Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I jumped ship before the suspension . I've been stung in the past when this happens and they don't relist . You lose the lot . Too risky for me . When the S word came out I ran . Good luck to all the gamblers . Be nice to get lucky . I was uneasy when that poster was pumping then disappeared .
The RNS is saying clear that the formal offer need to be done till 22nd of July 5 PM. So lets wait
A condition of a takeover offer relating to the minimum number of acceptances by target shareholders which the bidder is seeking to obtain. The Takeover Code requires the acceptance condition to be set at shares carrying over 50% of the voting rights in the target. Except with the consent of the Panel, the acceptance condition must not be capable of being satisfied until all of the other conditions to the offer have been either satisfied or waived.
Considering that they already own 44.24% of the company - does anybody what percentage of the entire board must say yes to 9P takeover in order for it to be approved?
Interestingly they do need bridge money asap to delivery project in time and avoid potential penalties.
Also knowing what majority of PIs don't even bother to cast a vote and most of brokers just vote automatically in favor of whatever BoD comes up with - I would say it's highly likely done and dusted deal (although at this stage it's still "non-binding offer")
Let’s hope they open up soon so we can all take our tiny profits.
Re: They will probably buy the company and re list it in a years' time to get their money back!
Company wasn't profit-making (except for potential new longer-term projects as mentioned in RNS before) , they are trying to save it so they can save their invested money (they will have it under direct control with proper management in place) as opposed to uncontrolled administration and rip-off sell-out of assets (worst case scenario of course).
So its not about delisting-re-listing to skim existing shareholders at cheap price but rather to prevent serious situation worsening (caused by critical liquidity issues) - so just securing their investment and preventing even deeper loses (which we know already happened and there's no recovery from that).
I still think they're paying too much but last 12 months rule applies (therefore good it is not low ball at 4p,5p, etc.).
All IMO.
I guess it is what it is! At least we have an offer! I thought they would partner up but I really did not realise that it would be so low! I am guessing they have been nice and suspended the share at 9p so not as many people get stung if the share was to go into the teens based on speculation. They were not lying when they said it was a low blow offer a few weeks ago!
Well that Saudi money works both ways of course ...
What is the timeline now to releasing our shares?
They will probably buy the company and re list it in a years' time to get their money back!
That's what I was thinking and what Bonker said in the 'RNS' thread. Its what happens after the buyout where the rewards might be
If s bridging loan was in place would it give the sp a boost?
Ignore that. I’ve just read the rns
Could there be a second offer from the other major shareholder?
Yep! I know that feeling this money could have been making so much more for me! Based on the shares I would have invested it in! I am probably down about 15% - To be fair though I dont ever remember being able to sell for 9p? I think the highest sell I seen was around 8.4p
Zero premium on the 9p close price is quite annoying. I held on to my share knowing that they would be suspended as I was hoping for 12p-15p. But it seems I've locked up my capital for no reason.
I just hope this gets unsuspended ASAP now
Would be very interesting to hear what the companies largest INDIVIDUAL shareholder and companies namesake thinks of this low ball figure. I for one would be likely to follow his lead.
Morning.
I picked some up at 7.2p following a tip so 9p is ok with me :)
I guess the salient point, however, is what happens to the SP after the 9p buyout ...
I think the management can stay another 5 years on ceo salary level of 3M $ a year … this is a ****ing play !!!
That is a rip off! 9p!
So what was the highest price paid for share by Blofeld Investment Management in the last 12 months and how does this compare with the offer being proposed. Is it not the case that the offer should be higher?
It’s in the RNS, 9p
Interesting so what do we think the offer price will be?
RNS out , offer been made …..