Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.
Https://www.youtube.com/watch?v=7xeq9gvS95A
Another impressive presentation from Steve... We're in safe hands until a long term (producer) CEO is appointed.
"As stated in the Target's Statement dated 4 March 2024 (Target's Statement) and confirmed in the Supplementary Target's Statement dated 18 March 2024 the IBC unanimously recommends that shareholders DO NOT ACCEPT the Goldway Offer. The IBC continues to hold this view. Since the IBC made its recommendation that shareholders DO NOT ACCEPT the Goldway Offer, Goldway has attempted to discredit the IBC's recommendation, including by publication of Goldway's second supplementary bidder's statement dated 14 March 2024 (Second Supplementary Bidder's Statement). The IBC believes it is important to respond to the various statements and opinions made by Goldway in its Second Supplementary Bidder's Statement, and accordingly makes the following comments:"
https://www.mcmining.co.za/all-categories?task=download.send&id=1816:independent-board-committees-response-to-goldways-second-supplementary-bidders-statement&catid=112
It's interesting to read in the report that if a higher rival bid does emerge, and the consortium does not match or exceed it, the consortium is bound to accept the higher offer for all of its holding. This lends itself to a 'white knight' scenario and hopefully a bidding war...
"If a higher rival bid emerges, and the Joint Bidders do not match it, they will be required to accept the higher rival bid for their entire joint holding As detailed in Section 4 of our Report, under RG 9, if a higher rival bid emerges during the Offer Period, and the Bidder Parties’ do not increase the Offer Consideration to be equal to, or greater than the consideration offered under the higher rival bid within the required seven day period, the Bidder Parties’ are required to accept the higher rival bid in respect of all the MC Mining shares held by the Bidder Parties at that time and will not be able to reject the higher rival bid. "
Source: Page 45 https://www.mcmining.co.za/all-categories?task=download.send&id=1814:supplementary-targets-statement-18mar2024&catid=112
The Independent Board Committee (IBC) continues to unanimously recommend that Shareholders DO NOT ACCEPT the Takeover Offer.
Shareholders are encouraged to read the Supplementary Target’s Statement in its entirety, and discuss it with their legal, financial and professional advisers.
BDO, the Independent Expert, has concluded that the Offer is NEITHER FAIR NOR REASONABLE to Shareholders.
The Independent Expert has assessed the value of a Target Share prior to the Offer (on a controlling interest basis) to be in the range of A$0.214 to A$0.356, with a preferred value of A$0.285 per Target Share.
Source:
https://www.mcmining.co.za/all-categories?task=download.send&id=1815:supplementary-targets-statement-in-response-to-the-off-market-takeover-bid-do-not-accept&catid=112
https://www.mcmining.co.za/all-categories?task=download.send&id=1814:supplementary-targets-statement-18mar2024&catid=112
Https://finance.yahoo.com/news/massive-bust-global-lithium-market-045342032.html
I find this comment interesting... I wonder whether the Chilean Government is considering issuing green bonds and directly financing key lithium projects...?
"She lauded Chile's government for its leadership on the energy transition, including through rapid work to decarbonize the electricity sector, leading green bond issuance, and supporting progress in the domestic lithium industry."
Source: https://www.reuters.com/world/americas/yellen-starts-visit-chile-with-focus-green-energy-transition-2024-03-01/
the latest proposal values the equity of mc mining between a$69.3m ($45.8m) and a$81.5m.
australian coal mining company mc mining has received a non-binding, off-market cash buyout proposal from vulcan resources, at an indicative price range of a$0.17–a$0.20 a share.
the proposal values the equity of mc mining between a$69.3m and a$81.5m.
it is higher than goldway capital investments’ a$0.16 takeover bid, which valued mc mining’s capital at a$65.3m.
last week, mc mining called on its shareholders to dismiss goldway’s proposal.
mc mining’s independent board committee (ibc) has reiterated this call again, while stressing that there is no guarantee a formal bid will be made by vulcan or what the terms of such an offer might be.
vulcan’s offer is subject to several standard conditions, including a thorough due diligence process.
ibc chairman k****tso mosehla said: “the ibc will evaluate the indicative terms of the proposal letter, including taking advice from its financial and australian and south african legal advisors, adelaide equity partners as financial advisor, k&l gates as australian legal advisors and falcon & hume as south african legal advisors.
