Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
I think a lot depends on what MedDeb and TM do. Being cynical I suspect that somehow PJ will know they are going to sell. In a hopeful mood I contemplate that they hold tight or add then that would make it so that a lot of individual shareholders would have to sell and that makes it not so easy for PJ to get the 22% he needs by the end of the offer date, 5th March I think.
The only way I see to stop PJ delisting is if enough share holders get together who jointly own 25% and agree not to sell. The problem is that MedDeb and TM own jointly 12.6%. If they sell, PJ only needs another 10%. That's why I said if MedDeb and TM aren't happy they are in the best position to do something about it..... But I think PJ chose the 0.62p offer because it probably lets MD and TM out with a small profit or at least he feels they will take the offer. I just feel investors have been ripped off.
If Med Deb and Threadneedle Management got together and decided to buy to double their holding they would jointly own more than 25% so they could prevent PJ from delisting, thereby forcing him to pay more to get control of the company. MedDeb and TM could push the price up and get a bigger return on their investment.....
The info is in the offer letter on PJ's website. Read it carefully, but my understanding is that if PJ's company PDJ Dibco get 90% via the offer they will act to make a compulsory purchase of the rest i.e. if you are one of the 10% not taking the offer you will be forced to sell (presumably at 0.62p but don't know). If they only get 75% (which seems fairly certain to me) they will delist.
Well it certainly feels like we've been shafted here. Let's forget about it. Worse thinks happen at sea..... Are you in any other shares? As you have some cash on your hands now take a serious look at FLOW. Check out all the RNS's since Nov/Dec last year and the Flowgroup website/newsletters. Lot's of info and opinion on the BB also. DYOR and all that....
The problem is that the majority of shareholders don't own the majority of shares. Jones has control of 53%, he only needs 75% to delist if holders don't accpet the offer. The additional 22% of the shares he needs are held by a small number of shareholders.....
Jones IS obliged to make an offer, minimum 0.525p/share for all shares he doesn't already control. That notification was in the Jan 15th RNS. But my understanding is that shareholders are not obliged to accept it even if the board recommends it....... I guess you meant that PJ is not obliged to offer more.
Any chart experts out there? I'm not one, but it looks to me like there is resistance to further upward movement just below 93p. If it sustains a push past that it could spring up to 99p. If not, possibly back down to 85p?
I wondered about that (paranoia again), but I couldn't find any obvious link or previous dealings between the MedDeb directors and Peter Jones. And what about Mr Gary Harold Stephen Montgomery? He declared he owns 2.39% last Friday. http://www.iii.co.uk/investment/detail/?display=news&code=cotn:XPS.L&action=article&articleid=9238737