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Well I think we can safely say 18,50 is our new bottom !
I guess the trouble is - if the SP moves too close to the 19's holders will start cashing in.
Yes, I see Investec buying large numbers of shares and reselling them, but there is no RNS for the subsequent buyer. Investec aren't keeping them for Geo but may passing them to another middleman ???? and wheres the buyers RNS? Can anyone explain whats happening? Please.
Investec form 8.3s seem to indicate they have been tasked to buy up shares from the open market and sell them on at a profit of 0.01p per share to very likely GEO. Over the last week or so they have scooped up about 25m shares this way, presumably from investors cashing in.
Unless a counter bid emerges in the next few days the only reason to stay will be the 3% premium for the final sale price versus the current open market.
Maybe its appropriate to go out as a damp squib rather than a big bang.
An approach to the takeover panel sounds like a good idea. Someone on advfn also suggested approaching the Nomad.
I would like to see what other offers came in. Don't need to know the company names but would like to see rejected offers. Otherwise how can we make a decision. I would say 'no' to this current bid but would happily consider other bids for bigger overall package that is part shares.
gettingpoorer
You are, of course, entitled to your opinion and I apologise if my comment caused distress. I suppose, in the present febrile atmosphere I am deeply suspicious of posts on BBs that appear to undermine the battle ahead, that some of us are prepared to join (if there is to be one!).
If my decsion was to cash in my chips, I would simply get on with it and dispose of my holding without further public comment - but that's just my way, and I should, perhaps, be more accommodating of others' ways. Peace!
It’s so disappointing that we are not allowed to know the details of this process. Also whilst this has happened and even now a formal bid is accepted, we have no operational update whatsoever.
It is so convenient for the BoD who have all this knowledge when we are meant to be the important people ...... the shareholders.
ML - I guess none of us are sure of the way forward but we must be bold or simply grin and bear it.
One area that has not been considered and will cost nothing is to approach the Takeover panel with a formal complaint.
Hope. *
Thought about fighting this but let's be honest these arse holes can't deliver on anything. 5 years I've been in here, should of sold out earlier. The whole situation leaves a sour taste on missed opportunities elsewhere. Giles Clark has failed to deliver, JW has failed to deliver whole collecting free shares year in year out. The offer is trash, leaves me with a small profit, lessons will be learned. See if anything happens this week, who knows,maybe there is another offer brewing. Let's home. Gla
Cheers Baxi , I am moving on after next week as I said last week , if no other offers . You can keep on chasing nothing yourself and banging your head on the brick wall. I wish you luck .
Oh and why am I wasting keyboard time?
Have I not got the same right as you to give my opinion?
Afternoon all
Just spend some time going through all the emails and checking for errors etc.
Totals are not as good as I previously indicated due to double count prob by
myself whilst under the influence of Stella!
I have had some 145 pledges of support, giving a grand total of 75,000,000 shares
just under 6% I think!
I am not sure of the way forward from here, I was hoping by now the ‘NO’ decision would have been removed by a white night coming forward. We have had pledges of financial support if we take it legal but that could/would involve heavy costs on our part and the bod would fight it using company funds as is their right.
Also exactly what would we be challenging? So far all they have done is ‘recommended’ an offer, just because we disagree with that offer doesn’t make it illegal.
I see there are reports of unrest and curfew’s in Colombia as well, not good for inviting top dollar bids at the moment!
75Million is still a good chunk of support but is it enough to stop a sale?
Any Institutions out there that have similar views?
Then just move on gettingpoorer and save your keyboard time
Then leave the rest of us it.
Why do people suggest the PI has been shafted when we are only holding some of the shares? Surely everyone has been shafted except the buyer.
I agree it's time to move on.
Mathurin
Totally disagree.
In a nutshell, the PIs are being stiffed!
The net asset value of Amerisur roughly comes to the neighbourhood of US$670 million. By paying US$315 million, GeoPark gains the control of assets at an implied discount of over 50%.
And when you strip out the $60m cash balance, the offer is actually worth 16p a share !!!
Certainly GC and NH must go (particularly after strongly recommending 'no action' from PIs whilst they negotiated a sell out) - but JW could surely be induced to remain to develop what still, fundamentally remains a very sound company with outstanding protential. Why ever would you move on from that? IIs please take note!
