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Ultimately there is one reason this is being recommended - our board can not sell their shares. This is their 'end game'. Secker also has an incentive plan that includes a bonus for selling the company (I can't find the correct RNS for this as it was years ago, I've tried searching - does anyone else have it?). Ultimately, Secker et al will get massive payouts from shares that don't have real value as they can't simply sell like a pi. They will probably also be kept on to run the project for a couple of years, so will not be sacrificing salary. It's completely shafting any investor who got in prior to 2019.

I have averaged down and picked up some in the low 20's and then again at low 40's during recent placing. By doing this, I will come out with profit. But it is likely only around 20-25%, which for over five years investment is fairly poor, especially considering the value created over that time. Huge risk on my part, the risk paid off on a business level but the board, who should be acting in my interest, have screwed us over big time. Not realising value at this stage is criminal. I just hope enough private investors vote.

The biggest risk I see is that many big orders have gone through which are here to collect the 20% gain, these will all vote for the deal. Likewise, anyone bought in over the last year or two will be 50/50 whether voting for or against.

M&G are difficult, they will see a good profit with this deal having subscribed heavily at 25p and 45p. It's somewhat difficult for them to sell out without crashing sp and they may see 67p now, rather than maybe 100p in a couple of years as a good deal. I'd hope not and it will come down to the judgement of one or two people their side. You would hope M&G would realise they have a big slice of one of the most important resources in the world at the moment - that's worth a lot more than a 30% gain.

Ultimately there is one reason this is being recommended - our board can not sell their shares. This is their 'end game'. Secker also has an incentive plan that includes a bonus for selling the company (I can't find the correct RNS for this as it was years ago, I've tried searching - does anyone else have it?). Ultimately, Secker et al will get massive payouts from shares that don't have real value as they can't simply sell like a pi. They will probably also be kept on to run the project for a couple of years, so will not be sacrificing salary. It's completely shafting any investor who got in prior to 2019.

62% is in private investors hands, we can easily reject it as long as everyone votes.

Fozdog - agree. The board have been taken for a ride here. Diluted shareholders multiple times on the cheap with Ganfeng conveniently following suit, while delaying the release of the engineering report, only then to low ball all existing shareholders out. My post below hopefully gives some hope in that we can get this rejected, even without the aid of II's. Private investors need to vote and stand up for ourselves when the board won't.

62% are in public hands - so as long as 40% of private investors knock back the offer, it will be rejected. The issue is a lot of pi's don't always vote. I ran a poll on twitter which only received 50 odd responses but 85% said they would reject (acknowledge twitter users probably more likely to reject than the average pi).

M&G, Robeco and Hanwa have over 24% between them currently. Robeco on 5% and Hanwa on 3.7% will both likely reject. Hanwa will want to keep their foothold and Robeco are a sustainable investment vehicle looking at the future, they are long here. Big question is M&G. Given their backing for years, I would hope they feel that the risk has been lifted and they deserve a better return on their money.

Listened to Vox markets interview and thought it was brutal. If I was listening fresh eared then no way I’d give Majid my money.

Please vote in my Twitter poll so we can show the board the hard numbers of who doesn’t like this ‘deal’.

https://twitter.com/nomadicinvestr/status/1390572331240722433?s=21

Big question is will M&G back the deal? Surely after they have backed BCN for years, they will want to see a bigger return. Will require 75% approval and M&G have 15.9%...

Really hope it is rejected and everyone does what they can. Ganfeng have the money, anything under £1 is laughable and disappointing Secker didn't knock this on it's head.

I’d reject this offer. We are fully financed to build a 35k tonne lithium mine and they’d accept £200m? Just because they get a massive payout.

Ganfeng have clearly delayed the engineering reports to drive down the sp.

Also what about all the cash BCN have? This offer basically equates to our sp plus cash in bank.

Not happy at all.

