Member Info for nomadicinvestor

I'm not happy to take and run at 67p, my thoughts are now that I would be happy to take and run at say 90p. When the takeover was first announced I would not of said this. However, being in a jv with a hostile partner may throw up problems. If they gave 90p then I will of made 40% profit, where as at 67p I'm only making 20%. My average is around 55p, having bought in early at 80p mark and subsequently averaging down at 21p and 45p. For 5/6 years, 20% is a very poor return but 40% is not terrible. It's better than an average fund, although it's clearly well below what I would hope or expect given the nature of the investment.

Today's operational update was clearly just a side to release the Ganfeng completion of equity. It's the first step before an offer. I'm assuming Ganfeng will wait until their shares are admitted before proceeding, although it is not a requirement. Reckon offer on Friday 28th May.

Also, just to note, in Genfeng's press ie Sonora, they have said the reason for buying it is to accelerate the development. So even though the board are sticking to H2 2023, it seems like Ganfeng have other ideas. Are we going to sell out and find out construction can actually be done in 18 months?

Can't wait for the earthworks and access to begin construction - really exciting times. Have been waiting for this moment for six years. Additionally, buying the 9000 hectares of land south of the current concession sounds like a shrewd move, avoiding potential future access issues. Combine that with Ganfeng already tendering the engineering packages (didn't even know those were finished!) and we have a really solid update. Things seem to be moving along very well. Oh wait....

Exactly, Ganfeng have all the control now and will be happy to sit on those engineering reports. It could prove difficult going forward and they will have a lot more patience than us.

Bonkers - agreed. If this deal had happened pre-finance, then I would not of been ecstatic, but would of accepted the outcome. The single biggest risk in this whole development is construction finance. So to sell out as soon as that has happened (with major dilution at a hefty discount) is just wrong. I really hope the board have a change in heart and do not recommend the offer.

In a way the best outcome for everyone will be for Ganfeng to increase the offer to a fair amount (say 90-100p). I wouldn't be against that value at this stage and would take the money and move on. Obviously won't happen, this is why the Chinese are beginning to dominate the world.

Peter Secker definitely has an incentive plan where he gets a bonus (in shares) if BCN are sold. I can definitely remember reading it and it was much hyped at the time. Fairly sure this was back when REM/ KDNC were still active and BCN were about to move over to London. I've since looked back through announcements, searching "incentive" "bonus" "acquisition" etc but no luck finding the detail.

Does any of the other LTH remember and know where this was written? It will be useful to clarify.

It's good news and what we have all been waiting on. Looks like the slow start to the year has been getting the house in order. I3e should now be into a period of positive news flow with maiden dividend announcement, drilling campaigns in Canada, acquisitions or further farm ins and of course the potential Serenity farm out (key to pushing i3e onto the next level quickly). It's been a tough hold but could well be a very exciting year ahead.

Very good article that touches on all the issues - hopefully someone puts it in front of Secker et al. I'm convinced this offer is only recommended as the board would much rather realise a few million each now, rather than say £5m in a few years. It's an end game and get out for them - for us, it's disappointment after funding their life for the last five years.

Not sure many people will stick with this for an 8% divi when the sp can go up or down by that in a day. Dividends work for stable companies with much higher mcaps. Personally, I feel we are almost there and sentiment will turn when the court issue is cleared up. After that point, there will be no legacy issues to hold this back.

Interesting development. I’ve scaled in over last few days. Punt money imho but looks interesting.

Has director bought? Can’t see RNS?

Surely at this price a large share buyback is best value for our money? I know that's not the plan but can't help but think.

SP getting into crazy territory here.

Same. Funny in a copied message to still have a typo. Hopefully she has forwarded it, suspect not.

I usually find good analysis is succinct. Not a fan of pages of information and numbers - flatters to deceive.

I'm holding and will reject but now accepted if it happens it happens. I've made a small amount of money and will move on. Heard much worse stories over the years on aim so not all bad but thoroughly disappointing.

Hello Peter.

Yes it is 75% of votes cast, that’s why it is so important every pi votes. Ultimately the institutions are the ones that can block this, but if every pi voted we also have a good chance.

What is unusual with this RNS is the level of detail given considering it is only a notice of a potential offer. Typically these notices are very brief and are only used to avoid any rumours or market manipulation. In this case the notice of possible offer is pages and pages of legal text - this has been in the making for months. The board did the placing in the full knowledge Ganfeng would offer. Every step they haven’t cared but are lining their own pockets. It’s really quite terrible and embarrassing but they won’t care when the pay check arrives.

If anyone has any of the boards direct email, will appreciate being sent it in dm. Thanks.

I thought the interview was poor BUT in fairness with comments regarding dividend - they did explain that there was a lot of documentation and that documentation had to be absolutely sound and correct or it would risk being rejected. A rejected proposal would have been bad for pi's, therefore taking due care is the correct approach. Graham said those documents are now in place and therefore announcement imminent.

I suggest others email the board with their thoughts, they need to get a sense of the feeling out there. The more emails, the more it may sink in.

"Dear Peter,

Following last week's announcement for Ganfeng to acquire the outstanding shares in BCN, I am writing to ask the reasoning behind the Independent Board's decision to 'likely recommend' the offer? Will there be a further announcement or consideration?

I have been invested in Bacanora from 2015 and have followed the company through every stage of development, with the knowledge that if everything works out, there will be a reward at the end. There was a huge risk on my part - the intrinsic risk of mining exploration. While I may be a minority shareholder with just over 135k shares, but that to me is an important section of my folio. I felt the board of Bacanora have always done a good solid job and it kept me on board.

To read that the offer of 67.5p will be recommended does not sit well and I can not understand it after just going through a large placing to get construction financing. A fully funded Sonora, is worth much more than 67.5p. When cash is taken into consideration, the offer is even more unacceptable.

BCN is about to go into construction, I would hope the board back their shareholders and follow through on what has been a long journey. I want to see BCN realise it's value and while I accept it was always likely to get acquired, it has to be at the right value. No doubt M&G, Robeco and Hanwa hold the swaying votes here but I also feel strong leadership to hold off a low ball offer is what is needed. Sonora is of such strategic value to Ganfeng, they have more than enough reserves to properly compensate BCN and their shareholders for finding, funding and developing the mine to this stage."