Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
Yes vote from me now, I'm afraid. Only realistic outcome with this much pressure from GF and The BoD.
Sh*t deal , and was hoping for all of the ZNWD shares back to shareholders and not to GF, but looks like they're keeping hold of their %age.
I haven't picked apart how the ZNWD allocation is withdrawn but seems it can be possible and maybe that's why we're still a way off 73p.
Just read thru some of the reasoning for the companies capitulation : a yet to be commercialised process, problems with the kiln design ? Australians mothballing production, price could go up instead of down........wonder why none of this was ever communicated in investor interviews ?
To be honest, I'm fed up with the BS. I won't be voting against because I don't want to have shares in a company run by this board.
The COE estate RNS has exasperated me. They must have spent hundreds of thosands in legal fees and still no-one has had the nouse to say: ''right we need to go down a litigation route now, because if we don't this is gonna be time barred''
The COE estate, I am sure have been offered a one off settlement, and IMO rejected it. They know how much the resource is worth, and so do GF. That said, I wouldn't be surprised if GF manage to mug the estate off somehow.
The rot set in almost from the off. There should have been takeover clauses written in to any JV's with Gf.
Anyway, I've not done too bad because I topped up a lot when the price dropped below placing. Posted on here that I could not believe it, and still think it was an ii offloading at loss to keep the price down for the eventual offer price.
Thanks to Dee for his efforts.....probably that has helped to get the ZNWD sweetners.
Lesson is: AIM shares are trading shares.....If u go long then u have to keep averaging down...which is not easy.
Interesting to see how this pans out for KDNC. You would expect that there has been communication between them and GF, maybe I'll buy a few KDNC just to keep involved.
It's not over 'til its over......but I think this is now as much of a done deal as you are likely to get
Good Luck everybody......and make your own luck whenever you can !
''The Company intends to appeal this judgement on a point of law and will provide further updates as required. The Company maintains that the Royalty is invalid.''
As always the process is opaque to shareholders - what point of law.
I've always thought that if the company is that confident in their case then just don't pay 'em ! Let COE estate sue us !
Did say that Ganfeng maybe keep delaying because they were waiting for clarification on this point. They've played it well, its almost like they've timed it perfectly to get their 67.5 over the line. We shall see if a firm offer now comes in.
Anyway, sparked a bit of life into the bulletin board.
Good luck everybody
The biggest holders were Neil Herbert(former director) and John Bolitho with both just over 3%. They are the only ones who would have to notify. It is possible that an ii has increased to above 3% after todays transactions , if so they would notify.
Would not surprise me if SCIR had offloaded some more as they have already reduced from 23M to 5M
@jezz - i think they are trying to work out why they got the first show in the drill mud from the lake bed formations. If you look on their website they have identified potential inversion structures in the lake beds that could be a reservoir........but .....if seismic had identified one in this position then surely they would have drilled it first ?
I wish the RNS's and interviews would go into more detail about their reasoning.....but you just have to trust that they are making the best decision in the circumstances.
I've sold out a lot now and will let my profit run. I think its gonna be a traders share and i haven't got the time to be online all the time keeping track of it to take advantage. Good Luck
I think GF shareholders have voted on a deal ''no more than £190M''(that's from memory so figure could be wrong) and that equates to just under 70p per share..........but..........they made this provisional offer and then retrospectively put it to shareholder vote; so they could repeat the process with a better offer? There is also the remote possibility of returning ZNWD shares as a sweetener.
If they came back with an 80p offer, it would still be a crap deal for shareholders, but i'd probably vote for it because i've had enough of the BS. Could that be the way they've 'workshopped' it.
You would assume that if someone came in with a higher offer that the board would recommend it, but as johnpwh says, how would any bidder get around GF's 28.8 ?
