Bullabulling Share Discussion Threads

[temujiin] 30/6/2014 15:53

As there was a facility to sell at 8c/4.4p, and the chances are a fund raising is likely to be below 3.9p, I wouldn't be surprised if NGF were hoping enough pi's would sell out in the 'hope' of buying it all back cheaper.

It's a tempting trade but not without risk as once NGF gets stock it aint EVER, imo, coming back on the market! NGF will have 20 or 30% soon, and those wanting to buy back millions might have to fight each other over an increasingly limited amount of stock.

[temujiin] 30/6/2014 10:50

The RNS in Oz was at 10am, it's technically possible 14m more acceptances were submitted before 5PM AWST.

[sweepie2] 30/6/2014 10:43

Thanks for the reply

[rich pickings] 30/6/2014 10:37

I expect Norton will give an update in Aussie hours (tonight), then BAB will get one following that also, & we (BGL) will get one here in the morning.

[sweepie2] 30/6/2014 10:27

Does that mean that there will be another release during our trading hours?

[rich pickings] 30/6/2014 10:23

WE are now past the deadline of 5:00pm (AWST)

[temujiin] 30/6/2014 10:18

Rich Picking, good spot and I didn't realise you could specify I'll accept 8c but not 7c. Volume over in Oz last night and here today next to zilch, so unless NGF can conjure up another 14m in accpetances today then their % of BGL looks like being 20% after all. Guess we'll know in a day or two. I'd prefer it to be 20% but NGF having 30% isn't too bad either, if they assist BGL. They certainly wont have achieve their TO desires eitherway.

[carl79] 30/6/2014 10:05

Maybe they did have friends buying for them and now their buying is almost done...

So they hit 30%...pay 8c for the shares...what does that mean for the 70% of shares they don't own? They gain some influence but am I wrong in thinking "so what?"

[rich pickings] 30/6/2014 10:04

RE my post of 6627: This is more detail from Norton's offer of 8c at 16 June.
On this basis they currently only will have 19.47%.
The 6.48% acceptances will become void.

Acceptance Facility
3.1 General
Norton has established an acceptance facility open to Bullabulling Shareholders who are eligible to participate in the Offer (as set out in Section 5.5 of the Bidder's Statement) in order to facilitate receipt of acceptances of the Offer (Acceptance Facility). The Acceptance Facility has been established to enable Bullabulling Shareholders to indicate their intentions to accept the Offer.
As set out above, Norton will increase the Offer Price to 8 cents per Bullabulling Share if Norton obtains a relevant interest in at least 30% of the Bullabulling Shares on issue by 5:00pm (AWST)on 30 June 2014. Norton recognises that some Bullabulling Shareholders may not wish to accept the Offer until it is more likely that the conditional increase in the Offer Price to 8 cents per
Bullabulling Share will apply.

The Acceptance Facility allows Bullabulling Shareholders to indicate their intention to accept the Offer by lodging acceptance instructions with the facility acceptance agent, thereby increasing the prospect of Norton obtaining a relevant interest in at least 30% of the Bullabulling Shares on issue
by 30 June 2014.

Acceptance instructions will only be released and processed if acceptance
instructions which in aggregate (together with any Bullabulling Shares in which Norton has a relevant interest) represent at least 30% of the issued Bullabulling Shares.

If acceptance instructions received by the facility agent by 5:00pm (AWST) on 30 June 2014, which in aggregate (together with any Bullabulling Shares in which Norton has a relevant interest)represent less than 30% of the issued Bullabulling Shares, then all acceptance instructions will be considered void and those Bullabulling Shareholders who have provided acceptance instructions
will not have accepted the Offer.

[hiddendepths] 30/6/2014 10:03

Hmm.

What a mess.

[temujiin] 30/6/2014 09:40

Well that was a much larger increase than I was expecting and hard to fathom that 6.5% of pi shares decided to accept at the last minute given the lack of progress 2 months prior, and the apparent huge gap to get to 30%. It still leaves them a large 14m shares/ 4% short with 1 day to go.

It is possible they haven't tallied up all the late acceptances so atm I'd say it's in the balance whether or not they will reach 30% now.

