Member Info for bluegrass

As far as I am aware there is no signed contract to sell the company to Garfeng, it is merely a recommendation by the board to the shareholders. While the offer is still open people are well within there rights to withdraw. Circumstances change. It was a bad offer to start with and it is a worse offer now. The company does not need to sell out to anyone including Elon.

The boards recommendation to sell out to Garfeng is now based on very outdated information. How can they justify the price they set when lithium prices have risen so much with no expected fall back. They should be under a duty to re-examine this. Anyone that has agreed to sell their shares should and can withdraw their agreement.

https://www.telegraph.co.uk/business/2021/12/02/rising-lithium-prices-risk-pushing-electric-car-dreams-road/

John, I do not appreciate your side swipe as being one of 'some posters' keen to attack others views etc. I do not think my reply could be considered an attack, I was merely questioning your view and thought process. I thought your original statement lacked any clear argument and it was unclear what you were trying to get at. I thought following my reply you may have come back with a clearer argument and still do not see how the Frogster's explanation follows through on your own statement despite you agreement with the explanation. Maybe you hold your own views in such high regard that you do not like to be questioned or challenged.

That's very contrarian. Can't quite understand why you are saying that. ZNWD is only of minor significant to the Sonara project and the SP there has not moved much anyway. It could also be argued that BCN's SP could be well north of here now if it were not for all the all the shenanigans and manipulation that has gone on.

They wouldn't need to issue more shares. What wrong with getting finance. Certainly wouldn't be a problem at this stage of the project with low risk level.

$28k/tonne

As should our directors!

With lithium at $28/tonne this deal is looking worse and worse every day. Offer should be at least double, not 2 to 3 pence. M&G would be throwing their clients money away at this price, they must be under an obligation to access again.

Will have to agree to differ. I really do not see that raising finance will be a problem. They managed to put a finance package together when there was far more uncertainty. BCN only have to find 50%, they now have more cash in the bank, lithium market is now booming and there would be economies from the fact that Garfeng are heavily embedded. Finance would undoubtedly be on improved terms. It's fine that you want out but your worries over finance really are a red herring. They let the finance deal with RK lapse because firstly the board had the intention of selling out to Garfeng and secondly the terms were agreed when BCN was not in such a strong position, so now an improved agreement could be found.

Think BCN board have been incompetent all along. Really messed up with first round of fund raising with timing and strategy, then out of desperation let Garfeng in for a song. Sold it to us that they had made some brilliant move. They have then been happy to let themselves get pushed around by Garfeng whilst feathering their own nests.

However, despite the above, the reality now is that BCN is not in a bad state. Garfeng are a strong partner (despite having there eye on the whole pie, which is just good business for them). There is a lot of cash in the bank and relatively little finance needs to be raised and could probably be done on a lot better terms than before because there is far less risk. We are led to believe that the project is still on target for 2023 production. We don't need a plan B, plan A would still work and there is no need for a sell out to Garfeng.

Thought BCN chose not to renew this because terms were not good. Would not think that it would be a problem to put any required finance in place if required.

The easiest way for them to increase the price would be to release some of the cash BCN have in the bank. Can't remember how much that was. Was it circa £100 milllion?

Sold up as opposed to accepted the offer? If one of the 0.2% then I think you are allowed to change your mind.

Totally agree with everything you have said. Personally I think, with the situation as it is now, that the SP is held back by the uncertainty of this whole offer mess. The future for the project looks bright with production still targeted for 2023 and given a free ride the SP would be well north of here. Surely our board are under an obligation to consider whether this deal is still in shareholders interests in this fast moving situation. Also are they not obliged to update us on progress with Sonora.

Most people who are against this are not bothering to post on here anymore so that may be giving a slightly skewed view of peoples opinions.

Not surprised at all at how few people are jumping in to vote for this. Believe this is still on track to go into production in 2023, which is not too far away, and with the way lithium prices are going these shares are and will be worth a lot more than the offer price. 50% is not really where Garfeng want to be, they really want to get at least 75%. Think a lot of people will be hedging their bets to see where this is going, but the lack of momentum will surely be worrying our sell out board.

A temporary retrace is possible, but my view is that the uncertainty around the bid is holding the SP back. I think news on site progress is also being held back to suit the purpose of the bid. If the bid is rejected and there is a steady flow of news on site progress I think the SP will rise far beyond the 67.5p mark. We have a huge mine that is fully financed and in construction!

Also the share price upon which they proposed a 50% uplift is now becoming a distant memory.

To a certain extent I see the extension as an advantage to us. The project is progressing all the time which makes the 67.5p price look even more ridiculous. However there should be a limit to the number of extensions given since this matter is hanging over the company preventing normal share behaviour. Can we make representation to the takeover panel?

RE my question to 'ii' regarding how nominee account holders cast votes. I have now received a reply from ii as follows:

"We would not cast any vote at all if we was
not instructed to do so by the share holder."