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bullies… where you getting these numbers from… bcn were already fully funded… ganfeng need to fund their half of the project…
I received notice by my Brokers that the ZNWD shares allocated to me will be credited to my nominee account by the end of the day 22/12/2021 & thus I may sell them if wish as from tomorrow. Certainly, I won't be selling.
Indeed it mentions a cash call at point 3) but it doesn't indicate that you as the owner of the operating company could be asked for your 'portion' of the cost as a contribution.....
Doesn't bother me too much if KDNC are issued with a cash call ..... Ironically we'll still be on AIM & will continue to have access to funding/finance via a KDNC company raise/loan etc whereas you might be required to dig into savings/take out a personal loan etc or accept what they offer for your shares 67.5p per from what's been published so far ....
Bannor,
If you bothered to read the email, you'd notice point 3 mentions the risk of a cash call.
Ironically, you're investing in KDNC who themselves could face an inflated cash call?
i suppose you may be right Sultan because I don't have it it front of me.
But I doubt anyone could be forced to give away their rights via a contract like that, especially in respects of a takeover or other very significant corporate actions.
I am pretty sure that the terms & conditions of 212 say you waive all rights to vote on any holdings, and they will action their entire bank of allocations voting positions as they deem fit.
Thanks John. I have asked them to accept now so I'll see what they say
Irrelevant to me as I sold & bought KDNC instead a while back (soz & all that) but the other 'concern' I would have if holding out (& I've got this mess worked out correctly) would be 'what if' GFL suddenly announced they were proceeding with immediate effect at a cost of $400M GFL would likely fund their then (between 75% & 90%) are you (as the holders of between 10% & 25%) of the operating company ready willing & able to fund your corresponding % of that $400M cost .... or are you expecting GFL to sort it & just handover a % of the margins which could be ..... ??**??
Just a bystander now but interested to know thoughts....
sjb
If you want 67.5p and ZNWD shares you need to forxe T212 to accept on your behalf. The default is not accept.
jam, thanks for the reply. It always looked like a highly unusual arrangement and not one suitable for a plc.
Anyone else have any BCN shares via Trading 212? I can't vote either way on that platform, so was holding out for the 67.5p and ZNWD shares. I have asked T212 and they are waiting for more information apparently, just worried that I'm going to end up with nothing if I don't sell before they de-list.
yes and no! The case was finally heard this summer but was ruled ''time-barred''. The company said that they would contest the decision. .......Not that it matters much now, but i'd always assumed that the royalties were only due on the concessions that were being contested. Another poster, who's views i respect, says that there are royalties due to COE estate on all the concessions, but only some of them are contested ? The correct version of this would be relevant to KDNC holders....but i don't know what is correct
I respect the huge effort that you have made Dee. I genuinely mean that despite my next paragraph.
Accepting is certainty. To stay invested individuals must comprehend that they are entering into a mind games with GF, a bluffing match, a poker game. It is no longer investing, its gambling, you simply do not know how it will turn out. You may make a substantial amount, if so I will be pleased for you. You may not. Same applies to the 3.15 at Newmarket. I admit would have a small dabble, but wouldn't commit my pension or anything like it.
Good luck on whatever decision individuals make.
of this several eons ago, but just out of interest, did they ever sort out the royalty arrangement?
I've emailed some of you who left the campaign too, as you all contributed in some way, shape or form.
Once more, we step into the breach.
Dee
--------------------------------------------
Best of luck to all those are are continuing to hold out, and best of luck to all those who have sold!
In short - It's pretty much time to call it.
Dear everyone,
It has recently come to our attention that the final Institutional Investor will be accepting the offer shortly.
I've just gotten off the phone with them this evening.
Whilst they didn't want to, their fund rules will not allow them to remain in a de-listed company, and they feel Ganfeng will attain 75%.
I've spoken to a lot of you in the WhatsApp group, and plan on updating message boards later tonight/tomorrow.
Here is the situation:
Once Ganfeng achieve 75%, they will attempt to de-list. Many of us have decided to stay on. If we keep them below 90%, they're stuck with us.
And we feel they will then have to buy us out.
There are risks however, and before anyone makes a decision, I want you to know them clearly:
1. Ganfeng may not offer anything for a long time.
2. Some people may later individually accept offers from Ganfeng, and if they reach the 90% threshold, they will be able to buy everyone else out at that price.
3. Ganfeng may issue a cash call, and use that to try and dilute us. I don't know the specifics on how easy or hard that may be.
The flip side to this, is that they will pay us a better price for two reasons:
1. There's less people to pay.
2. They just want to get rid of us.
What I do believe, is that they want to be the world's largest lithium producer, and how they treat us will go a long way to showing their colours as time goes on. They still need to protect their reputation, and they still need to prioritise getting us all out of the company.
They know what this will be worth, and it's in their interests to get us all out.
If you have money in BCN you can't afford to lose, now is probably the time to consider managing your risk.
If you wish to stay onboard, please do - As many of us have agreed to stay whether that's with all, or some of your shares.
I want to add, I'm immensely proud of every one of you that's taken a stand - What we've done has never been attempted before, nobody has gotten this far before, and with the Al Jazeera article we've managed to gain traction internationally.
The takeover panel rules aren't fit for purpose, and the constant extensions to the timeline (particularly nearly half a dozen 'deadline' extensions from brokers) most likely scared many people into accepting.
We've contacted governments, regulatory bodies, hedge funds, and bar a few media outlets - We've had 0 support from anywhere outside of some grandstanding.
This was Private Investor led from the start, and has stayed that way throughout. We did our best, but unfortunately our best wasn't good enough.
All that being said - This isn't a lost cause. Whether it's to extract more, or for many of us the sheer principle of not accepting being pushed around:
Many of us are happy to stay on board, and don't plan on giving Ganfeng an easy ride - They certainly didn't give us one.
weiss now up to 5.43%… although they’re reporting against 384,144,901 shares in issue… and not the 387,136,502 that have been actually been allotted… no form 8.3… have those reporting requirements finished now it’s unconditional…
No idea Foz. Think my mind has wandered off now. I'm getting excited about Father Christmas. Or maybe its the absinthe
@Fozdog. I'm inclined to agree with you.
Apologies for posting twice. Finger trouble.
Was offered 67p to sell all mine with ii this am, even tho I accepted the deal when it went unconditional. Been in touch with brokers and been told 'latest deadline was last night and shares will be processed through today'.
If the ZNWDs have already been allocated, this should be trading 65/66 ? Shambles really.
I dont blame the brokers: they're looking for clarification from BCN and getting none
john is there any liquidity? like if you tried to buy or sell do you even get a quote? cant move it nothing trading.
Don't think these nominee accounts are ever efficient. As you lot have heard me mention I am with iWeb, and generally reinvest divis. I very occasionally change settings to avoid auto reinvest, such as when an AIM tiddler recently paid a very large special divi. I know I tend to overthink things, but my logic was that people auto-reinvesting would temporarily drive the SP up so might mean poor price. For once I was right, took cash and bought in the market a couple of days later.
The BP (and you don't get much bigger than that) divi was paid (in theory) a few days back. Took over 2 days to be credited as cash then reinvested in further BP shares, So I'm not holding my breath on seeing my ZNWD shares any time soon.....
In the meantime BCN is unchanged across the xd 'period'. Don't understand it, and to be honest have lost interest to the extent that I struggle to be bothered now!
I don't expect HL to be efficient with delivering these....Not found them efficient in any deliveries iv hard to share accounts.
santa… with our zinnwald shares…
Kluck, I do looked at this stuff a year ago on my to do list!
Znwd holdings reports id assume start coming out today. Looks ripe to recover