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Dissenting shareholders can contact me at:
allana.dissenters@mail.com
for info on what to do if you want to dissent on the vote. Action needs to be taken before the April 20th deadline which is the date of record, so time is of the essence.
Please get legal advice before dissenting. There may be caveats.
Here's a link to Cantor Fitzgerald's target price of $1.15 and buy recommendation. These are the same folks who suddenly said the stock was only worth 34 to 64 cents. The $1.15 target was BEFORE the PEA for the SOP came out which increased the NPV of the company to 2.92 billion dollars.
http://www.marketonemediagroup.com/cantor-fitzgerald-reaffirms-positive-view-allana-potash-icls-strategic-alliance/
Here's the post sweetwater ...
I suggest everybody read the following and also google for yourselves anything to do with "dissent shareholder rights" or similar phrases.
This is from the gov't of Canada: http://laws-lois.justice.gc.ca/eng/acts/c-44/page-76.html
Here's a free form for dissenting shareholders: http://www.getfreelegalforms.com/dissent-notice-of-shareholder/
If we dissent, we may be able to get "fair value" for our shares, which is certainly more than the 50 cents offered by ICL.
Remember two things:
1) The NPV of Allana is 1.32 billion dollars for the MOP portion and 1.6 billion for the SOP for a combined 2.92 billion dollar Net Present Value.
2) Several analysts have had a target price for Allana ranging from $1.15 (Cantor) to $1.45 (Paradigm), which may be considered "fair value".
Thanks folks. Check my post on Agora. We may have something. It's better than just sitting here and taking the garbage offer. Dissenting shareholders may get a judge to determine fair value or maybe negotiate for a better price from ICL. And based on the fact that several analysts had valuations well above a dollar a share, we may have a case. Plus there's also the NPV, 1.32 billion for the MOP and an additional 1.6 billion for the SOP.
Slyn, they have to tell us, we are shareholders and must be notified of any other offers.
Unhappy or dissenting share holders should contact me on agora
Anyone who is displeased and as insulted with the ICL offer can post their displeasure here (at the bottom of the page):
http://eco-opia.org/2015/03/26/allana-potash-enters-into-arrangement-agreement-with-icl/
Note that you do not have to use your real name, you can use a handle / username that you are comfortable with or just make something up.
Ogi, obviously the Chinese would want the project for the SOP. We all know ICL has an offtake for 80% of the MOP. My question is, how do you know (what proof do you have) of the dealings with CCCC and other companies. How do you know that a decision was to be made on March 27? I am not a pumper, I am a shareholder and I am averaging 46 cents on over a quarter million shares so I am not losing money here. Whenever I have posted I have always tried to be realistic and tried to answer your questions with a logical answer. You have accused me of being a paid pumper and of being paid per post. That is not true. I am not paid to post nor do I have any affiliation with Allana except for the fact that I am a shareholder.
I have already spoken to Richard (he ask me to call him after I sent them an angry email on Thursday night after the news came out)and yes, he did offer up a lot of excuses as to why they sold. I may have thanked him for speaking with me but I was not happy with his answers or the situation in general.
All I am curious about is where you have your information regarding the CCCC and Bluestar / Changsha? And one of the reasons I am curious is that in Dec 2014, Chemchina / Bluestar posted an article on their website regarding a due diligence meeting they had with Allana and the article was deleted. A copy of the article was posted on agora (http://agoracom.com/ir/Allana/forums/discussion/topics/634943-allana-danakhil-project-due-diligence-meeting-held-in-chonfar/messages/1991914#message) but the original source on the Chemchina site has been deleted. I have to wonder WHY it was deleted and WHO asked it to be deleted.
Something is not right with the announcement they made on Thursday and subsequent conference call on Friday as several posters have indicated that any questions e-mailed to Richard regarding China involvement in Allana were ignored. Why did they not want to answer questions about China?
Of course she is. She sits on the board as an independent director.
Ogi, can you please contact me on Agoracom. I have free memebrship here and cannot send private messages on this site. Thanks.
From an investor on a sister board:
How about no?
A lot of short term, long term and even bashers ( and shorters ) were surprised last night.
I think i can say in all fairness that the overall sentiment is, that we are being picked up by ICL for some pennies, and second, that management screwed us over here right?
The last 24h there has been a lot of talking and noise on all boards, but eventually nothing happens or comes further from this no?
What choice do we have?
I suppose the only strong sign we can give is to let everybody know we are not happy and
to get info further than these boards we are used to!
What can we do?
-vote no for starters
-get a centralized point were all info/complaints/rumours like the CCCC etc is gathered, from all boards, whitout the snaggers and whatever
-come out with our info/complaints to all parties or anyone who we think off that needs to know the truth about this lowball offer
-like someone mentioned before today ( happened to another lowball offer and they ended up with a bigger offer eventually) , actively search, contact and talk to interested parties, letting them know a large part of shareholders does not agree with this
-....
