Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Oh apologies. I thought you were serious!
You are on to something actually, in a way, as I have replied to Frances on twitter today, under a different name to my forum name... But to confirm, I am not her, and am always positive (/realistic) about EUA. :)
KingRaptor - My reading of that is that the offerER (buyer) must also issue it. In this instance EUA would be the offerEE (seller).
However, I think that EUA's bidders may possibly be exempt from that, as EUA received permission not to publicly announce each bid that was received.
Haha! Wow... I don't think I've ever been more insulted in my life!!
I've not posted loads (<100) times, but hopefully someone who has seen my posts over the last few months will be able to back me up as not a nutcase!
Of course, happy to explain.
The 1st July RNS was the start of the FSP. However, it also said "the Company is now considered to be in an "offer period" as defined in the Takeover Code". So it was the start of an offer period too.
Secondly, that RNS (1st July) *contained* a 2.9. Here it is:
---
"Rule 2.9 of the Takeover Code
For the purposes of Rule 2.9 of the Takeover Code, Eurasia confirms that it has in issue 2,724,774,624 ordinary shares of
0.1 pence each. The ISIN for the shares is GB0003230421."
---
Just search the 1st July FSP RNS for 2.9 and you'll see what I mean.
Hope that helps!
Agreed. As I said in my post "why today?" is the big question.
I don't want to dampen excitement. The fact the share post has risen, big buys coming in, the fact that this could be a final last-minute bit of housekeeping before the big RNS lands is all reason to be very positive!
I do however want to correct factual errors when people get over excited and think this absolutely 100% MUST be it. I'd want to be corrected in that instance, personally. Though appreciate maybe some people don't and might actually prefer the misplaced certainty!
With notes in caps...
"2.9 ANNOUNCEMENT OF NUMBERS OF RELEVANT
SECURITIES IN ISSUE
When an offer period begins, the offeree company must announce,
as soon as possible and in any case by 7.15 am on the next business
day, details of all classes of relevant securities issued by the company,
together with the numbers of such securities in issue.
WE DID THIS ON 1ST JULY. WE'VE DONE IT AGAIN TODAY. WHY DO IT AGAIN? WELL, THE SHARES IN ISSUE HAVE CHANGED DUE TO THE PLACING. WHY TODAY? DON'T KNOW... THAT'S THE BIG QUESTION.
An offeror or
publicly identified potential offeror must also announce the same details
relating to its relevant securities as soon as possible
KEY WORDS ARE PUBLICLY IDENTIFIED. EUA HAS AN EXEMPTION THAT MEANS THEY DON'T NEED TO PUBLICLY IDENTIFY AN OFFERER, SO NN - FOR EXAMPLE - WOULD NOT HAVE TO DO THIS.
and in any case
by 7.15 am on the business day following any announcement identifying
it as an offeror or potential offeror, unless it has stated that its offer is
likely to be solely in cash.
7.15AM HERE REFERS TO WHEN THE 2.9 RNS (WHICH WE HAD ON 1ST JULY AND TODAY) NEEDS TO BE RELEASED. NOT TO ANYTHING WE NEED TO RELEASE TOMORROW.
Any such announcement should include, where relevant, the International
Securities Identification Number (“ISIN”) for each relevant security.
If the information included in an announcement made under this Rule
changes during the offer period, a revised announcement must be made
as soon as possible.
OUR SHARES IN ISSUE HAS CHANGED DURING THE OFFER PERIOD, DUE TO THE PLACING. IT'S UNCLEAR WHY EUA ONLY ISSUED THE UPDATE NOW THOUGH, AS IT'S BEEN A WHILE AND THE RULE SAYS "AS SOON AS POSSIBLE".
THIS DOES HOWEVER EXPLAIN WHY WE HAVE A NEW 2.9. AN UPDATE SINCE THE JULY ONE.
....
Why today though? That's the big question. Let's HOPE for news soon...
It doesn't mean an offer is in though.
It's something we have to release when in an offer period, which we've been in since 1st July.
Sorry, I know I sound like a broken record, and I get that other 2.9s have often been timed around an offer (...ish) though that's to be expected of course when they relate to offer periods.
Not trying to be negative. Trying to be factual. We can't just glance at words like "offer period" or 7.15am and start misinterpreting everything to say that an offer is definitely in, an RNS will arrive within 24 hours, etc. Well, we can... I just think it would be more useful for us to examine the facts.
Sorry but that's back to front.
A 2.9 RNS (which we just had) needs to be released within 24 hours of the start of the offer period.
For EUA, it was. A 2.9 was included within the 1st July RNS.
There is nothing to say we should expect an offer within 24 hours.
Actually that last bit refers to offerer, rather than offeree, but still, no :)
No.
We entered offer period on 1st July (see RNS) and included a 2.9 within that.
EUA had to do that "unless [they have] stated that its offer is likely to be solely in cash", which they haven't.
Haha, go nuts Stonk... treat yourself to a whole new keyboard! Maybe even a matching mouse if it comes in at £1+.
It's just that when you look into some of these examples of 2.9 then offer, there are earlier 2.9s as well.
For example, RSA, as someone just said, released a 2.9 on 17th Nov before their offer on 18th Nov. However, they also released a 2.9 on 6th Nov.
Anyway, I suppose one thing for sure: it's definitely not a negative! And COULD be a positive.
I actually agree. EUA included a 2.9 in the 1st July RNS and many other companies have issued them multiple times over the course of months. I've not seen anything yet that suggests an offer RNS always, usually or often follows a 2.9 in quick succession.
That said, I really really hope I'm wrong!
Exciting to see the price rise, just not yet convinced that this is it...
Ah, I see.. there was a 2.9 included within the 1st July RNS
"Rule 2.9 of the Takeover Code
For the purposes of Rule 2.9 of the Takeover Code, Eurasia confirms that it has in issue 2,724,774,624 ordinary shares of
0.1 pence each. The ISIN for the shares is GB0003230421."
...So this is actually our second 2.9, just the first standalone one.
Thanks @mrbrian, you're right.
So rule 2.9 says "When an offer period begins, the offeree company must announce, as soon as possible and in any case by 7.15 am on the next business day, details of "
And we've been in an offer period since 1st July, as you rightly say.
So why are we only just seeing the 2.9 RNS now? Any ideas?
Hi Marco - though as I've said in other messages, AA also had 2.9s the month before, and the month before that...
So a 2.9 RNS must be issued "When an offer period begins, "
The takeover panel says an offer period is:
“Offer period means the period from the time when an announcement is made of
a proposed or possible offer (with or without terms) until the first closing date
or, if this is later, the date when the offer becomes or is declared unconditional
as to acceptances or lapses. …”
So, the 2.9 suggests we're in an offer period, but no announcement yet...? And can't find any other examples of a 2.9 and an offer RNS being issued close together...? Confused!
AA had one on 13th October and 11th September too. Looks like they have to be monthly or thereabouts?
Hi all
I know nothing about rule 2.9 other than what others just posted, but they seem to be popping up on other shares at the moment too (e.g. HZD). Is there something about today? Or maybe just there are so many shares they're always popping up somewhere!
I note AA shared one on 13th October but didn't post the recommended cash offer until 25th November...
Not only that, it's "fake news"...
Here's the original text that Bloomberg published: https://www.siliconinvestor.com/readmsgs.aspx?subjectid=57070&msgnum=142997&batchsize=10&batchtype=Previous
(Towards the bottom of the page, below the orange and grey bar chart)
As you can see, someone has inserted Eurasia into another story...