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Strange that there is no statement from the company!
This is a long shot and maybe things don't work this way but if mine management can convert the IDC loan to equity then Goldway will no longer have the percentage needed for the takeover, unless the IDC favors the takeover.
....read SENS announcement from Feb 2021 below particularly the last paragraph...
IDC LOAN UPDATE
MC Mining Limited (“MC Mining” or the “Company”) is pleased to announce that the Industrial
Development Corporation of South Africa Limited (“IDC”) has extended the date for repayment of the
R160 million loan ($10.3 million) plus interest owing by a subsidiary of the Company, to 31 July 2021.
The Company is also pleased to announce that the IDC has agreed to extend the terminal draw down
date in respect of the conditional R245 million ($15.8 million) term loan facility agreed to partially
finance the development of Phase 1 of the Makhado hard coking coal project (“Makhado Project” or
“Makhado”), to 31 July 2021, subject to the IDC reaffirming its financial due diligence.
The IDC has provided longstanding support for the development of the Company’s flagship, fully
permitted Makhado Project. MC Mining initially utilised R120 million ($7.7 million) (“First
Drawdown”) of a R240 million ($15.5 million) IDC facility to progress the Makhado Project to fully
permitted status and complete the acquisition of the surface rights required for the mining area.
During August 2020, the Company and the IDC restructured that IDC Facility and MC Mining drew
down an additional R40 million ($2.6 million) (“Second Drawdown”) and the remaining R80 million
($5.2 million) undrawn balance was cancelled. The First and Second Drawdowns resulted in the IDC
becoming a 6.7% shareholder in MC Mining subsidiary, Baobab Mining & Exploration (Pty) Ltd, which
owns the Makhado Project.
The First and Second Drawdowns of R160 million ($10.3 million) plus accrued interest were originally
due for repayment by 30 November 2020. As previously announced, MC Mining submitted a formal
application to extend the repayment date and the IDC has now agreed to extend the repayment date
to 31 July 2021. The Company and IDC will however continue discussions with the objective of
scheduling the repayment of the First Drawdown to align with the positive cash flows generated by
the project, whilst repaying the Second Drawdown from the proceeds raised to construct Phase 1. In
the unlikely event that the parties cannot reach agreement on further deferment terms or the
Company does not repay the loan by the repayment date, the financing documentation allows for the
debt to be converted into equity.
There are some ANC heavyweights in the management and board (NENE ex finance minister) so I'm sure they've upset some of the ruling party "comrades."
Really sad that I started with the share 11 years ago. CZA and in the end it turned out to be 75% loss on purchase cost, not even to mention monthly fees for my trading account. I hope they suffer big setbacks with legislation. Water licences etc. You will see it in the news.
Little to no point not accepting the offer now in my opinion. Awaiting corporate action to appear in my account
It really was not a CHOICE - it was a given! Get something back or nothing!
Go figure! It was an internal SWIPE in its truest form. God bless 'em!
I agree with Bozmo, Something is not right here, should be investigated. Although I am sure it won't be.
A very sad ending for the majority of us that did not sell out.
All the best to you all for a better future.
Update from broker
"There is no longer a dark blue icon next to your holdings as this was set to the original deadline of noon on 3 April 2024. We are aware of the extension, however the voting facility has not been uploaded into CREST, the UK settlement system. Once this has been set up by CREST we will contact clients without delay, outlining details of how they can accept the offer should they wish to do so"
I guess if you accept the offer now you get your cash back early than if you just waited for them to buy your shares at a later date
Weird isn’t it. 2 months to accept the deal. Need an extension as 11th hour. Get one despite IBC being against it. Then everyone crumbles. Smells. That’s all.
You get the same price sir
There is no option for me to accept the offer on my broker website (HL). Will we still receive the same offer amount once delisted?.
The message sent through my broker states "If the offer is successful and Goldway Capital gains control of 90% of MC Mining shares they will buy all remaining shares on the same terms as the offer".
They have acceptance of 83.67% so they could offer us a lower offer right?
No point selling at 7.5 in open market
So are you included in the group that will be waiting grant?
Just a waiting game now to get your money. Hopefully it’s not months and months
Would like to say I wish them all the best.
But I don't.
It is a AIM share in SA, so always open to this type of shenanigans.
Goldway must have approached shareholders with large amounts of shares to either join them or alternatively they offered them more money, enough to get to the required percentage of shares they needed.
I think its board members giving them the shares. seems corruption at its finest and i hold zero hope of this being stopped now.
I'm now concerned more about how long its going to take to get my money back when the take over happens which no one seems to be able to answer
They have somehow managed to manipulate 64 038 608 shares from gullible shareholders. They only need 8 915 843 more to effect the takeover.
V. as at the date of this Notice, Goldway's voting power in MCM is 80.28%.
Hi granth81 where did you get the news of the 80%?
They are everywhere grant
Now at 80%. Board members must be in on this as there is no way they could of got that many shares that quickly. No moron would give there shares up this cheap.
I hold 200 000 they are not getting mine either. Everyone just say NO!
Goldway Capital Investment Ltd said on Thursday it has been allowed to extend the date by two weeks for its offer to shareholders of MC Mining Ltd.
Goldway, a consortium including MC Mining's largest shareholders Senosi Group Investment Holdings and Dendocept, has offered 16 Australian cents per share, or approximately 8.28 pence. Goldway first launched its takeover bid for MC Mining in February.
On Thursday, Goldway said the Australian Securities and Investments Commission had extended the close of the offer from Friday to April 19.
In Sydney, MC Mining shares fell 3.2% to AUD0.15 on Thursday. Shares also declined 4.2% to 7.28 pence on Thursday in London, but they rose 3.8% to ZAR1.91 each in Johannesburg.
MC Mining on Wednesday reiterated that its shareholders should reject the Goldway offer, saying it undervalues it. "The IBC confirms and reiterates its unanimous recommendation that Shareholders DO NOT ACCEPT the offer," it said, referring to its independent board committee.
Goldway said on Thursday it sought the further extension to allow sufficient time to allow MC Mining shareholders, who have not yet accepted the offer, the opportunity to do so.