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''there is a real danger that a shareholder’s no vote will not be carried forward and a did not vote will be recorded instead''.
EXACTLY what they are hoping for no doubt, in my opinion!!
I may claim credit because I sent them a zinger by secure message on Sunday describing their inadequacy vis a vis other platforms as deeply concerning and that I will consider moving my family's accounts. :)
DON'T FORGET TO VOTE NO on EVERYTHING TODAY OR LATEST BY TOMORROW CLOSE.
Just go on your broker platform & Vote Aginst, or let your broker know by message or Phone. Voting closes tomorrow around 5pm
I was also surprised by the HL direct message earlier.
Later i ll log in on laptop and check whether there are any more votes to be cast..
Have to call out the pricing behaviour, since the raise in offer this morning the price has moved inversely (very marginally down). Surely has to be a sign that chances of this going through is very shaky or this would of moved up to the 15p price not broadly flat on the downside.
Results are due 28th March, where has he got that from? I dont see this announce, is this going off last years results date? this will almost certainly be "delayed due to account sign of delays from auditors" or some nonsense like that surely anyway?
Thanks for posting ICB. I read the Telegraph but hadn't got to the business section yet. Very positive article form Questor and the words at the end of his column should be shouted loud and clear on every forum and even (maybe later if necessary) to regulators or in Court proceedings.
He finished off "Hold on to gold miners: they could be primed to shine".
We all know that here even though we have been starved of financial information to assist us in our decision making and which we must assume is available and has been viewed by those on the inside.
I only have a small holding here but it hurts like mad to be in the process of being done over. If I had a large holding, as many do here, I would be utterly distraught.
GLA and let's hope we can get our NO votes past the winning post.
Wonders will never cease I've equally had a private message off HL...
"Saturn Resources Ltd, a wholly owned subsidiary of ETC Holdings Ltd, have made an increased and final offer to buy Shanta Gold for 14.85p in cash per share. The court and general meetings have been adjourned.
Shareholders will vote on the takeover at meetings on 4 April 2024."
The fact is I've already voted with them,~ but interestingly its the first time they've sent an email on the subject; no contact on any of the previous votes, so maybe HL are at last accepting their customers do need to be informed!!
Would be daft to sell anyway before the results, a no brainer.
Just had an email from Hargreaves with a link to shareholder meeting and the vote. Voted against the thieving robber barons of course. Just a heads up to any other Hargreaves clients.
Continued:
Shanta Gold’s 2023 results are due on Thursday (March 28) and the shareholder vote on the deal takes place the week after, on Thursday, April 4.
Questor says: Gold miners could be primed to shine."
Shanta Gold
Whether a 10pc increase in the offer price from bidder and global conglomerate ETC Holdings (Mar 19) is enough to sway shareholders in Shanta Gold (SHG:AIM) remains to be seen.
If the deal does go through at 14.85p a share, with a dividend of 0.15p a share on top, we will bag a total return in excess of 50pc (Questor, Jan 10, 2023).
Given this column’s dismal record with junior miners, would be more than enough to keep us happy. That said, we can see why some shareholders may feel that even the higher bid represents a bit of a low-ball price.
It equates to a market value of £156m for a firm whose net assets are £133m , according to the last set of published results.
They were the first-half figures for 2023 that were released back in September.
That price tag implies a price-to-book, or price-to-net-asset-value, multiple of 1.17 times.
However, Newmont’s (NEM:NYSE) bid for Australia’s Newcrest in 2023 valued its target at 1.7 times and there is a good possibility of Shanta Gold growing its book value in future, should retained earnings flourish as expected, thanks to both increased output from its New Luika and Singida mines in Tanzania and an all-in sustained cost (AISC) of production of $1,200 (£949.26) to $1,400 an ounce.
With gold trading at $2,175 an ounce, profits should start to pour out of the ground, if all goes to plan, and the metal’s price stays firm.
There are caveats to this. Newcrest is a much more mature and bigger operation than Shanta, with 2.1 million ounces of annual gold output at an AISC of $1,093 at the last count and the stock offered a higher dividend yield than Shanta’s before the acquisition by Newmont.
Investors are also always likely to place a higher multiple on operations in Canada and Australia relative to ones in Africa, for geopolitical reasons, even if Tanzania is one of the most politically stable nations on the continent, in contrast to say Mali or Burkina Faso, where coups in 2021 and 2022 continue to weigh on investor sentiment toward gold diggers such as Resolute Mining (RSG) and Endeavour Mining (EDV).