Assuming that 19.2 was the only cash bid would we have preferred for the offer to be refused and we flounder for the next five years under Amer ageing management. If you study many Aim boards you will see distrust of management. In our present case I believe we are better off just moving on.
Looking for reasons why we've had the low bid. Good to bad...
a) other bidders needed time to resolve issues. BoD couldn't wait on conditional bids and therefore accepted lowest acceptable available - fully expecting counter bids.
b) seismic results in Putamayo poor so these blocks not valued as thought.
c) no one interested in Colombia blocks. Lack of demand - hence low price.
d) BoD and advisers are useless and can't negotiate their way out of a paper bag (only getting 13% above initial offer - worse than my grandma could get).
e) BoD want to punish ONGC for their behaviour so leading them on knowing full well will eventually go to another higher bid.
f) BoD / major holders need cash to take advantage of ops with Ironveld (clear conflict of interest/corruption here)
g) BoD horribly corrupt and is inside job with some kickback that is not immediately obvious.
Any others....?
Hi KK, a point I made earlier and a point well worth repeating! 05/11/19 sp 19.5 whilst bod's 'recommendation' was still in place. Just 10 days prior to the 19.2 offer and acceptance!!! The advice was at best misleading or incompetent or worse??? What were the board valuing the company at to advise this action, or lack of action?, and what changed in a matter of days that convinced them that they had got this totally wrong? They need to explain or I can only conclude they at best misled shareholders or worse conned them!!!
The day BEFORE release of the RNS strongly advising shareholders to take no action IN RESPECT OF THEIR SHARES, as the offer was significantly undervalued, we could have sold at just short of 18p. On the day of RNS we could have sold for 19.32p. On the following two trading days we could have taken between 19.88 and 19.9. Therefore, at the board's best we have been advised to hang on for a 'significant' 1.1 p. At the worst, hang on for a loss 'until completion of FSP.' Can they justify walking away from this disaster by claiming that the market has nothing to do with them, when they have instructed 'shareholders' to hold onto their' shares' until completion of the FSP. Even if this action is legal, it is morally indefensible.
From the recommended offer RNS "although GeoPark Colombia reserves the right to effect the Transaction by way of a Takeover Offer with the consent of the Panel (where necessary) and in accordance with the Cooperation Agreement"
So if they don't get 75% then they'll revert to a standard takeover which requires 50%.
Everyone is free to sell whenever they see fit , it's not compulsory on a BB post. Just my opinion anyway , I could be way off the mark which wouldn't be unusual for me.
The BoD have no justification at all for accepting a bid that “seriously undervalues” this profitable business. Do they think they are no longer capable of running this business to make it a screaming success. Makes no sense at all unless JW has been offered a lucrative role within GeoPark.
Come clean BoD and explain this extraordinary outcome.
Don’t tell me to sell. I am not being offered the price.
Thanks for all you are doing and I have voted no with 103000 shares. I have been on holiday but I am amazed of the legality. They turned down M and P offer of cash and shares 17p as totally undervaluing the firm yet in the time we have been open to the FSP and final offer the money we have generated surely must be equivalent to the extra 2.2p offered at 19.2p so we are effectively getting a worse deal than what Mand P offered at the time. Legally struggle to see how they can sell it at that. Are we certain the cash is going to Geopark or will that be a dividend to the holders as that is worth 4 to 5p surely and do we require clarification on this. As potentially that could give us 24p ish if cash is paid as divi on top of 19.2p. curious?
To see if there is another offer then goodnight Arlene to this shower of sh*te.
Forget the PI fightback , it's a total waste of time and energy without big backers.
If there is no discontent next week from the II's , just move on and feel very aggrieved at being shafted by the rich spivs , as per f'kin usual.
Harsh but i'm afraid reality bites.
Just look at the massive corporate scandals that have been carried out and got away with over the years, some illegally , and then ask yourself is it worth the effort and worry for probably nothing.
You may as well bang your head like a cuckoo 's beak on a tree.
Have a great weekend guys but just face reality next week , no counter offer just move on.
Moneylender, we are all grateful for your lead on collecting votes and doubly so at a difficult time for you. Once you have the tally may be we can all come to some agreement as to a way forward.
As a starter, we might inform the Board of the strength of discontent - the likely number voting against - and ask for a full explanation of their actions. That would be simple and cost nothing.