The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
The only offer I can see on Renalytix's website is dated 4th March.
The quote below leads me to suspect that it is certainly not from AVO.
"Renalytix has received an unsolicited approach from a large and well-capitalised publicly listed strategic diagnostics company"
What director buying???
The most recent Director share purchase according to the RNS's published on this site, was 13th March 2023; at the Open Offer over 1 year ago.
There have been share awards and Long Term Incentive Plan take ups, but no actual share buying since then.
"This site is so annoying. Adverts throwing the page all over the place….and that’s with adverts switched off. The page still jumps like crazy."
Try installing an independent advert blocker. Adblock Plus works for me, and it's free.
There is what looks like a No Entry Sign on the far right of the screen display for each company. Click on it to remove that company.
NB: You may have to reduce the screen resolution to display this icon.
As I understand it the votes cast must be 75% or higher at the Court Meeting. The Court Meeting is scheduled for a mere 5 minutes, so there is little time for debate.
The General Meeting must ratify the result of the court meeting, but if the required 75% was not achieved at the Court Meeting, then the vote is irrelevant.
"In order to provide Shanta Shareholders with additional time to consider the revised proposal and submit or change their votes, under the power granted to them in Shanta's articles of incorporation, the Independent Shanta Directors have postponed the adjourned Court Meeting and General Meeting which had been re-scheduled to 28 March 2024. Accordingly, Shanta Shareholders should not attend the Court Meeting and General Meeting scheduled for 28 March 2024 as they will not be held on that date."
"The Independent Shanta Directors are pleased to announce that the Court Meeting and the General Meeting are now being postponed to, and will be held on, 4 April 2024 at 1:00 p.m., in respect of the Court Meeting, and 1:15 p.m."
Not so Hopeful.
Have you seen the date on that article?
Aug 29, 2014.
"Does this mean we're all meant to vote again for this new sham vote deadline? "
As CeeD says your previous elections remain valid.
So no need to vote again unless you have changed your mind.
I have also been invited to vote again by AJ Bell. Very surprised as I have found them very unhelpful in the past.
"Accordingly, the market is expecting the corresponding 2023 numbers by the 29th March 2024."
Unfortunately CeeD the rescheduled meeting is for the day before that. What a coincidence .
"As disclosed in the Adjournment Announcement, it is expected that the adjourned Meetings will be reconvened and held on 28 March 2024"
But no problem according to DRAX ???
https://www.ft.com/content/8af60bfa-f661-43e8-9096-e84b3884040d
"One of the world’s biggest producers of wood pellets sold to power utilities has filed for US bankruptcy, a downfall for a business seen by its backers as an alternative energy source to oil and gas."
"Enviva was flying high only two years ago as power plants from the UK to Japan started converting from coal to wood pellets as a source of fuel. Investors gave the company a market capitalisation of $6bn at its peak."
"But to expand production, the US company issued a large amount of debt as the cost of running its wood pellet processing plants increased. Additionally, a commodity trade Enviva entered into backfired when energy prices started to drop in the winter of 2022 to 2023, said Pavel Molchanov, an analyst at Raymond James."
"Drax, which buys wood pellets from Enviva and is listed as a creditor, said it was not expecting any interruption due to Enviva’s bankruptcy filing. It will have “no material impact” on Drax, the company said in a statement to the Financial Times."
I posted earlier that the sp would be price locked around 13.5p due to the uncertainty of whether the TKO motion would be accepted or rejected.
The logic was good, but with sales going through as high as 14p, it is clear that the market has made up it's mind on the chances of the scheme being passed, as no one in their right mind will buy at 14p, to get 13.5p to 13.65p back.
It seems very clear to me that this deal has failed. Surely even the Patel's can't be that thick that they cannot see this too. Expect the deal to be pulled by the end of this week.
Hounddog10,
Sorry I was rather curt in my last reply to you. I have carefully re-read your post and the offer document, and much of what you said is correct, eg:
"To clarify I think the AGM vote is closed. That closed on the 27th and there was no ability to vote at the Court meeting on the 29th."
