Member Info for johnpwh

TC
I think they have to give warning of an early unconditional date to give people time to react, which I think is what you mean by giving notice today. You seem to have a better grasp of the minutiae than certainly I do

I must admit I felt unease when I read yesterdays RNS. Seems a bit incestuous with Dr S as non exec Chairman. I also am concerned about his focus in respect of AAU these days, the impression I get is that he now operates from Australia?

Tomcat
I hadn't realised that was he case. Like you I am surprised 50% is not already breached though I'm not sure M&G will have formally declared yet? Funds must be in an odd position as they will not want to risk holding unmarketable shares in a Private Company. Most PIs wont be holding their shares in certified form so if other brokers are like iWeb, who say they wont send a Corporate Action until mid October, then many PIs have not yet had opportunity to vote

My interpretation is similar Foz, though its very opaque.
Its not a binary outcome, hence I previously likened this to playing poker. I cannot believe that GF will lock S/Hs in to the least attractive scenarios (minority shareholder as part of AIM or worse still in a private company) without extending the date for acceptance as, at the end of the day, they want the shares But of course they could.
To be honest I want it done and dusted now, we are on a hiding to nothing thanks to a weak/ complicit/ self serving board and it would be nice to move on

Yes Bobber if you pledge your newly acquired shares (or it becomes compulsory with over 90% acceptances) you will get the cash part of the offer and the appropriate number of ZNWD shares.
No they wont add a compensatory amount due to the drop in ZNWD price. They could, as many are dreaming of here, be a revision of the offer in due course but that wont be automatically triggered by the ZNWD price drop - a prolonged ZNWD drop just makes it less likely that S.H will accept the current terms.

Not sure, have searched using certain keywords in the offer document and cant see anything concise, Anyone else noticed anything?

Ian,
At 50% all those that have voted to sell their shares will get their wish (ie they will sell their shares, Mexican anti trust permitting).
There are consequences on the 'no voters' (strictly non voters as there is provision only to vote'yes')when over 50% vote to sell their shares, those consequences depending on the % yes vote reached.

Spoke by webchat with iWeb earlier. Their (tardy, but I think they would prefer the word conservative) corporate actions department say they will send out an action in mid October, their reasoning is that will allow them to catch anyone trading between now and then. How does that compare to other brokers?

I think you are right Richard. The slowdown in the massive Chinese building boom and the limit the Chinese steel production in 2021 to 2020 levels (which I believe I read about) cant help prospective vanadium price expectation

'r'
I may be mistaken but I think you are referring to the for the vote that just took place on 24th, which was essentially to allow an accounting activity to take place that allows dividends to be paid (as it hasn't done so before and some form of financial restructuring was necessary), and secondly to allow Zinwald shares held by BCN to be paid out as a special kind of dividend, if the offer to purchase shares to those shareholders who want to sell becomes binding on GF.
Those votes were passed but it only means that dividends can now be paid, which means the 'sweetener' part of the offer can now be made.
What is otherwise being referred to here is the form to vote to be made to accept the actual offer, which is on the BCN website:
https://www.bacanoralithium.com/pdfs/Form-of-Acceptance-150921.pdf
That only allows acceptance of the offer for your shares, or in respect of a proportion of your shares if you only want to sell some to GF.
The default position if you don't respond is that you don't want to sell any of your shares - there are different procedures for acceptance for certificated shareholdings or alternatively those held in Trust with a broker like yours with HL.
I'm sure Foz, jam, tomcat, bonkers etc will correct me if I am wrong

Hi Rocketship
I used to be with Barclays but transferred from there when they moved platforms to one that barely worked and were going to charge an annual fee even on non pensions/ISA stuff. One good thing about them was that they didn't charge for transferring to another provider. That's an advantage, as I know my current one would.

'r',
You don't need to. You can only vote to sell your shares to GF. If it is your intention to oppose the offer you need to do nothing

Thanks jam
Excellent post from you as usual, concise and useful for all posters here.
Have already decided to take a couple of pro plus pills and sit and read the document properly this afternoon, I admit to only a fairly rigorous scan so far. However having read it properly then I may still think I understand it more than I actually do.

lanraven
If BCN delist and you haven't accepted the deal then you will have shares in BCN but will have no way of selling those shares as by definition they are no longer in a market. if you believe that will happen then far from thinking you have nothing to lose by rejecting the offer (which you don't have to do as its the default, you only vote to accept), then I respectfully suggest the opposite to your statement is true - you should accept the offer rather then end up with illiquid shares.
Out of interest, all the shares I have were bought prior to 10th September, and I understand it is the holding at that date for which you can (if you so choose) nominate acceptance. If I bought more shares now, ie post 10th September, would they be treated as a separate holding which may end up hypothetically, trapped in a private company following delisting?

Yes Bonkers, good luck. I wont say that I wish you weren't going, but that is not meant in an unpleasant way. None of us can be sure what is the best course of action, and your decision could be one the rest of us end up being jealous of!

gwm
Dont think there is any clear signal that this well become a dividend share any time soon.
The distributions being made at the moment are 3 'one offs', if you know what I mean!

Tomcat
Good post

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.