Big Banc Split Corp T.BNK

Delay?

[anyone]

Geo-Jade Petro is halted trading in China and not sure for how long.

https://www.google.com/finance?q=SHA%3A600759

Just curious the expected closing date of early July is still possible?

[braincloud]

Can you show the announcement that it was halted? I can't seem to be able to corroborate that bit of news. My data shows the last trade was Friday. Today's trading data should be available, but it's not. Does that mean a halt? No so sure.

[LordIskander]

The Bloomber terminal only shows a headline saying that it's been suspended, and nothing else. Rather opaque these Chinese regulators.

[braincloud]

Thanks

[ImFineThanks]

from IR: Geo-Jade’s stock is halted due to a restructuring of one of the other transactions they had announced at the same time ours was announced. It is unrelated to our transaction.   In the original plan, Geo-Jade was attempting to complete three transactions in the same time frame (the individual transactions can close separately) however, they have since decided to drop one of the

[braincloud]

Thanks for the effort 

[richc3]

Well, right now we're waiting on approval from the Chinese State Administration of Foreign Exchange. "Bankers anticipates receipt of this approval in the coming weeks and closing of the arrangement to occur shortly thereafter in July," said the company. (Speculative and not worth much) Personally, I'm predicting approval will come this week or next. The closing date might be

[FVFV0001]

The latest comment on a Seeking Alpha article may be of help. https://seekingalpha.com/article/3962414-bankers-petroleum-acquired-less-risk-priced?v=1467087227&commenter=1&comments=show Go to the end of comments.

[RockLobster1]

Lari Lampen , Contributor Comments (64) |+ Follow |Send Message Geo-Jade is buying an energy company (called Longzhou Xinke or something like that, I'll call it LX) in an all-shares transaction. LX, as Geo-Jade's subsidiary, will then fulfill Geo-Jade's obligations to complete some acquisitions, including that of Bankers. Geo-Jade is also guaranteeing $400m worth of

[NewfieGold]

https://europe.chinadaily.com.cn/business/2016-03/22/content_24009424.htm

[richc3]

Ugh... "Geo-Jade plans to purchase Shanghai Longzhou Xinke Co Ltd, a power investment company for purchasing overseas assets...Bankers Petroleum is listed in Canada and Britain. Longzhou Xinke can only purchase it when it has been privatized." While I'm not sure how far along that purchase is, but sounds like there could be a delay from our expected timeline.

[anyone]

Around $3B Chinese Yuan (around 1/5 market value of Geo-Jade) is required to close the deal. I don't think  Geo-Jade has cash and very likely private placement fund is required. Normally it takes less than 30 days for Chinese government to approve such deal (i.e. LRE deal). I think the Chinese authority is waiting for private placement fund to approve the deal. As Geo-Jade is re-applying