The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
OK, thanks, dan1nat1/johnpwh, my mistake.
@Dee12345 - Do you need my name & phone number, etc?
Sorry, Dee12345, got waylaid on business again.
Please confirm exact information you need in Email to SaveBCN@protonmail.com.
RNS Number : 0986A
Bacanora Lithium PLC
27 May 2021
M&G reduces Holdings from 15.87% to 13.674250%.
Dee12345, thefrogster, Fozdog, Strangerstill, johnpwh, jam2tomorrow, bluegrass et al, I’ve just been looking at the makeup of the Board and reading their Biographies.
I see Hanwa has a NED on the Board (Junichi Tomono). So, if he’s supporting a Board’s Resolution to recommend any Offer from Ganfeng, we won’t be able to count on Hanwa’s support.
I also note that the Chairman, Mark Hohnen (who I seem to recall was a Major Shareholder) and one of the other NED’s Peter Strauss are older guys. It may well be that they’re looking for their last big payday, so counting on the Board to do the right thing by its wider Shareholders may be fruitless. Just a thought.
Thanks, Dee12345. Have you or anyone specifically written to Sir Iain Duncan Smith? As you know, Sir Iain was quoted in the original Daily Telegraph article just after BCN’s announcement of Ganfeng’s intention to Bid 67.5p. I’m thinking he could be a significant high profile ally. (He may even be a Shareholder! Although I assume he’d have to declare his interest). If so, I’d love to see his response. If not, it might be more powerful if a letter or email to him came from one of his constituents, since he’s obliged to reply to same. Are any Shareholders here Chingford & Woodford Green constituents? If so maybe they could ask for a meeting with Sir Iain or a Zoom call, or does Sir Iain hold regular Surgeries? I think this would certainly give us some insight and an inside track on what the UK Government and Kwasi Kwarteng, the Business Secretary, is doing or is prepared to do.
Referring to Tmac1103’s post, I don’t think it matters what the history of BCN is; it’s a UK Company now to all intents and purposes. Sir Iain Duncan Smith urged the UK Government to block Ganfeng’s deal/takeover under the new National Security & Investment powers Act (see the first Daily Telegraph article) and that’s good enough for me.
Oh sorry, Dee12345, my bad. But this notification must mean they’ve increased their Stake.
Thanks Guys for all the clarification re Voting Rights and How To Vote, etc. On my part, I’ll contact HL (Hargreaves Lansdown) and DEGIRO and feed my findings back here, although I’m sure a few of us will have our Shares with HL, so apologies if someone has already posted the ‘How To Vote’ for HL.
RNS Number : 6098Z
Bacanora Lithium PLC
24 May 2021
D&A Holdings Ltd. on behalf of HSBC International Trustee Ltd., Jersey Branch, WPGSS Ltd. The potential beneficiaries are past and present employees of the William Pears Group of Companies Ltd. and their families.
4,738,030 Shares: 1.5%
We need to add them to the Mailing List.
To: Dee12345
Hi Dee, thanks for carrying the fire on this one.
Sorry for the lack of posting and support for your/our Campaign recently. I’ve been tied up with my business.
Do you know whether what RocketShip says below is correct please? Most of my 185,000 Shares are held in HL, but I also have 4,500 with DEGIRO.
Do you mind if I ask you if you are Dawood Patel or Euan Stewart quoted in yesterday’s Sunday Telegraph article?
Did you see my post on 10 May 2021 @ 21:15? Have you or any of the other Shareholders written to any of those people on my suggested list? If so, just wondering whether you/they have received any responses and what the respective people have said?
I’ll email you my Holdings tomorrow.
Cheers.
Yes, it was indeed rushed, jam2morrow! It was so quick that I didn't have a chance to partake in the Retail Offer @ 45p. But at least, I had a chance to Buy in Lower afterwards, especially since I'd just Bought @ 57p & 58p a few days prior! My average is now 46p, so not too bad.
jam2morrow, agree entirely with what you say. Sorry, your reply to johnpwh (re the Independent Directors recommending the Offer in the RNS) crossed with mine but we both said the same thing.
nomadicinvestor, sadly, I agree with your sentiments entirely.
johnpwh, I agree with you re Ganfeng not 'throwing its toys out of the pram' if its Bid fails. I think they're committed, if not legally bound, to see the Sonora project through to Production, but if they did have a get-out, they'd just Sell their Shares to another party who would see it through.
john, not sure that you're reading the same RNS as me! There's multiple references to the Independent Directors supporting/recommending Ganfeng's Bid on the very 1st page of the Possible Offer for Bacanora Lithium RNS, as follows:
1) The Bacanora Independent Directors and Ganfeng International Trading (Shanghai) Limited ("Ganfeng") are pleased to announce that Bacanora Lithium PLC ("Bacanora") and Ganfeng have entered into an agreement dated 6 May 2021 (the "Offer Agreement") regarding the terms of a possible cash offer by Ganfeng for the entire issued and to be issued share capital of Bacanora, other than that which it already owns, at a price of 67.5 pence per Bacanora Share (the "Offer Price") (the "Possible Offer").
