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@Blond - The formal offer documentation has not been circulated yet. What you should have in your corporate actions re BCN is a voting form to accept the capital reduction and approve ZNWD re-allocation. Two votes, simple accept/ decline. You should, like me, be able to do this by proxy thru your broker (I'm with ii) , or in theory u could do it at the GM which has been RNS'ed
@Foz The reason I'd assume them to be buying is because it would be cheaper for them. Instead of paying us 67.5p + the ZNWDs for each share, they just pay market rate (67p....or whatever) and for those shares they buy, they get to keep more ZNWD for themselves. I take your point about having to make an offer if going above 30%, but they've already made an offer, so does this rule still apply? .....complicated , isn't it ?
Jackdaws, Magpies......? ....we are indeed in a time of Corvid......slim pickings on this carcass :(
If anyone fancies another FDA decision gamble, then have a look POLX .....decision in October.... DYOR or just be a glutton for punishment like me
@BorderBob - check the RNS's : a couple of institutions have notified that they've gone above 1%. I agree with u, that it would be assumed GF would be buying at these levels, but no notifications from them thus far.
ceramics grade Lithium needs to be a specific standard (and would be more expensive?). Info here: https://www.prospectresources.com.au/sites/default/files/Terra%20Studios%2C%20Low%20Iron%20Concentrate%20Reports.pdf
@Tomcat - if u can talk it up to 80p I'll be more than pleased, but I think we're just going to get what's been stated : 67.5p +0.23ZNWD shares for each BCN we own. From the offer RNS :
-''If, after the date of this Announcement and before the Effective Date, any dividend and/or other distribution and/or other return of capital is announced, declared, made or paid or becomes payable in respect of the Bacanora Shares, other than the Zinnwald Distribution, Ganfeng reserves the right to reduce the offer price by an amount up to the amount of such dividend and/or distribution and/or return of capital so announced, declared, made, paid or payable. If Ganfeng exercises this right or makes such a reduction in respect of a dividend and/or other distribution and/or return of capital, Bacanora Shareholders will be entitled to receive and retain that dividend and/or distribution and/or return of capital. Any exercise by Ganfeng of its right referred to in this paragraph shall be subject of an announcement and, for the avoidance of doubt, shall not constitute a revision or variation to the terms of the Offer.''
@Wm Nothing is very clear at the moment, until the offer becomes unconditional. One thing I can be sure of, is if you sell your BCN shares now.......you will receive zero ZNWD shares
@Manny - No voting form yet for the formal offer, I'm with ii, I find them to be pretty good. As posted below, ii have provided me with proxy voting forms for the mechanics of the ZNWD share re-distribution. If I am reading correctly, the formal offer proxy voting forms should be circulated within 28 days of the offer RNS. They may be waiting to get this ZNWD element voted thru first, because without it the offer doesn't seem do-able?
I have my voting form thru with 'ii' for in proxy vote of the share distribution.
vote to reduce capital to create distributable reserves
vote to approve the distribution in specie of ZNWD shares
I voted yes for both; I wonder at the GM if they will be able to discuss redistributing GF's %age
@johnpwh note this phrase from offer RNS :
there is no deferred or contingent consideration associated with the Offer, allowing Shareholders the opportunity to realise a full cash exit at a premium immediately upon the Offer becoming or being declared unconditional.
My reading is that there will be an accept/decline vote and if more than 50% accept then the offer becomes unconditional and you can sell.
There must then be another date (long stop date?) where the shares effectively become untradeable.
I haven't got the will power to keep reading thru that RNS, but it's probably in there somewhere.
My position is that I will accept, and then if sp rises to @73p will probably sell on open market. If it stays @67p then I'll wait for my cash and ZNWD shares.
Its difficult to try and second guess the ZNWD price : will lots of people be selling as soon as they have them ? will GF be selling ? Like EMH, I don't think a lot of physical progress has been made, and both companies will need to raise before construction
Still don't have any corporate action notice from my broker - 'ii' - I'm assuming the official offer document has not been circulated ?
