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"RE: Deadline extended once againFri 17:29
@jam2morrow "I did wonder if an 'imminent' court decision on the COE case might be stretching this out."
What does the Church of England have to do with a mine in Mexico?"
Somebody doesn't seem to know their history!! LoL
@mrcautious Show me a communication that shows they inend "to provide their unanimous, unqualified and unconditional recommendation to Bacanora Shareholders to vote in favour of the Scheme at the Court Meeting and the Resolutions to be proposed at the General Meeting (having been advised by Bacanora's financial advisers that the financial terms of the Offer are fair and reasonable)." That's one of the conditions in the May 6 announcement. And of course we don't know what the financial advisers are saying. Were all of the Independent Directors pleased with the proposal? If so, could they have mentioned that in the announcement? Must all Board votes be unanimous?
Mrcautious
Get the Americans on board and subpoena for Bank statements haha
My ave in zimnwald is 13p so pretty happy also , I jist don't like the links to this place
I took a small position in ZNWD the other week - quite happy so far...
BB - show me a communication that DOESNT say the board are not all in favour ????
I'm fairly fed up with this now.
Can't see a counter bid is likely - what would the counter bidder gain? They would have to pay a massive price for BCN to get the required % age for success as the incumbent (I thought that was less libellous than just bent) board has overseen GF controlling 28.5%, which would be nailed on to vote against. That to gain control of 50% of the resource, whose output is already spoken for (for 10 years).
The SP today says it all.
some feedback from Takeover panel and as I suspected : If the BCN board are recommending that a further extension be allowed, then the takeover panel will also sanction it. Explained to me that they could intervene if hostile bidder tried to disrupt company.....but this is an 'approved bid'.......not unknown for there to be several extensions.
What P's me off is the due diligence excuse. If Ganfeng don't know everything about this company by now then they never will. I will try and get a response from the Co' as to why they're sanctioning these extensions but I won't hold my breath.
The only real unknowns are the COE case (church of england were initial stakeholders @Bob :) ) and perhaps the KDNC JV's but nothing that Ganfeng aren't already aware of.
All time high at ZNWD today
One of the conditions of accepting the offer is the unanimous consent of the BCN independent directors. Without knowing where they all stand, let's just continue condemning them anyway.
@jam2morrow "I did wonder if an 'imminent' court decision on the COE case might be stretching this out."
What does the Church of England have to do with a mine in Mexico?
johnpwh - The only positive is the delay might give time for a counter offer from a 3rd party, even one Secker has deliberately not spoken to !
Dee - we are all pretty sure the board are 'on a bung' for this, do you think we can demand to know what the deal is as part of any firm takeover offer ?
totally agree Jam, the new valuation given the delays needs to be reflected.
I am increasingly heading to bullish argument....any Merger Arb type or funds etc will be waiting for the actual offer - Once the 2.7 is in and legally binding thats when you go buy up the secondary market.
I think one reason to keep holding is IF/WHEN this becomes a formal offer - I actually think we will trade higher than 67.5p. If we do M&G and co wont be able to say yes.
There is a long way to go here team, sit back and chill.
I did wonder if an 'imminent' court decision on the COE case might be stretching this out.......but on balance, with ZNWD price increase and more EV / lithium news I think delays only serve to emphasise how low this offer is,
@jam2morrow
When I spoke with The Takeover Panel, they said companies/boards will request extensions to 'protect themselves' - I.e. benefit from the Takeover panel rules.
That being said, we as shareholders clearly feel its a case of beating us down through attrition in the holes of seeing long term holders fold.
The Takeover Panel 'approve' these extensions, but in reality they rubber stamp them. It's only in extreme scenarios that they would reject an extension.
I couldn't get examples of such extreme scenarios, nor how this would officially protect the board/company.
One thing we know, is the board know we're a problem. They need us to quieten down because they can't have this stink following them around when they receive their golden handshakes.
Just sent an e-mail off to the take-over panel. They have to agree to these PUSU extensions so I've asked if they could shed any light on their reasoning. As I pointed out the 'due diligence' excuse doesn't really wash when Ganfeng has been a JV partner for -is it 2 years ?- and every investment they have made has been picked apart by Central Chinese government.
Takeover panel e-mail : supportgroup@thetakeoverpanel.org.uk
Maybe they'll just bounce it back, but worth a try. Probably a bit more trustworthy than our board :(
Anyone familiar with my miserable mutterings will know that this extension is no surprise to me.
Although not a natural conspiracy theorist I am willing to believe there is one here. GF is delaying and are showing they are in no hurry to conclude this - in fact they have no excuse not to bid now with the necessary permissions from S/H and Chinese authorities and DD done so recently for other reasons. GF do not suffer from delays as the project will not be delayed by the procrastination, and there is no revenue implications with no production yet so they aren't losing a penny of profit. They gain by delayed financing and by long term holders (Foz, Mr C, who would likely oppose the deal) considering moving their shares on so making this very low ball offer more likely to succeed. And I don't think they could do it without a complicit BCN board who should by now be shouting from the rooftops about how unacceptable this conduct is.
If this bid gets defeated (sadly I'm not convinced that will happen) I would wholeheartedly support an attempt to replace Secker and the rest of the board - they are in my opinion discredited.
Same here, there must be some market rules as to how long this should go on, otherwise Secker will keep going until they make a firm counter-offer of 50p which Ive no doubt he will welcome with open arms as it probably wont effect whatever deal they have with Ganfeng post-takeover.
Ganfeng has all the financing and government approval in place. As the latest delay confirms, "The Possible Offer remains subject to certain other pre-conditions as set out in the announcement on 6 May 2021, including in particular the Due Diligence Pre-Condition."
I had a chat with someone on the M&A side about way deals work etc.
Said it's a nightmare with China takes forever - the big thing is when you go to form 2.7 over 2.4 that is legally binding. Therefore you need all the financing, all the money and everything in place. You don't get to just walk away at that point without massive fees. Its a bit like exchanging on a house over putting an offer in....
You also start incurring heavy fees from the banking units etc. With China all the issues with getting funds out the country can take a while.
So as pessimistic as I am about reasons why I can understand the above.
Also said that the panel will run out of patience, will be hard to get another extension unless its literally 1-2 weeks on things like escrow or documentation issues, not another month.
Ganfeng is the Chinese cat toying with the British mouse. Progress is at a standstill in Sonora, so why should anything move forward in London? The more that BCN depletes its cash reserves, the less attractive it is to another potential bidder. It's hilarious that Ganfeng needs to do more "due diligence" about a project it controls. If they still have doubts about its investment value, why are so many shareholders still convinced?
That wasn’t a deramp btw just feeling annoyed
Getting ridiculous now I hope it’s not the case but they could just be allowing the mine to get further and further built thus reducing their risk until eventually they decide to pull the trigger with an offer. Very tough situation knowing whether to hang on. Considering the rises in other lithium stocks lately it seems silly hanging on for 67.5p. Shame as this is the first share I brought and really had high hopes for it.
I wonder what the point of a deadline is if it gets extended every time. Does anyone know which of the listing / takeover rules are being used to justify the continued extensions?