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I agree Tex. Wouldn't be surprised if Devon is shorting this.

Like I said Tex. See link below. The offer would need to be the highest price paid in the last 12 months. Cant be any lower than this.

Rule 9 requires a mandatory offer to be made in cash (or be accompanied by a cash alternative) and at the highest price paid by the bidder or any concert party for any interest in shares of the relevant class during the 12 months prior to the announcement of the offer.

A bid required to be made under Rule 9 of the City Code on Takeovers and Mergers, broadly where: the bidder and any persons acting in concert acquire shares carrying 30% or more of the voting rights of a target; or if a bidder, together with any concert parties, holding not less than 30% but not more than 50% of the voting rights increases its holding. Rule 9 requires a mandatory offer to be made in cash (or be accompanied by a cash alternative) and at the highest price paid by the bidder or any concert party for any interest in shares of the relevant class during the 12 months prior to the announcement of the offer.

https://uk.practicallaw.thomsonreuters.com/7-107-6806?transitionType=Default&contextData=(sc.Default)&firstPage=true&bhcp=1

A takeover bid would require the company to hold 30% or more of SXX which means they would have to pay the average price of the last 12 months

*it will have

Yes Scott. If SXX gets the approval from shareholders to go private due to a takeover, it have a positive impact on SP and shorts will have to close their positions.

Agreed FFC. SXX would need a good reason for shareholders to approve going private in which case the offer would need to be a lot more than the current SP.

SXX situation at this moment in time dont qualify for RULE 5.2.7 so it's wrong to suggest they dont need the approval of shareholders to delist.

Devon - RULE 5.2.7 is last resort scenario. SXX has cash in the bank and development has been halted to reduce OPEX.

devon - useful document and it does say 75% shareholder approval is required

Read the article on Oct 2018:
Google search for
Victory for shareholders as Unilever drops plans to leave FTSE 100

They need 75% shareholder approval to delist. Unilever tried to do delist back in Oct 2018 but failed due to not enough votes.

Company would need shareholder approval by 75% to delist. No need to get worked up based on a newspaper article.

That circum letter says b4 the end of the year. From experience, not many comms come from Circum but when it does, they do exactly whats on the tin.

Doug - I think it will SP will shift on positive news that could come b4 the end of the year which could be under the heading:

- Zulu EPO announcement
- Zulu JV partner secured
- Zulu DFS drilling to commence
- Possible MNH/PREM partnership
- New management and company structure
- Circum liquidity event
- RHA electrification update
- Impairment reversed for Zulu and RHA
- Development work started at RHA

Got a feeling there will be a scramble this afternoon to get in ready for the news to land next week

Ripple - it depends on the content of the JV deal and the licences prem has applied for which could include gold.
I wouldnt like to guess but imo

Zulu with EPO licences is worth 0.2p on its own
Zulu with EPO and a JV deal would be more than double that
Zulu with EPO, JV with DFS is worth 1p alone

I agree Novy - EPO and JV announcement may come together in which case will result in an immediate rerate.

Acker - I suggest you read the shareholder letter to Circum shareholders. Strategy is to sell or IPO to develop it, either way it will be a liquidity event for Circum holders

with the new management incoming, I dont think so TCG