Member Info for tomcat-14

anyone who wishes to answer…

have you read the offer document yet…

All of our shareholders are aware that the remaining major precondition for Cadence to make its first stage investment in the Amapa Project requires DEV and the investors (Cadence and Indo Sino via our JV company) to reach a settlement agreement with the secured bank creditors. As of the date of the publication of these interims, the investors, DEV, and the secured bank creditors have agreed on the principal terms of the settlement agreement, which include the quantum, timing and all other material terms. The final settlement agreement is in near-final form, and the secured bank creditors have either had credit committee approval or are awaiting it.

We understand that this process has been frustrating, given that we agreed on the principal terms of the settlement in September 2020, but this matter has been outside of our control. The alternative to the current agreed (in principle) settlement would be hugely detrimental to the secured bank creditors, nonetheless. We have a high degree of confidence that we will execute a settlement agreement and will be announced as soon as it is completed.

the deal is done… completion is imminent…

i do still wonder if they will want to keep some of sonora listed on the uk stock market…

yes…
384m shares in issue…
384 x 28.88% = 111m…
they own 50% sll…
28.88% bcn…

ballpark…
40% gfl / 40% bcn / 20% kdnc…
273m x 73.6p = £200m (40%)…
£500m (100%)…
£100m (20%)…
probably is tempting… but our scoping study was based on double what bcn have in their feasibility study… so why not wait until a more realistic value is being reflected more in the asset being sold…

yeh… you told us that on saturday… looks like it could go a lot smoother than people may think…

does anyone have to hand any links to the previous broker valuations that they used to sell the company to the market…

now where did i put that scoping study… 70ktpa was it…

if they don’t quite reach 90%… but get over 82.22%… it will revert to a scheme… as that simplifies the process to 100%…

if they do manage to get to 90% and you have already rejected at that point… you are still protected as a minority shareholder to get the same offer as was made…
If Ganfeng receives acceptances under the Offer in respect of, and/or otherwise acquires, both 90 per cent. or more in value of the Bacanora Shares to which the Offer relates and 90 per cent. or more of the voting rights carried by those shares, and assuming that all of the other Conditions of the Offer have been satisfied or waived (if capable of being waived), Ganfeng intends to exercise its rights in accordance with sections 974 to 991 of the Companies Act to acquire compulsorily the remaining Bacanora Shares on the same terms as the Offer…

stick together is the main thing for now… you can change your mind right up to the death…

i haven’t decided yet… if enough pi’s are willing to go the distance… i may be happy to stand and fight with them… through dee’s efforts they have already given us back our interests in zinnwald… they are buying the whole of what’s left of bcn… based on a market valuation of a poxy 17.5/35ktpa project… why not just sell them that… if that’s all they’re valuing… and keep the rest to sell to someone else… or develop it with the proceeds of the sale… debt free… obviously with a new bod capable of delivering… which these lot seem to have very embarrassingly admitted that they are not…

as stated in the rns… they have reserved the right to change it back to a scheme… but they will only change back to a scheme… when ganfeng know they can get the 75% votes required to have it voted through…

it’s an offer… you simply take it… or leave it…

lol… i agree… 1 share = 1 vote… but they do also do a head count on number of voting shareholders… nevertheless… in this offer… you don’t vote… you accept it… or you reject it… it’s not a scheme… but will be if 75% accept…

ganfeng have put in their own condition for the offer at 50%… which is low… they could have set that at 90% to be sure… but clearly their initial intent is to take control… which is probably a given considering the loi they have from m&g… and the bod…

this is a harder route for ganfeng to take… but they obviously really… and i mean really… want bcn… so don’t want to fail at the 1st hurdle trying to implement a scheme… there’s no reason to feel bullied into selling though… even if they do reach 75%…

yes… with board approval…

same terms as the offer… as is stated… but they can pay more if they have to… in the same way that they can increase their offer if they have to… to get it over the line…