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Am I right in thinking the company is unable to offer above an additional 10% of shares, and they ended up offering 9.99% so in effect they couldn't increase the number of shares even if they wanted to - then it comes down to whether you prioritise the retail investors or the placing.
The allocation would then be capped based on the availability which must of been reduced for the retail investors so the bids for the placing were probably well in excess of what was available and instead of the original availability in the retail placing it was scaled back to £0.4m. I only got £1,334.67 out of a request for £7,500 so just under 18%
Great article for Solg....worth a read.
https://www.woodmac.com/news/the-edge/the-energy-transition-will-be-built-with-metals/?utm_campaign=the-edge&utm_source=twitter&utm_medium=social&utm_content=1604065943
Thinking about this Ii would imagine if Irwin et al do change their minds they have enough closely held shares to make the takeover happen. Then they would take credit as they would say their refusal to accept and call an AGM has forced solg to get the share price up and release loads of news to defend a takeover. Whatever they do they will find some way to spin it to paint themselves in a positive light. That sort always do.....
I would of thought at least 20% would be a reasonable discount rate for the NPV from an investment perspective and I wasn't advocating the reduction as a good thing - but more an interesting element to consider when analysing the PFS.
So is very soon sooner than imminent? It’s like the Scottish language when you progress from a wee arguement to a stooshie and then to a stramash followed by a pagger. No one really knows when one turns to the other....timescales can be flexible
Interesting when his wild counterintuitive guesses fail to materialise he is nowhere to be seen. However, he does seem to be providing new tips on BOO, in fact, despite it being down significantly today he **guarantees** it will finish above 240. With that sort of guarantee of an increase I might short it...
I don't think they need to sell any ENSA to BHP to keep them on board - the meeting (if requested soon) has to happen within 7 weeks of the request - and tht is well before the standstill expires, during which time BHP have to support (not abstain) board resolutions. However...What if CGP play silly buggers and don't do anything until nearer October 15th? They could say it will take them time to transalte it into English....Ironically....I'm sure it will fail anyway - NM is doing the right thing for all SOLG shareholders
So a general meeting has to be called within 21 days of the request (by the 4th August) and then the meeting has to be held within 28 days of the announcement of the meeting (i.e. 28 days from at latest 4th August = 1st September or thereabouts). then if the FN deal is signed prior to this it can't be undone - and that would blow a hole in part of the reason behind calling the meeting....
In light of the cash from yesterday it is also worth remembering that in the "enhanced recovery" RNS that came out a few weeks ago they discussed the fact that they would be putting 30 tonnes of core and course rejects through a pilot operating plant in 2020. Can't remember the exact wording but it was something like "the material is now being sourced and packaged" so there will be a reasonable recovery from this which they expect to be an example of what the first ten years will be like.
Pretty sure Solg will have to provide a disclosure once the transaction actually completes as Newcrest will be crossing the threshold (i.e. an increase from 13.3 or so to 15.3 will require a notification as it crosses a 1% threshold). Although the notice is an agreement to acquire so I think Solg will only have to report when it actually happens.