Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
1. I agree with you there
2. The last thing I'd expect is a HZM type dilution. I think ACP will be negotiating pre-payments for offtakes like their peers have done.
That being said, a dilution wouldn't be the end of the world, so long as they can get the market cap up.
Thanks Mick88,
Pity we lost out in the end, but at the very least we managed to get The Mexican President speaking out specifically about Sonora!
I think some of the things we all overlooked with BCN was the lack of ownership The BoD held - We don't have that problem with Armadale. A good holding from the CEO, a willingness to bleed out negative influences, and only a £33,000 salary.
If it goes tits up, at least we know it won't happen due to boardroom greed or lack of shareholder alignment.
AIMtodeath,
You make some very, very valid points. I didn't realise The Tanzanian Govt would need to sign off the new DFS.
Railways often have capacity issues, but where available they tend to drop freight costs immensely.
I saw a lot of the buys being Friday afternoon which made me think some people wanted to be in for Monday morning.
Somebody mentioned warrants - When the Total Shares Outstanding were issued there were only a 2 million difference when adding the CEO's warrants to the new TSO. That would indicate that only 2 million warrants aside from The CEO's were converted.
Just posted this - I'd like to think we'll be moving, soon!
https://twitter.com/GungHoStocks/status/1506303084661809154?t=1u1GkYMQQZoRd9ADX76hWA&s=19
Here's a thread I've posted on this. Quite bullish about where this is headed over the next 18-24 months.
https://twitter.com/GungHoStocks/status/1494666207789830146?t=dtTaIH-u8m_hFCu7pkQ3zg&s=19
That's pure speculation.
We don't know whether the fact that a sovereign nation taking sole control over a strategic asset is what precipitated this particular action. It seems everyone is catching on pretty late to Sonora, and even AMLO stated previously that they only wanted to nationalise projects NOT in development.
You wouldn't be here if you didn't have a dog in this fight...
And don't say you enjoy trolling, because you've been here for the better part of a year, now.
Perhaps you ought to let it go?
I mean, I'm guessing your contract runs until the end of January?
After all these deadline extensions, they still can't get to 90%?
I've be embarrassed if I were Ganfeng or the BCN board.
Still here.
If they get to 90%, good luck to them.
If they don't, then they'll have a hard time getting us out.
It took extension after extension for them to get this over the line, and now, they need an 'indefinite' deadline.
I think we did very well considering how poor/skewed The Takeover Panel rules have been.
The KDNC technically isn't under development.
Surely The Mexicans will nationalise it and then attempt their own JV/separate deal with Ganfeng?
Bannor seems to think that if Ganfeng issue a $600 Million total cash call, then KDNC will be able to raise their share of the funds with a £30 Million Market Cap. at 30% of their concessions, that's $180 Million.
If KDNC could raise even half of that money, they'd have developed a project by now.
Private shareholders will have personal requirements in an unlisted company, but with modest stakes it can certainly be affordable if people are that way inclined.
A lot of us staying in are doing so on principle.
Bannor,
If you bothered to read the email, you'd notice point 3 mentions the risk of a cash call.
Ironically, you're investing in KDNC who themselves could face an inflated cash call?
I've emailed some of you who left the campaign too, as you all contributed in some way, shape or form.
Once more, we step into the breach.
Dee
--------------------------------------------
Best of luck to all those are are continuing to hold out, and best of luck to all those who have sold!
In short - It's pretty much time to call it.
Dear everyone,
It has recently come to our attention that the final Institutional Investor will be accepting the offer shortly.
I've just gotten off the phone with them this evening.
Whilst they didn't want to, their fund rules will not allow them to remain in a de-listed company, and they feel Ganfeng will attain 75%.
I've spoken to a lot of you in the WhatsApp group, and plan on updating message boards later tonight/tomorrow.
Here is the situation:
Once Ganfeng achieve 75%, they will attempt to de-list. Many of us have decided to stay on. If we keep them below 90%, they're stuck with us.
And we feel they will then have to buy us out.
There are risks however, and before anyone makes a decision, I want you to know them clearly:
1. Ganfeng may not offer anything for a long time.
2. Some people may later individually accept offers from Ganfeng, and if they reach the 90% threshold, they will be able to buy everyone else out at that price.
3. Ganfeng may issue a cash call, and use that to try and dilute us. I don't know the specifics on how easy or hard that may be.
The flip side to this, is that they will pay us a better price for two reasons:
1. There's less people to pay.
2. They just want to get rid of us.
What I do believe, is that they want to be the world's largest lithium producer, and how they treat us will go a long way to showing their colours as time goes on. They still need to protect their reputation, and they still need to prioritise getting us all out of the company.
They know what this will be worth, and it's in their interests to get us all out.
If you have money in BCN you can't afford to lose, now is probably the time to consider managing your risk.
If you wish to stay onboard, please do - As many of us have agreed to stay whether that's with all, or some of your shares.
I want to add, I'm immensely proud of every one of you that's taken a stand - What we've done has never been attempted before, nobody has gotten this far before, and with the Al Jazeera article we've managed to gain traction internationally.
The takeover panel rules aren't fit for purpose, and the constant extensions to the timeline (particularly nearly half a dozen 'deadline' extensions from brokers) most likely scared many people into accepting.
We've contacted governments, regulatory bodies, hedge funds, and bar a few media outlets - We've had 0 support from anywhere outside of some grandstanding.
This was Private Investor led from the start, and has stayed that way throughout. We did our best, but unfortunately our best wasn't good enough.
All that being said - This isn't a lost cause. Whether it's to extract more, or for many of us the sheer principle of not accepting being pushed around:
Many of us are happy to stay on board, and don't plan on giving Ganfeng an easy ride - They certainly didn't give us one.
https://www.aljazeera.com/economy/2021/12/21/mexicos-lithium-and-the-global-race-to-lock-in-white
Key phrase here: "except with the consent of the Takeover Panel"
They consent to everything.
"Where an offer is declared unconditional in all respects (and so the bidder, together with any concert parties, holds more than 50% of the target company's voting shares) but the bidder fails to acquire all of the outstanding shares, except with the consent of the Takeover Panel, for a period of six months from closing the original offer a bidder, and its concert parties, cannot acquire further shares on terms that are more favourable than those that were available under the bidder's original offer or make any special deal with favourable conditions with any of the minority shareholders (Rule 35.3, Code)."
We (and I don't just mean retail) believe there is a better offer on the table.
We've made clear to Ganfeng that we want them to add the cash on the books. At present, they would need to offer that to EVERYONE.
Following the closing of the offer - They then only need to make an offer to the remaining people. At this point, they will probably attempt to proportion the cash on the books in relation to the number of people left.
That's why they're trying to get as many people in at 67.5p + 0.2358 Zinnwald shares now.
£100 Million across each share is roughly 26p a share on top of the current offer. They still want us all out.
They want to be the world's number 1 Lithium producer, and you can't do that be looking weak. Equally, you're in the spotlight, too.
Their priority is to attain 100% control, and they cannot do this with disgruntled shareholders - if they want us out, they will have to pay us.
We don't have the exact figures, and a few have caved in, whilst a few others have joined the cause.
We know we have more than ten times that number.