Member Info for johnpwh

castle
keep your eyes on any RNS issued, which may become increasingly difficult with lots of these other background 'noise' RNS' being issued (Form 8.3, Form 8.5 etc). Better still it is bound to be debated here. Then contact your broker (who effectively are the legal owners of your shares wheras you are the beneficial owner) and tell them that you will want to personally vote against.

Strangerstill
If you read the 6th May RNS to the end then it makes clear that the increase in GF holding of BCN to 28.8% has now got Chinese Authority approval:
'Further to Bacanora's announcement of 5 February 2021, Bacanora and Ganfeng are also pleased to announce that the exercise of Ganfeng's pre-emptive right to increase its holding in Bacanora following Bacanora's placing and retail offer of 3 February 2021 has now received the relevant approvals and consents from authorities in the People's Republic of China. Ganfeng's subscription for a total of 53,333,333 new Bacanora Shares at the placing price of 45p per share, representing gross proceeds of approximately US$31 million, is therefore expected to complete shortly. On completion, Bacanora will have 384,144,901 shares in issue and Ganfeng will own 28.88% of all Bacanora Shares.'

Nope sam. That is a common question both on here and ADVFN (which I read but don't post on). Maybe as the completion of the deal is potentially a long way off or that the market believes there is is doubt it will succeed? I did a small 25k top up myself on Thursday, doubt I will do any more despite it seeming logical to do so.

Agree xtw2, though I stand by my 13.66% for M&G (post 9.36am)until someone tells me I'm wrong (warning: I have a Maths degree so i probably am!).
An interesting thought but given their position there is nothing to stop M&G increasing their holding substantially to ensure that they held the success or failure of the bid in their control. They could then either pressure GF into increasing the offer (to everyone except GFs advantage) or settle for the 17% tick up from 57p. Either way good for their investors.

? Cant be 62% if GF have 28.8% and M&G have over 13% plus any smaller institutional holdings

Hi RedRoo, we need to make these no votes at the appropriate time. My experience with my low cost broker, iWeb, is that half the time I don't seem to be told about corporate actions. When McCarthy and Stone fell into the clutches of a greedy American Private Equity firm the first thing I knew that it had been passed was when I read it in the press!. You may need to pursue your broker in order to have your say.
I'm not sure of the significance of the June and December dates mentioned in the RNS, despite having read a couple of times. Anyone car to enlighten me?

Hi Foz. I may seem a bit less excitable about this than others, but that's just born out of the best part of 40 years of hard earned and often very painful Stock Market investment (or gambling as I prefer to think about it these days).
I can assure you, and others here, that I will use my holding to vote against this at the appropriate time.
John

According to RNS 9th Feb M&G had 15.87% of the 330.811m shares in issue , so 52.5m.
The 6th May RNS confirmed GFs participation in the placing and the creation of a further 53.33m shares taking new shares in issue as 384.144m.
So 52.5/384.144 = 13.66% is the M&G shareholding now

No prob xtw, just trying to keep things a bit lighter. I don't explicitly discuss figures but my holding is well into 6 figures. Of course I care, and people who have read what I have said on this board over the last year will, I hope, appreciate it. I just try to stand back and look objectively at situations

Hi sterraman. Expectations aren't the same as fact.
I'm not advocating this takeover, I probably have well more than the average shareholding and it wasn't what I was here for. But we don't have a crystal ball and don't know for sure how this mine development will play out, BCN was sub 20p in both March 2019 and March 2020 - with no fundamental difference in expectation of future EV usage.
As I have pointed out before, look at the experience of SXX and HUR amongst I'm sure many others. Both wonder projects, both PI favourites attracting 100+ post by seemingly knowledgeable, enthusiastic and I have to say financially overextended punters everyday. All expecting to multi bag. Just trying to put things into perspective at the risk of being shot down.

I don't know what proportion of shares are in PIs hands. Has anyone worked out M&Gs % following the shares currently being issued to take GF to 28.8%? Got to admit I am just being lazy but will work it out if no one else has.
Agree M&G is the key, but probably to increase rather than overturn the bid. This is not strategic for them

Come on chaps/chapesses, its the weekend. Lets have a break and talk about cars, favourite beers and football!

Hope you are right my friend, don't in all honesty want this dragging on for 8 months. None of us want that. If the timescale is 4 weeks it makes the discount even more inexplicable. I need a beer.

Yes, but I for one am not expecting any alternative offer, not with GF holding half of the asset and near 30% of the BCN shares. Rejection of the offer seems an outside possibility with the help of M&G, who could alternatively force better terms in return for their support (which would of course have to be applied to all shareholders).
I think there is a lot of legal gobbledygook in the RNS about it not being an offer under section 2.7, and therefore the date of December 31st seems more applicable? If anyone has deciphered it please educate me

JTS
4 weeks to close? How do you mean?

Yep, agree Tiger. This is a done deal, maybe M&G can force a few pence for their support to get it over the line but it will be just that - a few pence more

Given BCN is fully funded to production I think it unlikely . Ganfeng are investors so why sabotage the project when they have invested in heavily? Couple the fact that they want the actual lithium as soon as. They run other JVs, why wouldn't they continue with this even if it is not their preferred option? Chinese are hard businessmen, not vindictive. If it were Donald Trump then you may have had more of a point!

Bonkers, Beevorma
'Wouldn't surprise me if secker is announced if this goes through as someone on gengfangs books and he has moved over.'
'oh yes rest assured Secker won't be redundant from this...'
Bloody hell. Have you 2 been watching Line of Duty or something? We've found our 'H'!
Morning all. Here's to an interesting day
GLA

They cant buy chunks in the market as it would take them over 29.9% when they would need to bid.
They haven't bid so far, they have just indicated that they will if certain conditions are satisfied.

The figure of 75% is made explicit in the RNS I think