Member Info for WelshMusk

You will be squeezed out like everyone else.

Totally incorrect. The collaboration agreement cannot be bypassed.

Go to the panel rules. Sanction is a formality that the process was run correctly and the classes the scheme applies to were identified correctly.

Your theories are baseless.

Explain to me where exactly in this link it states a counter bid after a succesful scheme vote is possible.

FYI the UK there has been no counter bids post vote and ahead of a sanction that I am aware of. Legal stretch.

Just thought the LSE board better know the UK Takeover Panel rules. Was trying to be helpful

Likewise

Good luck with Gate crashing a merger post scheme vote

1. If a competing offeror does not approach the offeree board, or does not otherwise make its interest in making an offer known, until after the shareholder meetings to approve the scheme of arrangement, the Executive will normally consent to the restrictions in Rule 21.1(a) not being applied under Rule 21.1(e)(v) on the basis that the offeree board’s decision to seek to sanction the scheme was partly implemented before the beginning of the relevant period for the competing offeror (as determined in accordance with Note 7 on Rule 21.1).

You are not holding out. You will be automatically squeezed out . The vote applies to all shareholders

Retail participation was really low. No wonder the 91.4 % yes vote. With a measly quorum of 55.75% it is clear that there was a lot of SH apathy on the vote.

Hope you all find a new investment and it works out. Goodbye Solgold. Delisting and cash next post the sanction formality

Enough holders are happy to sell out at 28p and by extension applies to 100% of Solgold shareholders. Automatic squeeze out. A counter would have happened a while back. One needs to organise bankers, valuers, entertain due diligence, organise financing if needed. Start thinking about your next investment.

I disagree. Companies with SH having large controlling stakes many times trade at a discount to peers on metrics. Blocking stakes, liquidity discounts, no activism (if governance in question, or being managed poorly) adjusted for freefloat they are not eligible to belong to an index etc etc

Also why the existence of a shareholder pact? Disallowing Nipco to launch a takeover with exceptions. Where can I see this shareholder pact? To read about the exact exceptions. Why create them?

If arbitrage people or shareholders really think a counter is coming or a price improvement will be the result of low votes in favour, the SOLG would have traded above the bid price right into the vote day. Like 2 to 3 % above at least. 28.5 or more.

Disclosures under banks like JP, Barclays etc are hedge funds as the underlying client trading on swap with these counterparties.

Normally voted via proxy. All done electronically

Inmarsat sanction was delayed as some shareholders protested on information asymmetry and that the ligado spectrum was worth more. Connect Bidco said they would not raise the bid. Scheme was sanctioned at the original price.

Read about the William Hill 2021 takeover. 2 big shareholders protested unsuccessfully ahead of the Scheme Sanction. Arguing some very good points.

Normally a counter comes on or before Day 53 of the Scheme timetable

There have been adjournments to sanctionings in the past at the petition of shareholders, but the Courts have been mindful not to create precedents. The formality is based on whether the process are executed correctly. I do not recall any succesful interested shareholder campaigns under current panel/court rules. Do you have examples?

What are your shareholder register assumptions? To speak in absolute truths you must have some numbers you calculated to come to this conclusion

Not to my knowledge. And not seen before. The vote is binding. The sanctioning is a formality and normally a final step that the technical process was carried out correctly.

Incorrect. If the vote is succesful today, that means shareholders have agreed to the 28 p Scheme of Arrangement takeover and applies to all shareholders who voted either way, or not. Sanctioning of the Scheme is not a relevant day in terms of a counter bid.

What would the snapshot look like in terms of price to book value 1 year forward? If the insiders believe a series of event will make this a material discount to spot on a forward basis, a take private is highly accretive. Anyway, nobody said this is a certainty. I just explained the mechanics of how it could pan out of there were to be an AK roll up situation with Nipco Bidco. SAVE sensitivity to 2026 events makes it an interesting situation. Many founders join a larger liquid company in take private deals. And piggy back on larger balance sheets, operational expansion and also enhanced EPS on a forward looking basis.