Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
There's a difference between redomicile and moving the listing.
Good work!
Nice one!
admins here don't allow links to telegram... You can just search in the app for the group name
@Westy54 - Are you able to join the POLY London telegram group? I'd like talk a couple of things through with you before I speak to EM on Monday. Cheers!
KevlarS - if you use tele gram then look for the POLY London group
Having looked at a lot of this before due to holdings in EVRAZ, I do agree to some extent with KevlarS. Speaking directly with Vitaly yesterday also confirmed the point that PIs are not a concern to the company, as "they do not vote".
We don't know on the course the company will take yet, but I do know that if PIs want representation then they need to get together and make their voice heard. Assuming IIs and management all vote for something that disadvantages PIs, then roughly half the PIs or 100m - 120,000,000 shares would all need to vote against to counter it. That is HARD to achieve.
This isn't complete gloom, as IIs may not be in favour of something which reduces liquidity so much and leaves them holding shares they can't sell.
The board will be very aware of how unpopular a move off LSE would be, so let's see what they propose next. Remember, at the very worst you can request your shares as paper from your broker and the company will then deal with you directly whereever it is and you are. You will receive share splits, votes and divis. In this case it's my opinion that it would be worth losing an ISA tax wrapper to keep the shares, but my opinion only.
Westy if you use telegram, could you jump onto the POLY London group?
Maybe there are sanction issues that can't be got around with NSD or LSE or whatever that stop it being bought out and taken private.
@Pandamonia - I have asked myself and others that same question today. Why has this not been taken private? It's a shoe in. I'm astonished really that it wasn't taken private in early 2022
Up to almost $1950
They did say in the session a couple of times I think and Vitaly said that to me directly that they had II meetings for the next couple of days.
@Monkeyjack - You're incorrect onthat I believe. If you don't vote then your vote is discounted. The only votes that are counted are ones that are actively cast. PIs mostly don't vote, so they are irrelevant in this matter.
Haha! You can see my fat head blocking the view of Maxim right there. I'll try and stay down in front next time.
I asked him if it would be an issue to get votes through on redomicile etc now that there is sucha high percentage of retail investors. Vitaly said that it was not a concern as PIs never vote. They are going to now have a couple of days consulting IIs to see what they think, as they do vote. Personally, I vote in every single company vote that comes up across 20-30 companies I invest in, so I dont really understand that no-one votes.
@Westy54 I agree - I'm interested in the longterm dividends, so even if I take shares out of ISA wrappers, convert to paper and get sent paper shares for POLYK and POLYR, then that would probably be OK for me. I'd get dividends etc and just pay the tax.
If you couple the fact that PI opinion is largely seen as silent and a non issue (as per my conversation with Vitaly after the session) then it doesn't look great for the LSE listing. I do wonder though how it would go if the scenario is bad enough for the PIs to turn out in enough numbers to block a move off LSE? It would take a HIGH PI turn out of course
Pandamonia, are you able to post your mail to IR and the response?
Good to meet you too. I knew we all needed carnations to identify ourselves
Black rock still show as owning 10% and there has been no RNS to change that. The thing with Blackrock is they don’t care if Poly is listed on AIX. They can own those shares and have all the legal, compliance, etc teams to deal with it. PIs, not so much