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Bullboard - Stock Discussion Forum Katanga Mining Ltd Ord KATFF

Katanga Mining Ltd, through its subsidiaries, is engaged in copper and cobalt production activities in the Democratic Republic of Congo (DRC). Specifically, the company explores and develops properties with potential copper and cobalt yields operate mining and processing facilities that produce copper and cobalt and holds a portfolio of other mines that may be developed in the future.

OTCPK:KATFF - Post Discussion

Katanga Mining Ltd Ord > Correction
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Post by topdop on Nov 09, 2019 8:03pm

Correction

In my example I incorrectly stated that the Lonmin takeover was done at "(effectively) 8.6p (adjusted for rollback)." This is wrong. It should be 0.86p (accounting for the 100 for 1 rollback). So less than the Rights issue price of 1p.... a shocking statistic.
Comment by Sogosohubidu201 on Nov 09, 2019 8:30pm
@topdop, do you want to file a complaint? or you think that it is a standard process and will not help at all?
Comment by Lech1988 on Nov 10, 2019 3:59pm
What Glencore is doing is certainly opportunistic and is screwing minority shareholders over big time.  Problem is I don't neccessarily think its against the law... Another thing to keep in mind this wont be a 15:1 rights offering, it will be likely something closer to 40:1 given where the price is given the fact the final prospectus hasnt been filed yet.  
Comment by gang54 on Nov 10, 2019 8:11pm
Since Glencore is already committed to full description, which means it would pick up all the shares that not suscribed by retail. Therefore the ratio should not change, that is my understanding 
Comment by topdop on Nov 10, 2019 10:07pm
@gang54 The only thing that won't change I believe is the discount being offered and the amount of debt being converted to Rights Issue shares to be issued. Both are fixed. Everything else therefore must change for the math to work and as the price will be set in the context of the 5 day v.w.a.p. the only other thing will be the number of shares to make the fill. So yes, the ratio will change. ...more  
Comment by gang54 on Nov 10, 2019 10:32pm
Thanks Topdop!  If the discount price doesn't change, Glencore will be able to pick up my rights at same 25% discount. Why the SP is more than 50% down??
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