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So either reverse takeover with the risk of diluting what little RMP has in a new company, or raise £6M and become an investment co and re-admit to AIM. Both by year end. Hmmm. I sold earlier for a loss of a few hundred quid. Rather take the loss now than risk a potential de-listing later. Theres quicker money yo be made these days than fannying about with these AIM cowboys.
Ok - last post for today. the Exchange is now forcing Bandy to acquire a substantial asset and behave like a proper company ( generate value/revenue). Therefore, Bandy can no longer do this wheeler-dealer bullsh*t that he's been doing for the past 10 years, and remain listed
If I were Bandy I would target a smaller co with potential rather than a substantial asset. It would not be in his best interests to go any other route otherwise his value would also be minimised
This is the point i'm making - to a large extent its not really in our hands anymore - Bandy cannot buy a substantial asset with £2m. if we go for the reverse takeover route, which i think is the only viable option, we need a company with substantial assets that is looking to be listed. if this happens then Bandy will have to negotiate what % of the new Company existing RMP shareholders will get, which i suspect wont be very high
A lot also depends on what the new target is involved in. I admit i am wondering what he is going to purchase and whether he sticks to Oil and Gas
Sunzoo, I am not excited but I am happy about the timeline which has put him under pressure to deliver. Otherwise we could have been waiting an indefinite period.
Suthy - there's nothing to get excited about. in a reverse take over the Target is the dominant party
RMP shareholders will get something but I agree the allocation will be interesting. By definition an acquisition should give RMP the controlling interest
the way i see it, Bandy's hand are tied to a certain extent. we can't acquire a substantial asset without funding, which i think is extremely unlikely. therefore, we need a private company that is looking for a listing and essentially RMP gets swallowed up in the process. i definitely don't see this as a position of strength - far from it
That’ s interesting Sunzoo, let’s see who the target is. It is quite exciting, I like his hand being forced now.
i suspect the reason for giving up the Perth Basin was because it wouldn't have been enough to satisfy the AIM listing on its own - that's just my guess btw. from google: "a reverse takeover on AIM is an acquisition by an AIM company of a target company (or assets) that is bigger than it or that will change the fundamental nature of the AIM company"
I think the withdrawal from the NOPTA one was for a reason. He will pull something out the bag now. It’s a great RNS as they have kicked him up his ar@se. He would have been fully aware that he needs to transact. The last RNS did have a sense of urgency which I liked. Let’s see what happens now
Ok understood. However, the last paragraph suggests It will be oil and gas related. It will probably be a Australian co
Can see Bandy panic buying, or having his pants pulled down over any deal now. Clock is ticking and any potential joint venture will know this. One wonders if Bandy forgot (or knew) about this AIM rule when he chose not to take our only project any further.
Its not as simple as Bandy doing one of his deals i'm afraid. as i understand, we have to find a target (private company) that wants a stock exchange listing (and will therefore avoid the need for IPO and initial listing costs). how big a slice of the new enlarged company goes to existing RMP shareholders is somewhat concerning, for me at least
No wonder people were buying. This has forced Bandy’s hand. He must purchase within 6 months from. 21 July 20, which makes it 21 Jan 21 tops. It’s a good thing, he can’t sit on his a@rse now.
a reverse takeover would suggest acquiring a private company, not necessarily in the oil and gas sector. however, what can we realistically pick up for about £2m?
Agreed...my thoughts a couple of weeks ago. It is last chance saloon- It is an "Ardenne"......all or nothing ! Am watching like a hawk now . He's surely got to have something half decent to have swapped for the NOPTA rejection, 6 months time frame and a short fall of £ 3.5 Mil at very low oil prices, ....very tight it seems .
This was all over years ago. Anyone putting money here that isn't just hoping for some P&Ds are idiots.
he only needs to raise £6m if we elect to become an investment company - which i'm sure isn't a realistic option
i'm ok with that. this does feel like last chance saloon - Bandy has 6months to do something otherwise it would appear to be all over. jeez
He's got to raise £3.5 mill in 6 months ? So got to have something in pipeline and will need to dilute at a decent level.? How else could he raise the required threshold ?
Means he will have to come up with something quick.
But Bandy is a complete waste of skin
Okkk - we're now a cash shell ....
Agreed. i think most have wised up to it by now. thank goodness