Intriguingly, EQT’s bid for Shanta is the latest in a growing list of merger and acquisition deals in the gold mining industry. Barrick Gold (BAG:NYSE) swallowed up the then FTSE 100 constituent Randgold Resources in 2019, when Newmont snapped up GoldCorp in 2019.
Agnico-Eagle (AEM:NYSE) and Kirkland Lake Gold merged in 2021 and then in 2023 Agnico-Eagle and Pan American Silver (PAAS:TSX) bought and split up Yamana Gold before Newmont pounced on Newcrest.
The New York Stock Exchange’s Arca Gold Bugs index is trading no higher now than it did in November 2003, when the gold price was $390 an ounce.
Gold mining executives are clearly paying attention to this disconnect, judging by the rash of deals, even if stock markets are not, and we are therefore happy to keep faith in both Egypt-focused Centamin (CEY) and Resolute Mining.
Shanta Gol
Really does look like they are scrambling for this one, must be worried on the outcome... good! And so this drags on longer!
I am not sure what this all means. It may just apply to shareholders that own shares in their own name and not via a platform. My guess is that each platform sets its own cut off date, collates are the votes and then submits a list of for, against, abstains and did not vote. Accordingly, there is a real danger that a shareholder’s no vote will not be carried forward and a did not vote will be recorded instead.
I take that back. There is a 3rd NEW instruction to be given for the ordinary general meeting. So I have voted against on all. I have about 1.6m shares.
So basically it looks all fine from HL . Any original votes still stand. If you vote again, no harm done.
I'll vote no again to be sure. Obviously company is hoping that investors have changed their mind and revote in support.
That was for the EGM vote by the way.
There are also comments for the court meeting;
Comment:
22 MAR 2024: PLEASE NOTE THAT THIS IS A REVISION DUE TO CHANGE IN MEETING DATE FROM 28 MAR 2024 TO 04 APR 2024. IF YOU HAVE ALREADY SENT IN YOUR VOTES, PLEASE DO NOT VOTE AGAIN UNLESS YOU DECIDE TO AMEND YOUR ORIGINAL INSTRUCTIONS. THANK YOU
Just checked my HL account where I have previously voted. Yes it looks like I need to vote again, but HL has posted a comment below the resolution. I wonder if this means, that they recognise the original vote still stands, and the new meeting request is not valid?
Comment:
22 MAR 2024: PLEASE NOTE THAT JOB NUMBER 140039 NEEDS TO BE INACTIVATED DUE TO ACTUAL MEETING PROCESSING UNDER JOB 136206. PLEASE DO NOT ATTEMPT TO REGISTER VOTES OR MEETING ATTENDANCES IN THIS BALLOT, AS THEY WILL NOT BE COUNTED
No new vote!
MattyBoy 1965
The more Shanta talk of honour, the faster we should count the spoons.
Nothing new to report regarding my latest interactions with the Takeover Panel unfortunately.
No breach has been triggered and in addition they 'would expect the company to honour' their recently RNS'd statement that ''anyone who has already voted doesn’t need to take any further action if their stance is unchanged - their existing vote will remain in place''.
I don't know about anyone else on here but as far as 'honour' is concerned I would say that the use of that word in the same sentence concerning anything the Shanta Board are currently doing would be an utter joke!!???
All we can do now it would seem is to prepare to get royally f8cked over!!!!!! 😡🤬😡🤬
I thought it was 14.5! sorry
With all of the dubious actions that have been going on here, I am concerned about the integrity and honesty of the RCA voting system. Do we know if there are any independent and impartial checking procedures in force, to ensure we can believe the result? The radio silence from Shanta together with (what for me amounts to) the withholding of Data from SHs is ominous, and a clear indication that they are trying to rook us.
The lack of bids from other parties is strange but may be explained if the Patels/BOD have cooked up some sort of arrangement with any other interested entities not to bid until the RCA proposal is over the line. The reward for agreeing not to bid would be the Patels/BOD could then sell Shanta on to them for maybe a couple of pence per share more such that everyone is a winner ( apart from the Shareholders of course).
Under the terms of the Increased and Final Offer, Scheme Shareholders will be entitled to receive:
14.85 pence in cash for each Scheme Share (the "Increased and Final Offer Price")
So are we assuming, starting to think another increase in bid will be needed?
i've voted no again and seeing sp increasing above the 14.5 this morning