Member Info for bluegrass

Yes I agree don’t engage him. Just encourages him and clogs up board. He has nothing of interest to say. I have not filtered out of principle, but don’t bother to read his drivel. No idea who he is, where he lives or what his motives are and don’t care.

Sorry I am probably being stupid, but I can't really follow your logic on this. Can you please explain your thoughts in more detail. Really not sure what you are actually saying. Did you simply mean that Garfeng will probably get control even if you voted against deal or was it something more than this.

Don't know where you get the bit about BCN not surviving from. Garfeng know it's an attractive business that is why they are trying to acquire it. So can see no reason why the project will not continue. Don't think this is an emotional decision for them. They just sense weakness and an opportunity. Garfeng are involved in other joint ventures, but don't always try to buy out other party. Probably agree that M&G are key.

Fozdog. Appreciate that you are more knowledge on these matters than me, so it might be useful recapping on what private investors can do, lobbying, 5% for share holder meeting and voting etc. One thing I am interested to know is that once it is decided to put the matter to a formal vote is there a statutory time period that is given to vote in. BCN rushed through the recent discounted placing so quickly many people missed it altogether. Concerned that they may employ similar tactics given the opportunity. Maybe sensible for people to check procedures with there brokers now rather than waiting.

On another note what proportion of PI's do you think read this bullet board? I assume a lot more people read it than post.

He has now even got people arguing about Brexit. What was so encouraging a couple of days ago was the fact that everyone was united and talking about what we could jointly do.

Think Bob is making his mark by distracting people here from the issue at hand, namely the buyout. He has started a lot of discussion about his ridiculous nonsense which is maybe all he was intending to do. Best not to engage with him or make any comments about his nonsense, just completely ignore him. It's like when you get a cold call from a salesman, as soon as you start engaging with them you get drawn in deeper and they always have an answer for everything. Look at the number of post with this heading compared to what we were talking about. Nothing he says warrants a response.

Thank you to everyone who responded to my posts yesterday and all posting. Can't always reply straight away , other things to do. Think Gargeng are preying on us because they think we are weak or at least our directors are.

Fozdog. So are you saying that Garfeng will not be allowed to use their 28.8% to vote in favour? That surprises me, but is very good if that is the case. I think our biggest problem here will be many people not voting at all, especially if those Shareholders who don’t cast a Vote are automatically cast in favour of the Board’s Resolution as suggested by xtw2.

Thank you for the reply. Assuming it 75%, then I assume it's 75% of votes cast, not 75% of the total share base. If that is the case it is very important that everyone uses their vote. Do the research ahead of time with the broker you bought your shares with so are up and ready to cast vote when and if the time arises. Expect Garfeng and the people promoting this deal will be relying on shareholder apathy and inaction. How long a period do you get to cast vote, is it a set period? During recent share offer holders were given virtually no time to act.

Thank you for explaining. It is hard to make any conclusions when looking at the buy/sell details. You seem to be saying that it is just investors making easy money trading on the situation and does not represent any view on the merits of the proposed takeover offer. At the end of the day though these shares will be owned by someone and could be used to either vote for or against the deal or not vote at all. Can we determine which is most likely?

Yes some knowledgeable guidance would be helpful. Just called the FCA but they primarily seem to deal with financial service industry. Is this correct? I was pointed in the direction of 'how to report market abuse as an individual' but still think this relates to financial instruments. So still none the wiser. Yes, help please. Who can we report this to?

Fozdog. But will this be on the UK government's radar. Also shouldn't this matter be investigated by the FCA. The recommendation by the board to approve this bid does not seem to be in shareholders interests so raises many red flags as to why they would do this. How would we bring it to their attention? Can anyone contact them and if so maybe we should all write to the FCA.

Please someone correct me if I am wrong but I don't think Gargeng can increase their holding beyond the current level (including there soon to be finalised increased share holding) without making a formal offer for the whole company, which is what we are told they are intending to do. They can't slowly buy up more shares. I also assume that if they were to 'acquire' more shares which were held by a third party that would be illegal?

Yes I also don't understand the Form 8.5 notifications. Would be grateful if someone could explain.

Yes I also would love to hear an explanation of why the offer price has been 'recommended'. With a project fully funded to production with potential for multiples of this value I really can't see how it could be justified. It's not like the company is in a tight corner with no options, the project is fully funded.

What is the percentage of votes required to approve the deal please?

Fozdog. Appreciate that this has always been a concern, but having read the article you posted I can't see what is new that has happened to make you say it that it is 'getting extremely concerning again'. The position seems to be a continuation of the previous. You are probably right in stating though that the politics in Mexico might affect sentiment. The article highlights a drop in investment and other problems associated with the policy so hopefully common sense will prevail. On the plus side our major investors must be confident in the situation or they wouldn't be pumping millions into the project.

Think everyone is a bit surprised at the SP after project funding secured and are searching for any and all possible reasons for this.

Beevorma. Personally I don't think reminding people of positive facts is ramping. I think ramping is things like predicting large unfounded share rises with no evidence to support. Making wild unfounded insinuations that this company could be a gravy train for directors could definitely be described as a deramping. Just trying to provide a bit of balance.

Under your definition anything positive seems to be a ramp even if factual, whilst voicing sometimes unfounded worries seems to be legitimate analyse. My original point was that there is very little ramping on this board but there is a lot of worrying. Nothing against analysis of issues like the historic COE claim and it is relevant at the moment because of the continuing court action.

Exciting times ahead.(That's a ramp)

Oh and I forgot. Well over $100million in the bank. Is that a ramp or just a fact.

Beevorma. Don't think BCN fits your definition of a lifestyle business when it is now a fully funded mining project under construction. Not saying its been well managed and you could argue that a lot of share holder value has been unnecessarily eroded. However there is still a lot of value here and a lot more certainty especially when you compare it to many other companies on AIM that do live in Rampy La La Land. Really don't see much ramping flights of fantasy going on this board at all unless you consider statements like "fully funded mining project" a ramp.

Do we actually know it is ii's who just bought in the placing selling at a loss? That would seem very strange. If it is shouldn't we be due some notifications on major holdings.

There seems to be a tendency on this board to highlight and examine all things negative about the company with one worry after another. Each time we hit a mile stone, like becoming fully financed to production or construction starting on site, another issue gets highlighted like this historic claim, Peter Secker's inadequacies or worries about Garfeng's ultimate intensions. Maybe its because the SP seems to be stuck in this low range and people are looking for justification for this. It's so depressing. EMH are motoring ahead and as far as I am aware they don't even have an offtake yet or construction finance sorted, but EMH board on the whole is full of excitement.