Member Info for canillasboy

Let's hope everyone else is on that page too.

Agreed Aim that 10p is derisory to you and I and many more but BoD are bound to offer it shareholders after consulting with Nomad. I would agree they would recommend rejection, not sure what the vote would be. Some people might take the money and run.

Think an offer to the BoD now, would need to be much higher say 30-40p but direct to shareholders right now could be c20-30p and might get approval. Who knows, just want our mcap to get much higher and quickly so we need a breakout to 20-30p in weeks not months to help avoid hostile suitors.

Today looking similar to yesterday (65m) currently c55m today . So volumes are still modest although slightly higher than some recent days. Normally healthier to have big sp rises with much higher volumes but get feeling more and more lth are holding on not sure about companies ( likely wanting to acquire if they have any sense) and the number of shares available to trade is flat.

Btw any decent offer made to the BoD or directly to shareholders has to be considered and or voted on. The BoD can recommend rejection but usually has to go to a vote. If a direct bid to shareholders made then they would just need to acquire 51% of shares to make the deal. There are many computations but atm anything possible even though as I have said it is not what I would want and definitely would not vote for it. Sometimes these things are taken out of your hands because these guys are clever and have experience with these types of deals. So we need to be wary until our mcap reaches a much higher level, not sure what that would need to be atm.

As Baron is saying, atm while our mcap is still less than £200m but the likely income stream is in the £100's millions even billions we are a target.

Even a bid at £500m or 600m ( £600m is c21p) would be a good deal for a suitor that has deep pockets , that would be hard to fend off when it might be 2.5-3 x mcap. In a year or so they might get this to production and the huge revenue stream, probably keeping the same management team, as they have performed so well with their own guys watching over.?????

As always follow the money!!!!!

You may be right Slurm. But how much is that right now? How much will that be a month from now?

Above all what is everyone else's fv price?

Aim that's very true but it isn't there yet???

Normally mel I might agree with you but they have certainly been taking much more interest in Cornwall of late. It will come down to the individuals involved and the case they can make to the final decision makers I guess.

What will really help atm is an sp breakout into double figures and beyond making the cost price to any suitor get more costly but it may need to go some to get to that level where it is much economic for a suitor.

From a hostile company's viewpoint SML might need c£100m to get to production but the revenue once in production as we have been discussing could run to £100's millions pa even billions so you can see the attactiveness of SML as a target. Most likely approach will be to offer an sp premium but only a modest one.

For example if a bid arrived today and offered 10p a share valuing company at c£282m how many private investors would be minded to accept and take their money?

Of course if any offer could be fended off then sp could get to much higher figures if allowed to go into production itself, the sp could easily be anything between 70p and over £1 with potential for dividends too. So if patience wins through then much higher payouts in the future. Unfortunately it doesn't always go that way.

I hope really hope no offer is forthcoming or the UK Gov are using their powers of persuasion to make it known that this company is required to stay in UK hands and the end products remain under UK control. Anything is possible though.

One of our best lines of defence may be from UK Gov under "National Security" ruling, but definitely not a given in our case.

Otherwise our BoD after seeking info from our Nomad (Sp Angel) must then recommend or reject and put it to shareholders.

Likely bids any time now will be derisory in light of where this could go but it will need all private investors to vote that way, which is not a given, to defend against it.

So I hope the UK Gov are on standby if anything comes floating in as they might be the only way to keep this project in UK hands .

As I say Slurm there are no current accurate figures as the whole thing is in a state of potential constant change but it does give a good recent overview.

It would appear that the source of my original figures does not take account of more recent internal acquisitions and warrants and I think they result in Charles Manners holding now standing at 3.5% and Mark Burnett 1.6%. It does not make a significant difference to the overall picture but does reflect director involvement and commitment.

The latest information indicates the shareholding of the 2.818b shares are approximately

this: ( approximately as the figures are fluid and not necessarily published by legal requirement except when there is a significant change i.e TR1)

Hargreaves Lansdown Asset Management Ltd between 9.8-22,5% ( largest shareholder)

IG Markets 3.7%

Gregory Coffey 3.5%

James Brearley & Sons 2.67%

Peter Wale 2.63%

RAB Capital Ltd 2.61%

Jarvis Investment Management Ltd 1.26%

Charles Manners 0.0088%

Mark Burnett 0.0088%

Ownership Breakdown:

Institutions 64.1%

General Public 19.1%

Individual Insiders 7.02%

Hedge Funds 4.05%

Private Companies 3.4%

Unspecified 2.33%

As I say these are only the latest figures that can be compiled but undoubtedly slightly inaccurate because of current sales and purchases but at least they give a good flavour of current shareholdings and the mix. I have no idea why the HL shareholding is somewhat vague.

Notably we already have significant institutional shareholdings.

I think the most encouraging points from the Q&A reflect a determination by the BoD and their team to take this project to production. They have a great team of people all of whom are focused on delivering that plan. They are ahead of the curve with so many of the issues in front of them already and are devoting time and effort to get to production efficiently ,speedily and economically. Nothing seems to be getting in their way, as demonstrated by the stellar progress made in just over a year. They inspire me and many others with their business plans and methods which is why I believe they will grow the number of long term investors as the project progresses thus reducing the number of short term traders and helping to consolidate the finances of the business and the confidence of some bigger investors too. Always follow the money and this project looks to have golden tungsten as its end goal.

It is a bit like GMET too where now over 50% of shares are owned by institutions and few individuals. So the remaining shareholders have very little influence over events if that main group acts as a collective.

I do not want people to get spooked by what I am outlining here as we are not in this position but always be mindful and observant as things progress.

At this stage of development in the coming months and possibly to assist in raising finance for pre production costs ( already indicated at c£100m) then further shares may be issued and sometimes only to institutions or by special arrangements as recently evidenced by Mr Coffey. So for example if £100m was raised by a share issue , at say 15p, then a further c670m shares would be issued. The 670m new shares would represent c19% of total issued shares then.So that is how large institutions can gain a degree of control. Again only an example and I have no idea what will happen or indeed if or when.

Well NewOrmy, firstly I would say no need to panic at all we do not appear to be any way near that position. It was more a comment on where it could go in the future if the company becomes a target for large institutional investors who might have an agenda that suits them better than small investors.

Normally a simple majority vote by shareholders is enough to pass ordinary resolutions, 75% for special resolutions and

anyone who attains 30% of the company shares must offer a takeover for example. The percentages reflect % of votes cast not % of total shares issued. When a group of shareholders hold say 35% of share capital they are sometimes able to steer resolutions in their preferred direction , if as is often the case, a lot of small shareholders fail to register a vote for example.

It can become somewhat devious but generally speaking this does not happen but it is always good to be observant and we are approaching a time imho when some big institutions may be embarking on stake building.

Sorry my shares traded volume was incorrect. 82m yesterday and 62m today.

Ontarget, that's a lifetime ago but I would be happy to see it before then of the month if you can influence it!!!