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The CFO will be gone following the "evolution" of the Board. A beefed up Finance department will be a necessity and I'm sure that the search for his replacement is currently ongoing. Expect a big hitter with significant bio science experience.
Both calculations in the RNS are wrong with the same type of error. So the same mistake was made twice which means it isn't a simple calculator error. Probably a formula error on a spreadsheet but even simple calculations should be double and triple checked when informing the market. Maybe he did it deliberately knowing he's getting the elbow next week!!!
I'm out now. Prepared to take a small hit on the SP as really can't be bothered to wait around for all the regulatory procedures and permissions to complete and I'm not interested in hearing form this BOD or their advisers ever again. We have been shafted. There can be no doubt that the AGAINST figure was significantly understated because of the confusion over the voting but I guess we will never know. I'm probably going to scale down the risk in my future holdings, especially on smaller AIM companies as that cesspit seems to be getting ever worse. But, hey, I did make some money so not the end of the world. GLA and may see some of you again on other forums.
Yes I saw that and am also outraged by it bearing in mind the current situation. What sort of company would release a Reserves and Resources Statement in a period when shareholders have already voted on the Scheme and there is nothing they can do about it. Do they know that they've lost?
Interesting to see the SP falling back a bit. The BID held constant at 14.45p for over a week but now that voting has closed it has dipped to 14.3p. I'm presuming (hoping) this indicates that, at least, the vote will be close or, better, that the Scheme resolution will fail. If there is any justice, it will do. Then I'd love to see how the discredited BOD handle the publication of their financials and forecasts
Sorry one final reassuring message from HL sent through at 17.39.
Update: Your Shanta Gold shares
Dear Mr Addison
We are contacting you further to our recent correspondence regarding the takeover offer for Shanta Gold. Since our previous correspondence, we have now been informed that votes given for the original shareholder meetings are valid for the new meetings. Any votes you have previously submitted will be counted for the new meetings.
If you’ve already voted, there is therefore no need for you to vote again. Please also be assured that if you have resubmitted a vote, this is also a valid vote and will only be counted once.
We have also been made aware of a comment on the online voting form for the new meeting, suggesting these votes will not be counted. We have been assured by our vote service provider this message was added in error and can be ignored.
Please accept our sincere apologies for this oversight and any confusion it may have caused you.
I like the last bit about any confusion it may have caused me lol.
But not so fast.
My very last message to HL on this matter.
Thanks Oak, despite the option to vote being there it won't actually accept my vote. When I tick the Against option there is no mechanism to submit it - there is a x where the icon should be to reset which doesn't work so I'm afraid there's nothing more I can do to cast a further vote. Hopefully, having voted now 3 times in the last week one of them will be counted!
Kind Regards
URGENT: THIS JUST BACK FROM HL
Dear Mr Addison
Thank you for your message.
Please accept my apologies for any confusion caused. We are currently in communication with Broadridge in order to ascertain exactly what has occurred in relation to these meetings. In the meantime, out of caution I would advise that you revote if you are given the option.
I hope this has been of assistance. If you have any other questions, please get back to me.
Kind regards
Oak Gill
Corporate Actions
Hargreaves Lansdown
matty, yes hopefully all of the shenanigans will have been picked up by the nomad. my email to them of 21 march which drew their attention to the problems has not even been acknowledged! but it could be that they are busy behind the scenes and are working hard to correct this ****show but it will be difficult when hl, aj bell etc all appear to be giving differing guidance to their pis.
it may all work out but this has not been a very pleasant experience
Who would have thought that a share consolidation, which in essence is just a journal entry, would lead to our SP being marked down. Absolutely no reason for it. Money grabbing MMs taking the opportunity to shaft PIs yet again.
Just sent the below to HL:
This is getting very confusing. I've lost count of the number of times that I have voted and re-voted.
