Bushveld Minerals Share Discussion Threads

[palinka] 31/7/2015 08:19

Thanks Neily

RNS to let market know please !!

[kenco7] 30/7/2015 00:35

All looking very good for the Bushwackers !

[neilyb675] 27/7/2015 15:48

Very very close now...
The ASX Announcement advises of a change of Bushveld's interest as a substantial shareholder of Lemur, from 86.20% of ordinary shares to 89.23%, pursuant to the Bushveld take-over bid currently underway. The announcement may be viewed in full here:

[neilyb675] 22/7/2015 07:52

resistance at 3.79 / 3.81 i.e. next positive news and this will break resistance and go where ???

[neilyb675] 20/7/2015 14:45

The ASX Announcement advises of a change of Bushveld's interest as a substantial shareholder of Lemur, from 84.90% of ordinary shares to 86.20%, pursuant to acceptances of the Bushveld take-over bid currently underway. The announcement may be viewed in full here:

[neilyb675] 17/7/2015 09:29

The ASX Announcement advises of a change of Bushveld's interest as a substantial shareholder of Lemur, from 83.20% of ordinary shares to 84.90%, pursuant to acceptances of the Bushveld take-over bid currently underway. The announcement may be viewed in full here:

[neilyb675] 16/7/2015 09:24

The ASX Announcement advises of a change of Bushveld's interest as a substantial shareholder of Lemur, from 82.01% of ordinary shares to 83.20%, pursuant to acceptances of the Bushveld take-over bid currently underway. The announcement may be viewed in full here:

[palinka] 15/7/2015 09:56

Trades now appearing on isdx



BTW after such long period of absence?

[neilyb675] 13/7/2015 09:15

The ASX Announcement advises of a change of Bushveld's interest as a substantial shareholder of Lemur, from 77.86% of ordinary shares to 80.76%, pursuant to acceptances of the Bushveld take-over bid currently underway.

[neilyb675] 02/7/2015 09:02

4.15 - 4.35 (GBX) at 09:00:48
on Market (LSE)

[neilyb675] 02/7/2015 08:56

Decent buying this morn.

[katylied] 01/7/2015 07:24

Lemur report BMN holding 75.11%, an increase of 4,000,000 shares (probably those of Anthony Viljoen). Delisting a formality now. The fat lady will be warming up, for her game-over song...

[katylied] 30/6/2015 08:47

Lemur report BMN holding now at 72.90% and release Quarterly report (end May 2015)



Under 'Bushveld Bid' Lemur state... Bushveld holding increased to 72.9% as of 2015/06/30... 'and shareholders holding a further 10% of the issued capital have advised Bushveld they intend to accept the offer...'

So that will be 82.9%. Meanwhile Permit 4578 now 'early July'...

[katylied] 26/6/2015 07:18

Lemur Resources Target's statement update...



The 10 day/10% acceptance (page-15) period is now over. That 10% does not include Ryan Rockwood's (RR) shares (page 13) who will sell to BMN only when they have reached 75%. Anthony Viljeon's (AV) shares may/maynot be included.

BMN had 65.54% of LMR as of 23rd June, so potentially with that 10% plus the directors, that could rise to 80.1%, if all of those holdings (10%+RR+AV) are still outstanding. Once 75%+, BMN intends to delist LMR.

Permit 4578 court case still not resolved. The court is now set to reconvene in 'late June' (previously 11th June). Could be a LMR quarterly update in early July.

[katylied] 19/6/2015 13:18

Recommendation to accept - The independent directors of Lemur Resources Limited (ASX:LMR) recommend to shareholders that they accept the off-market takleover offer made by AIM-listed Bushveld Minerals...

Independent expert 'BDO corporate finance (WA) Pty Ltd' concludes that the offer is NOT fair, but is reasonable. The BDO report is appended from page 8.



Meanwhile, LMR spends/loans more money for BMN's benefit...

