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Makes absolute sense now with how the share price was almost controlled to hold down and low for this bid to come through!!
Feel burnt and crossed so badly!! Injustice!!
Everything is corrupt these days.
Looks like they are paying the bare minimum that is required under takeover rules.
Probably had to make it public before sp got away from them.
They'll be buying as much as they can under 13.5p, don't let them.
Toothless unfortunately..
"ETG is controlled by Ketan Patel, Birju Patel and Mahesh Patel, with Ketan Patel already a member of the Shanta board."
Judas ketan Patel ‼️
Really annoyed today with the sh**show today!! Just a thought if all of filled in or sent an email outlining the fishy prescribe for this takeover maybe it’ll get investigated or at least cause some pain for the fu**ers!!
https://www.fca.org.uk/markets/market-abuse/how-report-suspected-market-abuse-individual
Fair price to All shareholders I should say, as clearly those select ones on the inside are being given more than 13.5p/share.
All they have to do is offer a fair price to shareholders, simple as that. But today's offer was nothing less than an insult. Offer a fair price and then they can do with it wtf they want.
Noq = now!
Https://etcholdings.net/offer-for-shanta-gold/
Looks like it's working noq.
Confidentiality agreement was 29 June 23 - will read this in an hour or so when I get chance but must dash.
Thanks for that additional insight, Tony. Merry Christmas to you and to others here too!
Liberum have attached much higher valuations to SHG in the past and just to show they have absolutely no shame they are now promoting a fund raise for HE1 at 0.25p, which was trading at 9p in August. This whole situation is beyond belief.
Having read through the entire RNS again, I have not discovered any new risk on Shanta Gold that we would not already be aware of.
What is abundantly clear is that the new private concern is a diverse operation and not just a junior gold miner business. It appears the private vehicle can acquire funding at far more attractive rates to develop the West Kenya assets. The cost and its associated financing conditions for junior miners are expensive in comparison as it is subject to a significant negative bias or perceived risk. Hence the reason why I think Eric Zurrin was supportive on that issue. The new diverse structure with its associated business operations offers additionality to communities in Kenya and Tanzania and so the acquisition may have government support in both countries in what they propose to do.
At the moment we all have the disappointment of not having our own aspirations not being achieved. However, the documentation is open to superior offers and it appears the timelines could be generous enough to allow market testing of the 13.5p acquisition price.
Today gave an opportunity for portfolios to get adjusted and we may see the share volume traded drop quite a bit from today.
In the meantime I wish us all a Merry Christmas and Happy New Year. Tony
Agreed, whilst still too low if that dividend was 2.15p not 0.15p I’d have been swayed into voting for the recommendation and washing my hands of Shanta. I mean at least raise your own funds instead of ours for future expansion and give us most of the cash on the books back.
Good idea. Questor recommended this stock a while back so they will be aware of it.
Since the Board are determined not to let the sunlight in I thought I'd contact Questor with a synopsis of the situation. Being Xmas they'll be winding down but you never know! Perhaps we can embarrass them into behaving properly.
Happy to post the body of the email if anybody wants to publicise the bid in any other way.
Appendix 3 of the RNS shows Zurrin, Sustainable Capital and Lombard supporting the bid by way of irrecovables/letter of intent. I really cannot work out why it is in their interest absent some undisclosed matter that could be damaging to Shanta.
Who wouldnt put in £10 to see the wonderful eric do another meetme ? with all the usual *** licking and dumb *** questions, and the thanks at the end for a job well done, best of luck in your next endeavour etc
to find a ceo for an about to be profitable gold produer should have been a walk in the park, even if they moved on from a proper bid you would still get a nice payout.
we needed either an experienced geologist or engineer, not the banker we got
I spat out my tea when I saw the news of the buyout price.
Clearly against shareholder interests and the true value of the company. After seeing the connection Patel has with the bidding company, I smell corruption at the behest of shareholders. We shouldn't encourage or allow this market behaviour in the UK. I will be voting no with my shares. Total shame
The previous offers were a huge red flag as they never felt like genuine formal offers, just a load of hot air.
and to answer below yes he would sign up for it for a great new jiob with enhanced package err hmmm
Surely it's likely that a few institutional investors are selling some of their holdings in order to realise gains for their books for the year now, knowing that the price isn't likely to head over 13.5p before the end of the year. Hence, enough selling pressure to temporarily keep the price hovering at around 13.0p. A great opportunity for retail investors to lock in an approximate 5% gain (including divi) with potential for real upside if a new bidder comes along.
I can't believe that Eric supports this either. It really isn't in his interest.
I am interested to know what the previous offers were if they were too low and this one is acceptable?
I dont believe Zurrin has signed up to this
What makes you think Sustainable Capital agree to this?
Looking back further investment monies were raised at 16p to develop the West Kenya asset. Anyone who bought at that time is underwater by 2.5p. If they are so keen on 13.5p why not offer a 1.5p dividend instead of 0.15p. It would have gone down somewhat better today but instead they were disrespecting longer term holders here.
What surprises me is that the share is not moving up to 13.5 and has moved backwards. Usually a share price is on the offer and we do not have games like this by the market maker and institutional holders. If they want to make private small investors more irritated they have done precisely that today.
I hope we do get the superior offer coming in and that this was the intention of the board all along.