % of shares and make a formal offer for the company. The power lies with our existing II's I think and what price will they sell out?
I know that 30% is the level that a takeover offer has to be made, but shareholders can turn this down. I don't know what the level is that a takeover can be forced through. What I am curious to know is why the three shareholders sold their 26% combined holding to NC for only 0.225p per share. Why did they not think that if NC is prepared to buy them out it is because he is onto something big and thereby demand more money for their shares or not sell? And if they were prepared to sell for 0.225p per share, why not sell months ago? I think a 5p takeover is very ambitious from where we are now. There would have to be a game changing RNS for the share price to get to that level. Something along the lines of there being a funding partner who will help ensure the BFS is completed and a resource update.
I think its 30% and then he has to make a formal offer. That means that he's only a few % off right now. The question is, how much will NC offer to take his holding to 50%+ and take over AFE lock, stock and barrel? 5p???
I agree we are not at the takeover stage yet. Given how much NC is putting into AFE, I would guess he has big plans and is reasonably confident of realising these. I am sure many PI's will be encouraged by today's news, but if NC continues to buy shares as time goes on and the share price rises, more and more PI's will sell and I believe at some stage, if he gets to a certain percentage of ownership (I can't remember what), he can force a takeover, regardless of PI's wishes.
How are you mate? I haven't seen you around in ages with your TDWaterhouse helpful videos etc. Leak? lol
2p still far away
Load up at these prices, "Mr Clarke purchased substantially all of the African Eagle subsidiaries', assets and liabilities in August 2013." NC has bought all AFE's assets on the cheap. Kola Karim is a massive player in Africa. He's not coming on board to get AFE to 1p that's for sure.
With NC's new holding, its down to the existing II's to determine what price they are willing to sell their shares for. TO very likely but IMHO, not quite ready yet.
So basically we should all buy more?
Director transfer in RNs?
delayed sells
Something bubbling here..
http://sharedealing.nandp.co.uk/broker-views/AFE/African-Eagle-Resources-news
Another one just out
ALERT! BIG HITTER ON BOARD. http://www.theafricareport.com/Kola-Karim.html
Agree. As soon as I heard Nick Clarke was involved I suspected that this was part of a takeover plan by him.
Anyone want to guess?
IMHO, ripe for TO by NC and his gang.
Only £3.27M.
Doubt it even with new blood on the board. Not much hope of break even what with the 1:10 consolidation would have to go to that for me to break even. not worth selling, rather hang in and see how much I can pull back
Last chance to buy / top-up before this propels to 1p?
will AFE see 10p+ again. crazy selling now.
Sp been depressed for many moons, will rise more..