[rich pickings] 30/6/2014 09:14

My understanding is NGF only have 19.47%. The 6.48% will not be processed (unless they can get the remainder from UK investor's today) Therefore the 8c offer has failed.

As per today's RNS
Norton has a relevant interest in 67,776,071 Bullabulling shares, representing 19.47% of the issued share capital, and that in addition to this it has received acceptance instruction under the Acceptance Facility in respect of 1,687,258 Bullabulling shares representing 6.48% of the Company's issued share capital.

As per Nortons, BULLABULLING GOLD LIMITED TAKEOVER OFFER UPDATE
16 June 2014

ACCEPTANCE FACILITY
In addition to the Conditional Increased Offer Price, to increase the prospect of Norton obtaining a relevant interest in 30% or more of Bullabulling by 5:00pm (AWST) on 30 June 2014, Norton has established an acceptance facility under which all Bullabulling Shareholders can lodge acceptance instructions which will only be released and processed if acceptance instructions
which in aggregate (together with any other Bullabulling Shares in which Norton has a relevant interest) represent at least 30% of the issued Bullabulling Shares (Acceptance Facility).

[retailronnie] 30/6/2014 08:29

Don't think ngf will be friendly investors given hostile takeover and sniping at bgl board.

[sat69] 30/6/2014 08:26

Hmmm. I expected the share price to move 0.25p or 0.5p higher this morning on the basis the 8c (4.4p) offer is looking likely it will now go through. It seems to me that I can buy a shedload in the open market for 4p and sell to NGF for 4.4p or am I missing something?

[sweepie2] 30/6/2014 07:56

Definite extension and will also be taking a seat on the board, blocking any other bidder from coming in, if they help with funding instead of being the enemy within nobody can be too bothered can they?

[sat69] 30/6/2014 07:43

I calculate they need another 14 million shares by close of play today which is unlikely to happen. But what is more likely is they will extend the offer deadline to 7th July.

[retailronnie] 30/6/2014 07:25

Looks like the oz buyers are accepting as suggested last week.

[blik] 30/6/2014 00:42

Big jump in NGF % ... 26%http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01529447

[rich pickings] 28/6/2014 10:58

So, following on from above, if POG is now (in majority cases) expected higher, we should soon be getting a re-rate. The reduced risk/higher chance of reward moves in our favour & the possibility of the mine getting into Production improves.

hxxp://americasmarkets.usatoday.com/2014/06/27/gold-mining-funds-soar-at-the-end-of-the-quarter/

[rich pickings] 28/6/2014 10:36

Gold Prices To Push Higher In Second Half Of 2014 - Kitco Readers, Analysts:



Of the 375 readers who responded, 51% or 193 participants saw gold ending the year in a range between $1,400 and $1,500 an ounce. Some people were even more bullish with 32% or 121 respondents expecting gold to hit $2,000 a ounce or higher; on the neutral side only 11% or 40 people saw gold maintain its current range between $1,200 and $1,300 and only 6% or 21 people were bearish on the yellow metal, expecting prices to end the year at $1,000 or lower.

[temujiin] 27/6/2014 17:20

Re placing shares, BGL can place up to 15% anytime after the 17th July.

Afaik general resolutions are simply passed on a 50.1% vote so NGF can't stop those. Special resolutions might be stop-able by NGF if they have 30%+(?) but not certain on that and NGF don't look like getting anywhere near 30% anyway.

Also not sure if asking to place additional shares is done via a Gen Res Or a Spec Res?

Zero chance NGF will dump stock in our 3.75m oz asset even if other opportunities are available, it's pocket money to Zijn. More likely they will slowly build as and when possible before making another bid later in the year but pre DFS. share price is imo likley to rise as we get closer to DFS dilution or no dilution as NGF have clearly shown they want BGL as it perfectly fits their operation and experience.

[xclusive2] 27/6/2014 16:23

The game has always been proove up and sell v go into production although i'm not saying they can't.

Would like to know the rules on the placing of extra shares. I believe that NGF need more than 25% to force an EGM to stop any such action ?

Smarty