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tomcat thank you for the info but can you elaborate as I find it hard to assimilate it?
20 oct '21… now over 11%…
@ mrcautious "This RNS is an utter disgrace - the BOD trying to chivvy non-accepters"
You sound like you think the RNS came from the company and not from Ganfeng
Are you an institutional investor? If not my comment was not addressed to you. As a private investor, following M&G may be your safest option if you are risk-averse. My point is that II fund managers should show some back bone and oppose this lousy deal.
Chameleonman I am neither clueless or a sheep. I am also not King Canute, which is why I take the view I do.
Hi Trikidiki, I’m pretty sure the other IIs are fairly clueless and are planning to line up behind M&G to either, make a little welcome money if the deal goes through as is, or a lot more money if a better offer comes along. Herd mentality! Watch any episode of “Sean the Sheep” for reference?
Sorry Matthew, I didn't see you had addressed the M&G point
Matthew
The answer to your question is Yes, I have reconsidered and am happy to resist voting as I think a higher offer is likely. BUT I am likely to vote with M&G as I think that will carry the vote especially once the nominees are counted - which I suspect is not the case at present. I have too many shares to risk becoming a minority S/H, if this was just a dabble it would be different.
Mr C
I don't see anywhere that M&G has accepted. All that I can see from the RNS is that there is a LOI from M&G, which is unchanged from the time the offer was announced. LOIs aren't binding from my research.
@trikidiki "Surely the IIs who are still buying aren't here for the pennies they'll get if the deal goes through. "
Doesn't that depend on the leverage they need for these market derivatives? Do you know how much that is? If the margin requirement is only 10%, are they risking 6p to get 6p of Zinnwald? Barclays seems to be having trouble figuring out exactly how many shares they have tied up, but it seems to me that the more these financiers commit, the more they are convinced the deal will go through.
@mrcautious 'But it does seem to confirm M&G have accepted - which we were unsure of the other day. Im sure if they could they would slap all of us in the face !'
Where does it say that? Wording is the same as the last RNS. An intent is not acceptance.
'· a letter of intent from M&G Recovery Fund in respect of 52,528,941 Bacanora Shares (representing approximately 13.67 per cent. of the issued ordinary share capital of Bacanora).'
@johnpwh 'regarding acceptances, I think the nominees may be an influence here. I have just come off the phone to iWeb (HBOS) reminding them that they have still not issued a corporate action. They say it will be issued next week. Probably.'
I think you mentioned that you were going to take the deal. Are you now reconsidering that position? I think it is certainly worth holding off for as long as possible.
@ChameleonMan
Surely the IIs who are still buying aren't here for the pennies they'll get if the deal goes through. Aren't they looking at the upside if deal is rejected with a still profitable downside if it does go through.
..... Don't have a direct interest here any longer but clearly the nominee account (PI) voting is not going to be known/announced until much closer to the cut-off date & will be split per individual PI's wishes..... one of the (many) unknowns is which way holders will vote (especially those who purchased sub 50p ish) & who is buying the shares that I & A.N.other(s) have sold to buy KDNC (as in my case) or elsewhere ....
Whichever way this falls some will be happy & some not ... personally I'm now just waiting on the result & if the TO is successful Ganfengs plans for the JV areas ...
They need support from pretty much all the major institutional investors in addition to M&G to get past 50%. Must be a lot of schmoozing of fund managers going on currently?
I am sure the BOD are being heavily incentivised in some way we dont know about here and MAY never know about if they get their way.
But it does seem to confirm M&G have accepted - which we were unsure of the other day. Im sure if they could they would slap all of us in the face !
This RNS is an utter disgrace - the BOD trying to chivvy non-accepters along to suits their AIMs again, does this BOD have no shame !!!
“ 2 Action to be taken
Bacanora Shareholders who have not yet accepted the Offer are urged to do so as soon as possible”. Yeah right! Ha ha!
regarding acceptances, I think the nominees may be an influence here. I have just come off the phone to iWeb (HBOS) reminding them that they have still not issued a corporate action. They say it will be issued next week. Probably.
Going to need a bigger carrot? Not exactly a mad stampede to grasp the offer.
If this level remains, what happens after the 14th? Wonder if the BoD are thinking perhaps they were a bit too hasty, or thought we would just follow like lemmings? Lol.
'Solar world in administration did a better deal with znwd than the bod!!' LOL, yep, just shows how bad Secker is!
@tomcat, yeah, the 8.3 forms have been getting pretty interesting. I think these guys must know something and are expect a pop to happen.
Got to hand it to Tomcat, think he’s right throughout on this and regarding the possibility of paying more via cash distribution.
It’ll never ever be a good deal but that goes back to previous raises which destined us to be in this situation.
Solar world in administration did a better deal with znwd than the bod!!
Iv always felt defeated by m&g here above anyone else, that’s been one the most disappointing aspects that they folded so easily.
LAC has added 30% in the last month, I don’t think it’s unreasonable to expect m&g and a bod to do what’s right by investors and reject the deal.
some more form 8.3 reports shareholders are still adding to their holdings…
barclays… 6,515,644… (1.70%)…
fm cap… 5,763,000… (1.50%)…
weiss… 13,839,142… (3.60%)…
sand grove… 7,346,500… (1.91%)…
societe generale… 5,099,859… (1.33%)…
taking their combined total now to over 10%…
a $90,954,210 cash distribution makes perfect sense to me… then throw ganfeng’s part of that into the pot to up the offer to the max…
kluck - yes this makes me angry, they are buying the shares dirt cheap with a huge chunk of CASH that comes along with the company too -- Secker must be a fool or a fraudster !