Adrian Hargrave, CEO of SEEEN, explains how the Company is now funded through to profitability. Watch the video here.
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bcn shares in issue… 384,144,901… (100%)…
ganfeng’s holdings… 110,933,697… (28.88%)…
valid acceptances since 11nov… 3,660,391… (0.95%)…
total valid acceptances… 172,931,513… (45.02%)…
total… 283,865,210… (73.90%)…
One last question before I fade into well deserved obscurity (to audible signs of relief).
What does anyone think will happen to the ZNWD SP now that overnight they have had their shareholder base suddenly changed to significantly small PIs?
but not yet resumed… so still no day 60… instead… the offer will remain open for acceptance until further notice…
Another reminder or request asking for those remaining shareholders to accept, so looks like another chance to vote yes?
so this section is interesting
4 Cancellation of admission to trading of Bacanora Shares on AIM and re-registration as a private limited company
Bacanora Shareholders are reminded that, as stated in the Offer Document, now that the Offer has become unconditional, if Ganfeng receives acceptances under the Offer in respect of, and/or otherwise acquires 75 per cent. or more of the voting rights carried by the Bacanora Shares (including the Bacanora Shares it already owns), Ganfeng intends to procure that Bacanora makes applications to cancel the admission of the Bacanora Shares to trading on AIM and to re-register Bacanora as a private limited company under the relevant provisions of the Companies Act. Ganfeng will procure that Bacanora makes a regulatory announcement when the necessary 75 per cent. threshold has been reached confirming the anticipated date of cancellation.
does this mean that ganfeng can now go into the market and procure the 1.1% of shares it needs to have 75%?, otherwise, you're in an open ended cycle awaiting for existing shareholders to take up acceptance of the offer...
i must be missing something here....
l
50% is the acceptance condition…
Agreed John, been fun whilst it lasted but is what it is. I am also glad this is over and won’t touch anything under secker reign again. Good luck to everyone and merry Xmas!
thought they needed 75%?
rns says 73.9%....
so, surely all still in the air isnt it?
l
As suspected. Sorry for anyone who has lost money here, disappointing but I can't help but feel glad this is over now as its dragged on too long.
Good luck to all the people I have met through this board, and Happy Christmas
I would expect an early one on Friday rather than a late one on Thursday. But it will be interesting to see what happens with the BCN and ZNWD share prices on 12/16, before the Commission meets.
Good spot Bob. Mexico are several hours behind the (there are several time zones so not sure which to take though I notice Mexico City is, I think, 6 hours behind the UK). Maybe expect a late RNS as usual!
I asked my broker why the change in ticker name, this was the reply: "The company announced to the London Stock Exchange in October that although the offer is still open, the timetable is suspended (i.e. when you'll get paid) pending Mexican anti-Trust Clearance. BCNA is just what's known as an "assented line" of stock, i.e. we move the holding off the original code onto a temporary one pending receipt of the out-turn. Otherwise customers sometimes forget they've accepted the offer and try to sell the stock."
?From what I have seen on other cases in previous weeks, they approve the day it is on the agenda. I don't think they have much choice here, because their calendar for 2021 shows that their office will be closed for the next two weeks. If they didn't expect to make a decision this year, they could have delayed it until January.
?
do they generally decide on the day… would be good timing if they do… t-15days…
Good work @Bob. Let's see
They invariably vote to approve.
Asunto: CONCENTRACIÓN.
Expediente: CNT-097-2021
Agentes: GANFENG INTERNATIONAL TRADING (SHANGHAI) LIMITED Y BACANORA LITHIUM PLC.
Fecha de Publicación: 14 DE DICIEMBRE DE 2021.
https://www.cofece.mx/conocenos/pleno/asuntos-por-resolver/
Thanks JoeNinety.
Ganfeng or my broker should keep investors notified but dont.
Is it not simply that by accepting the offer you have entered into a contract with Ganfeng to sell them your shares if the deal goes through (i.e. if the 75% target acceptance is reached). As you have agreed to this arrangement, you cannot now be allowed to deal in the shares as that would be a breach of contract and would greatly complicate the process. Neither Gangfeng nor BCN would know where they were. Presumably you'll get the money if and when the 75% is reached. If it isn't reached, your shares will be released back to you.
I could be wrong about this though.
I hope the Mexicans stop the sale. Way under valued.
SteveY1 Thank you for your reply. I was confused on two fronts:
1. Why it was sent to me yesterday. (I await broker reply)
2. Why it said 'part not satisfied' (i.e. new language)
Your answer helps with second part.
ATB
queerBongo
Hi queerBongo- Thats as per Ganfengs latest acceptance RNS on 6/12/21 where they said--
As noted in Ganfeng's announcement dated 22 October 2021, the timetable for the Offer is currently suspended pursuant to Rule 31.4 of the Code, as a result of the Mexican Antitrust Clearance Condition to the Offer not having yet been satisfied or waived prior to the second day prior to Day 39 of the Offer (the "Timetable Suspension").
So Ganfeng will be in talks with the Mexican authorities, who will want assurances re scale of their plans, local jobs, better tax and royalty terms than BCN had and possibly benefaction inside Mexico rather than just shipping the lithium out in bulk to China. This could take months but it is likely to get approved in both sides are realistic about the project, which I believe they are. I hope that helps.
Hello bulletin board: investors, traders, trolls and spies. I've received this message in my trading account yesterday 14th December. Given the lack of discussion and SP movement I'm assuming it's not news. However the mention of 'part' of the MACC is distinct to the original RNS notice from Oct. I've been looking through the threads and RNS to confirm/make sense. Anyone else had this? Any thoughts on what it means? 'We wish to inform you that the company GANGFENG INTERNATIONAL TRADING (SHANGHAI) LTD announces that the approval from part of the Mexican Antitrust Authorities (the Mexican Antitrust Clearance Condition) was not satisfied. The offering term will remain open until the conditions are met.'
Surely you'd sell for financial reasons. You wont get money more quickly by accepting, in fact the opposite as shares then go into escrow and slam doors if anything
Totally agree with you there Jam. It makes no sense to accept at the moment unless you really have to for financial reasons.
Agree jam.
With the ho! ho! ho! season upon us its hard to see approval happening this side of the new year. Then there will be inevitable delays till payout.
This has been grinding on since may. Totally wretched.