Member Info for mattlilly

Why would anyone pay above 28p unless JCC increase their offer or another bidder emerges?

JCC can’t/wont pay above 28p…

So until unless the above happens anyone paying 28p or above is flirting with a guaranteed loss…

Simples…

The Scheme document hasn’t been issued yet…

Then they have to give notice of the Court and the General Meeting…

So I guess minimum 3 weeks for that but…

If JCC Don’t get 75% of Holders to vote and 50% of those to vote in favour AND

75% of shares to be voted in favour in the General Meeting, JCC will have to increase their bid or withdraw…

In the meanwhile giving other prospectors a chance to bid AND

JCC can’t buy shares in the market above 28p without having to increase their ‘bid’’ price to everyone to the highest price paid…

Plenty of time for other would be suitors to sharpen their pencils and watch and wait…

Bought another 25 million

Reality check…

Barclays is actually net SHORT but less than 2 million…

Just look carefully at the RNS…

Thanks Add...Should have read on...its a matched short...

Good call IP...if they are theres a long way to go with only 1.2% so far but....

Global X 1.5%

Samson 1.6%

Is this an arb play or at least one other bid coming?

Lundin are already in Ecuador and will be known to Sangha which would explain what I think is a strategy to flush out a bidder

My New Year wish would be Barrick but I still fancy First Quantum...

Stunned!

Barclays plc has bought 35 million shares...

Looks like a no lose strategy...

Buy at 27.65 sell at 28 if theres no counterbid or...

Make a bomb if theres a bidding war...

All the people who were angry that the Board had sold them down the river and have dumped their shares are risking a fait accompli...

So if SOLG goes for 28p they will be just as much to blame as the Board...

JCC only has 40+% shares pledged...they did not increase their holding yesterday...

Global X and Samson have bought over 3% between them...the latter at 27.6p...do you honestly think hedge funds puss their money up the wall...

I repeat...worst case 28p...best case needs a new bidder who the Board and BHP/Newcrest will flip to if its a decent offer...

In the meantime don't rule out JCC coming back at say 35p to sweeten the pill and get enough shareholders to come 'off the wall'...

11am uk

Bought and sold (or vv) 150k for a loss of £225...whats that about...?

No

Anyone know the SRN and PIN

Lazy reporting!

No way...even after today JCC would only have 14%...

Hi Mr O…go to ADVFN rouge

Sorry but with respect people don't understand what's really going on...

This has only just started...

Clearly nobody else was prepared to start the bidding because JCC have a small foot in the door so

The only way true value will be realized is through a bidding war..

Somebody had to make the first move and the Board had to recommend this to get them to commit.

Now they’ve committed the bidding can start but the fact is, if nobody else bids it is not the Boards fault. At least this Scheme gives us all a real chance to vote. If nobody else bids bids 28p it is.

Have a look at:

80M should be 2/3p when Jameson is drilled...80M has 30% of prospectively 13 billion barrels of oil...

Kefi fully financed to build the mine

AFC probably the best pure Green hydrogen play

GELN sulfur batteries will change the world

BRES incredible graphite grades with 100 more holes to drill...

OMI

RBW a unique process to produce REMs from phosphorous waste heaps

In Forex LZM (huge Zimbabwean prospect) and BRX (Jason Ward's copper baby)

None is a recommendation. I hold all.

Please DYOR

Trust me...Nick has only pledged the minimum he has to do as a Director...thats all...

"Part 26 of the UK's Companies Act 2006 governs Schemes of Arrangement, a court-sanctioned process for companies to agree binding compromises or reorganisations with their (creditors or) members (inter alia).... to agree mergers, or demergers, requiring court approval to call meetings and sanction the final deal after at least 75% approval by value from each voting class.

Key Features of Part 26 Schemes

Flexibility: Allows for broad compromises, including debt-for-equity swaps, capital reductions, or mergers, without needing 100% agreement from all parties.

Court-Driven: Involves two court hearings: one to approve convening meetings (the "convening hearing") and another to sanction the approved scheme (the "sanction hearing").

Approval Threshold: Requires approval from at least 75% in value (plus a majority in number) of each class of members or creditors voting at the meeting.

Fairness: The court reviews the fairness of the arrangement at the sanction hearing, ensuring appropriate class composition and no unfair prejudice.

Process Overview

Court Application: Company applies to the court for an order to convene meetings.

Information Provision: Explanatory statements detailing the scheme are circulated to stakeholders.

Meetings & Voting: Creditors/members vote in separate classes; needs 75% in value (and majority in number) approval.