2) 1. The Possible Offer It is intended that the Possible Offer, if made, would be structured as a recommended offer
3) The Bacanora Independent Directors view the Possible Offer to be an attractive proposal which they would expect to recommend to Bacanora Shareholders in the event that Ganfeng releases the Agreed Form 2.7 Announcement at the Offer Price and otherwise on the terms and subject to the conditions to be agreed in the Agreed Form 2.7 Announcement.
Believe me, john, the Directors would NOT be using any such 'encouraging' language if this was an unwelcome Offer or one which they wouldn't recommend. See the various RNSs released by G4S about Gardaworld's Bid approaches - the Board of G4S did not pull its punches!
Fozdog, not sure I entirely agree Ganfeng's Holding prevents another party coming in. Agree it's unlikely but certainly not impossible. A determined prospective Purchaser could freely start to hoover up Shares and build a substantial enough position to block Ganfeng's Bid or force it to increase or withdraw its Offer.
Notwithstanding this, if the Board & Ganfeng get wind of there being sufficient Shareholders who will vote against, I wouldn't be surprised if Ganfeng make a higher Bid than 67.5p, just to persuade any doubters or 'swing voters' across the line. Not an unheard of tactic, by any means.
I think johnpwh's figures say it all though. We're just minnows in a much bigger pond of Shareholders that exist and who either won't vote at all or are unaware of the existence of this ChatBoard or are on other ChatBoards, etc. Consequently, the only way to get our voices heard (unless we get a Reddit type mob on board!), and to glean whether our strategy of voting Ganfeng's Offer down is working or has a chance of working, is to lobby/write to key Shareholders & Stakeholders, as well as writing to the Board.
Not an exhaustive list, but I suggest:
1) Key Shareholders e.g. M&G, Janus Henderson, Platform Securities & HL Nominees, etc. This list may change daily in a Bid Situation, but are subject to Forms 8.3 being submitted a day or so later. At least we may get a flavour for which way they intend to vote.
2) Kwasi Kwarteng, MP, Secretary of State for Business, Energy & Industrial Strategy (aka the Business Secretary) and head of the Department for Business, Energy & Industrial Strategy, which is responsible for the new National Security & Investment Unit.
3) Your own MP.
4) Sir Iain Duncan Smith, MP for Chingford & Woodford Green & former Conservative Party Leader, who, as reported in the Daily Telegraph on 6th May 2021, has already said: "The Government should now call this in and block it. China already has three-quarters of the world’s rare earth minerals and an even larger share of their processing. Rare earth minerals like lithium are to the 21st century what oil was to the 20th century and deals like this are all about taking control of strategic materials to make the West go to China for them.”
5) The Prime Minister himself.
6) Editors of the Daily Telegraph & the Sunday Telegraph, the Guardian, The Times & the Sunday Times, the Daily Mail & the Mail on Sunday, etc., etc.
7) Sam Armstrong of foreign policy think-tank the Henry Jackson Society. Also quoted in Daily Telegraph article of 6 May: "The National Security and Investment Act, which became law just last week, allows ministers to block acquisitions that risk hostile states obtaining a stranglehold over critical resources. There cannot be a better candidate for the first ministerial call-in under the new legislation than this deeply worrying acquisition that risks handing control over a critical resource of the future to a genocidal state."
Coldjoe, to answer your point at 16:10, those 2 paragraphs are not contradictory. Ignore the 2nd para you pasted: Ganfeng has until 3rd June 2021 to submit its Offer or announce it does not intend to submit an Offer. But it can ask for an Extension.
During the AA plc Bid Situation, the PE firms frequently asked for and were granted Extensions because the PE firms wanted more time to complete their Due Diligence.
Sorry, mrcautious, that bit was badly worded: I meant 'secure in the knowledge that a Bid/Offer higher than the current Share Price is most likely forthcoming i.e the 67.5p'.
I find it difficult replying on her via my iPhone because it's not so easy to check what you've already typed, so i've switched to laptop now!
Good point, bluegrass. Yes, we must all use our Votes. I wonder if those Shareholders who don’t cast a Vote whether their Votes are automatically cast in favour of the Board’s Resolution?
Not sure how long we’ll have to Vote but that’s easy enough to find out too.
Pity we don’t have a corporate M&A lawyer on this ChatBoard!