Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Just voted NO via Barclays Stockbrokers on over 1 million FTO shares held in my ISA. Let's just hope enough of the larger, small shareholders vote to make a difference. Was encouraged by other members of this message board so we'll keep our fingers crossed! The BOD have definitely contrived to weaken the share price by with holding the dividend for 2014 and putting out a very downbeat & depressing Chairman's Report. I feel scammed by the BOD. My wife always warned me not to trust the Chinese, it appears she was right.
I can understand why people who have bought in here above 10-pence as they may get stung, but those who bought in below will see a return. Is the vote primarily regards whether the deal goes through or is it also to do with this CVR? I thought there had been a warning amongst the paperwork thats been delivered advising against UK holders approving the loan notes?
There are 2 votes... 1. Scheme. 2. Capital reduction. In order to become Effective, the Scheme requires: (b) the approval of a majority in number of the Scheme Shareholders present and voting at the Court Meeting either in person or by proxy, representing not less than 75 per cent. in value of the Scheme Shares voted by those Scheme Shareholders. At the Court Meeting, voting will be by poll and not on a show of hands and each Scheme Shareholder present in person or by proxy will be entitled to one vote for each Scheme Share held; and (c) the approval of the Resolutions relating to the Acquisition (including the Capital Reduction) by not less than 75 per cent. of the votes cast, either in person or by proxy, at the General Meeting (to be held directly after the Court Meeting). Application to Court to sanction the Scheme and confirmation of the Capital Reduction Once the approval of the Scheme Shareholders to the Scheme has been obtained at the Court Meeting and the approval of the Fortune Oil Shareholders has been obtained to the Resolutions relating to the Acquisition (including the Capital Reduction) at the General Meeting, the Scheme (including, confirmation of the Capital Reduction) must be sanctioned by the Court at the Court Hearings. The Scheme will become Effective in accordance with its terms on delivery of the Scheme Court Order, the Reduction Court Order and the Statement of Capital giving details of Fortune Oil's share capital, as altered by the Capital Reduction, attached thereto to Companies House, and, in relation to the Capital Reduction, the Reduction Court Order and attached minutes being filed with and registered by Companies House. Upon the Scheme becoming Effective, it will be binding on all Scheme Shareholders, irrespective of whether or not they attended or voted at the Court Meeting or General Meeting, or whether they voted in favour of or against the Scheme and the cash consideration due under the Acquisition will be despatched by Fortune Dynasty to Scheme Shareholders no later than 14 days after the Effective Date. Good luck...:-)