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it doesn’t work like that jam… it’s based on the votes cast… 131,640,154 not 273M…
The difference in votes for Antonius and Strauss was 18.2 million. Robeco has 16.3 million shares. Someone at Robeco doesn’t like Strauss?
assuming that Ganfeng shareholding has voted today........
If the same number of shares are represented in the takeover vote as voted today....... then it won't even be considered.....it will be less than the required 75%.
Todays votes , less Ganfeng votes = 131M (from @Tomcat, below)
Total scheme shares = circa 273M
131M as a percentage of 273M = 48% ........ie .....a long way short of 75%
this DOES assume Ganfeng have voted today. If they haven't all bets are off !
john - yes i get this thanks ...
this is true… so don’t throw the towel in just yet… it’s not as bad as it appears… if savebcn currently has 10% shares in issue pledged to vote ‘against’ the takeover… with the same turnout that was voted at today’s agm… providing that all these 38.4m pledged votes are eligible to vote and are in the count… the proposed daylight robbery would have been stopped in it’s tracks…
total max votes polled (res6) = 242,573,851…
less ganfeng votes (110,933,697) = 131,640,154… (48.18% turnout)…
38,414,490 / 131,640,154 = 29.18% against…
Nomad, Mr C, don't forget that these percentages are of the total shareholding, and we can assume GF voted for the resolutions. Their votes are not valid for the votes on the (proposed) bid. So on that basis the votes against the resolution would have been greater
Exactly right mrcautious
I voted against every resolution and will continue to do so to overturn this corrupt and spineless board
AGM RNS seemed to say it was pretty plain siling for them. No really low votes on anything much, pretty much a 'nose snubbing' RNS really. If we want to topple the Ganfeng fire-sale we'll have to do better than this !
Based on this RNS Secker must feel like master of the universe !
Since Jamie Strauss was the least popular director up for election, I had to check out his profile on LinkedIn. It seems he is sort of a professional “if you need an outside director I know something about mining,” but he doesn’t update his cv too often. The entry for Bacanora mentions Hanwa but not Ganfeng.
https://uk.linkedin.com/in/jamiestrauss
Interesting Jamie Strauss only received 88% and special resolution 77%. Need more to vote no if want to see off Ganfeng.
Nothing much to report from AGM webcast and the discussion afterwards is not broadcast.
Basically, project on track, some delays and extra measures in place for covid
Question about how stage 2 would be funded - ans: combination of debt and equity
Question about Orr-Ewing case - ans: still awaiting judgement on time limitation
Already coughing and not even started....Nervous!!
RE my question to 'ii' regarding how nominee account holders cast votes. I have now received a reply from ii as follows:
"We would not cast any vote at all if we was
not instructed to do so by the share holder."
very important to note…
that… * a vote withheld is not a vote in law and… accordingly… is not counted in the calculation of the proportion of votes "For" or "Against" each resolution…
maybe that’s why that vote was low… shareholders had been duped into believing fake information…
there’s a link in my earlier post today 09:12… that demonstrates exactly what happens… and how few of the total shares need to vote to make it happen… (the acquirer in that instance held 0% of the target shares before making an offer)… and still only 42.65% of the eligible shareholders voted… on such a hugely important issue…
Tomcat
It’s really useful to see the actual numbers
My only comment though is that I am really puzzled as to why you believe 75% have to to vote yes for it to pass
I have pasted below the clause from the May 6th RNS
In particular, Bacanora Shareholders should note that the Offer, if made, would be conditional upon, among other things, the Scheme becoming unconditional and Effective (including its approval by a majority of Scheme Shareholders present and voting (in person or by proxy) representing 75 per cent. or more in the value of the Scheme Shares held by such Scheme Shareholders).
It seems clear to me reading this that, as suggested I believe by others, that votes from 75% of “Scheme Shares” are needed to make the vote valid or if you like “quorate”
Once that hurdle is passed, a “majority” in favour is required
In my view this means only more than 50% of the Scheme Shares, so long as at least 75% of them vote, is required by Ganfeng for them to win
The possible absurdity this raises is that if more than 25% of the Scheme Shares DO NOT VOTE at all then the whole process collapses; but so long as at least 75% of Scheme Shares DO VOTE, even if 49% of ALLVotes are against, the motion will pass
It seems that if this is correct the best policy for PIs may actually be not to vote at all!
