Dawood Patel, who has a £60,000 stake in Aim-listed Bacanora, said: “We have tried to get in contact with management but have been brushed off. The announcement acknowledges us without doing so directly.”
However, City rules say that 30pc of the shares need to be controlled by a group for a concert party to exist.
As the small investors are not breaching the 1pc individual shareholding threshold they do not need to declare their stakes when they trade shares.
A spokesman for Bacanora, which is developing a lithium mine in Mexico, described the wording in the regulatory filing as a “very standard clause in a takeover situation”.
Ganfeng already has a 17.5pc stake in Aim-listed Bacanora, which it already plans to increase to 30pc. Three weeks ago the company revealed a non-binding 67.5p-a-share approach in May, which the board said it “would expect to recommend”. It has until June 3 to table a formal offer.
Small investors, however, claim Bacanora could be worth 500p a share.