I had assumed that if GF achieve 50%+ on the first vote then the share price goes to @73p and then I'd probably sell
I had also assumed that GF would be buying up at these levels because it will be cheaper for them than paying offer price, but that doesn't seem to be happening yet (or maybe they're not allowed?)
Have noted that a few investment companies had raised their %ages in RNS's last week
The LAC thread, I'm not sure how much influence GF have over Thacker pass, I thought they were only JV'd with Cauchori-Orlaroz[my spelling] ; also pretty sure LAC were going to leach with sulphuric acid, which the far superior Sonora project doesn't need to do :)
Roll on 73p
ATM in Namibia, already producing and expanding. On AIM
''If the Company's financial position allows it to do so, the Board may consider implementing a Matched Bargain Facility in the future to give shareholders an opportunity to trade their ordinary shares following Cancellation. Further announcements will be made in due course.''
I may be able to make use of these shares to help write off some capital gains tax, but only if i could trade them in this tax year. It would seem possible, from the company quote above, but is it probable ?
looks to me as tho he's sold down circa 1.3M
Looks like last share admission was exercised warrants back in May and that total shares in issue has stayed the same at 209M
There has been further warrants issued and an application for 8M shares block listed but no admissions as yet as per 31st Aug RNS
Thats my reading - always happy to be re-educated :)
will not know, for sure, if he continues to sell, as he no longer needs to notify under 3%
Pretty much nailed the situation with those points @Dee.......With the original scheme I thought we had a good chance, but now, and with M&G on their side, this looks as good as done. With G/F shares counting towards vote I would expect them to be buying up on open market at this price.
I think the fallout from COE's death and then Martin Vidal resignation may have done more internal damage than we know about.
The best thing the company ever did was to build that pilot plant(all a long time before GF). Secker is on record as saying the plant can process up to 10,000 tonnes of feedstock per month ......so take full advantage of it .....show the 'clay cynics' what is possible ?!
Thanks for your efforts, I am afraid my position now is that I don't want to hold shares in a company with this BoD in place so my tiny % will go with the vote.
Interesting to see what happens with KDNC and also with ZNWD (where GF could wind up as biggest shareholders)
Would imagine that G/F would be buying up at this level. It will be cheaper for them than paying the offer price of 67.5 + ZNWD shares, and it will mean they get more ZNWD for themselves. Holdings RNS update incoming?
There is a timetable dictated by the takeover panel that provides a framework.....but it seems again that it is possible to have extensions.
As Bob says GF have stated that the offer cannot become unconditional until the earlier of 31st of Oct or 60 days from the offer being made. The 60days, by my reckoning ,is the 25thOct.
Looks like things are complicated by the ZNWD share allocation.
Then there is another date , 30th Nov , if they can't get it done by one of the previous two ?!
Finally, 31st Dec which is long stop date and which i think is the point where you get your cash and ZNWD shares
Happy to be corrected on any of this because legalese is not my first language.
When/if the offer becomes unconditional (around end of Oct probably?) I think that you will be able to sell your shares at somewhere close to 73p on the open market. I feel that G/F will be buying at any price less than their 67.5 + ZNWD value, so you wouldn't have to wait til 31st Dec to get full value.
Again happy to be corrected
Blimey, this is hard work trying to fathom these documents..... we deserve a bit more money for having to try and translate it :o)
@gogs .... Tanzania is/was a big natural gas producer. Minchin mentions if Exon or Total owned the licences they would be drilling for fun. They both have a presence in the area. Total's massive gas project just across the border is stalled because of the 'terrorist' insurgency.
Also ref SCIR/solo oil who were once very close with HE1.
The company has a lot of planning to do if , as it looks, they are going to change their original course. Possible JV's , you would think, might be part of that plan
Yes @Mick, and now compare that quote with what BCN has said in the offer RNS - ''still several years away from production''
If they are prepared to spin the RNS in such a way, then I cannot vote to keep the company with the BoD still in their positions.
I understand your feelings completely, but for me, if rejecting the offer means keeping Secker and Co, then I can't do it.