“mc mining remains committed to keeping shareholders appraised of developments and intends to make a further announcement when more complete and definitive details are received.”
vulcan operates the moatize coal mine, the largest operating steelmaking coking coal mine in mozambique and africa.
meanwhile, mc mining is known for its greater soutpansberg projects, which produce coking and thermal coal, as well as its makhado hard coking coal project. both of these are in the limpopo province of south africa.
the company’s uitkomst colliery in south africa’s kwazulu-natal province produces metallurgical and thermal coal, while its vele colliery in the limpopo province produces semi-soft coking and thermal coal.
source: https://www.mining-technology.com/news/vulcan-makes-takeover-bid/?cf-view
“CleanTech Lithium
During the week I also attended a presentation by the management of CleanTech Lithium (CTL). Here the differential between the now improving lithium price, the CTL share price, and research note price targets has widened significantly. For instance, CTL brokers Canaccord and Fox Davies are looking for £2.95 and £4.45 respectively, as compared to the current 15p share price. There are also some aspects that the market has so far not really cottoned onto. The first is that CTL’s Direct Lithium Extraction (DLE), absorbing lithium from brine, a cheaper and greener process that those with spodumene projects. The other is that last autumn Toyota set out its strategy including three new electrolyte battery technologies to reduce cost (-40%) and charging times (-80%), and increase EV range (+20%). The flagship here is the so-called Polarisation battery, featuring lithium iron phosphate. Given that the new batteries and production from CTL’s Chilean projects are likely to coincide in 2026, a 15p looks like cheap option money at the moment.”
"(Alliance News) - MC Mining Ltd on Monday again urged its shareholders to reject a takeover offer from Goldway Capital Investments Ltd.
The Western Australia-based coal miner in South Africa owns Uitkomst Colliery, an operating metallurgical and thermal coal mine, and Makhado project, an exploration and evaluation asset.
The company said on Monday it had released its formal target's statement following the 0.16 Australian dollar cent cash off-market takeover bid by Goldway.
Goldway, a special purpose vehicle incorporated in Hong Kong, launched an off-market takeover bid early last month. It offered 16 Australian dollar cents for all shares the consortium of joint-bidders do not own.
As of Friday, the consortium held a 65.6% stake in MC Mining, up from 64.3%.
MC Mining said the target's statement sets out the independent board Committee's formal response to the offer. The board has said to its shareholders, "do not accept".
The company had said last month the offer is subject to a minimum acceptance condition that Goldway receives acceptances in respect of at least 50.1% of the shares not held by Goldway and the joint bidders.
In practical terms, this means that the joint bidders must be interested in or acquire relevant interests in at least 82.19% of the total shares on issue before any offer consideration will be paid to any MC Mining shareholders who have accepted the offer, and before Goldway can act on any intention to delist MC Mining.
Goldway has said the offer values MC Mining's capital at around AUD65.3 million, equating to GBP33.8 million or ZAR803 million. It has an enterprise value of around AUD75.5 million.
In December, MC Mining had received a revised takeover offer, which was first made by Senosi Group Investment Holdings Pty Ltd and Dendocept Pty Ltd in early November.
Late in December, Senosi and Dendocept indicated that they intended to acquire all shares that they do not own for a cash price of 16 cents per share. Their offer is on behalf of shareholders with a 64% stake.
MC Mining shares closed at 0.14 Australian cents in Sydney on Monday. They were down 3.5% at 7.00 pence in London, but rose 1.1% to ZAR1.82 in Johannesburg.
By Artwell Dlamini, Alliance News reporter"
https://www.morningstar.co.uk/uk/news/AN_1709559889672257800/mc-mining-tells-shareholders-to-refuse-goldway-takeover.aspx
"Further to MC Mining’s Independent Board Committee last week recommending that shareholders not accept a takeover offer from Goldway Capital Investment, MC Mining has released its formal target statement in response to the offer.
