i’m pretty sure the stock item could remain in your portfolio, but is ‘greyed-out’.
It’s still showing for me. Looks like it would let me buy more but the option to sell is greyed out.
Could be awhile before this is resolved.
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Good! The offer is awful! At current lithium prices BCN revenue will be around $1bn per year from the Sonora mine alone. That’s roughly 3 times their offer, each and every year for 50 years. With demand rising!
Not only that, but there’s like £100m cash sat I BCN bank that gangfeng will get anyway so they’re barely paying anything at all
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We released this RNS questioning the Board, and their decision to recommend such a low-ball takeover offer.
Been picked up by Bloomberg Terminals, Reuters Newswire, and Proactive Investor.
We’re still fighting this, and don’t plan on letting them get to 75%!
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I messaged FT last night about where we are with this, as my money and shares have disappeared from my portfolio…
They said there are no new updates, and they’ll let me know when they have any updates.
Until then, I’m about £500 lighter and nothing I can do to get it back…
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Is it just people that have accepted the deal that are missing shares?
I have mine still because I don’t want the deal to go ahead
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Did you accept the offer? Or did Freetrade simply restrict?
Irrespective of people’s thoughts and opinions on the sale / vote, it looks like we could with more transparency on what’s going on behind the scenes. Frustrating when something happens and you’re kept in the dark. Not FTs fault tho!
RNS today indicated 72.94% of shareholders have approved the deal. This brings Gangfeng within touching distance of the 75% target they need to hit to delist the shares.
As someone who elected not to except the offer, which I still believe is derisory, I’m a bit concerned as to what this would mean for my holding. Would I still be able to sell? Would I have a second chance to accept the offer? Would my shares be locked away into some kind of unsellable situation and should I get out now while I have the chance?
Anyone more experienced than me with such matters able to shed some light?
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I would also like to know the answers to a lot of this. It would be pretty annoying if I ended up being forced to sell at a lower price than the offer!
This was my reason for chasing up the FT team on this - not on the specifics of the case, but what happens generally for FT-ers in this kind of situation.
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My understanding is that if the deal goes through we are forced to accept the offer that’s on the table meaning we get the same deal as those who accepted.
I can’t remember the exact % for them to force the takeover but it was higher than the 75% needed for delisting.
The thresholds were:
- at 90%, they would seek to purchase all remaining shares at the same offer given
- at 75% was the figure for Ganfeng to apply for delisting from AIM and become a private company.
I have about £1.7k in shares. Don’t think I received anything from FT about a vote, but the shares are still live in my app. Interesting to see where this one goes - it’s about a 100% profit for me at their offer price, but would rather hold on to the shares for much more.
My bad. Just looked through my app and I did get a note from FT about 5 weeks ago - I just failed to act on it 
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So what happens if (as seems likely) they get more than 75 but less than 90? If they don’t make a further offer to buy my shares and choose to take the company private am I stuck owning a slice of a company which I can no longer trade on the market and is therefore effectively worthless unless and until GF decide to relist it?
Feels a concerning situation. I wonder if anyone from FT is able to advise?
Any news on this one ?
The acceptance level update from Bacanora in Nov, said the paperwork/forms could still be completed if you were that way inclined. I find the notifications on the app a bit glitchy
Some clarity from FT on the potential of implications for hodl’ers and voters would be reassuring though.
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