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Gixer
Fair point on the closed period.
On "As it is never made clear, everyone assumes Buck does very little with regards to company business which I am sure is not the case. But, as a company, we need someone in the position and you would struggle to get anyone with his knowledge of the product for £36k a year. Far less than it used to be."
I broadly agree with that, Buck's nothing special, but 36k is jack all.
However's he's been a NED since 2019, so, pretty much by definition, will have very little to do with the running of the business and will just be used like an external consultant occassionally. When Buck went from exec chair to non-exec, Ford took on a Chief Exec role and will have taken over the vast majority of Buck's responsibilities as exec chair, hence Buck's large drop in remuneration.
Putting all that to one side, Buck could easily have bought that number of shares in the market, so the extra placing did him a bit of a minir favour, which is fair enough. Tis a shame that Ford didn't put some of his own money in as well, but there you go
BB - eagerly awaiting the RNS showing Wellsite going over 3% ;)
BB
The fact is we have a million quid in the bank and we really didn’t need to dilute further at 0.75p now - period. I bought some at 0.8 p this week, maybe next time I should call IF and ask for some at 0.75p ? Who bought the other 37.5K ? If employees etc, fine by me, they should be rewarded for their efforts.
Wonder what’s next
W#
"As a result of the implementation of MAR, AIM Rule 21 was replaced by a requirement for AIM-listed companies to implement a share dealing policy which complies with a set of minimum requirements. The definition of a close period (redefined as a ‘closed period’) was also amended to be the 30 days prior to the release of financial results. The restrictions on dealing while in possession of unpublished price sensitive information remain.
AIM companies are required to establish appropriate closed periods (which may be more than the prescribed 30 days prior to the release of financial information) during which directors and applicable employees are restricted from dealing in the company’s shares, and create and implement procedures that directors and applicable employees are required to comply with prior to conducting any transactions in the company’s shares, in order to obtain clearance to deal. Finally, there should also be a procedure in place requiring notifications of dealings in the company’s shares to be disclosed to the company in order that the company can notify transactions which are required to be made public."
The news of the distributor is in the public domain so I doubt knowing who the distributor is would be classed as price sensitive. The above would suggest however that as the company was in a closed period then Buck could not have participated in the fund raise at the time.
https://www.reedsmith.com/en/perspectives/2016/11/changes-to-the-aim-rules
As it is never made clear, everyone assumes Buck does very little with regards to company business which I am sure is not the case. But, as a company, we need someone in the position and you would struggle to get anyone with his knowledge of the product for £36k a year. Far less than it used to be.
Wellsite
I'd say it was only insider trading if the distributor is much bigger than could be reasonably expected from info in the recent RNSs, or the volume of sales expected via the distributor is much bigger than what you'd expect from the RNS's.
If you think that's the case, and Buck is pulling a fast one by buying at .75p, then I suggest you dig deep over the next month or so, get your buying shoes on and raise your stake to 3 or 4% to follow him.
BB
If the director has put some of his own cash ,this must be a positive thing ,so why the drop
I'm sure he does wellsite............that sort of thing goes on all the time though
ws, as he's been as useful as a chocolate fireguard, good riddance.
Presumably DB knows who the distributor is - if so couldn’t this be construed as insider trading ? e.g. if the distributor was Coca Cols (we wish) then once news get out the price would go up ?
Wellexpectingalargelatereportedtrade
Which makes you a gambler, and him an investor.
I would have advised him to buy lotto tickets instead.
Perhaps he’s planning to retire at 75 and is just pepping up his pot
W$
DD77 and BB are spot on , BODs just out for themselves.
I am sure there is a simple reason why Buck didn't buy in the original placing and as he spent 1/3 of his salary on them he must have been keen.
Does he not have options that would have been at a better price?
DP64, No it means the opposite. We (PXS) has the IP so its protected.
Odd one this. Another 50k in the bank ( compared to 1000k ) is neither here nor there, so it's almost as though someone wanted a few million shares but didn't want to pay full price in the open market ?I doubt Buck was the driver for this, but who knows.
BB
Of course not.
What on earth IF is doing here? Why he could not give that 1.6m share to DB in the first place?
Hi gixer,
So does it mean that the Japanese company could produce the fruitflow without paying any money to Provexis? If so that is not a good news then.
What is our good friend IF doing with two fund raise within a very short period of time? What on earth they raise £50k to give some shares to Dawson Buck? Why he could not participate in the first place. Is it a another scr**** up case.
MMs currently rolling dice to decide bid/ask
Think you should check your figures pumpky. They are way out.
You'd hope that would be the case, otherwise it's extremely amateurish getting their calculations wrong. And tbh it's a lot of effort to go to for £50k. Placings and RNS cost the company fees, so you really do question if it was worth it. Clearly not got the company's interests in mind though, just the Directors
Maybe we’ll get a SL holding RNS now
Welldisappointedasbreweryandp*ssupspringstomind
Could be gixer. I remember commenting after the original raise that they didn't tell us who they'd raised the funding with, or who got the discounted shares. I got some stick about it at the time. Of course, if there's more news incoming that we're not aware of yet, that could explain why the chairman would want some more cheap shares.
Only guessing but looks like an investor maybe missed out the last time or didn't get his full allocation for whatever reason and Buck has topped it up to a round number. BWTFDIK :)
That's my initial thought too Alf, but it still begs the question. Why didn't he participate the first time around? It's a lot of faffing about to accommodate him if he was just short of the readies. I don't suppose we'll ever know.