Looking at the Meetings just now I note that the Extraordinary Meeting has disappeared. For the Court and Ordinary Meetings it reads INSTRUCTION GIVEN for both meetings but when opened up it shows REPORTED but the option to vote (yet) again is there for both meetings BUT there is also a comment at the bottom which states:
26 MAR 2024: PLEASE NOTE THAT JOB NUMBER 136206 NEEDS TO BE CLOSED SINCE ALL VOTING IS CARRIED OVER TO THE POSTPONED MEETING. PLEASE DO NOT ATTEMPT TO REGISTER VOTES OR MEETING ATTENDANCES IN THIS BALLOT, AS THEY WILL NOT BE COUNTED
So my question, which needs to be answered before 18.00 this evening, is does REPORTED mean already submitted and that my previous votes will be counted in which case why on earth is the option to vote still there? If not I will have to re-vote again very quickly.
Many others from the Forums are totally and utterly confused and I'm not saying it's the fault of HL but it is a horror show and I can't think any shareholder can have confidence in the result if the Scheme is approved. If there is some way you can communicate our dissatisfaction to the directors and NOMAD I'm sure we would all appreciate it.
Thanks and Kind Regards
Matty Boy, Just looked at HL again, having already re-voted on Monday and yesterday. I see the same as you. For the Court and Ordinary Meetings it reads Instruction Given for both meetings but when opened up it shows REPORTED so the assumption is that I have to vote (yet) again and that option is there BUT there is a comment at the bottom which states:
26 MAR 2024: PLEASE NOTE THAT JOB NUMBER 136206 NEEDS TO BE CLOSED SINCE ALL VOTING IS CARRIED OVER TO THE POSTPONED MEETING. PLEASE DO NOT ATTEMPT TO REGISTER VOTES OR MEETING ATTENDANCES IN THIS BALLOT, AS THEY WILL NOT BE COUNTED
so it looks like any vote will not be counted hopefully on the basis that our previous votes have already been REPORTED (does that mean lodged?). I'm just wondering whether BOD and advisers have at last realised that the current voting instructions are at variance to the 19th March RNS so a carry over from before is now, at the last minute, being allowed.
So I have NOT re-voted today but will seek clarification from HL. We'll know soon enough how badly we've been shafted Hopefully we won't get NUL POINTS!
I've just posted the gist of the below post (minus the emotional final section) on X. Anybody is welcome to retweet to try and get to as many as possible on the basis that there could be many shareholders on X who keep away from forums.
All shareholders received an RNS stating that there was no need to vote again in respect of the resolutions to be tabled at the three 4th April meetings if we had already voted and did not wish to change our votes.
No further RNS has been issued to change that statement. Nominee holders have been receiving various and differing messages from HL, II, AJ Bell and the like about whether or not we need to vote again. Worse, some of us have only heard today that we needed to vote again when the deadline is tomorrow. Even worse, on HL, when we looked at our votes it said that we had voted but, when we opened them up, we found that no vote had been recorded.
At 14.44 this evening HL re-confirmed that we had to vote again. It is obvious that many shareholders will not see or know that.
IMO, and I'm no lawyer, I fully agree that the absence of an additional RNS to supersede the original voting instruction MUST render all three meetings invalid and, if they go ahead and are passed, the resolutions will equally be invalid.
BOD, NOMAD, other advisers, the regulators and the courts should all hang their heads in shame. IMO this is a shambles to beat all others on AIM.
I got the same.
Dear Mr Addison
Following our previous correspondence sent earlier today, please note that any voting instruction that was submitted for the previous meeting is no longer valid and will not be submitted at the new meeting. Please follow the steps below before 6pm on Wednesday 27 March 2024 to submit a new vote on the increased offer at the meeting on 4 April 2024.
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 words "court and general meetings have been adjourned" are misleading and I assume they relate to the previous meetings but I'm sure some may think they now only need to vote on the Extraordinary meeting.
I actually don't want to think ahead at the moment. My feeling, sadly, is that they'll get it through this time and it would be really tough if it was by a slim margin and we felt diddled because of the voting problems that are obvious to everyone. But Liberum have not responded to my email alerting them to the problems and they're the ones who should be acting in our interests to ensure fair play. Hargreaves haven't come back to me yet on a message marked URGENT so what more can we do at this late stage. If BOD abort the meeting before Easter then we'll know we've won. If not then I will anticipate the worst.
If we do win I think we should convene an EGM and vote the lot of them out.
GLA