Email I sent to everyone in the campaign last night:22 Dec 2021 11:29
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.
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