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Thanks for sharing that @Dee. You didn't have to. Makes sense.
We (and I don't just mean retail) believe there is a better offer on the table.
We've made clear to Ganfeng that we want them to add the cash on the books. At present, they would need to offer that to EVERYONE.
Following the closing of the offer - They then only need to make an offer to the remaining people. At this point, they will probably attempt to proportion the cash on the books in relation to the number of people left.
That's why they're trying to get as many people in at 67.5p + 0.2358 Zinnwald shares now.
£100 Million across each share is roughly 26p a share on top of the current offer. They still want us all out.
They want to be the world's number 1 Lithium producer, and you can't do that be looking weak. Equally, you're in the spotlight, too.
Their priority is to attain 100% control, and they cannot do this with disgruntled shareholders - if they want us out, they will have to pay us.
i’m quite looking forward to going into the 75%-90% abyss… if they’re struggling to get 75%… 90% will be much more harder to achieve…
Observer totally agree, thing is though if your playing for production then wasting time fretting over 75% or not it is what it is. I’d hate to see what they do in a years time to get that 75% needed and I’m not wasting another year or time in bcn.
Good luck with kdnc but I’m learning from
My mistakes - Mexico and gf is one of them, I made the mistake taking bcn over lac.
Not pumping a penny back into Mexico lithium miners at the mercy of gf.
The opportunity cost of bcn has been astronomical
Thanks for having a try @Foz! Just to repeat in a different way: being removed from an index is not the same as leaving a stock exchange. You are absolutely right about the liquidity as I mentioned earlier - if this stays on AIM and heads towards production then the shares could be like gold dust to get hold of with today's Lithium prices as I'd say the vast majority of those that have accepted the deal or have sold have done so already... the rest will be looking for something, shall we say, a little more attractive. ;-)
It's fascinating! I'm watching because I'm in KDNC, and KDNC owns 30% of the areas with the highest grades which expansion plans will very likely mean they get mined earlier and in greater volume than in the DFS. IMHO.
Delisted is very different to leaving index.
This is most likely heading to 75% delisting regardless.
Either way even it doesn’t make 75% good luck getting liquidity. Has anyone that’s not accepted tried to get a quote on selling into market?
Indices are what are used to benchmark funds such as ftse 100 or ftse 250. Aim index is what is replicating of the aim index but index providers are rules based.
People getting way to hung up on this, just accept fact it’s most likely heading to 75%.
Be in or out but this over analysis isn’t going to change index rules or where this is heading.
So I'm assuming if PI's are still holding out they wouldnt want to run the risk of holding delisted 'near to impossible' to trade shares, or am I missing something ?
johnp - I wont be sticking pins in you ! You dont beat up history teachers for telling kids about the Nazis just like you are only stating facts !
@triki, with greatest respect, I don't think you can be understanding what I am saying if you are asking: "Where can you trade those shares if they are not listed in the AIM Index?" lol. maybe you'll have an aha moment when you realise the nature of an index, and how it is something completely different to a listing. Perhaps someone else can explain it better than me?
https://en.wikipedia.org/wiki/Stock_market_index
I reckon you’ll make more accepting and buying Gf stock at 114….that was 180 in sept.
Observer:
I understand what you are saying but my question still stands:
Where can you trade those shares if they are not listed in the AIM Index?
I have Erris Gold Resources shares (from when BCN offloaded ZNWD to Erris Resources) sitting in an account on HL which I cannot sell through them because they are not listed. I know they can be sold through an intermediary but at great expense or converted to 'paper shares' (excpet that HL suspended their 'paper share' service due to Covid). So I wait for their 'promised' listing.
The problem I see for holders is they will also be in that same position with the 'high street' brokers.
Everyone seemed to dismiss the earlier RNS which said the offer had become unconditional, stating they only had 73.x% when it now appears they had already crossed the threshold. I'd just hate for anyone to be hanging on in a vain hope that this will be turned around and be left with inaccessible shares.
when do the others need to start reporting their sells to ganfeng… if they have accepted the offer… and no longer hold the number of shares last reported…
i appreciate that ob… they are one of the 3 i noted at the bottom of my post… who have reported that they crossed below 1%…
I bought some more this morning for less than 14p, after making a quick profit on the BCN I bought last week.
We don't have the exact figures, and a few have caved in, whilst a few others have joined the cause.
We know we have more than ten times that number.
@tomcat. I haven't verified all of your research, but I thought I'd note that "27aug… rs… 1,100,000…" could be both lower (potentially zero) or higher (up to 1%) than that now.
dee… do you know how many retail shares are still pledged to think big and reject the offer… is it more than 3,482,612… appreciate many will have cracked already as more pressure is applied…
I have no idea what you conspiracy theorists are talking about, but I did notice that Friday’s volume of more than 4 million shares was higher than all but two other days in the last three months.
Nor do I understand why there were seven trades at the open today of 68p, for share quantities of less than 100. If I had to guess, it would be that Ganfeng is buying as much as it can at 67p, and sometimes more for small lots. But then wouldn’t they have to pay everyone else 68p? So maybe it’s someone in a short squeeze.
You observe well, Observer842...
It's not just retail holding out ;)
@triki. Did you read the link I shared?
https://www.investopedia.com/terms/c/constituent.asp
===[
What Is a Constituent?
A constituent is a company whose shares are part of an index such as the S&P 500 or Dow Jones Industrial Average (DJIA). It is a component or a member of an index. The weighted aggregation of the share prices of all its constituents is used to calculate the value of an index.
]===
All that has happened is that now that the offer is unconditional BCN is no longer eligible to be included in the "FTSE AIM All-Share Index" from start of trading tomorrow. It doesn't mean you can't trade your shares on AIM. It simply means that this value:
https://www.google.com/finance/quote/AXX:INDEXFTSE
will no longer be influenced by movements in BCN's share price, until it is reincluded - assuming over 75% isn't achieved and BCN doesn't apply to be de-listed.
Where can you trade those shares if they are removed from the AIM index?
Just a removal from an INDEX. There are rules about the eligibility of shares in certain indexes. This might help:
https://www.investopedia.com/terms/c/constituent.asp
Observer,
What does the 17/12 17:30 RNS mean, if it is not notice they are going to delist.
Bacanora Lithium (UK): Constituent DeletionChanges in FTSE UK Index Series
17 December 2021
Following the cash offer for Bacanora Lithium (UK, constituent) by Ganfeng International Trading (non-constituent) being declared wholly unconditional, please see details of affected indexes and effective dates below:
Index
Effective FromStart of Trading
FTSE AIM All-Share Index 22 December 2021
But of course the Institutions would have kept a closer eye on these options, knowing their issue was always a possibility and therefore increased their holding to above 25% on the day before they were likely to be issued and accepted - assuming the Mexican authorities played ball... So not a coincidence after all? lol.