Some excellent posts you have both made over the last few days, sorry not been able to thank you for IMHO correctly highlighting the danger of removing our limited protection.
If for some unknown reason money is needed in the near term,first option should be consolidation & rights issue,that route gives the long suffering shareholders a chance of supporting & protecting our investment.
The concern is has a plan been hatched to write down assets, scare the present shareholders by destroying what little sentiment was left, remove nominal value & pre emtion rights, new investors come in & get what ever assets are left very cheaply. The LTH will be lucky to see 1p for every pound invested.
Agree, consolidation is NOT a bad idea as it can be a positive in attracting II's investment and outside finance. You are right...dropping the nominal value is a big NO NO imho. It will be a long hard road back. An alternative to this is paramount if LTH want to break even or even claw back a small profit from this shambles.
He probably thinks he has us in a position where he now feels we have little choice but to agree with all put forward. AB may have done a descent job so far but I think you are badly mistaken if you think one of his major concerns is the average of LTH.
He will however need our votes as he has no large block votes of II's to rely on to force things through with over 90% in private hands.
The lower this drops though the better for him(AB) and anybody he brings in. We have to vote as we see best for our own investments but even a No vote against 7,9,10 may cause problems further down the line. Depending on how the price reacts we may just end up voting again in the future on the same issues.
Not to many pleasant options ahead now on resumption for me personally. Sell out take a loss? Sell out take a loss buy back in on drop more shares same money (timing crucial) Average down, more cash? Sit and wait probably hard pushed to break even.
I asked this yesterday but no reply. The writedowns seem pretty excessive to a lot of people. But from an accountancy point of view will these write downs not reduce the tax burden in future years assuming we are generating revenue? Leaving more cash available to the company
may well be one of the good guys and do everything he can to protect the long-term shareholders investments. However, he has to realise that our trust in BMR management is in tatters to put it mildly. He has to prove to us that shareholder value is high on his priority list....and not just the newbies....nothing else will do if he wants our support.
If through fear present shareholders vote for these resolutions, we will have handed complete control to BOD, then our only hope will be if the BOD see fit to treat present invested people with any good will or will new investors be their main concern & priority, be honest with your selves!
What future do you see if we vote to REMOVE OUR LIMITED PROTECTION.
This is not about you,me or any shareholder at being negative, positive or any of the allegations that have been going around, those who have invested will be dumped into a nothing of value pit.
The only way for us to progress is discuss the options in a cool calm manner, if we can come to a agreement on how best to vote & then we may be able to protect our investment, I am no expert, but saying we cannot do anything will become reality if those resolutions are passed.
Vanheldan & Hornygoatweed
Resolution 10, voted through will mean the removal of your right to be offered a rights issue opportunity, whether you want to invest more or not, your right will be remove.
Eric,or any person who has knowledge & can offer assistance on these resolution, plus any other resolution listed.
Any chance of offering your insight on the resolutions most shareholders are concerned about, some may not be fully understanding the rights attached to each resolution.
here....exactly as we had to endure under MA. Ok I realise that price sensitive info could not be communicated when trading although there is NO REASON NOW WHATSOEVER why shareholders should not be provided with full information and all the facts around these resolutions and everything else in the melting pot. Until we are provided with more detail regards share reorganisation and consolidation and progress on whether finance is/can actively being sought elsewhere to halt such drastic action it will be a NO vote from me. Cannot believe we have been so badly treated by the old BOD.
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