Member Info for jam2morrow

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.

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