We would love to hear your thoughts about our site and services, please take our survey here.
Thanks, Searcher.
Love the way it says “we must start coal production within the next two years”, then “If these proposals are approved at the highest level, coal extraction will commence within the next three years”
Decisions, decisions…
I believe this is Broadridge in the US.
My personal experiences dealing with them over my late mother’s holdings were a nightmare; it does not surprise me that the handling of this was shambolic and it should be looked into.
Of course it may be that only HL used them, so perhaps not materially altering the outcome, but it would be worth the Panel establishing how many HL votes against the Scheme were actually registered compared with the polling on here (although that number is not reliable either).
Message to HL
There are serious misgivings about the conduct of this vote.
Bidco (Saturn Resources) said by RNS we would not have to vote again. Hargreaves Lansdown, together with Broadridge have issued several subsequent votes for Court, OGM and EGMs and subsequent confusing alterations and retractions.
If this takeover bid succeeds, objecting shareholders will undoubtedly question whether their votes have been registered correctly.
My own personal experience with Broadridge suggests this process is unsafe.
Email to sfo
I should like to bring to your attention what look like very shady dealings by a Mauritian company attempting to take over an AIM London listed company on the (exceedingly) cheap.
I am told that communications to the Court in Jersey presiding over the voting on the matter are routinely ignored and, after all, they are merely counting votes on the scheme and not judging the merits of it. However it is surprising if they are not concerned about what looks like manipulation of those votes.
I trust that you would be interested in looking further into the matter and would be pleased to provide further detail of what appears to be questionable behaviour by the bidding company along with insider(s) in the company.
PS I am not going to bother with Action Fraud as I recently raised a clear cut case with them but withholding the most obvious piece of evidence (the bank account details) and have not even had a request to provide those.
Email to the court
Further to my email of 18th March, many private investors are confused by a new vote on an EGM of Shanta Gold.
The company stated quite clearly by RNS that our original votes would stand yet brokers (many without notice to their clients) have made 3 or 4 different votes available stating with each new one that our vote has NOT been registered.
As many private investors (who account for 21% or more of the shares in the company) will not have had notice of the latest (different) vote, there is the potential for a distortion of the numbers voting against the inadequately increased offer by Saturn. It's also a little cynical of the company to extend the short voting period when that extension largely comprises a major public holiday.
My personal opinion is that the vote should be postponed to a later date and that shareholders should be made fully aware that their original and/or later voting intentions will both be counted; this will also provide time for the company, which has hitherto been silent, to announce important pending news and results which evidently would impact the share price artificially frozen by the pending offer.
The link “view shareholder meetings” does not work correctly in a linked account; it takes you back to the SHG holding(s) in your main account. There is no warning of this, or that you can’t vote a linked account’s shares.
You need to log out and log in directly to the linked account to be able to vote those shares.
Hope this helps bag a few more no votes (like her’s indoors).
“ At Shanta Gold, we are focused on maximising value for all our shareholders. We implement a rigourous strategy that is focused on net present value (NPV) whilst ensuring continuity and consistency through sustainable and responsible mining.‘
Eric, knowing current performance and non-hedged PoG, could you give us NPV please?
I’ve done just that Harrogate, along with a complaint about the lack of transparency from the company, the lack of expected good news, the ‘related party’ aspect (much frowned upon in the City), and the hike in the PoG making this offer wholly unfair to LTHs.
It looks very clear that HL has not advised holders of the requirement to vote again either with a corporate action signal or by secure message.
I wonder whether this has occurred with other brokers.
In the case of HL, you need to click on the link “view shareholder meetings” on the right of the accounts page, below Messages and ISA; this will take you to the necessary voting pages.
There could well be a much lower voting count because of this, and perhaps this should also be flagged up to the Court.
Mim
On the future for Shanta Gold, Zurrin says the company is now better placed than it has ever been in its history. “Our debt is minimal, we’ve paid US$8 million in dividends since 2021, we have two active mines performing strongly and we have the West Kenya project waiting in the wings,” he states. “We’re currently under-valued by the markets but I think our story is so compelling that a rerating is just a matter of time.”
And City a.m. describe the company as ‘struggling’…