Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Eric - they gave potential bidders their marching orders and delivered a poor deal - surely unforgivable.
- Mislead potential investors and shareholders on what were reasonable expectations, the review process should surely warrant a report and recommendations, why no continue options? - IMO because we are accommodating Michinoko and a few others.
- They left the company vulnerable in the first place by failing miserably operationally
- They were allegedly self-serving and greedy - well documented feud with Rex H on this trashed the SP.
- They failed to use the money they raised for boosting performance to boost performance - it's still sitting in the bank.
- They never appeared try to change a failing strategy over many years and constantly promised and failed in their own low-bar targets
- No evidence of them pressuring ONGC to drill the promised wells in CPO-5, I recognised this and advocated this weeks ago and suggested they even if necessary go into dispute - the Indian government once aware of this would have roasted the ONGC BoD - slow progress is a hot topic in India. Our BoD appear to have stopped trying and not kept us updated. According to last updates we're still drilling up to 6 wells this year.
IMO we have multiply reasons to be angry, it is an awful kick in the teeth to accommodate a small proportion of shareholders, why did the BoD never accept any responsibility for failings and allow a can-do boss to take control and not one of them has had the honour to fall on their sword and resign at any stage.
Can't see any news next week, let the holders sweat and hopefully sell out as lack of activity - but the week after should get interesting, If nothing happens then, maybe we have been stitched up.
Apart from pi55ing every single investor off (maybe not all) what have they done wrong in this process?
Is it that we value it higher than anyone else?
This will end up in court !!!
Thanks Yorkshire and Dave will contact my broker and request a voting form.
Disgrace / deception the BODs
Have we heard from him?
Be interested to hear his views given what has unraveled. And his commitment to this being a such value
A disgrace - such deception
This is the exact reason I don’t post much on the boards.. I am a holder and stated I cannot see an offer of much over the low 20’s and completely got shot down with 30p valuations etc. I honestly feel for you guys but listen to the market and other opinions. Let’s hope there is another offer but at the most it’ll be 10/15% more
That would be a great Christmas present as would a hit squad taking a pop at the BOD
Thanks for all the responses so far. I’m sure there’ll be many others who won’t be on the bulletin boards and some Institutionals who will vote down this deal.
Please do contact your broker when the papers come through and please vote! I’ve found it to be pretty easy before.
Best wishes, all
(PS, as other have mentioned, maybe a counter-bid arrives next week and we avoid a vote for now, but I’m not holding my breath.)
Yea, well maybe. However we don’t have to vote down the deal, another party has to make an offer before that vote and the institutions who have the large shareholdings will do that for us. (OK, for the avoidance of doubt, we might still have to vote but I suspect that vote wouldn’t go ahead because it would be doomed to fail). In the absence of any counter bid, if the SoA is not voted through then I would expect the companies to go down the agreed takeover route (as mentioned in the RNS where the hurdle would be 50% of all shares). The longer timetable might encourage another bidder to appear but I would have thought they would have had sufficient time to have decided to do so before the SoA vote.
I have just consulted the oracle and there will be an offer above 30p per share.
We only need to vote down this deal and wait.
If we remove cash and OBA value it appears geopark have picked up our onshore 2p reserves rather cheap. On top of this no upside for CPO5 which seems a given has been reflected in the offer accepted. The BOD have protected their options and own backsides here at the cost of shareholders. Rinse repeat - welcome to AIM
Thank you Yorkshire life
I am with Charles Stanley too and back in July they took my shares in their "pool" rather than letting me continue to have a Crest account for free. I assume they anticipated that the company will be having to vote on one offer and possibly want most of PI not to vote on the offer. I will send them an email to make sure I receive the voting form.
I have just over 1 million - I'm up for a fight, if there's one going!
Ade,
You just need to contact your broker by email who will issue you with a voting form... same with HL and II and other brokers. Standard procedure.
I have now read the RHS . So I understand . but are the voting rights mine or Charles Stanley's.
Waiting till the end, Average 14.5p holding 1,200,000 i’m hoping for more bids to come in and a better offer Let’s see.
Will we have a vote?
If so. What do I do . So I can vote I bought my shares on line though Charles Stanley. . Also when will this vote happen?
Could someone let me know
I am also "hoping" we get a further offer - since surely it is not in any immediate competitor's best interests for this to be bought out on the cheap... even if they don't really want it for themselves?
TBH, we may have been in a far better position to negotiate a better deal had the BOD not downed tools and failed to complete on 99% of their drill program during this "supposedly" transformational year!
Truly pathetic - if the deal goes through as is IMHO
DavidWK - your shares carry more weight than you realise and the many PI's like you can focus minds and perhaps encourage an activist investor or competitive bidder.
The BoD will have to muster 540,000 votes to counter yours, and there are some PI's with millions and perhaps hundreds like you.
I spoke to the finance director of a big company a few years ago when they were going through financial turmoil, SP collapsing and was advised that as well as the headline shareholders there were a large number of shareholding institutions with non-disclosable % holdings who were very significant as a group. Lets not forget the big shareholders do not own this company, nor do the BoD, we all do.
On the assumption that the BoD used their own money to purchase the shares, even they know the deal is carp. This is just the next stage in the FSP.
Of course there is the possibility that there is some great fraud and Wardle didn't use his own money
James Park, chief executive of GeoPark, added: "A consistent pillar of GeoPark's long term value proposition has been and will continue to be inorganic growth, including M&A and block acquisitions.
"We congratulate the Amerisur team for building a strong growing business which represents an excellent technical, economic and strategic fit with GeoPark's risk-balanced portfolio of cashflow-generating assets with significant upside potential across Latin America."
Amerisur Resources is being advised by an Ashurst team led corporate partner Tom Mercer and assisted by senior associate Maria McAlister and associate Kiara De Silva, as well as head of incentives Nicholas Stretch and senior associate Rebecca Servian.
Tom Mercer
PARTNER
LONDON
+44 20 7859 2988
tom.mercer@ashurst.com
Not sure how good this law firm is but they have a massive amount of people across the World.
Thank you. I only have 180,000 but me too hope the little ones will make a difference.
Hi
If you want you want to voice your opinion then do as I will do and vote NO to the deal!