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Inspector g, I’ve been wrestling with this for a while….
I am off the view that majority if not all the “firms” or investor managers are already declared. Therefore I can’t see a huge swing from here. I personally think hl have declared theirs (more hunch based on timing and acceptance levels).
Therefore for me it’s only really smaller brokers that haven’t yet declared. As such I don’t see much of a shift from here in % acceptance but I could be way wrong.

Either way, I don’t think you get near being able to take the company private and even if they do it remains a listed U.K. company in my view so they still have obligations under U.K. laws regarding updates, shareholders protection etc.

If they remain listed on aim they are under heavier restrictions with reporting, and above all treating “all” shareholders fairly under U.K. law.

This means they can’t just sell the contracts at distorted and discounted prices….yes they can move it around say 10-20% with long term prices but given the lithium price currently, we are way past bcn forecasts anyway…. so even if they discounted the price by that much its much better than forecasted previously by bcn for a few years time ie 2023 anticipated production.

Putting debt in the company requires assets, not just to squeeze pis out, the reporting requirements, risk all of it just not worth it.

My view is they want to speed up production here and get online to replace other assets…there’s not some endless Gf pit of money to keep putting into projects with no return.
Therefore for me the sensible thing for them is to accumulate all they can now. If they get to ability to revert to scheme they will.
If they get 75% give all of those one more chance to sell into.
But if stuck here or maybe in 60s….you look at another round in 3 months time depending on discussions.
As Iv said before they have duty to shareholders under listing rules. All shareholders.
Short term obv if remains listed for me the price should rally…as I think they will come back, but you have to think about the liquidity there will be almost none…so even if rallies won’t be that easy to get out of it, could hl or other brokers drop it off their trading map? Not sure….depends on what’s left out there?
So assuming around here or low 60% what’s to stop them coming back in another 2-3 months on a share buyback? They can do it via the company without getting approval and for me this is their most sensible outcome. Plenty of cash to use to buy back shares.

I do not Believe this bod nor gf want this deal being looked into deeper and potentially all way back to 25p capital raise with m&g. I also don’t think they want ownership here dragged out.

But who knows…is what it is!

Please can we stop pumping kdnc on here? It’s down almost 30% in last 3 months alone and dealing with anything related to Gf / Mexico and bcn is just a painful investment.
If you are “disenfranchised” the last thing you go and do is make the same mistake with kdnc.
I hope it comes off for investor but got no interest so if you want to promote go to the kdnc board please and thank you.

Ev it was shut last night I checked about 5pm, so I assume it was shut at 3pm yday with hl.

Ron I agree with you, given hl closed it last night I’m assuming they bulk loaded acceptances over for rns this morning. Therefore given I said no not sure where others come from bar brokers That haven’t shut?
Funds have to be way earlier imo, they don’t have much time as we do.

Last night Hargreaves stopped accepting any instructions.
This morning in my kids isa it’s showing as n/a for pricing/valuation v my holdings still showing fully.

I’d assume that means theirs have been counted and submitted?

Hi jimb not a legal expert but you can’t clear antitrust/ competition commission ahead. They are independent bodies and that’s the whole reason, keep them independent and do not allow them to be tainted. Would they have used the advisors resources and had some contact yes I would assume so but that’s it.

Ev bull you say invest elsewhere then talk cadence - isn’t it down almost 30% since the deal was announced with bcn? So sure there’s opportunity costs but Cadence isn’t one!
I get everyone saying can invest elsewhere, liquidity argument etc but can go wrong also.

I can’t sell bcn so I’m relaxed what will be will be.

I certainly understand those looking to get out and move elsewhere but let’s not play harry hindsight. Let’s see what the final outcome is on this before making judgement on what else “could” have done

Hi Kluck totally get why would sell for liquidity purposes but tbh rode it out this far…
I totally agree with tomcat, in reality the dynamics have changed.
I actually think there is a huge case now the bod is not looking after their shareholders interests.
Over to Dee, do we have enough shareholders to call special meeting? I am emailing the company.

Matthew, don’t disagree with what you wrote about being able to sell back to Gf at later date. If they own 75% they might well use the money from bcn to buy back remainder stock that’s offered to them. They don’t need board approval as it’s being done by bcn not Gf.
My understanding is even at 75-90% that still requires reporting rules to give you some protection.
So regarding losing everything only way I see it would have to be transferring all the money from bcn but that’s where the licences sit so I can’t see them doing that. They are also still under U.K. reporting rules as best to my understanding and law suit would not be in their favour for tiny 15% share capital.
I’m sure there are other ways to engage criminally but I doubt they want a spot light shined on this deal and all way back to their 25p placing….

Anyway back to the usual mess this is!

Know there’s a lot of znwd holders that own bcn but posted on bcn board … I own both to be clear but solely for benefit of znwd holding / holders where znwd bod owe duty of care to znwd….

Given I already own znwd shares also, I’m sort of a bit surprised that znwd don’t ask for cash? Like why not cap raise here and force bcn to send over cash to maintain stake?
I mean don’t get me wrong no idea within rules when linked to a takeover but as a znwd shareholder surely you want cash rich bcn to put some cash in?!
I’m both …but the bod at znwd owe the znwd shareholders.
I’d want bcn to put their cash in 1 for 1 versus their current holding and if they don’t then it dilutes bcn and the deal becomes ever crappier for bcn holders v Gf.
Why wait to have a load of pi owners of znwd v cash rich bcn paying up?