Why? we know there is more profit to be made here,
we get an offer for the mop and sop that is less then for the mop a year ago...
Management is selling is out here!
If this does not help and were stuck with the 0.50 eventually,
at least we tried and stood up against this management that was not worthy of our trust in the end!!
Like I said Ogi, I hope you are right. And FYI, I am not a "burnt" player here. My average is .46 so I'm making a very nice profit from ICL's 50 cents offer. And another thing, I don't get paid to post.
I sure hope you are right Ogi, but I had a talk with Richard last night right after the NR and he said there is no interest now for a company which produces potash given the glut and the forecasted decrease in MOP prices. I asked about Yara and he said they were procrastinating and besides, they are not miners. You best option now with Allana is just to flip this for a penny or two when you can and then move on to another play.
Cheeky, just to mix it up a bit, maybe you should start calling for "headed back to the teens" or even better, "headed under a dime!" ... we need our amusement ... the old "headed back to the 20's again" shtick is getting old ...
The plane has left the gate.
It looks like anonymous is doing all the buying today.
It could be the AST results ... maybe ...but to be honest, the bids don't look strong enough for it to be a "news" rally. IMO it's just the usual traders' shenanigans.
And just one last thing : Have you ever been south? For a vacation? Have you ever noticed how super fast things happen there, in a hot climate? Have you ever heard the expression "Jamaica time"? In hot climates, EVERYTHING is slower ... EVERYTHING. Just sayin' ...
Rerobot, in response to your obvious frustration ... see my answers / opinions below...
Okay, but it ought to be clear that this should not take years.
I'm involved in projects maybe a third of this size, and the timelines are much tighter. It would take six months for a very complicated deal with multiple participants, removing subjects, etc. Etc.
Where are you involved in such a project? Is it in a developing country? In the middle of a desert with little infrastructure? Is your project waiting to have roads / railways / ports built? Do you know what the logistics are to even set up a camp where there is essentially NOTHING? It's very easy for someone to say that it would take six months to get a project going ... maybe in Canada or the US where all the infrastructure is there and all the machinery is available and the banks are bending over backwards to lend the money, but think about where they are and what challenges they are facing.
The size and complexity of this deal doesn't account for the timelines we are experiencing. So the question is what is the cause of this timeline?
When ICL partnered with Allana, the BFS was done based on 1 MTY mine. ICL has since stated that they want to increase that to 1.5 or 2.0 MTY. So do a little homework and think about why the delays are happening. The lending banks, seeing as how ICL is looking to increase annual tonnage, are asking for proof that this is actually feasible. They wanted larger cavern tests and they wanted more aquifer stress tests to see if 2 MTY was doable. Do you not think that these things take time?
It looks like lenders don't have a huge appetite for expediting this deal, or management can't anticipate the lenders requirements. Probably both. It's really discomforting that at this stage, I am not even sure what they will be trying to finance. MOP? SOP? Both? It's easy to imagine a scenario where changes keep pushing timelines out.
Why do you say that the lenders don't have an appetite for the deal? I think that they do and that's exactly why they are asking for the additional tests. They see the potential in the Danakil but they want to do their due diligence ... which of course TAKES TIME. Do you really think the lenders are going to make Allana do all these additional test and then just say “no thanks, we will pass”? No. In fact, I can almost guarantee that the lenders have told Allana that if the water trests and cavern tests were successful, they would release the funds. The cavern tests are due to be completed in Q2/15 and I think you will see financing very soon after that. As for your uncertainty of what they are trying to finance ... I ask you, have you even read the latest corporate presentation? I doubt it. But in a nutshell, they are financing the MOP by Q2/15 to Q3/15 and THEN a FS in Q2/15 to Q1/16 for the SOP and financing in Q2/16 to Q2/17 for SOP. Read the March 20145 presentation and be PATIENT.
Click on the member's name, then just below their "picture" you will see a link to "ignore this member"
Yes Cheeky, even if they would have announced that under all the potash they found 5 billion barrels of oil and 200 million ounces of gold a little deeper, it would still have sold off due to the old "buy on rumour, sell on news" addage. But the reality is this: With the PEA on SOP, Allana is the lowest cost producer of SOP on the planet. And with a 77 years mine life at 1 MTY od SOP, Allana is in very good shape despite what the SP says today.
Reuters will be reporting on Farhad's presentation.
Well Cheecky, there's about 200,000 shares on the bid for .38, so good luck with that prediction. Could happen, but looks like a higher close to me ...
The AIM listing will not happen any time soon. This has nothing to do with AIM. At the AGM I asked about AIM listing and was told that AIM is on the back burner, they want to wait until they are much closer or at production to get an AIM listing.
I would venture to say that the Financial advisor is more in line with Allana spinning off the SOP portion of the asset into another company.
It's traders taking profits. As per usual ...