I believe the Save BCN group believe they represent around 8% of the company which is around 11% of the Scheme Shares
based on a 50% turnout of eligible voters…
384,144,901 bcn shares in issue…
110,933,697 gfl shares (28.88%)…
273,211,204 total eligible bcn scheme shares…
50% of these turnout to vote…
136,605,602 voting scheme shares…
75% votes ‘for’ are required…
102,454,202 votes required ‘for’…
25%+1 votes ‘against’ are required…
34,151,402 votes required ‘against’…
~8% pi’s have already pledged to vote ‘against’…
30,731,592 votes pledged ‘against’…
3,419,809 additional shares needed to vote ‘against’… to block the bcn daylight robbery…
nearly there so keep buying on these dips…
and it’s important to get onto your nominee account holders to clearly instruct them that you wish to vote on all your shareholding’s on all your interests as an ongoing default instruction for you share accounts… to ensure that your pledged votes will count…
the numbers will change if the turnout is more or less than 50%…
Jam my Hunch/gut is that M&G are going to say no anyway, but yeah agreed its far from done.
I just want the offer on table as I want to hear from Secker and co if they recommend the offer why are they doing so? Their strategic partner who knows more then them is out saying LI prices are likely to hit record highs.....
I cant see this at all ! I cant imagine (in my case) that HL would vote with my shares !
HL told me its 5 working days, and we can't get upset with them as I know corp brokers for major funds/accounts are similar requirements so its not like a PI thing.
I'm with ii as well, will be interested in any reply, but I can't see them using a holders voting capacity without instruction ?
This was my request to ii for clarification.
"This is I hold shares in Bacanora (BCN). We are under notice that the company may be subject to a formal takeover offer. As we have previously discussed I can instruct you to cast the votes for the shares I hold at the relevant time if the opportunity arises. My question is - as the nominee account provider, what action will ii carry out with other shares you hold as nominee account provider, if you do not receive any instruction from the holder of the shares? Will you not cast votes at all or will you cast your votes in accordance with BCN's board of directors recommendations.
I would be grateful if you could clarify this as soon as possible since an action may be immanent."
Also we have :
D&A income - 4.7M
igneous capital - 7M
credit agricole - 9M
Hanwa - 12.3M
Richard Sneller (don't know who this is) -4.1M
Mark Hohnen - 3M
The other directors hold as well, in total maybe 0.5M
So Total number of scheme shares = 384M minus Ganfengs 111M = 273M
Total number of shares held by institutions/directors = c167M (can only be best guess based on info)
If all those scheme shares vote YES to takeover they will have something like 61% and will go thru.....but.....
They need 205M scheme shares to be represented at the vote to get the 75% turnout requirement.
Far from a done deal IMO
This is pasted from Financial Times today, but there are more, I will add in new post:
Holder Shares % Held
M&G Investment Management Ltd.
AS OF 26 MAY 2021
52.53m 13.67%
Hargreaves Lansdown Stockbrokers Ltd.
AS OF 02 JUN 2021
20.34m 5.30%
Robeco Institutional Asset Management BV
AS OF 08 FEB 2021
16.28m 4.24%
Hargreaves Lansdown Asset Management Ltd.
AS OF 02 JUN 2021
10.60m 2.76%
Henderson Global Investors Ltd.
AS OF 13 MAY 2021
6.92m 1.80%
Northern Trust Global Investments Ltd. (Securities Lending)
AS OF 02 JUN 2021
6.40m 1.67%
Nomura International Plc (Market-Maker)
AS OF 02 JUN 2021
3.84m 1.00%
HSBC Global Asset Management (UK) Ltd.
AS OF 02 JUN 2021
3.59m 0.94%
Jarvis Investment Management Ltd.
AS OF 02 JUN 2021
3.50m 0.91%
KBI Global Investors Ltd.
AS OF 28 FEB 2021
2.63m 0.68%
What ever the exact number of votes needed it does not change our strategy. We just need as many votes against the takeover as possible.
I think a more important point was raised by Tomcat:
"nominee account providers will / can… vote your votes with the bod’s recommendation… if you don’t instruct them otherwise…"
I think this is a real worry and will be contacting my holder 'ii' for clarification. If this is the case maybe we should be lobbying nominee account holders to do otherwise.