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Mike, your lame analogy simply proves my point.
MD,
Its all very well PIs looking to blame the BOD, demand answers and request a re vote when quite frankly it's our own faults for not mobilising and voting.
We have caused this current problem and I hope it can be rectified. Blaming AMC for past issues is just a cop out when the vote was all about looking forward.
Lawers that specialise in BVI company law are most likely based in the BVI.
This is obviously important to get right and so I would much rather time was taken to do correctly, rather than rushed and damage any future recourse.
Yesterdays RNS literally said they will make a further statement in due course.
Today might be a bit soon due to the time difference with the BVI.
Also, if an entity owns more than 3% of the shares in various accounts and used these to vote Adam out, it could take a little while for the Nomad / AMC and lawyers to ascertain.
I have also asked for confirmation as to whether my votes were included as had left late and could quite possibly change the result
Morning Shadowless,
I saw the 200m shares as a little irrelevant to be honest.
If they were approved they would be available if needed for the future.
If they were not approved but needed later then they would simply come back to us with an EGM to obtain them.
Removing a key man who has defensively positioned AMC by bringing in a revenue stream, brought a major into discussions and had a plan to not have to come back to investors is something completely different
Lucando,
I think CBS quite clearly answered that earlier with regard to the legal sratement.
If it was a board decision there would be no reason to include that
Negative sentiment around a share, a long time surpressed share price and a lot of shares issued low in the past 12 months can be very beneficial to a low ball take over offerer.
Whilst before I would have said that the BOD recommendation to reject or accept an offer carried a lot of weight, this has obviously been eroded.
Adam was clearly our link with Glencore. Him not being on our board is obviously a blow to our partnership.
I don't believe the BOD voted against the reappointment.
I don't believe that normal PIs voted against the reappointment.
I think somebody is positioning themselves to take over AMC and pay as little as possible.
Millions of votes against his reappointment because he sold a few k of shares which would have been sanctioned by the Nomad and company secretary.
I don't think PIs are that stupid
Absolutely spot on CBS.
The true reward for us is multiple parties bidding for us and Adam seems to have been the person to make that happen with both his financial strategy and contacts.
Its times like these that I miss the comments of TDT and Red Lee
It sat at about 99% long for the last 6 months or so
On a positive note, IG is showing 100% long and so it seems somebody used this drop to close a short.
The problem is CBS is that with such low voter turnout, an entity with just less than 3% could control the vote.
However, I would suspect an entity that would vote in such a way is holding more than 3% and so am hoping that the votes and share holder register are currently under microscopic scrutiny by the Nomad, AMC and lawyers.
Very well said CBS.
Never a dull moment with AMC
Yes, the BOD votes would have have been very powerful, but of the 22m they hold, Adam has 5m plus however many his wife has so it wouldn't be quite so cut and dry.
If there was good reason that the other board members wanted him out then I am OK with that, although the decisions have all been sanctioned by them (NRR Etc).
If not, then something very unusual is occurring
Morning GB33,
We don't know where those 300m shares ended up, a lot most likely with PIs, but based upon the EGM voting numbers of about 30m, an entity could hold less than the 3% disclosure and control the vote.
I know it sounds like a conspiracy theory, but with a $30 billion deposit and growing, perhaps somebody didn't want Glencore partnering with us and them securing the offtake.
Have been thinking about the events yesterday.
I keep coming back to the fact that run of the mill PIs would have voted to keep Adam and were most likely to have rejected the new share issue authority.
From the posts across the boards it seems we were all quite accepting that there would be no problem with him getting reelected and were therefore very lazy with our voting.
If the BOD wanted him out then I trust there was good reason, if they didn't then we have an entity looking to unsettle and damage the business going forward for which a temporary drop in their holding is acceptable for whatever they are hoping to achieve.
If he's gone due to the boards voting, so be it.
If the board want him to stay they will find a away.
Ultimately it we have lost him through our own relaxed approach to this AGMs voting then we only have ourselves to blame.
Business will continue, but we should remember that there will be a lot of eyes on Kun Manie and whilst Adam added some financial security with the income generating NRR deal people will be looking for as big as piece for as little as possible.
Henners,
If we assume directors voted in favour along with some PIs, there would need to be say 20m votes against the reappointment. That's quite a number.
Somebody with 30m shares could control the vote, stay below the 3% threshold, mop up a load at the current price and even more so later having suuppered AMCs financing plans.
There was a real plan beneficial to us shareholders going forward, perhaps not in the interest of somebody who wamts to buy us cheaper, later
Got to be honest, am kicking myself at the moment.
Have felt very comfortable with AMC going forward and haven't felt the need to post much or make a big deal about voting yes to the resolutions.
I didn't even remind colleagues to get their votes in and there is a chance mine didn't make it as left it late.
The only contentious resolution I thought there would be was the additional 200m share issue authority, I never imagined today's outcome.
The TEO is important so is a BFS.
To maximise the return for shareholders AMC need to keep all parties interested until sale negotiations kick off.
We will not get a good price if we are only marketable to a single Russian company.
The BFS is not wasting millions, it would be debt financed and once completed the sizeable unpaid balance would be rolled up into the main construction financing, at which point a major would step in.
Non binding offtake most likely with Glencore, progressing towards binding.
An immediate income stream which debt would be obtainable for the BFS.
A strategic investment designed to provide the equity portion of Kun Manies Capex.
A plan to not dilute shareholders any further.
Those are all sizeable progressions designed to make AMC a grown up self sustaining company which were all approved by the other board members also.