Member Info for sprinkler

Thanks for your feedback Mike, Steeltrader. It's the same 'lack of trust' story that's coming from everywhere and whilst I agree we've been royally shafted I still hold the view that they have to stick to the offer that's been announced. I'm going to hold out for the 6p and think I might leave 20,000 in the unlisted company to see what happens - that's around the monetary equivavlent of selling all now for 0.005p less. If I come across you on other boards I'll let you know! Steeltrader, thanks again for the wealth of information over the time here.

Hi All, I very rarely post because of the quaility of posts is generally much better than anything I have to offer. Many thanks for all of your time over the past years. I'm getting seriously confused about what's going on now and would appreciate some feedback on my points - feel free to shoot me down, I cant get more miserable than I am already! I hold 220,000 shares. The offer is for 6p per share and will happen if 75% of shareholders vote in favour (accept the offer). This looks almost certain to happen, so why would I sell now at (say) 5.5p and lose £1100? If the 75% don't vote in favour then the intention is to request a vote to delist anyway because Redbird won't support any additional fundraising without BAO being delisted. Surely that vote will be approved because Redbird have us over a barrel in that respect. If we do delist then I'd expect Redbird to carry forward the 6p per share offer becasue they still want the whole company. Am I taking too many risks? If i still hold in the delisted company then I run the risk of dilution if I don't support the fundraising that must happen. We all know there's value here, so I support it (to a value I can afford). The drag-along rights in Steeltraders post below relate to post delisting changes and suggests to me that if they sell the company on (to whoever) then they have the right to force me to accept the offer that they have accepted as long as it's accepted by 75% of the shareholders, and surely this must be at a profit to Redbird, so I make more than the 6p per share. Jeremy and Ben (whatever we now think of them!) have committed to keeping their shares (Jeremy selling 1.5m to raise money for the future fundraising) and have an awful lot more than any of us. If they are taking that route can it be so risky?

Steeltrader, the recent presentation stated that the opportunity was there to become the sole supplier to the local market and that the rail and port requirements could be forgotten as all production would be sold at the gate. Also that the local market was expanding rapidly. I don't think that would necessarily mean a small mill. Many thanks for all of the very informative posts.

Anyone have any ideas about what's happening today?

Subsequently, the Demerger is expected to become effective on 23rd January 2014, with New Leyshon Energy shares expected to credited to accounts on that date. Should you retain your holding in Leyshon Resources, we will notify you when the New Leyshon Energy shares have been credited to your account. No fractions of shares will be issued. Any resulting cash entitlements will be dealt with in accordance with our Terms & Conditions (section 11.16). The Book Cost of your original holding of Leyshon Resources will be apportioned between the Existing Leyshon Resources shares and the New Leyshon Energy shares once the Demerger becomes effective. The ratio at which the Book Cost will be apportioned between the two companies has yet to be confirmed. Once the Book Costs have been correctly apportioned, your account will be updated accordingly. Subject to the Demerger becoming effective, it is expected that the Leyshon Energy shares will commence trading on the Alternative Investment Market on 23rd January 2014.