Member Info for trikidiki3

Having suffered the debacle that was Bacanora, it would be nice to see the government take an interest to stop it disappearing into overseas hands.

Vii ans SWer (isn't that a wet weather hat)
It's been interesting following your conversation.
Do you think there is any chance of a government cash injection into this?

johnpwh, "being a nerdy pedant swot (like wot I is) I would correct one thing you say".
I'm sure it doesn't affect you either ;^)

HL will allow you to keep unlisted shares.
When BCN offloaded ZNWD to Erris Resources, art of the deal was that Erris Resources could divest their Scottish gold exploration into a separate private company owned by the Erris |resources shareholders, so BCN did not get a share of it. The new company Erris Gold Resources is private/unlisted and so cannot be held in an ISA. When the split happened HL created a 'Fund and Share Account' and transferred the Erris Gold Resources shares into it.
When I spoke to HL recently they advised they could do the same with any BCN shares I held after they delisted.
In theory if the transfer is made in the same tax year that ISA is opened then you should be able to top up your ISA by the amount that was transferred. This wasn't the case for me so I didn't pursue it.
An alternative is to ask HL to issue a paper certificate, however they have suspended that service at the beginning of Covid.

Check out MP Materials

Whilst that is correct that we are involved with Cornish Lithium and not British Lithium, I think it is relevant to us in that both are mining the same area. I know CUSN does not have any benefit from Trelavour but it is of interest to me and I'm sure other members on the board.
Keep posting, Copper1

Let's face it, the mining companies haven't haven't smothered themselves in glory (thinking Mariana, Brumadinho, Juukan Gorge). The shame is, by the time they get their own act together the Lithium bubble will be gone and we'll be using something like Sodium Ion batteries.

Fozdog
I have a slice of SAV and EMH in Europe too. LAC, FL and PLL over the pond.

EV-Bull/Observer.
It's no skin off my nose either way. But I hope you are right if there are people who followed your advice and held onto their shares only to find out tomorrow that they can't trade them (at least on HL). As they say DYOR.
Sleep well.

Observer, you can't beat a bit of patronising.
I have just spoken to HL who have confirmed that if (as per the RNS) they are delisted tomorrow, you will be unable to trade through HL. They would attempt to put you in contact with an intermediary to facilitate a deal but that would be at much higher cost.
You might like to read:
https://www.pwc.com/mn/en/capital-markets/assets/mn_successful_listing_in_london_eng.pdf
If you can then explain what happens to the shares if they are delisted from AIM index, I would love to hear.

Fozdog, I wouldn't call BCN a mistake, I made a chunk in the time I held them, shame we couldn't see it through to fruition. But seeing the writing on the wall I wasn't prepared to risk getting left holding shares that I couldn't sell (easily). I did buy LAC too, around the same time and am doing nicely there. As you suggest, there are plenty more places to put the BCN money. Could top up my stake in Cornish Lithium (when they come to market/listing/index) and Cornish Metals. I sold my holding in ZNWD to buy more BCN, I will be adding to the distribution and topping that back up with some of the proceeds, hoping for a dip when the distribution is made and a possible sell off from ex-BCN holders.

tomcat, As I have already said and johnpwh echoed, Why would they want to get to 90%, they are already in control at 75% and don't need to spend another $60m of their capital when they can use the holders' capital. When they sell the Lithium at cost to themselves there is no ROI for the remaining 25% and they will likely sell at any price.I don't see it happening but if Dee's idea that they will increase the offer to the holders then I wish them the best of luck.

Observer:
I understand what you are saying but my question still stands:
Where can you trade those shares if they are not listed in the AIM Index?

I have Erris Gold Resources shares (from when BCN offloaded ZNWD to Erris Resources) sitting in an account on HL which I cannot sell through them because they are not listed. I know they can be sold through an intermediary but at great expense or converted to 'paper shares' (excpet that HL suspended their 'paper share' service due to Covid). So I wait for their 'promised' listing.
The problem I see for holders is they will also be in that same position with the 'high street' brokers.

Everyone seemed to dismiss the earlier RNS which said the offer had become unconditional, stating they only had 73.x% when it now appears they had already crossed the threshold. I'd just hate for anyone to be hanging on in a vain hope that this will be turned around and be left with inaccessible shares.

Where can you trade those shares if they are removed from the AIM index?

Observer,
What does the 17/12 17:30 RNS mean, if it is not notice they are going to delist.

Bacanora Lithium (UK): Constituent DeletionChanges in FTSE UK Index Series
17 December 2021
Following the cash offer for Bacanora Lithium (UK, constituent) by Ganfeng International Trading (non-constituent) being declared wholly unconditional, please see details of affected indexes and effective dates below:
Index
Effective FromStart of Trading
FTSE AIM All-Share Index 22 December 2021

They did two passes and have gone back to Southampton.

BellGeo are surveying today. I live on top of a hill and they nearly took my head off ;^)
You can track them on Flight Radar.

Why would they want any more than 75%?
They now have 25% (£60m) in PI money 'trapped' in the company rather than their own money. The have control and will obtain the Lithium at cost without having to spend anther £60m.
I can't see anyone else wanting to buy that 25%, GF can sit back and when people are desperate to get their money out they can make a much lower offer.

On the other conversation. HL site says:

Ganfeng International Trading (Shanghai) Ltd has made an offer to buy Bacanora Lithium plc for 67.5p per share.
All remaining conditions have been satisfied and the offer is now 'wholly unconditional'.
The offer is still open for acceptance
If you wish to accept the offer you'll need to do this by noon on Thursday 23 December 2021.
As the takeover is going ahead, if you held Bacanora shares at the close of business on 17 December 2021 you will still receive 0.23589 of a Zinnwald Lithium share per share regardless of whether or not you accept the offer.
Full details of this event have already been sent to clients by either post or secure message. Please note that any instruction you give must be based on the full details provided in the correspondence and not on the summary information outlined above.

johnpwh: "I think you should make it clear that you will hold them responsible if they give you bad advice on this"
"I think the salient point is that they are not being asked to give advice"

Equally they are not giving advice. They are saying what they have been told. The offer was available on their site and the timescales were advertised. If they haven't been notified any differently then they can't make another offer.
If BCN aren't following the prescribed actions then complain to them and the FCA, not HL.

Unless you are paying for there advice then I doubt you'd have a leg to stand on. The only pass on notices they receive. The normal accounts are execution only.

BellGeo:
"The upcoming survey in Cornwall is collecting information to make geological maps. These maps may be used for evaluating the geothermal energy and lithium potential in the Cornwall area. Lithium is considered a critical mineral, needed to meet net-zero economic goals."

I'd imagine most brokers will have a standard share holding account so shares which can't be held in an ISA or similar will get shifted into a new account. This happened to me with Erris Resources who became ZNWD. They spun off the Scottish Gold Mining business into a new company, Erris Gold Resources, which isn't listed on any exchange. So I now have these shares sitting in a standard share account which I cannot sell (easily) until they take up a listing.
I believe what will happen with the BCN shares is:
If holders have not sold their shares by the Start of Trading on 22/12, (as per the RNS) the stock will be deleted from AIM and the individual brokers will have to work out how the shares can be held or convert them to paper shares. Either way they will sit dormant until someone (Ganfeng) offers to buy them.
All the while those shares are sitting in dormant accounts or paper certificates, Ganfeng can make use of that capital rather than purchase all the shares themselves and be using their own capital. It doesn't make sense for them to buy more than the 75% required.