What I emailed to to everyone involved in The Campaign:31 Aug 2021 00:36
Hello everyone,
Many apologies for the delay in emailing you all - It has been a while!
I know a lot of you have been waiting, and I'm not going to sugar coat anything.
Here is the situation:
1. M&G have pretty much sold us down the river. Their Recovery Fund hasn't performed well over the past 5 years, so they've either decided to just cut their losses without a fight, or there have been some discussions that we're not privy to.
2. There are two methods to a takeover - Scheme of Arrangement (Which we're able to fight and win even without M&G), or a contractual offer. The latter is undemocratic, and more like a back-door route to a takeover. With M&G rolling over, the contractual offer looks more and more likely. This in effect means we will barely get a vote, as they will only require 50% for approval. Ganfeng and The Board are more than aware of the danger of us defeating a Scheme.
I spoke to Cliff from ShareSoc, who still feels this will go down the route of a Scheme - It's a 'wait and see' for us.
I also recommend everyone signs up as a ShareSoc member, as they have been hugely helpful with our efforts (www.sharesoc.org). It's £45 a year, and they help to fight for private holders - As they still are with Sirius.
3. We're awaiting The Registry of Interests which will allow us to contact each and every private shareholder. But if this goes down the contractual offer route, it's not of much use to us.
4. Even if we succeed in blocking the takeover, the only viable option is a higher priced buy-out. The Board have shown that they are doing everything in their power to push this deal through - Even at the cost of cancelling finance agreements for construction.
5. This is by no means over, but we need to see what the voting requirements are, and then whether it's something we can fight.
6. We still need to pressure government. A new round of emails will be issued - The delay is because they need re-writing,
7. Win or lose, we have to watch Peter Secker, Mark Hohnen and M&G for the next 18 months at least. We also need to make enough noise to make it clear they these are the people/organisations that have sold us out. They used our money to raise equity, and used our shares for dilution - Then they sold the company off. As useless as The FCA are, we need to demand a full investigation into this.
8. I know it seems bleak, and we knew they'd do what they could to push this through - But I think we were all blindsided into seeing M&G folding. We emailed them, stopped the mass emails when they had the cheek to moan about them, and then when I emailed somebody senior in the organisation... They simply ignored us. Twice.
9. We always knew this was going to be a long shot, and we did everything we could. Unfortunately it doesn't seem to be enough. It's unlikely we received the Zinnwald sweetener because of M&G - But I don't know how much of it was due to our effort.
(Tbc)
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