Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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There is only one thing they can be possibly executing in a FSP, and that's a deal. To do that, also requires DLA Piper at around the same time -
"This reorganization is designed to optimise our execution team."
GLA
They may well have been taken on at around the time of the board changes. Board shuffle, employ DLA Piper, almost simultaneously to get the last stage done and dusted imho.
https://www.lse.co.uk/rns/EUA/board-changes-f91pk9lukr0kgua.html
GLA
Agreed, DLA were instructed for a reason. You don't approach counsel just to have them in your back pocket. DLA would have also had to do due diligence on EUA, get a retainer up front and allocate the work to the appropriate team. I would imagine they would also know the potential buyer so that they can do conflict checks in the DLA group. That said, I have seen some NDAs that even hide the buyer's name and that is only released at the very last minute to be inserted into the sale agreement so to prevent leaks from law firms.
Franny, don't filter him.
After that last post, I've got a feeling he's got some entertainment value.
"DLA Piper are not actually invoicing any chargeable hours"
F**k me you really are clueless PATT. Got to filter you for that one. Ridiculous notion. You ever appointed a lawyer?
Wtf! "Hi Piper, do you fancy doing us a favour by just going over our M&A options in your spare time?" .
Keep posting Purchase old chap, I actually laughed at your last post. I'm beginning to like you :-)
@gilen, no disrespect intended here, but you have no clue what points we are between in the process and no matter how many times you say it dosent make it so.
@toon1966. I did mention 4-6 weeks. next week 4 weeks are up, so between then and 2nd week of November.
If it goes on beyond that, then I would assume we are looking at the biblical figures that some have mentioned.
IMHO...
LAWYERS, IN MY 30 YEARS EXPERIENCE, ARE ONLY INSTRUCTED WHEN A CUSTOMER HAS MADE A COMMITMENT. THERE IS NO GOING BACK
Hi Purchaseatthetop
DLA PIPER are NOT a charitable organisation.
Hi Toon
I dont think so.
Guitarman did u sell out of UFO early?
You never mentioned that sob story before
Agree mac. Assuming they were engaged two weeks prior to the last RNS, it takes us towards end of next week / 1 Nov.
I think its the sheer scale of this deal or deals thats keeping us all in the waiting.
GLA
Looking back over their RNSs, they seem to favour 7am for the big, official board level announcements.
So from next week onwards could mean days, weeks, months etc KNK..?
Any time from next week onwards...... I feel
4 - 6 weeks seems perfectly reasonable imho KNK12. Allowing for what Iain will have managed to get done himself, and his input on the finalisation of it all.
Many hand make light work.
GLA
Does anyone know if the directors hold shares directly in their personal names or via nominee vehicles. I would imagine that DLA are advising the directors on their personal wealth. If they hold shares directly and it sells for a big figure like we expect their potential tax liability will be huge. I would expect them to restructure their holdings into an offshore vehicle to re-base the gains and mitigate any domestic tax. If we see that happening it's the hall mark of major deal approaching.
Party pooper,,
This could happen anytime now.
Or anytime soon,
But it will happen in my oppinion.
The higher the sp rises will not benefit the leading bidder. I think we all have a vote to accept the bid ,dont we?
And we know how the legal eagles like to drag things on to get as much out of the deal as possible for them,,but dont think our bod would suffer fools lightly.I think they would see through that and give them a time scale,
But oimo.
Hope im right.
@mac671. Great posting. You are one of the team that helped with my decision to invest here.
Totally agree, In house legal team would have completed most of the work. I do however feel DLA Piper's stamp of approval would take 4-6 weeks.
Yea perhaps best you do. Investing clearly not for you.
Best of luck.
Guitar man,
Please let me know where y you are going. I followed your advice last Friday. Sold some EUA and all my avacta and went into UFO. By lunch I sold, bought back al my avct and got 27k more EUA shares free. I was nervous but it worked out well thanks to your tip. Cheers mate
Guitarman if you do please dont come on the board moaning about your decision every 5 minutes
Look, to be clear, we've had a legally qualified person here for quite some time -
IAIN RAWLINSON
Non-executive Director
Iain is an experienced board member and a corporate strategy consultant. He has a law degree from Cambridge University, is a qualified barrister, and is also an experienced corporate financier. Iain started his career in investment banking with Lazard and Robert Fleming and was one of the initial partners of Fleming Family & Partners (FF&P) where he led the listing of Highland Gold PLC in 2002. Iain’s independent board appointments in the corporate sector include Lithic Metals and Energy PLC (2007 to 2009), Dana Petroleum PLC (2005 to 2010), The Monarch Group (2009 to 2014), and Parkmead Group PLC (2010 to 2020). Iain’s board positions in charities include Tusk Trust (Trustee from 2002 and Chairman from 2005 to 2013). He is currently a Non-executive Director at the Royal Bournemouth and Christchurch Hospitals NHS Foundation Trust (since 2017).
DLA Piper are simply the last part of the jigsaw, and come at a point where the work load is far too great for one person to get through, that can only be the purchase & sales contract. UBS will have set some form of a time limit to the whole FSP, it isn't going to go on forever.
GLA