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Historic NAV is cost based so not very helpful other than establishing a reference point. Bidders will submit their proposals on the basis of DCF on the proven assets plus a speculative 'possible' element, less a discount for the fact that they will need to raise the project finance to fund the actual mine build.
I don't think you need a site visit prior to submitting a bid, although common sense tells me that you would undertake one as part of the due diligence process. Also, the chances are that any loan provided to the bidder would probably require it.
The silly season is almost upon us. Anything can happen while many take a summer break.
Agreed Joe75, I’m sat on the sidelines FAF like a lot of LTH’s but let’s ultra and maintain a sense of decorum. I’d hate to see this BB fall to the depths of ADVFN, where it seems even apparently invested folk want this to fail, alongside the ones who seem to take vicarious pleasure in other people’s investment failing. HAGW & GLA.
Give it a rest Slim. Try taking up a hobby or something else to occupy your time.....
Lol. If that's the best offer, the company won't be sold, simple as that.
"Anyone tried to work out price per share for a sale?"
About the same as it is now - Balance sheet shows total NAV of circa £46M and current MCap based on 23p per share = circa £46M.
It’s red Friday folks and after a plaster rns what does one expect
Fair points Mark
Regarding the site visits it could well be that one of the 2 that haven’t had a site visit was Calibre who as they are next door are very familiar with the area anyway. First Majestic are another possibility and they did due diligence prior to becoming a shareholder. Just a possibility for consideration by those inclined to put a negative spin on very positive news of 5 non binding bids.
Well we have 5 bids now and we know the only one that will get the prize will be probably 50p so a 100% gain maybe in a matter of weeks or months. 5 bidders is serious and while you would expect a site visit before purchase there is probably so much detail that a big miner can buy on conditions being met and i suspect its the detail being worked through now. Certainly a huge advantage having 5 bidders in place and all still in the race. Its a shame we are not at 30-40p as i suspect a share offer at 50-100% premium is maximum a bidder could table to persuade their own shareholders and minimum JM will sell for. Hopefully bigger traders will move in to close the value gap as its huge at the moment and easy pickings.
' Why is it concerning if a company decides to put in a bid after having access to the every detail in the data room but no site visit? If they want a site visit they will arrange it.' Err, because they haven't arranged a site visit! It has been stuck at three site visits for months now. I may be wrong but I can't see a company putting in a binding offer without doing a site visit. I note that you have joined this site to make that post. Are you connected with this sale process?
What happens on this board is called 'fudding your own bags' in crypto lol. Some of you here like to put a negative spin on everything. Are you in or out?
There are 8 NDAs of which 5 have made an offer, 3 have mad site visits. Why is it concerning if a company decides to put in a bid after having access to the every detail in the data room but no site visit? If they want a site visit they will arrange it.
There were 75 flyers out, some companies may look at the share price and brush it off as not viable only coming back later after seeing 2-3 non binding offers. Its called FOMO
I suspect H&P are responsible for getting the final contracts ready once they got a non binding offer, how long that takes will depend on parties involved.
An aspect that is not really talked about is the nature of the bids.
My assumption is that all the bids are for the assets of the company rather than for the shares of the company. Indeed, I'm not even sure what the LSE rules on a 'non-binding' offer might be. An LOI maybe but not a forma offer. Whenever I've seem an offer for shares of a listed entity it's always been announced and (usually) rejected as too low, pretty quickly.
In my mind the non-binding offers are still for the assets, but the final offer(s) might be for the equity. The initial bids are just to flush out the company reaction; to figure out where the ball park is, and to advance discussion.
Today's RNS is useful in that it signals to all interested parties that the game is still on. The problem is that no one wants to be first. Maybe they think that someone else should come in with something firm, and that they will trump what is on the table with their own. Perhaps they still need finance and approvals for a hard bid. It's not clear.
What is clear is that at some point someone will blink. A firm bid will be submitted and the race will start.
Yeah , I get £24.44
Since the last update the non binding offers have increased from 2 to 5. This sets up the situation for a bidding war. This RNS is a good way to create commercial tension between the bidders as interest is increasing and it also updates shareholders that the process is moving forward in a very positive way.
The next RNS to drop out of the blue like this one will probably be a binding offer. Important to remember that when that lands the sp will open very close to the offer price. A reminder that now is the time to remember that you need to be invested to get the prize.
Welcome news to finally get some sort of update (about time too). Whilst it is good to have five non binding offers it is slightly concerning that there have still only been three site visits. Not sure why a company would table an offer without doing a site visit but each to their own! Also, why are other people/companies supposedly expressing an interest now at this late stage? Were they not approached with a flyer months ago? Or, were they not considered worthy of sending a flyer to?
For all the cheering I can now buy 100k at 24.39p on II.
Someone still is trying to unload their shares!
Here is my prediction, back to 23.5p buy by end of today!
An78uts - check out dictumdedicto's posts: https://www.lse.co.uk/profiles/dictumdedicto/
YES
With the BRICS gold standard and Gold at $2,500 headed to $25,000 roughly £26 per share.
Or maybe 55p without any of that
Anyone tried to work out price per share for a sale?
Runners and riders lining up at the starting gate, Jim with his eyes on the prize and gold price heading in the right direction. AISC at under$1000 unlike poor old Newmont........what's not to like
Bidding war is in play and we just need to wait for process to complete as i assume bidders will not make binding offer without the JM nod but with gold pushing $2000 this is now pin money for most producers that have $100ms of cash piling up looking for a home. Definitely a very good RNS.
Good morning all.
Interesting we now have 5 non binding offers.
The chances of a sale has just increased and one that will be far greater than today's price.
Not happy with the time it's taking, but happy with the news today.
There must be a bidding battle now, just need to wait for the first shot to land.
Whoever does it first will know that potentially 4 can enter the bidding knowing what needs to be beaten.
Positive update. The kind of RNS we should be seeing more regularly during the sales process
Sorry, it's gone up from 2 non binding offers to 5.