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Agreed, last post for the day. We would need to raise around £3.5m which is not a huge amount. I agree on the value of the board and its expertise. However, the key task is to see what Bandy’s next step is
Last post for today - we don't have a great deal of time to find the right option for the reverse takeover; we don't have a significant amount of cash to inject in to the new venture, unlike an investing company with £6m+; and we bring no intrinsic value from the Board/Management, even if the new venture is in the oil and gas sector
My understanding is that the only thing of value offered in a reverse takeover is access to the exchange and money, which is quite a lot. So we shall see
the Voluntary Delisting usually means a company's management are looking to regain control and take it private. in that instance i understand why a buy back at a premium is offered to shareholders. look, if there is a reverse take over then its a step into the unknown - we could get lucky and pair up with a great company that offers some return further down the road - that might be appealing to some but for me. what does RMP offer into the bargain other than a bit of cash?
HJI SutHy, i looked into the cash shell issue also, there are many examples where value has been added mainly short to medium term. So fingers crossed we are going to see something positive come out of this. I don't imagine for a minute the GB does not understand the mechanics of rule 15, so i'm hoping we will see something useful...hopefully leading to the all important 3 - 3.5 p
The market seems to like this RNS for some reason.
I think it’s because, if he follows through with a decent reverse takeover it would be beneficial. The biggest risk we have is Bandy himself, is he capable. His reply at the bottom of the RNS did not give much
away. It all depends on how valuable he deems his listing on AIM. It costs £6m to get on to aim so he is better off staying on it, otherwise it’s tricky getting back on.
This is on the basis of voluntary delisting only. He will have to give an indication to shareholders soon whether he is pursuing reverse takeover or not. The examples that I read about on AIM created good medium to long term value for shareholders.
Sunzoo, they offer a premium to get shareholders on side of the board wants to delist. As it is the shareholders who have to decide. Apparently it is
quite a common occurrence if they chose that path
the company would offer to buy back shares at a premium prior to delisting - never come across that before
To voluntarily delist would require the consent of 75% of the shareholders. This is why generally they offer a premium
is it - why would they have to offer a premium to shareholders? the honourable thing to do would be to allow shareholders to vote on either delisting with a view to continuing operations (try not to laugh) or return the existing capital to shareholders
I have looked into this over the weekend and there have been 37 reverse takeovers in aim recently and by and large have added considerable value to existing shareholders as well. There are cash shell advisors who can look into it for you. The last part of the RNS suggests Bandy will stick with Oil and GAS
As RMP is dual listed you can sell your shares at market value via OTC to ASX brokers
If the company voluntarily delisted then it is common practice to offer shareholders a premium to the current price
this is true - the shares are dual listed at the moment. i'd expect an announcement on ASX also very shortly clarifying the company's status there too. without knowing any of the details - its hard to imagine that ASX has lower standards than AIM?
They will still be listed on ASX even if delisted from AIM, not that thats much use to holders here. No idea what the rules are down under regarding cash shells.
if the shares are delisted then theoretically nothing changes in terms of ownership. however, realistically the shares off exchange are illiquid and very difficult to trade. of course the company could opt to delist rather than comply with the Exchange to maintain listing, which would be bad of shareholders. if this occurs then presumably Bandy could continue paying himself until the money runs out or he is voted off the Board
If the company is de listed and the shares become useless who gets the money in the bank or can bandy just let this run its course and pocket the money ?
Share price is at cash value so it is ok for the moment. There seemed to be some good buys after the RNS as well. So I guess it is a wait and see game.
Bandy has six months to come up with something. There seemed to be a lot of buying yesterday, so we will see. Most people it appears are giving him a chance to see what he can do. It is not a bad option as it forces him to steer the company in the right direction.
and just to add to my previous post, I chose to sell all my RMP shares on that news. I made the most of yesterday's spike but still lost a few hundred in my investment. Just don't trust Bandy to come up with anything decent when the clock is ticking. Best of luck to anyone staying invested. DYOR etc etc...
With no investments RMP is just a cash shell at the moment, so AIM has given them 6 months from mid July to either reverse takeover another co, or raise £6M and relist on AIM as an investment company. If that doesn't happen then RMP will be delisted from AIM and I assume shareholders will lose their money.
So what is the upshot of this rns mean?? is this share dead and buried money lost?? i unfortunately bought in on a spike 18 months ago
Lots of buys after RNS as well today. There was a 500,000 buy right on the bell. People seem to want in at the moment
Those who paid over 0.60 very disappointed. Will they learn their lesson