In the statement, the IBC reiterates its concerns that the A$0.16 apiece takeover offer for all shares Goldway does not own is opportunistic and does not provide an appropriate premium for control.
It also does not appear to be value-adding for MC Mining’s assets and projects, the IBC states.
The IBC has commissioned an independent expert’s report, which is being prepared by BDO Corporate Finance and SRK Consulting Australasia, as independent technical specialists.
MC Mining expects the report will be finalised by March 18."
Source: https://www.miningweekly.com/article/mc-mining-commissions-independent-report-to-further-investigate-goldway-offer-2024-03-04
https://www.mcmining.co.za/all-categories?task=download.send&id=1806:goldway-off-market-takeover-offer-statement-29feb2024&catid=112
https://www.mcmining.co.za/all-categories?task=download.send&id=1807:targets-statement-in-response-to-the-off-market-takeover-bid-do-not-accept&catid=112
Not selling. I am prepared to hold out for at least the 'sum of the parts' Tennyson valuation @ 21p (page 5 of report, link below)
https://www.mcmining.co.za/all-categories?task=download.send&id=1773:tennyson-equity-research-reportl-mc-mining&catid=107
Yet more misleading BS from you!
There is no "certain move towards delisting". In fact, the bid requires more than 50% of the TARGET shares to be successful, which is highly unlikely!
You have once again again tried to highlight misinformation and highlight shareholders to sell. I once again highlight your suspicious behaviour since you joined lse.co.uk on the day the indicative bid was published.
15 feb 2024 08:04
rns number : 2628d
mc mining limited
15 february 2024
announcement 15 february 2024
off-market takeover bid - preliminary view - do not accept the offer
mc mining limited (mc mining or the company) provides the following update in relation to the off-market takeover bid by goldway capital investment limited (goldway) for all of the fully paid ordinary shares on issue in the company that the consortium of joint-bidders currently do not own for a cash price of a$0.16 cash per share (takeover offer).
executive summary
· do not accept: the preliminary recommendation of mc mining's independent board committee (ibc) is that shareholders do not accept the takeover offer from goldway.
· opportunistic: the ibc is of the view that the takeover offer is opportunistic, does not provide an appropriate premium for control and does not appear to attribute adequate value to mc mining's assets and projects.
· minimum acceptance condition: the takeover offer is subject to a minimum acceptance condition (which cannot be waived) that goldway receives acceptances in respect of at least 50.1% of the shares not held by goldway and the joint bidders (bidder parties). in practical terms, this means that the bidder parties must be interested in or acquire relevant interests in at least 82.19% of the total shares on issue (not 75%) before (i) any offer consideration will be paid to any mc mining shareholders who have accepted the takeover offer and (ii) before goldway can act upon any intention to delist mc mining from trading on any and all of the company's public market exchanges.
refer to the below schedule for further details in relation to the above summary.
full details of the ibc's formal recommendation and reasons will be included in mc mining's target statement, which will include the independent expert's report as to whether in the expert's opinion, the takeover offer is fair and reasonable and the expert's reasons for forming that opinion.
the ibc look forward to your continuing support as we respond to the takeover offer.
k****tso mosehla
chairman of the ibc
this announcement has been approved for release by the company's disclosure committee.
https://www.lse.co.uk/rns/mcm/off-market-takeover-bid-do-not-accept-the-offer-ls76yxtxrwkffhz.html
The Goldway RNS on 2nd Feb highlights all the steps in the timeline, which I assume are regulatory guideline steps and timelines which have to abided by...
https://www.lse.co.uk/rns/MCM/goldway-capital-investment-bidders-statement-m1fqnutbk9x3msl.html
The Goldway RNS clearly highlights the timeline, which includes:
"Friday, 16 February 2024. Anticipated Date of Offer and date Offer opens Bidder's Statement issued to MCM Shareholders (noting that the Bidder's Statement must be issued to MCM Shareholders between Friday, 16 February 2024 and Friday, 1 March 2024) and issuance of the Bidder's Statement announced on ASX, RNS and SENS"
Https://www.streetwisereports.com/article/2024/02/02/lithium-bottom-may-be-an-opportunity.html