RE: Directors shares … some facts18 Sep 2021 11:17
Pdub Agree with pretty much all you say. I've held shares in companies I have worked for under option schemes, admittedly not as a Director, and have sold them, And participated in further schemes after selling while working there. At no time was I expressing lack of confidence in the company. Some people simply don't invest in shares, or follow a prudent strategy of spreading their investments around. Except for probably the CEO the Directors aren't 'wed' to Bushveld. Though it may distress some posters here, for the majority of directors in any company it's essentially just a job. The only problem is that ordinary employees don't have their trades reported wheras directors trades are scrutinised and interpretations (right or wrong) made.
Sorry, panicked and sent and my laptop battery was about to die. My clumsy rambling was to agree with BB. As far as I can see there will be no way/ need to vote for against a takeover, for a start because this isn't a takeover, but also because by not voting you are saying you cant have my shares. If the initial vote leads to a situation where delisting is a possibility I suppose there may be a further opportunity to accept the offer but time will tell on that one. GFs object in this exercise is accumulation of shares so I imagine that, regulations allowing, they will give S/Hs every opportunity to capitulate - but I doubt they will compelled to so it depends how comfortable you are at poker.
I agree with Bob here (lordy, whatever next!) I don't understand the subtleties of various routes to takeovers/ share grabs, and frankly don't really feel inclined to spend too much time finding out. But it appears here that this is an offer termed as an approach to S/hs to buy shares rather than a takeover. This may lead to shareholders becoming minority S/H while still remaining on AIM, delisting & BCN becoming a private company OR a takeover if a high level of acceptances are received. So you don't have to sell your shares if you don't want to. However S/Hs must be mindful that they could be left trapped in a private company, and equally that they could make far more money from their shares if the put their chin square to the wind and hold out. We're all grown ups, you pays your money and you takes you choice.
RE: Zinwald Distribution and HMRC17 Sep 2021 20:53
Stupid thing Foz is that a few years ago I was meant to be a tax expert! Those with their shares in w tax efficient wrapper obviously don't need to be concerned. But for others if there is a choice on the tax treatment of the ZNWD shares then people need to understand as the taxation affects not only those shares but the CGT on the BCN shares. I'll shut up now (sighs of relief all round)
RE: Zinwald Distribution and HMRC17 Sep 2021 08:34
Foz Its a type of dividend although in truth its part of the offer for the company. If you read the pages of the offer document that observer842 refers to there is some debate on the taxation treatment, and even advises to consulting a professional advisor. If taxed as a dividend it would be particularly galling for anyone underwater here at the 67.5p, they could make a substantial capital loss but still face a tax liability because they have received a dividend.
RE: Zinwald Distribution and HMRC16 Sep 2021 23:07
It seems that because the ZNWD shares are being given as a dividend they could be taxed as income rather than fall under Capital Gains legislation as I described below. The para in the offer document I am referring to is:
The distribution of the Zinnwald Shares could EITHER be seen as a separate distribution to Bacanora Shareholders (in which case the comments on the expected tax impact on individual or corporate shareholders are as set out below); or it could be seen as part of the consideration received for the disposal of Bacanora Shares (in which case the comments on the expected tax impact on individual or corporate shareholders are as set out above in paragraph 1).
Not sure if you can elect one or the other depending on what is the best calc for you. That sometimes happens in the tax world. Anyone more enlightened than me?
RE: Zinwald Distribution and HMRC16 Sep 2021 22:48
'r' Re CGT calc. On the day that that your BCN shares disappear from your portfolio and ZNWD shares appear you work out the amount of cash you are receiving, A say, and the value pf the ZNWD shares you now own at the market price of ZNWD shares on that day, B say. Suppose the historical cost of the s104 pool of your BCN shares you have is C (that you should already know this). Then: Your Capital Gain due to the cash you will receive is A - (C x A/(A+B)) The s104 pool cost for your shiny new ZNWD shares is then C x B/(A+B), which you will need whenever you dispose of them In other words you split your current acquisition cost into 2 bits because C x A/(A+B) + C x B/(A+B) = C
RE: Full Offer Document out today16 Sep 2021 00:10
I know what you mean Kluck The trouble with these offers is that the thousands, maybe ten or hundreds of thousands (for some companies) of private investors haven't got an ice-cubes hope of correctly understanding the minutiae and nuances of the legalese that they are expected to vote in a binding way on. Oh for plain english
RE: is anyone still rejecting this offer…14 Sep 2021 09:07
Mr C Not sure what you are referring to. I am talking about the votes for the GM on 24th. The resolutions for then, which I intend to vote yes to, enables an accounting exercise to be sanctioned by the Courts for dividends to be given. A vote against will prevent the ZNWD share distribution, which is a type of dividend. I suppose you can argue that that the bid in its current form would then have to be abandoned by GF. and reconsidered on different terms. That is starting to play bluff and counter bluff and is not a game I am prepared to play, sorry.
RE: is anyone still rejecting this offer…13 Sep 2021 14:27
I note that the BCN offer price stands at around 67.7p today, the first time that I have seen it exceed the cash part of GFs offer. I'm sure different interpretation will be put on this, my own is that it is being accepted that the GFs offer as it stands (ie 67.5p + ZNWD interest worth c.73p) is likely to be voted through
RE: is anyone still rejecting this offer…13 Sep 2021 14:19
Hounds Reading the recent mails I thought I had maybe missed something on the acceptance of the bid itself. I cant see why anyone would vote these resolutions down as in doing so it would block the ZNWD share part of the bid, though I suppose that some would think that by blocking in this was it may put people off accepting the current bid for the company as it currently stands. Thank you for clarifying.
RE: is anyone still rejecting this offer…13 Sep 2021 11:26
Just had a fairly fruitless hour and a bit on a web chat to iWeb, though the customer service rep was trying is best with their Corporate Actions people. All I have managed is the 2 resolutions on allowing the accounting reduction in the share account and allowing the possible payment of the specie dividend. As for accepting or otherwise the bid I am no further forward. I don't even see the wording or the dates on BCNs website. Could just be me being thick. Feel frustrated at the mo. Grrrrrrr