I wonder why I3e decided to announce all this at once, essentially burying good news within other good news. Other companies on aim release RNS’s with far less news. I’d much prefer news was released as and when it happened, to help build a picture of operations. Hopefully this will be the case in future.

See a solid base around these levels and hope the Serenity farm out will be the catalyst to push to the next level. It sounded positive.

I'm really disappointed with no RNS today. I usually am in the camp of news comes when it comes, but this board has failed to deliver in the past and can not keep missing deadlines. Why an update, which was only to describe activities in Q1, can not be released by the end of April is beyond me. The board better release news this evening or it be a biggie. They will be losing shareholders over this.

I don;t see Mexico as the issue. I think until we have the engineering package tendered, then we are not in construction. We only have the finances in place to be able to construct - there's a big difference. Market is waiting for every box to be ticked before assigning value.

r7632 - there's more immediate news due, the final engineering packages from Ganfeng. Ultimately, until we have these we will not know the exact cost of construction. They are hoping to reduce overall capex. When the engineering package is issued and construction properly starts (ie not just access roads) then we will see a solid growth. At this point, Ganfeng could probably stall or back out or not commit, hence market being cautious. Needs to be seen, not just agreed.

FYI - production is more than 2 years away, not 18 months.

Am I correct thinking the dividend being paid is Q1 21 and that will be the first? i.e. no monies from H2 20 will be put towards divi?

Does this mean by the time Q1 divi comes around, we may also be due Q2 shortly thereafter?

Just reading through the merger presentation and it just highlights how undervalued BCN is. Ganfeng, the highest valued lithium company in the world are saying Sonora is of strategic value to their future. Their mcap is $126b. Even if 2% of that value gets attributed to Sonora in the future then BCN is worth £1b.

Lithium Americas - $2b (will produce 40k)
Livent - $2.5b (produces 16k lce)
Pilbara - $3.8b (600k of spodumene)
Albermarle - $17b (produces 80k, set to increase)
Tianqi - $50b (produces 50k lce)

At some point BCN will get noticed, I suspect it will be mid-way through construction. When it does, I think we can look a lot higher than 100-150p.

BCN is still suffering from the REM and Lenigas agendas from seven years ago. I truly think this. So many PI's were burned when REM was pumped and dumped, then others during 2018 lost a lot. There's only so many private investors and once a company is tarred then that is it. Ultimately value will prevail and I'm happy to wait.

I have a mid to long term sell target of £400m - mainly based on where I have seen many oilers get to and some go above, but usually end up back below. With no dilution that is 57p and I'm out.

A successful farm out of Serenity could push us towards that quite quickly and 30-40p not unreasonable at all during drill campaign. As GGG, I would definitely sell down before results - probably 50% of shares depending on how I feel the drill looks. Lesson learned from i3e's last drill, would be foolish to stay full in again. I was up over 450% in i3e once upon a time... managed to protect some of that capital by buying property and selling out 25% during the 110's but that was pure coincidence and luck.

As said before, it’s good the sp is holding up as the institutions align themselves to their long term holding. Should make the market more liquid also.

Have a large amount in BCN and not too fussed where we are today. Even in the short term there's relatively modest announcements due (China sanctioning the 28.88% Ganfeng interest, delivery of final engineering packages Q2 and any site updates). Finally getting those packages will be a good step forward and will confirm to the market the financing is sound and I expect it to confirm production targets for stage 1 (and 2?). I doubt they will have a meaningful impact on sp - just need to wait it out until the market sees value as we move through construction. Lithium mines sell for billions, Sonora is a top quality project, happy to tuck these shares away and watch mature. By year end I see BCN being closer to £1 than 50p.

JAdam - agree with your post and numbers. Guess the general mass just don’t want to always guesstimate all the time. Looks like we will wait until the quarterly update for firmer numbers unless bod waiting to publish further on Canada open.

Maiden dividend of 1.44%..... hmm. Might be a bumpy morning. Assuming they plan quarterly payments. Wonder why they still haven’t gone through the process.