Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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So now these are delisted, what are those of us who are holding planning to do? I see the options as: - Transfer holdings to Britdaq and seek to sell through a matched offer - Transfer holdings to Britdaq and hold out for a relisting in future, at which point I expect we'll be able to request them to be sent back to a broker from Britdaq (is that a correct assumption?) - Take no action and leave these with the broker. They won't be tradeable unless/until they are relisted on a stock exchange Am I right in summarising what our options are?
Delistings are never good news and a buy-out offer would probably have smoothened the ruffled feathers. Then again other AIM companies have delisted in similar or worst manners with far less backlash. What makes Fusionex different from the rest? LSE and AIM have had its fair share of delistings this year and the last. All the dots when added up seem to point towards one word – conspiracy. Its easy to blame the company but all those crime stories always teach us that the obvious target is never the culprit. The penultimate question is always this, who benefits from all these events and news? Like many I thought it’s the CEO at first. Easy target, especially since all the news appeared to focus on him instead of the Company. Heck they even put up large photos of him and talked about him seizing control when the directors called for an EGM. But looking at the man’s background, he’s had his reputation dragged in the mud in the past 1 month alone. Why do that when it looks like he probably spent years cultivating a good reputation? Doesn’t make sense. So I ruled him out. He may be daft, but no one’s that stupid, although he’s probably kicking himself for not getting better advisers else he would not be in this position. Speaking of advisers, I came across quite a number of chats saying Stifel probably shorted the shares assuming the SP would fall after the EGM and that’s why when the price started going up Stifel resigned abruptly. Looks like a good reason why they would resign if they didn’t do so before the announcement to delist. From the announcements, I saw that Fred Walsh is Stifel’s main guy advising Fusionex and before Stifel he was at Panmure, look like he only just joined Stifel, so it probably isn’t easy on him to see the company delist and lose their fees. Sometimes its not the advising company but a person that may have an agenda or interest to benefit out of a situation. The main question in any mystery is always this: who ultimately benefits or who stood to benefit from what happened? Something to ponder.
This whole saga fascinates me. Did some more research. Before their delisting announcement, the Times did not even have a single article published on Fusionex. Probably didn’t even know about the Company. But after the delisting announcement, its like the Times kept bringing up and coming back to Fusionex although it's not like London had no other more important news these past few weeks. Whats even more curious is that the Times seemed to have inside information on things like resignations before the company announced them. Its like someone was feeding that info. Got to remember that before this the Times probably did next to nil research on Fusionex since it published nothing on it before the delisting.
So another AIM Company bites the dust and leaves London. Seems like a trend these days...at least it didn't delist by sacking its Nomad earlier like some other AIM Cos. Whats interesting is the publicity surrounding its delisting when before 26 May most folks didn't even know of Fusionex... if you ask me, their first PR adviser did a lousy job at publicity, giving them that additional excuse to leave the market. Figures that they quickly resigned once the going got tough.
Nice!!
http://www.fusionex-international.com/Investor-Relations/Share-Trading/Letter-to-Shareholders-on-BritDAQ-Services Dear Shareholder, You are probably aware that it was determined at the EGM at 15 June 2017 that Fusionex International plc (“Fusionex”) will cease to be listed on London's AIM stock effective from 27 June 2017. http://www.londonstockexchange.com/exchange/news/market-news/market-news- detail/FXI/13240871.html It is no longer possible to buy or sell Fusionex shares on a formal stock market so we have organised an alternative liquidity solution. UK based Britdaq Ltd have been appointed as our matched bargain provider. To buy or sell Fusionex shares in the future you may visit the Britdaq website and join their platform. Membership is free. There is a procedure to follow: 1. Become a 'Gold Member' of Britdaq. 2. Organise/arrange that if shares are held, by a Stockbroker or by a Nominee(s) or by an on-line share trading company on your behalf, they are taken out of Nominee and transferred into your own name. To become a Britdaq Gold Member please visit www.Britdaq.com/secure/register. Register first and then log in. You will see a link to ‘Gold Membership’. This involves completing an on-line form and also uploading some proof of identity; all are explained on the website. Normally you will receive an email notification within an hour or at most a day or two to confirm that you have been accepted. This will open an account with Britdaq’s FCA regulated payments provider, GCEN (see www.gcen.co.uk). Unless you already have a share certificate in your possession, you should contact your Stockbroker, Nominee or on-line share dealing service and ask them for a share certificate in your name (technically this is called 'materialising' your shares). Ask them to send to CAPITA a Share Transfer Form (at the address below):
I too wrote to Fusionex (following selling my shares at a substantial loss just before AIM trading finished) saying how unhappy I was with the actions of the business and the EGM voting process - and got a response along the lines that they were sorry to lose me as a shareholder but that was my decision. Whole turn of events has been very concerning.
