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What I want to know and see evidence of is the seeking of finance to complete the shafts, and evidence as to why a Rights Issue has not been put forward to shareholders, before a 'Proposed Offer' is the most likely option to be reccomended /accepted!
Tex,
The way I see it is this:
So far to date, we have had zero news about raising new finance in order to complete the shafts, yes? ie, the company should have at the very least come out and stated what has been tried and why it failed that needs to be demonstrated not assumed.
We have now moved from a SR RNS, over a long period of silence to a sudden Proposed Takeover, with no information in between for shareholders.
Then we learn of a 9 month period discussions etc whilst shareholders are un aware of what strategy has been sought. Yes we were led to believe of strategic partner but not a strategic takeover.
What I want to know and see is evidence of seeking finance to complete the shafts, and evidence as to why a Rights has not been put forward to shareholders before a 'Proposed Offer' is most likely to be accepted!
Jiffy. I don’t know what you are saying.
Do you think other options will come in better than 5.5p?? You seem to indicate that and then say that CF doesn’t have shareholds in his mind. So why should we expect a better offer???
To be clear my view is :
The company will be sold for 5.5p or less
CF had a plan to go it alone and get financing and he failed.
The result is where we are.
Cash is running out.
The ‘several’ parties under taking due diligence in Nov resulted in one 5.5p offer.
This is the offer the BoD is recommending.
Sxx is trying to secure jobs which is something they can influence in the negotiations. Clearly getting more than 5.5p is not.
No new offers on the table yet and I don’t see them coming at this stage ( purely my opinion)
Not sure what else there is to say. Lots of talk about lawsuits and compensation, which is the same as every share which goes the same way as Sxx. Maybe this will come to something, I don’t know.
I am new the the share and sold most of my holding at 5.5p. I will keep the last bit to see how it pans out.
Tex: 'Is this the same CF who is recommending selling the company for 5.5p? Clearly he doesn’t have any other offers on the table.'
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That may well be true re offers, but clearly we do not know that yet do we?
Further, we do not know what actions have been taken and reactions to such to secure financing for completion of the shafts, and we do not know why the company has not considered a rights issue or consulted shareholders to complete the most high risk element of the whole project.
Why throw the towel in now?
What we do know is, the company are more concerned about saving employee jobs over and above the interests of shareholders, IMHO.
Maybe he's just naive by nature and big boys keep taking advantage of him? First JPM with their conditional deal and now AA with their takeover offer? Either way he should be removed - clearly incapable of delivering. Shareholders value has been completely destroyed under his management.
KOH
Is this the same CF who is recommending selling the company for 5.5p? Clearly he doesn’t have any other offers on the table.