Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
"We want SXX to remain an independent company with a chance to finish the project and reward shareholders in days to come.
Yeah, and world peace, we want that as well.
makes it easier for folks to accept their loss though. blame someone else for your own mistakes and all of a sudden, you're the victim. feels a lot better, doesn't it.
"Ive got no experiance of theses situations , if a NO vote , which its looking that way , this man Fraser as no interest in PI s and as generally looked after himself and people around him , the question is can he be taken out of his postion quickly , can it only be done by EGM , or at the annual agm , or any other way i have not got the knowledge ov., june if im correct for the Agm , would be to late."
Annual AGM? June?? This thing will be in administration or bought out long, long before that.
for clarity: tomorrow is the vote. but even if that's a yes, a judge still need to sanction the scheme. that won't be happening tomorrow or this week but by late march at the earliest when a hearing has been scheduled..
yeah, but the effective date isn't tomorrow.
if the vote is yes, it will be a later date . last estimate was around the 31st of march.
afaik this thing will trade tomorrow.
"My understanding is QIA only pulled out of making an offer as AA beat them to it."
which, if true, means QIA's bid was worse than AA's. because, if not, why not just submit your higher bid?
i'm not convinced (quite the opposite) they'll still bother though if this is a No.
interesting, but ultimately doesn't really matter. the 75% will be met. only upside of this it might convince Anglo American to put in a contractual bid after this scheme has failed, as 90% seems a lot more attainable now.
"A No vote ‘could’ lead to administration. Administrators will deal with the sale in a more professional and open manner (than the BoD). Whatever the outcome of administration, I will be satisfied that I did what little I could do. I will accept the result."
Honestly, this kind of comments boil my bood. It's no doubt well meant, but it shows a complete lack of understanding of what administration is. This is a procedure in which a line is formed to collect what money there is to distribute and shareholders are dead last. This has nothing to do with "a professional and open manner", it has to do with clear laid-out rules.
Going into administration is every shareholder's worst nightmare. I can argue all day about whether or not Anglo American will increase its bid after a no-vote (I'm pretty sure they wont't), or voting No out of spite (even though I think that's pretty "emotional" opposed to rational), but to argue you have more confidence in administrators than the BOD is just ignoring what an administrator is and what he is here to do.
If this thing goes into administration, we all end up with NOTHING. not speculation, but fact.
thanks! didn't know that. if that's the case, it could all be over soon if it's a No.
could you elaborate?
all the companies i've ever been involved in that went into admin (or equivalent) continued trading while things were being sorted. of course, share price drops to virtually zero, as shares are pretty much always worthless so you're broke anyway, but still trading nonetheless. all of these were non-uk though, are things different here?
sorry, never posted at this particular site before (I am posting at a nr of other stockpicking sites), only use it to read up on things. i got triggered into this thread by the massive amount of NO-votes and their (imo false) arguments. it's all pointless but i couldn't help myself.
now let's go back on topic..
I have no idea who Bucky is, but of course I'd say that, wouldn't I?
Figures some of you guys apparently think anybody against this deal must be one person. Fits the profile.
" the last quoted price becomes the settlement price for the CFD, surely, and not zero. "
if you believe this, I recommend you buy CFD's and not shares as well. What a goldmine!
Obviously it isn't true though, the shares will continue to trade even when the company goes into administration. They'll drop to (nearly) zero, and so will the CFD's. There's no shortcut here by owning the CFD's.
Theoretically yes. But there's no way to know what their portfolio or P&L looks like exactly, and what other positions they have on.
there's have been thousands of similar schemes being approved before this. any judge will long be aware of the nominee system and the headcount vount not working well together. the systeem obviously needs to be changed by legislators, but no judge will suddenly stop this one deal for this particular reason when all of those others have always been approved under the same system. and this definitely isn't the first deal in which this nominee-problem comes up.
Very, very unlikely that another bidder will still emerge at this stage, but yes, theoretically that's possible as long as the deal isn't final yet.
"There will be RICH Institutional and Mining Companies ANXIOUSLY waiting on the voting result."
why? what's the logic about this? if mining companies are ANXIOUSLY waiting on the voting result, why didn't they just put in a higher bid in the first place. Makes zero sense, all hope, and no reality.
"It seems by all accounts that the turkeys have voted for Christmas and the market knows it."
Best summary of the situation I've read all weekend.
Well, in 2020 alone I can think of two. Carpetright comes to mind. Company was in trouble, offer was made at a negative premium, lots of talk about how unfair it all was but got done anyway. Pengrowth Energy in the US probably more similar though, shareholders got shafted with a 5 cent bid, media were all over supposed shareholder opposition, but the threat the plug would be pulled if bid wasn't accepted made sure the deal got done in the end.
Point is the threat of bankruptcy is real, there isn't always a better bid or some alternative plan, it happens a lot. In this scenario shareholders virtually always get nothing. Not trying to scare anyone, you all voted already anyway, but this isn't some theoretical outcome, it's a likely outcome if this deal falls apart.