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"DQE announces that Tapaas Chakravarti has resigned as Chairman and CEO and steps down from the Board with immediate effect. Commenting on the decision Tapaas Chakravarti, said "In view of the recent changes effected by certain Shareholders in the shareholding structure of DQ Entertainment PLC and the subsequent removal of DQ Entertainment PLC directors, it is very clear that the control rests completely with the new board and in such a situation my continuing with the board is not possible"" This is a RNS Reach bulletin and can't easily be found (investegate, etc.) but it's for real. Awaiting anything for shareholders.
of this relisting on another exchange other than AIM so we can trade our shares? could it go over to NASDAQ?
DQ Entertainment plc ("DQE" or "the Company") Result of EGM DQ Entertainment plc, a global entertainment production and distribution company focused on children's and family animation content, announces that all resolutions proposed at the Company's Extraordinary General Meeting held today were passed. Mr. Anil Chintapalli and Mr. Suresh Chitturi have been appointed as directors, and Ms.Rashida Adenwala and Mr. Sundar Srinivasa Raghavan have been removed as directors, with effect from 31 March 2016. For further information, please contact: DQ Entertainment plc ---------------------------------------------- Well don't think these 'Requisitioners' are going to want the company to fold, so the next stage is to secure backing from the Bondholders again. Probably never re-list on Aim but we might get something back for our shares one day.
It will be interesting to see what happens now. The price in India has firmed up this morning, and I believe we now stand a remote chance of something positive happening. It would be nice to get a statement from the new directors on what they are going to do to restore shareholder value.
DQ Entertainment plc, a global entertainment production and distribution company focused on children's and family animation content, announces that all resolutions proposed at the Company's Extraordinary General Meeting held today were passed. Mr. Anil Chintapalli and Mr. Suresh Chitturi have been appointed as directors, and Ms.Rashida Adenwala and Mr. Sundar Srinivasa Raghavan have been removed as directors, with effect from 31 March 2016.
"The Directors of the Company are fully committed to compliance requirements, and are working towards creating an alternative platform for facilitating trading in the Company Shares. Further announcements in this regard shall be made by the Company in due course. The Company will continue operating as an unlisted Company as of now. Shareholders are advised that, during the period following Cancellation until the listing is restored, the Company intends to provide updates via its website at www.dqentertainment.com, and via RNS Reach."
Cancellation of trading on Aim RNS
I was wondering if that might be the case when I posted on INC the other day, thanks. So we can all keep chatting about what happens with the Requisitioners when/if we can find out. Buchanan's opinion was that they thought they couldn't possibly want to kill off the company so probably it'll be all change in the seats of power and see how we go from there. B. also let slip the other day that Tapaas might well be outed too.
That's not true anymore. There's been a new update so that boards are kept even if a share delists.
surely by 8 am Then, unfortunately, this BB will cease to exist shortly after.
a lots delisting now a days .
Just spoke to Communications people 'B' and they are pretty sure (!) we won't get a Nomad (last day today!). Their contract too will terminate with DQE also with delisting. They stated that they cannot see the Requisitioners destroying the company along with their own value so are presuming they will do a deal with the Bondholders to stop the company defaulting on the Bond after the EGM. Looks like the EGM will happen and B suggested without a Nomad there was no overseeing body to say that the DD should be completed first. B. said he'd been to India and felt that the company was indeed very much a going concern and thriving. He felt the 'Nasdaq' listing was something that isn't being considered at the moment amidst all this controversy. Anyway, it looks like keep hold of your shares, await developments and one day the company may be able to relist somewhere. As we are in the same boat as the Requisitioners with 51%, perhaps we are not doomed.
Surprising that they are letting it delist. Everyone's loser in this case.
Robbie from Buchanan sent me a copy of the document DQE is posting out to shareholders(not nominee account holders (like most people)). It has on the Agenda the motions to appoint 2 new directors and get rid of 2 existing directors. These are the only motions. There is also in the document discussion of 'the circumstances that have led to the mtg being called ' and 'the consequences of these motions being passed'. I am unable to post the pdf document here but am willing to email with an attachment anyone who wants me to. Leave me your email address. Don't think there is anything startlingly new in the document. It whinges on about Allenby failing to complete DD on one of the parties and hasn't even started the other. It also says it has 'no choice' but to call the EGM but that, should the new directors be appointed, no Nomad will probably touch us. This is all very strange to me. The timing of the EGM is after the Mar 23rd Nomad deadline for more permanent suspension. How can DD take so many months? Surely Allenby should have concluded that a Director had failed DD. This whole DD thing seemed always like a delaying tactic but apparently no Nomad will now touch us with a bargepole because of it. Robbie said Buchanan are meeting with DQE tomorrow to discuss further developments.
Thanks for the update. Not being listed as I think you'd agree doesn't mean the bottom is about to drop out of the company. However it is of course important as without it there is no readily available market in which to trade the shares. I'm quite relaxed here I must say. Main reason being I don't think any party is going to end up sending the company down. However I do predict that we won't have a NOMAD by 23rd March unless legal stuff is sorted out and we'll be off aim at least temporarily. But I also believe that we'll relist at some point in the near future. Cheers!!
Spoke to Robbie at Buchanan and he is chasing the company about making the EGM Agenda more available to all shareholders particularly those with Nominee accounts. He anyway confirmed that appointing 2 directors and getting rid of 2 including Rashida were on the Agenda. He also confirmed the company are making every effort to appoint a Nomad and are not just going to let this stock slide off Aim. He seemed confident they would appoint one. Think you're right on both those points - a more permanent suspension on Mar 23 if no Nomad and can't see why a 'listing' would effect an EGM taking place. Being listed really is just an aside for the company.
31st March So we require a Nomad by 23rd March or shares cancelled from AIM? Will the EGM on 31st March still take place without a Nomad?
You sound in good form - don't let this lot bring you down.
EGM will take place at the end of March. However, can't yet find the Agenda so have asked Buchanan to call me back.
Cheers! Hopefully we'll relist at some point ha! Ultimately I don't think the bondholders have an interest in sending the company down the pan. There is some serious value here. Just need it to rise to the top lol! Now please stop posting here and get cleaning ;>) All the very best.
Good luck Disco, you might have to wait for them to re-list in the US or have that trade sale. That puts you at the mercy of this corporate battle. After all the recent disclosures re. warrants and the fact that TC borrowed the money several years ago to take part in the 20p placing and borrowed it from the now major share holders…..all too much for me…trust completely blown. Hope it works out for you, I will be polishing the floors soon in your honour !
Lol - legal not egalitarian - damn phone!
I think the issue must be the legal proceedings. I'm not even sure NOMADS can touch companies going through egalitarian proceedings but might be mistaken. Either way I'm content here. I have 550k shares so I guess I have to be. A NOMAD will be appointed but whether or not that will be within the next month I'm not sure - all depends on legal proceedings completion date for me. I should imagine the bond holders won't force administration under an act of default. It's not in their interests quite frankly. Sit tight.
It mentions talking to another NOMAD in the past tense. Hopefully they can get something sorted...but who is driving the process!
And at least states talking to another possible Nomad - which seems the least they could do. Expect it to come back myself a) Because it should do, things usually bounce back and Allenby isn't the only fish in the sea; b) Because they are going to be in a terrible Bond default if they don't.