The General Meeting vote was closed on the 27th Feb so the total numbers would have been known to SHG before the announced the postponement.
The offer document though is a mas of contradictions, so it's anyone's guess what it means.
https://www.shantagold.com/_resources/Scheme%20Document.PDF
example from last page:
"If the YELLOW Form of Proxy for use at the General Meeting is not lodged by 1:15 p.m. London time on 27 February 2024, it will be invalid. Completion and return of a YELLOW Form of Proxy will not prevent a member from attending and voting at the General Meeting, or any adjournment thereof, in person if he or she wishes to do so and is so entitled."
This suggests that a General Meeting vote cast before the deadline 27th Aug can be changed at the meeting.
"In particular if the Court meeting is now a month away it does not seem right that shareholders should be held to decisions they made some time ago - particularly if circumstances are beginning to change."
Hounddog10,
Have to agree with you there, it is not fair, but many things in life are not fair.
Let me know when you have persuaded your broker to let you change your vote. Otherwise I think that further discussion on this would be pointless.
The sp is effectively price locked around 13.5p until the end of this month, unless the Patel's pull the plug on this $h1te deal.
Nobody will be prepared to pay over this figure while the take over is still a possibility. Likewise nobody will want to sell at a lower price, in case the TKO succeeds.
"There has been no notice that you cannot still continue to vote."
"However, I am not sure it is correct to say that anyone who has already voted cannot change their mind while the vote is still ongoing (ie prior to the rescheduled Court meeting).
Hounddog10,
The brokers that we hold our shares through, announced their closing date for the vote, so they could be submitted by the 27th Feb. Our votes have already been submitted. I hold these shares with two different brokers, neither has notified me that I can change my vote. Good luck persuading your broker to change and re-submit your vote.
For the little people, the vote is closed. The big boys though, can still vote at the re-arranged meeting at the end of March.
"So are we saying the slimy little Patel f@cks can up their bid at any point in the next 3 weeks and shareholders are then free to vote on it again before the 28th? "
G_G_G,
No as you go on to say a new offer price requires a new prospectus and a new vote - for everyone.
Hounddog10,
The reference to a vote on 27th Feb came from one of your posts.
"We don’t even know about the vote on the 27th. We have to assume it happened and the Patels lost. Or did they pull the vote at the last minute?"
As I see it, this is the closing date for postal votes or those submitted by Hargreaves, Barclays etc on behalf of their nominee shareholder clients (ie: people like you and me).
These votes would then be collated ready for submission to the Court Meeting on the 29th Feb. They would then be added to the votes cast in person by people attending the meeting. But, as we know the meeting was canned, so no proper vote could be taken.
The postal and nominee votes submitted before are as you say in limbo and set, they cannot be changed. Those intending to attend and vote at the meeting have another 3 weeks to decide how they will vote.
"Do we definitely know the vote was cancelled? I cannot identify any announcement."
It seems clear to me Hounddog10,
The vote was suspended rather than cancelled, but no voting will have taken place.
The scheme needs approving at both the Court Meeting and the General Meeting.
Both of these meeting were postponed to a later date, so how could a formal vote be taken. It is only us peasants who have to vote in advance. Many of the funds and institutional investors will have chosen to attend in person to cast their vote.
Hence, no meeting = no vote.
RNS 25th Jan
"As further detailed in the Scheme Document, in order to become Effective, the Scheme will require, among other things, the approval of a majority in number of the Voting Scheme Shareholders present and voting (and entitled to vote), either in person or by proxy at the Court Meeting (or any adjournment of the Court Meeting), representing not less than 75 per cent. of the voting rights of such Voting Scheme Shareholders "
RNS 29th Feb
"On 29 February 2024, the Independent Shanta Directors announced their intention to adjourn the Court Meeting and General Meeting which were originally convened for 29 February 2024 ""On 29 February 2024, the Independent Shanta Directors announced their intention to adjourn the Court Meeting and General Meeting which were originally convened for 29 February 2024 "