Member Info for addicknt

BTW, it seems my speculation about that conference call I was mistakenly invited to, was right. They were finalizing the RNS.

We aren't close to meeting the conditions for the release of Tranche 3 and Franco have said they aren't prepared to waive them. Consequently we're short of cash.

JCC knew this and opened discussions. The Board, after the initial response, were forced to face reality and said they'd recommend a bid provided they raised their bid even if it was only a paltry amount.

JCC were given Franco's blessing as it was an easy solution to protect their facility.

Running alongside this, the Government were holding back on granting the CIPA until our finances were sorted and we'd coughed up more for the levy. Their refusal backed us into a corner.

This raises the question of why we didn't raise equity via a placing - the board has the authority to do so. I don't know why this hasn't happened.

As I said, this is complete speculation, but I'm really struggling to understand what's happened. I don't believe they've willingly moved to this position and if their hand was forced it must be for a very good reason.

If we are able to submit questions, we should all ask what is the justification for this bid. What has happened in the past 10 days to change the Boards mind, and no, a 2p improvement does not mean you've done a great job negotiating the price. So, we want a full explanation.

DK, if an offer is formalized an offer document, or its equivalent under a Scheme of Arrangement, will be circulated and you can choose to accept or not. I can't see that happening until end Jan/Feb. It is not an agm matter.

RT, if I were to put my conspiracy hat on, I reckon he's not happy. For that matter, I don't think DV is either. There's no way this represents something which will " define" their careers. Quite the opposite, in fact.

RT, I know I'll be accused of all sorts by a couple of people on here, but I emailed PS this pm expressing my surprise and disappointment. I also asked him why / what had changed from a week ago.

I didn't expect to get a response and I knew he wouldn't be able to answer my question. But he did reply and simply said " I cannot comment".

A doubly frustrating/annoying week for me. Not only is someone trying to stiff us here, I've had the same problem with some land we own in North Yorkshire.

We were approached by a developer a while back and have spent a long time discussing the issue. This week he came up with an offer which was exactly half its market value. However, there's a difference: I was able to tell him to feck off whereas we have no such power here. Or rather we can, but it won't change anything.

It's been a bad week for p**s taking.

SH, since you're so bearish, probably best if you sell your imaginary shares.

You can then leave us to wallow in our misery whilst you bask in the glory of your imaginary profits.

Mistermeister, I'm not even sure he can offer a view. It should be the independent NEDs who have that task, but I don't know if they have any.

Mister, in theory, yes they can, although they need to consult their own shareholders first. Their vote will reveal whether Mather truly controls DGR. My suspicion is that he'll win.

Mistermeister, indeed and their absence from the list appears to confirm the fact NM is excluded from being able to vote when the shareholders get a vote.

Q, today's announcement states it's for the entire issued share capital of solg plc, unfortunately. It may be a bit more palatable if it was just for ENSA.

Q, we won't get an explanation until an offer is agreed and the offer document circulated. It will contain a section justifying the board's recommendation, although it's unlikely to cover exactly what's happened.

I maintain my view that something's happened to force our hand.

No point blaming the Chinese, responsibility lies elsewhere.

DBW, I really hope you're right.

Dusty, what on earth are talking about? The 'to be issued' comment refers to options and if the Chinese end up buying us, none of us will holding.

Apparently, SH enjoys showing people up. Given his track record that's quite funny. He even had his nose rubbed in it yesterday.

A shameless, self-confessed liar who admits he has an agenda, although if his intention was to trash the sp down to 5p, it hasn't really come to pass, has it.

It's possible, but given our supposedly strong relationship with them, it would be surprising. I'm simply struggling to understand why the Board has caved-in. And no, I'm not convinced it's because of BHP and New, because that doesn't explain NM's position, particularly as he's such a belligerent old bugger who has a strong dislike of BHP.

RT, exactly! Your comment reflects the reason I'm suspicious of something else having happened. This is a major U Turn.

TT, subject to certain caveats, Rule 2.5 allows them to reduce their bid.