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Intchains Group Ltd V.ICG


Primary Symbol: ICG

Intchains Group Ltd is a provider of integrated solutions consisting of computing application specific integrated circuit (ASIC) chip products for blockchain applications and a corporate holder of cryptocurrencies based on Ether (ETH). The Company utilizes a fabless business model and specializes in the front-end and back-end of Integrated circuit (IC) design, the two components of the IC product development chain. The Company’s products include computing ASIC chip products consisting of ASIC chips, computing equipment incorporating ASIC chips, ancillary software and hardware, the products are mainly used in the blockchain industry. The Company had built a technology platform named Xihe. The Company has developed hardware models and several systems under the Xihe Platform, including a factory production test system, an after-sales data system, a computing server system and a batch management system.


NDAQ:ICG - Post by User

Post by goldhunter11on May 22, 2017 10:19am
154 Views
Post# 26270091

AGM and Special Meetings, Voting Rights, etc...

AGM and Special Meetings, Voting Rights, etc...Just wanted to make sure that we have the correct information on the table (feel free to correct, if you have a more up-to-date information).

1. AGM Meeting: The AGM meeting is set for 28 June 2017, as per link below (as of 11 May 2017). Note that 11 May 2017 is before the announcement on ELD plan to take over ICG, which will be the subject of a Special Shareholder Meeting.

https://integragold.com/site/assets/files/1229/2016-information-circular.pdf

2. Special Meeting (to consider ELD offer): This is different than the AGM, even if management decides to have it on the same day. As announced, ICG will set up the following.

- Mailing of circular wrt to the offer (with all details including voting rights, etc.): 8 June 2017.
- Integra shareholder vote: July 2017 (no definite date).
So far, investors still can buy and sell ICG shares with the voting rights attached to them until the company spells out the deadlines which must be complied with the regulator's rules & regulations (25 days before voting date?...could someone provide a link for this).

There was a flood of trading just a few days after ELD announced  the offer (some 164M shares,~1/3 of OS of486Ms, during the period 15-19 May 2017 were traded. Daily volume is tapering off, but still over 10Ms (13Ms on 19 May).

It's speculated that these new shareholders are accumulating these share to form some sizable blocks, just below 10% so that they, e.g. AEM, G, or Osisko, can play a contender role (or play kingmakers) in the bidding process (ELD has around 12.8%, but the info circular in link above says 62.170Ms or 14.39%, so this should be checked out).

Note that ELD would be considered as an insider (along with ICG BoD and management), so it can not vote in a simple majority (50% plus 1 vote of the minority shareholder voting. However, it can participate (along with BoD and management...insiders, and they have pledged their support for ELD offer). However, the new shareholders seem to have just a tad over 1/3 of OS (so even getting 2/3 is is bit iffy with ELD current offer, since these new shareholders (and some "old" institutional holders) would be only loyal to their potential profits, since even an extra 10-20% gain over a couple of months would be an excellent RoI (say, bought at 1.14/s and sold at 1.40/s would net them 20%). It would certainly beat 1% over 2 months (=6% per year).

All this would assume that there are no competing offers. If there are new offers emerging then the above plan will need to be revised...(but, ELD will have 3 days to come with another offer to beat it).

8 June is just 3 weeks away. But, it should not be considered as a deadline for a competing offer, since the date for shareholder's voting has not been fixed.

Just vote NO to the current low-ball ELD offer. A single vote would help tipping the 50% balance. Also, note that voter turnout  is much less than 100% (sometimes only 50% would bother to vote) so your shares would carry a lot more weight compared to its face value of 1.
GH

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