Member Info for Swanley

Https://x.com/ColinBirdMining/status/2062459885904605620

Thanks for sharing

I wish Charles would stop posting such frequent and positive insights into Kendrick's Bonya project, I was literally about to buy more shares!

Careful, we don't want Colin to get to excited. He's an octogenarian!

Should have stuck with your guns Jezzoo, today (after that RNS) is currently in the process of being a good day! :)

Seedy, the RNS doesn't necessarily mean Athos have bought their entire 1% holding at yesterday's price, it means they crossed the threshold yesterday and had to report that today. Whilst I don't have their purchase history, it's likely they bought in previously at a much lower price and by buying yesterday, have averaged up and hit that 1% threshold. The question is why do they continue to buy knowing that at least on paper this is a done deal? I suspect the answer is that their average is still lower than this price and for them it's an arbitrage trade. Time will tell I guess.

"If this lowball 28p passes, it must go down as one of the most desperate undervaluations in the history of mining schemes."

But that'll be 'ok' in DV's mind as he'll get c.$5m payoff and get to write his big success story on linkedin - leading to another board position elsewhere. Meanwhile, BHP will acquire some prime exploration tenements that JCC decide they don't want (odd that isn't it?!) for supporting the 28p scheme.

Bent as f*ck.

My feeling on that NMM is that Mather was venting (no surprise) but then DGR put out a politically correct statement.

I can only imagine some of the conversations going on behind the scenes!

Medi, I don't read DGR's RNS in quite the same way.. I see it as DGR playing nice and keeping JCC on board, so that the bid doesn't turn hostile. I see that DGR is essential saying that they'll support the bid at 28 unless there's a more compelling offer.

I see it that DGR are essential expecting a counter offer, rather than rock the boat themselves.

Didn't think her Majesty was still on the throne or alive for that matter! ;)

Davy, Mather has voted his personal holdings for the proposal (I assume so that he didn't get kicked out of the recent AGM position of NED) and DGR has not voted for, so I assume, has voted or will vote against. I think this is Mather using DGR as leverage.

Looking back through the RNS', Nick has voted FOR with his personal c.80m holding, but DGR did not.

And a lot of them are Ordinary buys. Volume so far today about 30m which hasn't been seen since early January.

Yes, it's based on their new schedule - this is defined in the TP rules.

Fully expecting this. Solg work with JCC to 'review' regionals. They'll be flogged to either BHP or end up in a new explore co led by surprise surprise Mather or Caldwell etc. Rinse/repeat.

This is what I was saying last night.

If a rejection situation happens, yes JCC 'could' come back with an improved offer, but that's not guaranteed.

JCC could also pull out - I recall 28p was final. That's possible.

Solg must now be nearly broke. They're not at the stage where FNV will award them tranche 3, so they'll be raising equity at a lower price = dilution. Not sure I want to be in that situation.

Bevo it looks like any counterbidders need to clarify their positions latest 7 days before the court hearing. If nothing by then, then I believe it's over from a counterbidding perspective. Obviously it doesn't guarantee that 28p is going to get approved in court or in the general meeting. see below link and specifically:

D + 14 Last date potential competing bidder usually allowed to clarify its intentions (assuming court and shareholder meetings to be held on D + 21).

https://resourcehub.bakermckenzie.com/en/resources/global-public-ma-guide/europe-middle-east-and-africa/united-kingdom/topics/timeline

Sadly, I read in that link that any argument regarding unfairness of value would be rejected by the court since it is not their function to assess value. So the options for shareholders really become:

1. voting and hoping to ensure the 75% threshold is not reached - JCC shares don't count in this regard, so it's for the remaining shareholders to vote/decide. The implications of JCC losing this vote are that then they could go hostile and that would be a nasty mess for all shareholders, or they could pull out and the stock price would likely crash. Since Solg have spent $20m in this acquisition process to-date, and they still are nowhere near to satisfying tranche 3 of FNV, Solg must be nearly broke, in which case, they would be desperate and would have to raise equity at a significantly lower price i.e. more shares/more dilution. Equally JCC could up the price to try to win over the voters and get the deal over the line. I'm not sure where I stand on the risk attached to any of these possible outcomes. The anarchist in me wants to vote no because 29p sucks, but 2 out of 3 of the possible outcomes are financially damaging

2. We vote for the 28p offer and it succeeds. This means JCC would win and we'd get 28p. This is a known quantity.

3. We hope that there is a counter bid/bidding war. I read that any potential bidder would have to get their bid finalised 7 days prior to the court date, or it wouldn't succeed. So this means essentially by Feb 16th or maybe Feb 13th(!). If there is a competing bid, then the timetable is reset to that of the competing bid. This is uncertain also, but still possible in the way the scheme is written as it permits competing bids.

Interesting read and highly relevant to our situation:

https://content.clearygottlieb.com/MA/MA-articles/how-target-shareholders-are-attacking-bids-on-valuation-grounds/index.html

OMI has 392.69m shares in issue so c. 1/10th of Solg. Not looked too much closer than that but did randomly come across OMI last night when starting to research next ventures after solg. Feel like I've missed the boat as should have entered late 2024. Feels risky from a technical perspective now.