Watch LIVE the focusIR May Investor webinar with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
... I suspect you'll get your 75% holding RNS in the next day or so
I still think it’s down to index rules, I don’t know them
For equity but that’s the assumption I’m going with.
You can’t have something trading in indices that’s 73% owned by 1 person.
Thank you
guess that’s the 20days notice to delist timetable out the window too… lol… and the 75% to do it… wow…
They haven't reached or RNS'd 75%, yet trading has been suspended.
This makes little to no sense.
https://www.lse.co.uk/rns/BCN/bacanora-lithium-ws73fs0vjn71nef.html
on level 2…
@ Bannor -- I'm too lazy to figure out how much KDNC has committed to lithium, compared to how much they are relying on Brazilian iron ore. Maybe someone else has done that.
check out the companies house filings on 17th… the unconditional date… the bod have gone already… except for you know who…
LoL ...... One things for sure regardless of how KDNC might measure up against other shares it's got a darn sight more potential & more attractive for PI's than BCN now has eh....
You may be right, kluck17. For me the question is which European project has the best potential. ZNWD is on the list but so is Vulcan (VUL:AX). Not to mention CUSN. They need to start growing battery metals fast since Brexit has killed the daffodil market. I don't understand the fascination with KDNC, where posts here outnumber trades on most days. An odd assortment of projects around the world, some with only a minority interest. An early Berkshire Hathaway, it's not.
Thank you tomcat
coincidentally… although probably not… that’s the long stop date… the offer done and dusted…
nope… 31dec… 17dec+14days… rule 31.8…
31.8 settlement of consideration…
except with the consent of the panel… the consideration must be sent to accepting shareholders within 14 days of the later of:
the first closing date of the offer…
the date the offer becomes or is declared wholly unconditional…
the date of receipt of an acceptance complete in all respects…
happy new year!!! from ganfeng and the bod… lol…
The......Please excuse the repetition
BB I agree with you that ZNWD will do well but I am not so sure that the price will drop in the short term. The. The majority of BCN holders proved to be LTH and thus I do not except them to easily sell their newly acquired shares of ZNWD if they believe the prospects of the company are good. Well, I won't be selling for sure ...on the contrary...
If I understood it correctly, tomcat you are saying that GFL must settle the payments for those who have already accepted latest first week of Jan? I hope the expected news for another of my investments don't land before that date....
no… i still have a lot to learn from this experience… but the risk factor has just increased somewhat… now that the timetable i was following previously is out of the window…
...as you know TC I no longer hold here but out of interest what are your thoughts on the implications for those that continue to hold & subsequently hold shares in an unlisted company .... I assume BCN will continue to trade as such but owned say ~85% owned by GFL .... So what happens if a) GFL agree to buy KDNC out of the JV's for £xxM ...., &/or b) it is identified & decided to progress with a development cost of $xxxM .... under those circumstances what would the requirement/obligations (if any) on those who then have a minority interest & no say in how/when & what's decided/progressed & not being listed on an exchange the company being unable to raise funds through a capital raise?
As said I no longer have this concern so irrelevant to me per se but just interested on thoughts as you never know when it might come in handy to know....
tomcat
Assuming you are right of course I take my hat off to you. Your command of the ins an outs of this process far exceeds mine.
Still all seems unnecessarily complicated to most of us. Are you accepting now (you don't have to tell me but I'm just interested)?
ps I don't wear a hat, but you know what I mean.
it don’t think that it will resume now… as was anticipated in the suspension rns… they already achieved the 50% acceptance condition during the offer suspension period… it doesn’t need to resume… it’s unconditional… we have the unconditional date 17dec… settlement for those shareholders who have already accepted will be within 14days… dissident shareholders can continue to accept until ganfeng close the offer… or have a minimum 3months from the end of the acceptance period to require ganfeng to purchase their shares on the terms of the final offer or on such other terms as may be agreed… ganfeng have 3months from the end of the acceptance period to get to 90%…
I posted earlier in this thread that there was a run of small trades on Friday – they were actually on Thursday, at 14:16:20. Thirty of them in quantities ranging from 2 to 385, with all but six under 100. Small investors in managed accounts, perhaps keyed to some index?
@ johnpwh -- I have predicted several times that ZNWD will drop short term because people will be unfamiliar with it and want to forget about BCN altogether. I plan on buying more then. Long term it will increase, because after all, with Ganfeng a major shareholder what could go wrong?
@tomcat -- I have to keep reminding you of Dee's failed scheme to outwit a scheme. Forget about the 75%, focus on the 50%+ of actual shareholders at the meeting. Enough small shareholders, as long as they actually held certificates, could outvote the large shareholders. When there were 3,000 shareholders, that just meant finding 1,501 regardless of whether they owned 10 shares or 10,000. Now, with the holdouts down to maybe 1,000 the hard-core resisters would easily show up with 501. Unfortunately, no one advised those who requested share certificates to put them back in their accounts. So lots of trips to the Post Office during the holiday season, and lots of waiting for the transfer agent to issue small checks and smaller quantities of ZNWD.
i may change my mind bob… can they not use the acceptances they have already to vote and conclude the takeover as a scheme… or now that it has been declared unconditional… are they now committed to conclude the takeover by this path only and must now to get to 90% ownership…
I'd imagine most brokers will have a standard share holding account so shares which can't be held in an ISA or similar will get shifted into a new account. This happened to me with Erris Resources who became ZNWD. They spun off the Scottish Gold Mining business into a new company, Erris Gold Resources, which isn't listed on any exchange. So I now have these shares sitting in a standard share account which I cannot sell (easily) until they take up a listing.
I believe what will happen with the BCN shares is:
If holders have not sold their shares by the Start of Trading on 22/12, (as per the RNS) the stock will be deleted from AIM and the individual brokers will have to work out how the shares can be held or convert them to paper shares. Either way they will sit dormant until someone (Ganfeng) offers to buy them.
All the while those shares are sitting in dormant accounts or paper certificates, Ganfeng can make use of that capital rather than purchase all the shares themselves and be using their own capital. It doesn't make sense for them to buy more than the 75% required.