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Huge news at Pensana (PRE), they just got £10m funding from M&G at mkt level. They and other blue chip fund managers like them are clearly on the hunt for these type of assets. They just lost their sizeable investment in BCN, they will be looking for another lithium play. They have just been given shares in ZNWD. Expect them to do their DD and add here in size. Things just got really exciting!

Utterly game changing news. M&G putting in £10m at mkt level? Proper blue chip institutional investor. This is not a primarily retail share anymore. Blue chip fund managers are clearly on the hunt for future world assets. This is just the beginning, massive re-rate on the cards. M&G are not punters, serious DD would have been done.

And G&P didn’t reduce, they just got diluted a bit from the capital raise. Otherwise great post!

He is not THE board though, his place here is from links to BCN ownership, he is not long for this world..:

It’s not the same board…

I think the guys who played BCN for the arb, will or already have hit the bid. But for the guys who invested in BCN for the lithium, i think, as seems to be appearing to be more the case they will hold or add here, as their lithium exposure just got smaller. There are precious few assets like this that you can get exposure to. Perversely, this could end up being the event that gets ZNWD going, by giving it increased visibility. The story sells itself, there’s no need to pump it, it’s been more about getting the story out there.

Yep, so people can start selling today if that’s their plan…

Has anyone here been approached by gangfeng to buy their znwd shares?

There’s also guys who just lost exposure to a lithium asset that want to reload/re-allocate. Henry maxey just stuck a further £2m into this last week, to add to the £6m+ exposure he already had. He was aware as we all were of the BCN shares and the deutsche lithium shares. It didn’t dissuade him from being prepared to pony up up to £4m more. He is the CEO and CIO of a £30bn hedge fund. He is no lightweight, nor an idiot. He is not your typical AIM reprobate like george roach, lenigas etc. There will be more going on behind the scenes than we know. The wider mkt is mot helping atm, nobody is buying anything. This will have support, just not today.

It will come good, it’s just pretty grim in the short term whilst flippers, BCN arb guys etc clear. At some point maxey et al will step in. He’s just put over £2m at 15.5p he was prepared to stick in up to £4m. The general jitters in the mkt making it pretty tough going in general atm! When sellers clear and it comes back, it will come back hard.

Risk on, happy days. Overhang will be gone soon and this will be testing new highs.

They value their existing holder base, but they value the bloke who’s going to pony up £4m more. Not surprising. Fortunately we are aligned longer term.

Yep

If when the BCN thing happens, i think anybblocks for sale will get taken by institutions. Gangfeng have already said they will take retail investors shares - the deal was structured to cut gangfeng out of a strategically important german asset, they want to get them back. I think the wall of shares hitting the market argument is specious.

Today was a decent day considering. The time constraint of the primary bid deal was purely to say that they offered to retail, but ultimately to make sure maxey wasn’t overly diluted. A bit annoying, but if i was underwriting a deal for up to £4m and was already a major shareholder i’d want similar. The fact that he is adding rather than selling after multibagging, makes me very comfortable indeed here. He is a super astute investor, not some gambling chancer.
After the initial shock this will turn out to be very good news. When the overhang is cleared this will head north pretty rapidly. >9m cleared today, that doesn’t leave much. Interestingly it seems to have brought a very much needed new audience - 60% of the primary bid buyers were new holders.

This was a raising to develop the assets, not keep the lights on, onwards and upwards.

It’s not under-subscribed, actually amazing they got £1.8m done in such a short time frame. Maxey called thr shots here. If he was going to underwrite it, he wanted sufficient discount, also he didn’t want too much dilution, hence the small window on primary bid. Maxey got involved here when the share price was low single digits. Rather than cash in his multi-bagger, he is adding substantially. Think about that.

This is very positive for the sp longer term. They aren’t raising to keep the lights on. With placings like these, after the initial pullback share prices rise substantially. The company is maturing. Happened with GGP, solg et al as they re rated. It will happen here, multibags to be had. Buy this bargain basement dip while you can.

The fact that henry maxey prepared to stump up a further £4m and they structured the primary bid such that henry maxey will be taking the lion’s share of the placing whilst making it look like retail were given the opportunity actually makes me more comfortable. Henry maxey wants more shares. He’ll support it against any flippers, he has the means…

These will come down tomorrow, but not to 15.5p. It’s not huge dilution and it’s underwritten by a major shareholder. Hoping might be able to pick some up 16.5/17pish

Malik’s back!

Yeah the price is annoying, but henry maxey is essentially prepared to double his already substantial investment, huge buying opportunity here.

Not as much and today it’s bouncing hard after the article in the times…