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.
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
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.
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