Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Hope it’s York........and it’s a nice day. Years since I’ve walked the walls.
Oops* hazard a guess.
Anyone care to hazard as to the likely venue? York or London.... could be influential on the court vote.
Finally wwguk I should have asked this in my last post,
I knew that after it was announced that aal were in talks and they then had one month to make a formal offer but is that right that the vote has a time limit too?
many thanks
ffc
ffcmember, A vote is a vote, no difference if it is made with or without a presence in the meeting.
I gather the difference is made on visible sentiment in the meeting room.
If there are two choices to vote, it makes sense to vote/attend. However, if the AAL offer is the only choice, then why bother (it will be a yes anyway).
wwguk
Yes I agree , one more question
I will vote and mine will be through HL but can I ask the significance of attending or not attending the meeting ?
I think We should make a massive effort to encourage all PIs to vote although not sure through what all the outlets are available to do so >> I hope maybe sharesoc might be able to help with the press and we can do what we can social media wise ?
ffc
illbetabuck, if the consortium will make a firm offer in next two weeks, they should notice the time constraints. Therefore, they may help to make some arrangement, e.g., giving SM a small amount of guaranteed loan for them to remain as a on going concern. Of course, all these are based on SM's willingness/preference to take the alternative arrangement. The managements may still vote for the AAL offer as promised, but they may still push ahead the alternative solution as they know the big IIs will stop it given another better offer is on the table (and the arrangement to prevent it from bankruptcy has been made).
ffcmember, yes all PI can vote in theory, but in reality I gather not many will attend the meeting or make complicated arrangement to vote through brokers. Therefore, probably only a small percentage of PI will vote. I maybe wrong, as based on my own experience.
Currently, the total 7020m shares were held by big IIs (around 40%, 2800m) and smaller PIs (around 60%, 4220m). As very few PIs would be able to vote, the voting result is largely determined by the IIs.
wwguk
Can I ask Why "few PIs would be able to vote "
I understand that many will not vote ! But surely they ALL can vote ?
Regards
ffc
illbetabuck, if the consortium will make a firm offer in next two weeks, a no vote to the AAL offer will not lead to a prepack administration, as by then the voting is for a choice from the two.
If the alternative proposal/offer gets over 75% yes votes, which means the shareholders believe it is variable one, and the money for the Initial Scope will be raised based on the arrangement in the proposal. SM's plan is to raise the around $600m for the Initial Scope, and therefore, the plan is executed as planned. If AAL is to involved as a strategy partner with partial ownership, that will be even better. The mine/employees wants the AAL deal as full funding solution; however, the shareholders want to be kept involved in the project to recover and grow their investment. Hope through some twists, a win-win solution is found before the last hours.
The choices will only exist/emerge if the indicative Alternative becomes a firm proposal/offer in next two weeks.
If in next two weeks, the indicative remains indicative as it currently stands, then a yes vote for the AAL offer is the only choice (as the other is administration).
If there is any partial ownership proposal/offer on the table, the AAL offer would be almost impossible to get the needed 75% of votes, to pass.
Currently, the total 7020m shares were held by big IIs (around 40%, 2800m) and smaller PIs (around 60%, 4220m). As very few PIs would be able to vote, the voting result is largely determined by the IIs.
To pass the AAL offer, 75% of 2800m shares, i.e., 2100m yes votes are needed.
Among the 2800m, Polygon and Jupiter have 1107m (i.e., 560m + 547m).
Without their support, the AAL deal cannot get the needed 75% (i.e., 2800m - 1107m = 1690m < 2100m).
If the alternative proposal is to place on the table, many other IIs should also support it.
Therefore, all the focus is now on the Alternative proposal to emerge from indicative to a firm proposal/offer, or any other proposal or offer appearing in next two weeks.
If there are two solutions on the table, i.e., the AAL one and the Alternative one; the standalone alternative one should get the support from the big IIs.
When AAL realized that another partial ownership proposal would be on the table, they cannot get enough yes vote for their offer; they may change their role back to strategy partner (with partial ownership); and due their halo factor (to ensure the funding for the deferred stage), the consortium and SM may still be happy to have a combined solution than a standalone one.
It’s okay thinking, but we need to know what the offer was so we can make a decision. It seems the IIs are aware of details on the offer that we small I ers aren’t.
"I think the consortium offer was for a pre-pack administration deal so I've taken the 5.5p and moved on"
that's just a load of bull****......
ok well if thats the case then it really is AL or nothing.
I think the consortium offer was for a pre-pack administration deal so I've taken the 5.5p and moved on
Since the RNS reports on the changes of holding, almost no big IIs sold out their shares;
Most of them kept almost all their shares. In contrast, many (long time) PIs sold (whose shares brought by other PIs and some of big IIs, such as Polygon).
Given most of PIs (more than 50%) would not be able to vote; any deal without the support of these two (over 14%) would be difficult to pass.
Does any one know the needed 75% yes votes for the AAL offer refer to 75% of votes casted, or 75% of shareholders?
560,283,677, 7.981%
Polygon might be in the consortium; Jupiter, if not in, would be the biggest II supporter of the alternative proposal.
"might just surprise a lot of people." Yes suprise ! He walks away with millions a hefty salary with AAL and leaves shareholders in the dust, unless he knows another buyer wants to put in a more generous bid
I am posting the letter to MP today, Hope we are may doing that !
Can anyone explain to me please what/who Oasis management please and the part they are playing with all this?
I did have a chuckle at your post in reply to mine which have been removed!
Scotman - thumbs up from me.
Looks like I was wrong with my hunch for a 3rd Feb RNS concerning a Chinese involvement. But, I agree with FFC CF might just surprise a lot of people.
Perhaps it is all a ruse to change the balance sheet ready for the next stage of SM - in whatever form. Personally, I do not see an AAL 5.5p takeover.