[katylied] 15/6/2015 20:02

2015/06/12 - Bushveld Minerals upbeat over vanadium potential...

www.proactiveinvestors.co.uk/companies/news/107981/bushveld-minerals-upbeat-over-vanadium-potential-107981.html

[katylied] 15/6/2015 06:50

Updated Bidder's Statement (for LMR) out. The Offer Start-Date is set as 12th June 2015 (so offer period is now active) and the offer Close-Date as 17th July 2015. 10 days after the Start-Date, in the absence of a competing better offer, BMN will get the 10% commitment of LMR shares as was previously announced, taking BMN to just under 75%...

[divmad] 10/6/2015 13:59

Oops, it didn't break resistance....yet!

[palinka] 03/6/2015 16:30

Should break 4.60 resistance tomorrow....

You wouldn't want to be out of BUSHVELD this week

5p close this week would be fantastic

[neilyb675] 02/6/2015 11:12

Pivot Point 2nd Level Resistance

4.882


Pivot Point 1st Level Resistance

4.641

[neilyb675] 02/6/2015 08:14

4.30 - 4.60 (GBX) at 08:01:10
on Market (LSE)

[katylied] 01/6/2015 07:09

LMR annual report 2014-15 is out...

Permit 4578 court case now scheduled to reconvene on 11th June.
Additional shareholder information detailed on pages 78&79...

[katylied] 31/5/2015 09:12

To clarify - BMN has made an offer (6c/share), which will become active for LMR shareholders, once the LMR independent directors (Ryan Rockwood and Sharon Coates) have considered and expressed their view (15 days max). Currently BMN own 63.27% of the LMR share issue, but there is also a further 10% of commitments. So in effect, BMN begin the offer period with 'conditional' control of 73.27%.

Once the offer is active, LMR shareholders must choose whether to accept. The initial terms, give them until 2015/09/30 to decide (after which the offer would lapse, unless extended). The offer remains 'conditional' (ie. BMN can still walk away) until the 'minimum acceptance' terms are achieved. The offer document defines this as BMN getting effective control of 90% of LMR shares (the 'compulsory purchase' threshold, so BMN can force a 100% buyout). However (refer 9.8(b)), the 'minimum acceptance' condition is for the benefit of BMN only (not LMR shareholders). The condition could be relaxed. In particular, this relates to the available offer financing.

The Riveridge loan deal, will not release any funds until acceptances are equivalent to BMN controlling 90% of the LMR share issue. The offer cannot therefore go 'unconditional' before 90%, as BMN wouldn't have funds to pay for the shares. That means just 10%+ of LMR shareholders could block the deal.

The Darwin loan deal, will release funds when acceptances are equivalent to BMN controlling 75% of the LMR share issue (only a further 1.73% required, to achieve this). BMN could therefore choose to relax the 'minimum acceptance' terms to 75% (may depend on how well the offer proceeds). Going 'unconditional' at 75% would make delisting a formality and send a message to all remaining LMR shareholders, that it is 'game over' (ie. get out while there is still a market for your shares).

[lazygun] 30/5/2015 16:45

Grumpster - darwin has been successful with shorting before, but generally only only companies where they have loaned funds, with a loan debt for equity swap clause enabling them to purchase shares at a discount to whatever the vwap prevailing share price happens to be. In such cases, they can short knowing that they will pick up shares at even greater discount if their short activity is successful - in effect their debt for equity clauses are an insurance policy for darwin in a shorting scneario.

The loan terms for the latest darwin facility with BMN provides for no such debt for equity swap clause (where the price they can procure shares at is a discount to the current share price) - indeed they can only pick up shares at a premium to the current market price which is extremely good news for investors.

Darwin could of course try shorting the shares, but there is a much greater risk to darwin in this case since they don't have their insurance policy to back it up if it goes wrong, so I think that Darwin's own shorting strategy would actually preclude them from attempting to make a move on BMN as a consequence....

In fact , if I've interpreted Katylied's comments correctly, having the darwin facility means finance b as an option, which means a smaller controlling interest is required to enable lemure delisting to go ahead - this can only be good for BMN and Lemur in the long run...

L.