I hate to rain on your parade Indy, but it looks to me like financing won't be till late in the second quarter at the earliest. The Exim bank(s) which will provide the majority of the financing are waiting for the results of the AST (which is probably completed) and also they are waiting on the cavern optimization tests which are not due to be finished till Q2. So in my opinion, the best case scenario for financing is late May and more likely June / July-ish and maybe even early August. Once the cavern optimization is completed, the Exim bank(s) will have to review it and as we all know, things sometimes move at a snail's pace with these projects.
Gotta love this line ... "the partnership will help Allana transform to a major producer"
Why do you think they will mine MOP and SOP from the same caverns? They can have caverns for MOP and other caverns for SOP. The Kainitite layer is where the SOP can be mined. Different caverns, different mineral.
China Might Finance Ethiopian Potash Project
9 janvier 2015 Non classélvsongshui
The Ethiopian potash undertaking is probably the largest while in the world using a projected output of about 200 million metric tons.
China imports all fly ash grinding mill machine over 80% of its potash.
The $300bn investment enterprise is considering a portable aggregate screen equipment rental 2 stake inside the potash venture or to fund a part of the project’s construction expenditures.
The potash task is currently being jointly created by China Mining United Fund and Canada’s Allana Potash.The official said that it’s not doable to build this kind of a significant project devoid of government’s help, in line with the Wall Street Journal.
China’s sovereign wealth fund China Investment Corp could finance the Ethiopian potash task planned by China Mining United Fund, a best official acquainted together concrete batch plant sale india with the scenario stated.
http://lvsongshui.tandemvin.com/2015/01/09/china-finance-ethiopian-potash-project/
Ogi, please provide a link or other proof that they are talking about African Potash Company.
I hope you were able to read the following statement: "Qinghai Salt Lake did not name the company or country involved, explaining that sensitive political, legal, economic, environmental, and..."
No, they are talking about African potash co.
www.africanpotash.com/index.aspx
Just to mention, my English progressing very well. Thanks
Allana Danakhil Project Due Diligence Meeting held in Chonfar
Source: China BlueStar Changsha Design and Research Instit Date: 2014-12-22
On December 18, a due diligence meeting for Allana Danakhil Potash Project in Ethiopia was held in Chonfar. Representatives from China Communications Construction Company Ltd., Qinghai Salt Lake Industry Group Company Ltd. Allana Potash Company from Canada, and Ercosplan Ingenieurgesellschaft Geotechnik und Bergau(ERCOSPLAN ) participated the discussion. On half of the Institute , Liu Xiaoli, the Vice president and chief engineer delivered a warm welcome to all the guests.
As a great honor, Chonfar is commissioned to undertake the feasibility study for Allana Danakhil project, which located within the Danakhil Depression, Afar State, Federal Democratic Republic of Ethiopia. This is the first time for Chonfar to undertake a potash project in Ethiopia.
The meeting went on for two days, during which all representatives had deep and thorough communications and discussions about the project technologies. What’s more, Mr. Liu Xiaoli also introduced the new client Chonfar’s achievements and business home and abroad, including the ongoing potash project in Africa—Mengo Potash project in the Republic of Congo. Mr. Liu Xiaoli analyzed and compared the two projects from multi aspects, presenting the new partners with Chonfar’s technological competitiveness in potash field.
http://www.lxcsy.chemchina.com/csyen/xwymt/hhxw/webinfo/2014/12/1422230074561343.htm
Yara Study Confirms Potash Mining Potential in Ethiopia.
I expect similar numbers from Allana.
http://onlineethiopia.net/2015/02/yara-study-confirms-potash-mining-potential-ethiopia/
Nice try. No 27 today. Nice little beat down on the close though.
I see. You are saying these are fake bids? Fake bids that traders put in? Are you saying this stock is being controlled by traders?
We would have to eat through more than 450,000 shares to see 27 cents Cheek. We are even as I write this. Even. Thirty cents
And BTW, they will have MORE than enough ...
The full reply from RK:
The AST was restricted to one of the four alluvial fan aquifers so if you do the math for the four....4x500m3=2000m3 per hour......however, the recharge rates are much higher so we would likely have enough water for any expansions going forward
From RK regarding the AST:
The AST was restricted to one of the four alluvial fan aquifers so if you do the math for the four....4x500m3=2000m3 per hour.
Good answer. You sure do have a way with words.
If you don't buy the SOP "hype" and think the only viable process is the Mannheim process, I suggest you give the following a read:
http://www.edisoninvestmentresearch.com/?ACT=18&ID=13667
It's about South Boulder Mines in neighboring Eritria. Significant is the section entitled "Geology reduces capex and possibly operating costs"
ertwo said:
I don't buy this SOP hype. I think it is Farhad's "smoke and mirror" move.
Sop is commercially produced by Manaheim process. That is not feasible at Allana site.
All other methods are only R&D which may or may not lead to commercial process.
I do not see how the PEA can possibly increase the share price here.
IMHO