Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Quite right. I've let my broker know and the forms will be returned.
I've just received my proxy papers from TPG. No use now as I sold my significant holding over a week ago which, if I still had them, I would have voted in favour of the board changes anyway.
I'd held TPG for many years, originally buying in at 10.7p. Fortunately, I'd topped up at 2.5p so my average was similar to my selling price. This was my darling investment that I was going to retire on. Instead, it's been a litany of excuses after excuses culminating in a pathetic attempt (IMO), to sway investors to continue believing in them. The proxy form even has the resolutions filled in in their favour already! Is that even legal I wonder?
If you're still in then I wish you all the very best and if you've sold out like me then at least we can sleep more easily. PS. I used the proceeds to buy into a Ruffer fund that has substantial investments in SAG. If only I'd bought Ruffer or SAG from the start, I'd be a retired millionaire by now!
II's have 75.14%. Assuming SAG can count on 40% voting their way that leaves 35.14% for TPG. The remaining balance of 24.86% is in the hands of the PI's. The maths from here is pure speculation and it's quite normal for only a handful of PI's to ever vote but if they all do, 60% of PI's will have to vote with the board. I just can't see it going any other way other than for SAG. The only question remaining is what will SAG do once they have access to the Due Diligence. Why would they make an offer at 6.5p when they have an opportunity to wait 12 months and then make there move at a much lower price.
I know my fears are based on pure speculation but I've lost so much over the last few years, my faith in the honesty of the share markets and BOD's has been severely shaken for me to think otherwise.
It's got too hot in here! I've lost out with Flybe and Sirius Mining already. My faith in equity investments is at an all time low. Boards seem free to rip off investors in so many ways legally!
I know whatever I do will be the wrong decision but the risks are just too great. I've been in for years having originally bought in at 10.7. I've reduced my average price considerably over the years so I'm just about breaking even now. I'm out!
So it's a done deal then? If all TPG investors voted, and they won't, only 19% of them need to vote in favour of the SAG motion for it to pass and once SAG have the directors on the TGP board, they'll have an EGM to vote for accepting the SAG offer.
If (when) they reach 30%, they must make an offer which cannot be less than the highest price paid (by them) over the previous 12 months. So, if the likely outcome is an offer of 6.5p, why are people still selling below that price?
And these events should be seen by the BOD as a wake up call. They need to remember who owns the company and that their main focus must be delivering value for the shareholder. At least SAG appreciates this, even if their offer is undervalued and insulting.
This would make a great crime movie, I said this before but the story has got even better. This is either a story about the worst board of directors imaginable or the largest company fraud ever made. I'm staggered at the bare faced cheek of the board but perhaps Con Air and Mr Pickle have seen a way of making even more money and are forcing their hand? I used to be a holder of Flybe and watched helplessly on as my share in the assets was spirited away but at least I could say it was to protect jobs. Now that we know that statement was perhaps less than honest, I want compensation! And, if the government wants to protect Flybe, and I think they should, they can use the same argument Virgin, Stobart and Connect used and buy the company first for £1.
Can anyone explain what's really going on?
We hear good news so one could expect the share price to increase which it has yet all the trades this morning are sales.
Are there forces at play here that are determined to keep the share price low?
Is it possible that 'Leases' are the untold story with Flybe. In a liquidation, does anybody know how much it would cost to clear all their lease liabilities? On the face of it, the accounts show Flybe to be worth £118m as at end of Sept 2019. However, I understand that it's not a requirement to show lease liabilities, just like it's not a requirement to show slot valuations. Would anybody care to comment?
The buyers, Connect, they get the £70m cash that Flybe said they had back in November plus they get 80 aircraft and other assets. They also get the debts but the net value was about £118m. All that for £2.2m!!!!!!!!!!!!!!!!!!!!
I wonder why the BOD are so keen to see this resolution passed? Perhaps it's worth more to them than we know. Anyway, as I've already said, whatever this shower of a board want me to do, I'll go the opposite way!
No debt is clearly better than having debt but businesses know that debt is a much faster route to success than organic growth, if well managed that is. An airline needs aircraft and if it can make more revenue than the cost of the debt then it's good business. Unfortunately, this shower of a BOD have little or no business acumen and failed badly. That said, it wasn't the debt that caused the problem. They had cash, loads of it but still not enough to satisfy the greedy credit card companies IMO. Also IMO, the credit card companies were urged on by the release of the profits warning which was an orchestrated ploy that gave them the justification to raise their capital requirements. I wonder how much Virgin will make on the film rights?
Sadly, the share price may well fall below 1p tomorrow, who knows. I won't sell simply because that's what the BOD want me to do, not that my 30k is of any significance to them. Yet again the BOD repeat that they've acted in the shareholders interest. I'm staggered by their arrogance.
My only hope is that regulator, or the courts, won't stand for it and will force compensation to be paid. It may take years but the integrity of the equity markets is at stake here. I suppose it all depends on the press and how they shape public opinion. Shareholders are all too often portrayed as the 'scum of the earth' and are often treated badly by those who have no understanding on how Britain raises the cash needed by our businesses. The truth is, if it does hurt the equity markets then everyone in the country will be hurt.
So why are you reading this BB? If you think we're all wasting our time you must be as well.
My biggest concern is what about my other investments, are they safe? IMO we MUST see a satisfactory outcome for shareholders or what's going to stop the entire equity market disappearing in the same puff of smoke.
Would anybody care to speculate how easy or how difficult it would be for Hosking to get an injunction to stop the sale? It doesn't look like sacking Laffin is going to make any difference because it's going to be too late or is it?
I'm looking for something to hang onto but I don't mean to ramp up the price. I'm still in and will remain in until the bitter end but if anybody's thinking about buying, I'd think they were mad!
Just in case anyone was thinking that the BOD has acted properly, it's worth taking a look at this:
https://www.slaughterandmay.com/media/39392/companies_act_2006_-_directors_duties_derivative_actions.pdf
Of course, you have to make your own mind up but it's clear to me that the directors have failed in their primary duty which is the success of the company. How could making it disappear completely possibly be construed as successful.
Your point regarding the change of listing being a corporate action and the following explanation could be argued. However, I believe it should be considered a corporate action for another reason. Companies often issue shares of various types (classes) and those shares often have slightly different values. One common class of share is a Non-voting share as opposed to a Voting share. Of course, by switching listing, the shares are still classed as Voting shares but for all practical purposes their value must reduce because of the loss of shareholder control. Therefore, this is a corporate action and should be treated as such.
This is from the HL web site. I expect it's up to date but I have no way of knowing.. As far as I know, this public information can be found from a variety of sources.
I just thought this might be interest to some:
Hosking Partners LLP 34,642,726 £1,127,967
AUSDRILL INTERNATIONAL PTY LTD 28,469,766 £926,976
William Andrew Tinkler 26,515,677 £863,350
T. Rowe Price Associates Inc. 18,690,764 £608,571
Ameriprise Financial, Inc. 11,808,606 £384,488
Jim French and Associates Ltd 11,554,133 £376,203
Aggregate of Standard Life Aberdeen Plc 10,856,275 £353,480
HSBC Global Custody Nominee (UK) 10,762,873 £350,439
City Financial Investment Company Limited 10,500,000 £341,880
Columbia Threadneedle Investments 9,801,115 £319,124