Member Info for xtw2

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!

No, bluegrass, because, as pointed out by mrcautious in his original question before yours, these Buy & Sell trades are virtually identical, so they’re not Buying and Holding. It’s the Forms 8.3 that’ll show who’s Holding. But you’re only going to know whether they’re going to vote for or against if you lobby them, but they’ve got no obligation whatsoever to tell you their intentions even though I think it’s worth a try.

I don’t think wondering why the Share Price isn’t currently closer to Ganfeng’s prospective Offer Price or whether the Share Price will fall if Ganfeng were to fail in its Bid is effective use of our time.

This isn’t a FTSE100 or 250 Stock like G4S or William Hill or Entain where the Share Price rocketed close to or even higher than prospective Bids. This is a relatively unknown AIM Stock, which, despite its Profile being very kindly been raised by the Daily Telegraph and Sir Iain Duncan Smith, is still very lightly traded.

Until such time as Ganfeng actually makes its Offer or something else newsworthy happens, this may continue to yo-yo between 55p & 58p. Unless we have the funds to Buy hundreds of thousands of Shares a day, there’s nothing we can do about it.

I really don’t see the point going down this route. The FCA will require significant evidence of this to proceed and the FCA will take ages to investigate, conclude and take any action on this. By which time Ganfeng will have made its Offer and it’ll go to a vote.

Personally, I think this is a red herring and we need to focus our energies and limited time on lobbying the Board, other major Shareholders eg M&G etc. and the UK Government.

I think we need to ascertain, with absolute 100% certainty, what % Ganfeng needs to achieve for it to be successful in its Takeover Bid and (currently) 67.5p Offer. I think we all seem to agree that it’s not a simple majority of 51%. But we now appear to have a difference of opinion as to whether it’s 75% or 90% now, unless I’m missing something.

A simple enquiry to Investor Relations at Bacanora Lithium or a search of its website should put this one to bed.

Borotosh, bluegrass, mrcautious , further to dando’s links: in practice during a Bid Situation, you will see multiple Forms 8.5 & 8.3 on a daily basis.

Typically, Forms 8.5 will be Brokers (ie Peel Hunt, Citigroup, Canaccord Genuity in the case of BCN over the last few days) day trading to make a fast & easy buck whilst a Formal Offer is pending, because they’re safe in the knowledge that a higher Bid is almost certainly forthcoming. So it’s easy Profits for them on relatively high Volumes even though the margins between Buy & Sell may appear small. They will also be able to get better deals from the Marketmakers on Spreads than PIs. It appears from the Forms 8.5 that they’re going Long not Short.

The Forms 8.3 will be investors Taking or Disposing of Positions that are required to be disclosed due to those investors new or total Holdings being over reportable limits.

I was a Shareholder in the long drawn-out AA plc Bid Situation/Takeover and there were lots and lots of Forms 8.5 on a daily basis, which were hard to keep up with. Some were Long and some were Short in this case.

Hope this helps.

My pleasure, Strangerstill. Have a nice Saturday (and johnpwh), signing off for a while to watch a movie!

So, do you now agree that M&G’s holding is now 15.87%, johnpwh?

Absolutely not at all, mrcautious! I’m not a trader, I’m a long-term investor. And I’m a long-term investor in Bacanora. I don’t know what makes you think I’m just looking for a short-term punt either. I’m happy for you to ask me questions, but please don’t make unsubstantiated opinions about my investment strategy. Just ask!

Ah, here we go:
https://www.londonstockexchange.com/news-article/market-news/form-8-3-bacanora-lithium-plc/14968472