Bacanora Takeover - Stock + Money vanished from Portfolio

Hi there.

I entered a trade for £500 today (about 5 hours ago).

Ever since, the main chart and account balance on my portfolio has been down by £500, as if it has just disappeared… Is this normal?!

I’ve even closed the position since then and it still hasn’t corrected…

Hoping someone can help me…

Thanks in advance!

Are you holding Bacanora by any chance?


That also vanished from my portfolio…

What’s happening with Bacanora? Why has it vanished with no notification or word of why?

I think there is a corporate action regarding the sale of the company but not sure I have not seen a notification either

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If in doubt, Google it!


Google doesn’t even say anything yet…

Just got a message from Freetrade on the app…

Still doesn’t really say what to expect…

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To recap, the details:

All you can do now is wait until all action is completed.

So I take it, the offer of £0.675 + 0.23589 shares of Zinnwald (per share of Bacanora) has been accepted.

So does that mean, if you held 100 shares of Baconara (£0.675), that’s £67.50 + 100 shares of 0.23589 per Zinnwald (which is like £22.40, so that’s… £5.283 per share…) x 100 = £528.30

So, based on 100 shares ---- £67.50 (Bacanora) + £528.30 (Zinnwald) = £595.80.

Does that sound right to you?

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Unfortunately, Zinnwald price is currently about 22p not £22.

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So, £67.50 + … £5.28 ?!!

Well, that decimal place definitely sucks…


Did you know the takeover was in the pipeline and that that was on offer? I.e did you invest thinking you’d be getting over £4k back on top of your £500?

If not, that’s seriously unlucky that it happened today

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First I’ve heard of this, and my Bacanora shares are still in my app and tradeable. No pop ups or anything.

I’ve gotta be honest, I’d only been in it a few days when the vote popped up.

The lesson? Maaaaaybe double-check the stock exchange the offering company belongs to :face_with_symbols_over_mouth:

A profit is a profit I guess, but had I been a bit more diligent, I’d have opted for a long hold instead.

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There’s a group of investors trying to block the takeover called ‘Think Big’, because the offer is pretty awful.

Gangfeng are trying to buy bacanora for around 250m.
Bacanora have enough lithium to sell around $1bn each and every year for atleast 50 years, and that’s just at the current lithium prices

Interesting. I didn’t accept the offer and my shares are still in the app. I remember there were certain percentage thresholds Gangfeng had to meet for the offer to proceed. It looks like they only got 56% in favour of the takeover. I’ll have to dig out the offer RNS to see what that means.

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I didn’t either as I’m hoping it could force a better offer.
From what I read in the groups 50% allows control, 75% means they can delist the company and 90% forces the sale

Got it. By the looks of it they’re nowhere near 75%. I don’t know what would happen on freetrade it our shared were delisted. Any ideas? I’m in a similar position with the iron ridge demerger as well.

It sounds like they’ll be removed from all brokers but then gangfeng will probably want to continue purchasing so they’ll put the offer again. Just an assumption though