Hambledon Mining Share Discussion Threads

[pro_better] 02/11/2012 14:50

the offer is to buy up to 60% of the company by African Resources at 2p/share....60% includes the 9.02% already owned by African Resources

the partial offer values the entire company at £19.6m...

the offer will require a minimum acceptance of 50.1% of independent shareholders and a vote exceeding 50% of the shareholders excluding the 9.02% owned by African Resources...

[giant steps] 02/11/2012 14:47

drewz, an excellent summary.



KAJSHARES, your references are worthy reminders - all the best


The method of partial offer is a disgrace, should have been a FULL OFFER.

Will balance 40% holders really stay the course as minorities
in an Assaubayev vehicle ?

Imagine BlackRock are not pleased with this outcome
(observe selling down from April without notification)

[rhotoid] 02/11/2012 14:30

Interesting point sloppyg

I can't find any reference to a 'record date' so assume the offer will be effective from date of passing of resolution.
Would indeed seem to mean that you could take a punt on buying now and being able to sell above your 'allocation', not without risk though obviously.

[sloppyg] 02/11/2012 14:15

so the inference is PIs should be able to shift all/most of their stock at 2p.

Risk of deal failing to go through seems low given how far it has come and parties involved etc.

Worth a punt for a 20% possible return ?

[rhotoid] 02/11/2012 13:50

"were 100% acceptances"??
Don't follow you on that , surely it's simply that those up offer up 100% of their shares can make up the difference for those who offer nil.
All the major shareholders could refuse to sell (39% from the posting above) and they can still acheive their target by accepting all the others in full.

[hoveactually] 02/11/2012 13:41

thats 60% of the shares, not 60% of pi's holdings.
that would only happen if there were 100% acceptances and that ain't gonna happen, as i said they will be lucky to get 60% acceptances.

[giant steps] 02/11/2012 13:29

hoveactually, the announcement is very clear imo

PARTIAL OFFER, up to 60% at 2p

[grbaker] 02/11/2012 13:17

Major Shareholders
( from )

Shareholder Type Amount % Holding
Nicholas Bridgen - 88,448,936 9.03
Henderson Global Investors - 65,554,240 6.69
Majedie Asset Management - 60,786,814 6.2
European Bank for Reconstruction & Development - 58,794,708 6
TD Direct Investing - 51,165,671 5.22
Barclays PLC - 50,566,800 5.16
BlackRock Invt Mgmt (UK) Ltd - 48,014,190 4.9
Selftrade - 40,040,957 4.09
Hargreaves Lansdown - 36,074,319 3.68
TOTAL - 499446635 50.97

Slightly different from the details on Hambledon's website
( )

Shares in issue

There are currently 979,721,513 ordinary shares of nominal value 0.1 pence each in issue. There are no shares held in treasury.

At 29 October 2012 , the following shareholders, each held over 3% of the company's issued, ordinary share capital at that date.

Shareholder Type Amount % Holding
Henderson Global Investors - 83,559,664 8.53
Majedie Asset Management - 60,786,814 6.2
EBRD - 58,794,708 6
Barclays Plc - 51,602,948 5.27
TD Direct Investing - 50,059,500 5.11
Hargreaves Lansdown - 40,630,211 4.15
Blackrock Inv. Management - 35,870,080 3.66
TOTAL - 381,303,925 38.92

[chestnuts] 02/11/2012 13:14

Well if you look at the trades today we have roughly 5% of the company traded, the mm have dropped the bid, now for some one keen to get hold of shares and keen to buy you would think that they would hold the price, i wouldnt be surprised if another bidder came in.

[rhotoid] 02/11/2012 13:03

hoveactually,

Do you think that could be why the EBRD non-exec is resigning? (which I noticed buried in announcement).
Presumably she could vote for giving the option of the offer to others but not take it up for ebrd shares (and therefore has felt reason to resign)?

[giant steps] 02/11/2012 12:57

O/T

hoveactually, you are truly the black knight from the Holy Grail !

[hoveactually] 02/11/2012 12:50

of course you don't have to accept the offer.
as i posted earlier people have been wrongly assuming that they will only be able to sell 60% of their shares at 2p thats a nonsense.
African Resources are looking to buy 60% of the total shares issued at 2p and the EBRD for sure and probably other Instis will not sell at that price. my view is that they will be lucky to get that amount and may have to pay more to get the controlling interest they are looking for.
one thing for sure is that pi's selling at the current level are losing an opportunity to make an additional 0.4p per share and possibly more and very soon as the Company are moving this along at a rapid pace..

[rhotoid] 02/11/2012 12:41

Stuart14

Seems to me you can and I was thinking the same, down side is that we'll be a minority shareholder, plenty of successful shares have been minority listing but also sometimes can be a nightmare as majority can oppress the minority.

I think actually will be positive as they appear to be deliberately gaining voting control but don't want to lose the listing, when they see what a moron daffern is they can get rid immediately. What on earth was he doing with Mauritania is truly ridiculous to the point of even being ultra vires when he couldn't get the basics right in kaz.

Also positive in that AR will be in the same boat as us if there's a placing.

[stuart14] 02/11/2012 12:27

I assume you don't have to accept this offer, can keep all your shares and see if African Resources can do any better with this mine?

[kajshares] 02/11/2012 12:18

I have stopped posting now but I just though I would chip in.
GS, Chestnuts, inferno would remember me.
Posts 6471, 6659, 6795 and 6870 brings a smile to my face. Worth a million bucks.

Stay blessed all and Good luck all.

[giant steps] 02/11/2012 12:07

Reminder from 2nd rns by HMB 2/11/2012

"
Hambledon Shareholders should note that the Partial Offer is not governed by the City Code on Takeovers and Mergers and accordingly no Rule 8 disclosure wording is included in this announcement.
"

[giant steps] 02/11/2012 11:55

Chestnuts, #16263 is very clear - they reduced by 12,144,110, down by 1.24%

To help you with the maths - 25th April = 4.9%

[chestnuts] 02/11/2012 11:50

Giant

What % did Black rock have before 29th October

[sloppyg] 02/11/2012 11:39

Could have got 20p for a hole in the ground a number of years back. Years of sweat and tears and its a 1.7p hole in the ground......inspired management.

[giant steps] 02/11/2012 11:33

Reminder from 25th April 2012 - Blackrock 48,014,190



Now observe hambledon website (tut tut) - accurate at 29 October 2012

Blackrock Inv. Management 35,870,080 3.66%




Just how do they get away without rns notification
and yet hambledon updated website ?