Too dense......Ariel.......Those extra 0's make all the difference...but we want them behind the decimal point !
my feeling was he1 retrace to single figures on a fail, so actually has held up better, for longer. I think scirocco played theie hand very well here and, of course, we must remember when dealing with millions its not easy to be nimble and catch every peak and trough.
will be interesting to watch what the next plan is at he1, seems to have a lot of PI interest so money still to be lost and made. I also think there is a possibility of one of the big guys picking it up - the gas is down there somewhere
because this phrase is used in the latest PUSU RNS :
The Possible Offer remains subject to certain other pre-conditions as set out in the announcement on 6 May 2021, including in particular the Due Diligence Pre-Condition. The satisfaction or waiver of the Due Diligence Pre-Condition is at the sole discretion of the Ganfeng Board.
I think that the BCN board have used 'due diligence' because its the easiest excuse for them but Ganfeng , and Beijing, know the company inside out, so its an excuse that is exasperating for the shareholders.......if they use it again, it becomes farcical
cause this phrase is used in the PUSU RNS :
Thnx for the wireline share @russ . I've been looking thru some of the earlier interviews and D Minchin has said that wirelogging ...may/may not.....be possible with this slimline rig; so it was a known problem.
The bigger issue here, for me, is the lack of free gas flow. I think it tells them that there is no reservoir trap throughout the drill depth that is working as predicted. He mentions in crux interview that Tai 'fail' is possible if helium is migrating thru the fault and not being stored.
This is all my informed guesstimation, I am hoping for an RNS next week that reviews the drill and what has happened, and what that means for future drills
Yes @ Phantom that is my layman's thoughts. I am trying to second guess what they will do next. The lack of free gas flow here says to me that they will move site. I think if they were confident of commercial gas then they would go to appraisal at Tai.
I don't know enough about drilling......an appraisal at same site would take the same time as new site set up and exploration drill ?
There must be an advantage to sinking an exploration well ? cost ? speed?
Just asking people with drilling knowledge if you had a 'must drill' target then why not go straight off with an appraisal well ?
@Marik - any ideas on the cost difference between an appraisal well and an exploration well ?
Would/could a company go straight off with an appraisal if they felt there could be wire logging issues with an exploration ?
If our board recommends another extension (and it's entirely possible) then they need to start explaining. The due diligence excuse will not wash anymore. It would not be so bad if we have continued site progress but no updates since beginning earthworks.
I still think an improved offer is possible
If the buyer has more than 3% they would have to RNS ? is that correct?
https://www.youtube.com/watch?v=exlrGekW6e0
No real pointers to future plans ; no free gas flow so I assume move onto next target. Well done to SCIR for their share managment here, lets hope the good decisions continue. HE1 price actually holding up quite well considering .
agree that 'project progress' is the key. The role of the takeover panel is to stop hostile bidders putting a company into stasis with their offers. Here the scenario is different in that the 'independent directors' have recommended the deal so there, is little that the takeover panel can do. I would really like to see some reports on site progress; if things have slowed on site because of the proposed bid, then shareholders will be the losers
@orangecannon....'virtual guarantee' is probably overstating it; we don't have a formal offer yet and if it becomes formal at 67.5p then it may get voted down: most on here think it's a crap deal.
Price Downside - no deal and re-trace to ....50p??
Price upside - better deal than 67.5 if they really want it
Are u being disingenuous @Bob ?..........Hmmmm
To make amends you can try to find a re-scheduled date for this elusive court case......I've given up already!
COE = Colin Orr Ewing , original CEO of the company, died 2016, sadly. Wonder what he'd think of the company now ?
some feedback from Takeover panel and as I suspected : If the BCN board are recommending that a further extension be allowed, then the takeover panel will also sanction it. Explained to me that they could intervene if hostile bidder tried to disrupt company.....but this is an 'approved bid'.......not unknown for there to be several extensions.
What P's me off is the due diligence excuse. If Ganfeng don't know everything about this company by now then they never will. I will try and get a response from the Co' as to why they're sanctioning these extensions but I won't hold my breath.
The only real unknowns are the COE case (church of england were initial stakeholders @Bob :) ) and perhaps the KDNC JV's but nothing that Ganfeng aren't already aware of.
All time high at ZNWD today
I did wonder if an 'imminent' court decision on the COE case might be stretching this out.......but on balance, with ZNWD price increase and more EV / lithium news I think delays only serve to emphasise how low this offer is,