The bit I struggle on is if the price is reflective of any shorter or cfd opposing etc closing out rather than stake building? I haven’t looked in-depth enough at each rns . Just hazarding another possibility?

Either way seems way too small a market cap and share for hfs to merger arb it, maybe some small ones but risk / return pretty rubbish for liquidity.
Not saying they don’t do it but it’s a rubbish return as you aren’t guaranteed you could get out of znwd shares so I don’t agree it’s arbing for that…

Given I already own znwd shares also, I’m sort of a bit surprised that znwd don’t ask for cash? Like why not cap raise here and force bcn to send over cash to maintain stake?
I mean don’t get me wrong no idea within rules when linked to a takeover but as a znwd shareholder surely you want cash rich bcn to put some cash in?!
I’m both …but the bod at znwd owe the znwd shareholders.
I’d want bcn to put their cash in 1 for 1 versus their current holding and if they don’t then it dilutes bcn and the deal becomes ever crappier for bcn holders v Gf.
Why wait to have a load of pi owners of znwd v cash rich bcn paying up?

New broker, getting ready for a capital raise if bcn deal goes through?

Wrote this several times, firms such as and m&g need to tell their custodians weeks in advance to prevent any issues. Especially when something can be held over countless sub funds of one fund.
Therefore it reads as m&g accepting, but still find it such a misleading written official document! Fca come on….you can see the rns is misleading!

It’s also clear there are no broker acceptances here, 396,250 v 396,250 week before so these numbers just aren’t right.

Morning John, don’t think Rishi will, way too counterproductive although it’s clearly a concern. It’s something totally out of our reach, worry about that next year in April, still got plenty of time.
Accepting/agreed date is what will be relevant for tax, not the day you receive cash. One to worry on at a later date!

Agreed with John I mean Gf not even getting over the line with Mexico, European anti trust a totally different story. Plus they aren’t giving it away they didn’t have to go back to their board to offer it and it was a deal sweetener.
It’s just simple and easy business. Znwd is tiny in their plans and requires funding better spent elsewhere.

We’re still just in no man’s land imo, nothing actually moving forward. The longer these delays are the bod still has obligations to its shareholders and that’s both if the deal is no longer good enough (which is isn’t even in their terms) or updates and reporting.

I personally think the ideal scenario would be removing the bod and should be our focus.

Got to hand it to Tomcat, think he’s right throughout on this and regarding the possibility of paying more via cash distribution.
It’ll never ever be a good deal but that goes back to previous raises which destined us to be in this situation.
Solar world in administration did a better deal with znwd than the bod!!

Iv always felt defeated by m&g here above anyone else, that’s been one the most disappointing aspects that they folded so easily.
LAC has added 30% in the last month, I don’t think it’s unreasonable to expect m&g and a bod to do what’s right by investors and reject the deal.

Bluegrass I think it’s more not posting as have nothing to say!
I mean what can you say? Commodity prices gone on a huge rally since deal, Gf are posting significant price rises in li since making the deal, the govt is clearly way behind the curve and about to panic buy, the ev care sales are improving every single month significantly…people are getting in serious panic mode re the petrol and environment and it’s all bullish for this asset and not a single thing above priced in because we’ve been stuck at the 45-65p level for a year.

The bod and m&g cast us out and are to blame, m&g need to be forced by the fca or takeover code to make a decision on their intention. I actually think it’s manipulation.
Either m&g are voting yes or they aren’t but bcn keep referencing “a letter of intention” - a decision needs to be made by m&g. If m&g are even slightly less certain than when sent letter than it needs to be rescinded, or wording changes - it’s market material information and I think it’s a disgrace.

It’s appalling that pis are being treated in this manor.

To me this is actually unacceptable if the letter of intent is no longer valid from m&g then it needs to be declared rescinded.
Bcn are using this as a form of manipulation Imo and declaring it in their rns - therefore it is considered material. If m&g don’t intend to honour that letter they need to be clear now as it cannot be used in an rns in this matter.
If there is any notion that letter of intent is no longer valid then This is blatant manipulation from bcn!

Tomcat where does it say m&g haven’t carried out their intentions? I read rns as saying they still have a letter of intention from m&g.
Do you know how long custodians take? I can tell you it’s a lot longer than even the likes of Hargreaves Lansdowne for pis.
Will HL votes even be counted yet? Doubt it…not reading into any of the rns looks totally wrong to me and more about admin and when the likes of HL actually “submit” intentions…

I’d be very very careful reading into anything here, m&g remain key but my understanding is their haven’t changed their intention. If they have that’s material information and maybe fca should have a conversation with them and bcn.

Jam i don’t agree, if gangfeng are buying you would see an rns for crossing each 1% threshold, they would also go over 30% and hit mandatory bid.
If they pay above 67.5p in open market and go over 30% they will have to pay every shareholder the highest price they have paid. Plus is it distorts their ability to go to a scheme etc.
I think everyone is reading a bit far into this, I expect that a lot of the likes Henderson or m &g haven’t even had Corp instructions yet. You think that brokers like Hargreaves are slow I can tell you their custodians are even slower!
There is a big holding at Hargreaves, that was live yesterday.
I do agree with your open market theory for pis why take the risk Mexico anti trust do something and znwd shares are down 30% from the original claimed level.

I also find it disingenuous here when some posters are going on about large buys and stake building yet if you read the rns a lot have been closing out derivative or cfd trades.