apologies I mis-read slightly, busy morning today. I agree that there was definitely better avenues to go down such as the duel listing, but maybe they wanted to delist prior to relisting anywhere else so as to get the price they want upon IPO. like I said in my previous post they maybe haven't dealt with the situation perfectly, but I have a feeling that my value will be returned with some profit. All in my opinion, and im not saying anyone else's opinion is wrong either, that's why they are opinions. are you a holder lign, or were you prior to this and sold out, or just ask my to mind my own business :)
Did Stifel resign because they shorted the shares and they didn't expect the SP to increase? Makes sense for them to quickly suspend the share trade with their resignation...
I said that "value" was stripped and it was. The shares were trading at £1.40 before the announcement. Yes, the price was depressed but note: Wandisco spent a long time in the dog-house before fighting its way back. After all, if every company who's share price spends time in the doldrums, decided, in a fit of petulence, tt delist, then very soon there would't be a stockmarket. As for NASDAQ there would have been no difficulty, at any time, in seeking a quote in addition to the AIM quote. People do not forget actions like this. For instance - if Standard Life had been considering the GIANT product would they, after being stung on their shareholding, be more or less amenable to signing up ?
Dear ****** Unfortunately we are only allowed to disclose information available in the public domain at this juncture, so we seek your kind understanding on queries raised by you that we do not respond to. We are in discussions to appoint a match-bargain facility to facilitate transactions after the 26th of June, and will release an announcement on this once finalised, before the delisting. We encourage you to keep a lookout for the announcement on the LSE on this. Also, we encourage you to engage again with us after the 27th for us to assist you in relation to any facilitation of your shareholding when this is more firmed up. Kind regards Fusionex Comms well they're already delisted, but technically only 'temporarily' until the 26th. ALB to any who stayed, and ALB to those who parted ways
profits aren't stripped until your shares are sold. if this relists at a much higher value on the NASDAQ would you complain then? but would you want to stay in that long to find out. im not saying the situation is perfect or ideal for many peoples investment strategy, but I've known worse
I have only one last thing to say about Fusionex & that any reputable exchange should consider very carefully before welcoming any company with which Ivan Teh is associated. There was no good reason for the delisting. If the company had continued to win contracts & increase profits then this, in due course would have been recognised. To simply strip shareholders of value on a whim is unacceptable. Indeed the LSE rules on delisting are appallingly weak & leave shareholders open to this kind of practice. That it can be done pretty much by the vote of the majority shareholder & at such speed leaves an unpleasant odour.
look at that delayed sell from a few days ago at 37p! Ouch...(£194k)
Held for the future. Fingers crossed for all other holders. GLA
Goodbye and good riddance. I wish all the remain voters the very best of luck in your new venture out of AIM - wherever it may take you.
Hope people didn't leave it too late to sell, @50p on sell and @70.2p on the buy. Hope all achieved what they wanted today
it will delist in the morning following todays notification. everyone who isn't wanted to stay invested in the company should be out yes, those of us who wish to still be invested (like myself) are firmly still in. If The wants my shares he can buy them off me for a reasonable sum. With II's filling their boots I can't see any sneaky manoeuvre to take it private
doesn't this delist in 7 days? Nomad pulling out kinda normal news... Shouldn't everyone be out? Ivan Te will pull a cheeky move to keep all the shares... the prick
teach me to listen to derampers... again :D. Be interesting to watch into close....
just to help DH mate, it is 66p, but i strongly feel it will jump very soon. if you are looking to sell some, leave it a bit later.... my TD doesn't allow to buy anymore, thus no idea of real buying price, maybe NT not sure....
I bet the share price on fxi this afternoon will be higher and higher; it might rocket at some stage.
all the best. sp still going up with bid on td, lovely. enjoy the sun. too hot though...lol
im with you capt, been invested here too long to bow out now. looking for a relist on NASDAQ in next 12-18months
depending on the platform, to actually buy shares you need to bid them as for e.g. Best invest will only fill a sell order if it is bid there.. they wont leave an offer in the market. I guess whoever the buyers are , they are realising this and trying to quietly get those sell orders without alerting the media.... going to be a fun close me thinks. Unless something really silly happens I am taking these shares for the long run and see what transpires. I know that the Malaysian jurisdiction scares some but they are a very high profile company and getting more so day by day so they aren't going to do anything illegal. Our shares are our shares. Nice to have crossed paths with you chaps.. and good luck to all punters.