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Why would they convert to takeover by Scheme of Arrangement if they 'will have 75% before the end of the week, and when the accounts not allowed to hold unlisted shares sell, they will be at 90% or close enough to it that they can buy the rest.'? It is then job done. Why start again with a Scheme of Arrangement, a different process involving the High Court?
I am not making this up. Using Google Translate, you will find that in Mandarin Chinese, “Ganfeng” means “Liver Wind.” And if you Google that term, you will find that:
“Since the Liver controls all the tendons, the symptoms of Liver-Wind are characterized by tremors or spasms of the limbs, severe dizziness, nausea, vomiting, tingling or numbness of the limbs, and loss of balance in standing or walking.”
There may be a second person in the world who believes Ganfeng will now risk converting to a scheme of arrangement, but so far only tomcat has made an appearance with that theory. The path forward is clear: Ganfeng will have 75% before the end of the week, and when the accounts not allowed to hold unlisted shares sell, they will be at 90% or close enough to it that they can buy the rest.
Yesterday there were a number of transactions for small holdings -- less than 10 in many cases, less than 20 in many others. In the US I would see these as coming from managed accounts that mirror an index. There must be some explanation like that in the UK, maybe some locals have it.
they do seem to have been able to keep the offer suspended rather than have it automatically resume at the anticipated t-28days after obtaining macc1… probably in everyone’s interest (ganfeng bcn and the panel) for them to achieve the 82.16% now required for them to revert to a scheme and get the takeover completed in the quickest and easiest way possible from here… the 75% and 20days notice of the cancellation rns sometime next week giving us the last little push needed… 20-days to get from >75% to >82.16%… with shareholders still being able to accept at the simple press of a button in their trading accounts during that time…
What happens if I don’t accept the offer if I do accept than ???
daily acceptance level reports are required in the last 7-days leading up to day 60…
Bob
First entered my world about 10 years ago when a good friend of mine (who hated business speak as much as me) entered it into a meeting full of corporate suits. It was priceless to see their faces drop. As I age it is a great word to describe my recall and thought processes
@tomcat "there’s another tot up also on the 22nd… so thursday if not before…" I recall some provision that they had to make daily announcements once a certain level was reached, but I don't recall what that was. I expect shares to trade Monday at about 65p, ex-ZNWD dividend, and Ganfeng to be among the buyers. Really no reason for them to have started Friday because why would they want Zinnwald? That takeover would never be approved.
@johnpwh When I was in my teens my fellow American classmates all knew the joke about "eschew obfuscation" -- even though it came from the British philosopher Paul Grice. You're just now discovering it?
I can't see why GF would carry on acquiring shares. If, as the RNS suggest, they have control of the company why would they bother. They now have their Lithium supply at cost price, the remaining shareholders are not going to get market value for the Lithium. Ganfeng can sit back now and pick off the remaining shareholders at their leisure. Who else is going to by them if they are no longer listed?
I am sorry to say it but I believe that hanging on is grasping at non-existent straws.
dave
I would be thinking much the same as you regarding getting locked in, but others may give alternate opinions which hopefully they will express.
Personally it wouldn't normally concern me having an (modest in relation to my total net worth) investment in an unlisted Company with the massive prospects of BCN. However it would worry me about GFs attitude towards BCN - they are not acquiring shares in BCN as a company to (directly) generate profits - ie this isn't, as such, an investment . They primarily want the product in the mine, that's what this is all about - I am no expert in the protections given to minority shareholders, but I would be worried that the Sonora production would have a single customer ie GF. Of course the deal to pass Mexican Anti Trust may cover that off. But guess what......WE DONT KNOW BECAUSE WE HAVENT BEEN TOLD..
I really must watch my blood pressure. Think I'll have a cuppa.
Given the Mexico antitrust thing has now gone away, are shareholders better off accepting the offer now?
I am concerned my shares will be locked in some untradeable state in a privately owned company. :-S
Well said....small investors are being ripped off....if HMG wants to encourage small investors to invest in the stock msrket this lot should be in jail....doing nothing about this shows HMG dont give a monkeys
RNS 17/12 7:00
"Furthermore, Ganfeng confirms that all remaining Conditions to the Offer have been satisfied or, where applicable, waived. Accordingly, Ganfeng is pleased to announce that the Offer has become unconditional."
"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."
RNS 17/12 17:30
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
Am I really missing something or are they lying in the RNS.
What a shambles this is, To use my favourite 2021 word again, obfuscation to the very end. How can you have a decision process (I would have said a democratic process but that is strictly applicable for politics) involving thousands of voters when the vast majority of them don't understand fully what they are voting for, what the timetable is, how that vote will affect the liquidity if their assets etc etc? And that is amongst people who are interested enough to post here so god help the poor buggers who don't have the means to try to seek clarification amongst interested peers.
As already related here, after voting I considered buying back some shares I had disposed of post September. It was unclear if I could make a second vote in respect of those 'new' shares - the broker waffled and covered their backs (no surprise), so I contacted the Link people (see RNSs) who are supposed to help the confused and bewildered like me - and after 45 minutes on the phone they basically apologised and said 'sorry me old mate we cant find out'.
This shouldn't have been like this. I'm convinced that the confusion was part of the plan to get shareholders to give up. After investing/gambling in equities since before Mrs Thatch and her privatisation I honestly have never seen anything quite like this. Rant over, though I reserve the right to have a Sunday rant if I feel so inclined....
they are giving 20 business days notice for the cancellation… (see page 50)…
Maybe I'm reading it wrong but doesn't yesterday evening's RNS give notice that they are delisting from AIM on 22nd December. Wouldn't that suggest they already have the 75%.
ganfeng will procure that bcn makes a regulatory announcement when the necessary 75% threshold has been reached confirming the anticipated date of cancellation… (de-list off aim and re-register as a ltd co)… there’s another tot up also on the 22nd… so thursday if not before…
correction to my post below… they don’t need to actually execute the offer now/yet… declaring it unconditional means those who have accepted the offer are now locked in and ganfeng must now purchase those shares for the price offered… effectively giving ganfeng shareholder rights over all shares accepted…
but they have to reach 75% for that to happen. Even if that 2.8M trade is GF's, they'd still be short; by my maths anyway.
Might be a bit clearer on monday
assuming the offer becomes or is declared unconditional in all respects and subject to any applicable requirements of the aim rules… ganfeng intends to procure the making of an application by bcn to the lse for the cancellation of trading of bcn shares on the official list and for the cancellation of listing of bcn shares on aim…
Making assumptions here but the ftse deletion could be due to size outstanding and one owner being so large therefore no longer eligible to trade within the indices. I don’t know all the index rules for equity but just a guess.
Like you I doubt you can have bt in the ftse 100 if there’s a 70% holder, I doubt you even can for 50% for eg.
As the festivities are getting nearer, cannot help feeling that we have been given a budgie rather than a golden goose.
certainly will not go down in history as a well received takeover. :-(
"because they have pocketed the loot)." -- no offence, and of course you are right, but I cant see that what they got for delivering this abomination of a deal was very much really. Which makes me think they got stuff we dont know about ? But either way I have never so far seen such contempt for shareholders by a BoD in any company. I hope Secker never gets asked to run anything bigger than a pre-school play group - but unfortunately we now live in an age where the under-performing are rewarded.
TC not 100% sure what it means TBH it appears it deletion from FTSE Russell who I 'think' produces indexes, reports, market stats etc etc ... so it may just mean that they will cease monitoring BCN from the 22nd ..... of course it could mean something else entirely so probably worth checking with your broker all I can say is I'm glad I sold up at just 67p a couple of months back ....