RNS just out, good news is that the court have given their approval, slight bad news in that there's a delay in returning capital to shareholders. Not ideal but it would appear that it was out of the control of the Company so we'll just have to be patient. I'd still like to see something from the Company about the second tranche coming back to shareholders, and just how much of the £4.7m is likely to be eaten up by "non warranty" elements, such as running costs, severance packages and bonuses, also still nothing on the possible insurance policy solution to waiting for the warranty periods to run their course either. Come on guys, it's not as if you're busy running a business any more - what's the hold up? Court Approval Wed, 20th Aug 2014 14:36 RNS Number : 6538P Bglobal PLC 20 August 2014 ? 20 August 2014 Bglobal plc Court Approval Bglobal plc (the "Company") announces the capital reduction set out in the Circular to shareholders dated 10 July 2014 (the "Circular") received the approval of the Court earlier today. Due to certain conditions imposed on the Company by the Court, including placing relevant insurance, the Company expects to issue B Shares to shareholders later than the expected timetable published in the Circular. Accordingly, the following is a revised timetable of the principal events for the Return of Capital and the Delisting (both as defined in the Circular): Record Time 6.00 p.m. on 29 August 2014 B Shares issued after 6.00 p.m. on 29 August 2014 Ex Entitlement date 1 September 2014 Redemption of B Shares By 2 September 2014 Latest time and date for dealings in Ordinary Shares prior to Delisting 5.00 p.m. on 8 September 2014 Cancellation of admission to trading on AIM 7.00 a.m. on 9 September 2014 Despatch of cheques or, if held in CREST, CREST accounts credited in respect of proceeds under the B Share Scheme By 12 September 2014 - Ends-
19 Aug '14
Kamel, good luck with FJET. Not a good day there today but it takes a while for a stock to turnaround after a big fundraising. I'm hopeful that the increased flights, August passenger numbers and September interims will see it starting to move up at last -- always assuming that Ebola doesn't shut the whole continent down! Here, AIUI, the shares will still be traded for a week or so after the 11p pay-out so any movement in that period will be interesting. I confess to having sold a chunk, partly because I reckoned I could leverage the funds better elsewhere rather than wait an indeterminate amount of time for an indeterminate second pay-out. Had the company issued an RNS to update the position wrt distribution 2 (timing, if not quantum), I could have been persuaded to let it ride. Indeed, the SP movement today suggests that someone knows more about distribution 2 than we do (hopefully not Hawkwood or any related parties but it looks like someone is confident of getting at least 3p). Thanks for the pointer to Omega Diagnostics. Would I be right in thinking that this company poodles along taking a step forward here and a step back there and not making any money for its shareholders of the past seven years…until or unless the great white hope that is CD4 explodes into a commercial maelstrom and makes everyone rich (at last)? It might happen - but my experience in similar stocks is that they take forever to get CE and regional regulatory approvals for their miracle cures. Could CD4 still be years away from generating any revenue? And what kind of deal does Omega have with the Aussie not-for-profit inventors of the gadget? It's the kind of company I would like to give a good shaking to because they clearly have good products/treatments and they seem to have a global empire of sorts but they get excited about very small increments on fairly low base numbers. Perhaps their patents are worth more than they let on but I would really like to see them signed up to some juicy marketing/licensing deals with one or more blue chip pharmas. Maybe CD4 is the key to the door but will I live long enough to see it come to market?
18 Aug '14
The other aspect of this that may be interesting is that I'd imagine some holders will exit entirely prior to the delisting. Those shares will be bought up by interested parties who are gambling on receiving an excellent return on their 1.25p-1.5p in a relatively short space of time. There will be some who are "in the know" and the demand for the shares may well give a pretty good steer as to the eventual outcome. Good luck all. P.S. shylock I had a dabble with FJET as it does appear to have a strong chance of a positive outcome. By way of a reciprocal recommendation, have a look at Omega Diagnostics. They are local to me and I'm hearing good things at the moment and they are a very well run outfit. Hope things are good with you.
18 Aug '14
RE: What is going on ?
The other aspect of this to bear in mind is that following the delisting of the shares it would be almost impossible to trade your shareholding and in all likelihood you would be unable to dispose of your shares in the intervening period. The business would still provide shareholders with information and ultimately pay out the residual proceeds.
14 Aug '14
RE: What is going on ?
Hi Mongie, I don't know for certain but my understanding is set out below, if anyone else can update / correct it that'd be much appreciated. - 1 B Share issued for every A share held at the record time (6pm 22 August - a week tomorrow) - 11p per B share paid out ("redemption") and then the B shares are cancelled (done by Tuesday 26 August) - A shares will likely be worth c.1.5p following the issuance of the B shares (given that the 11p redemption per B share is factored into the current price of 12.5p) and will be cancelled from AIM at 5pm on 1 September - Further payout once warranty claims on the two disposals are clarified / settled, could be up to an addition 4p per share, much more likely to be in the 2-3p range as other costs will need to be paid out in the mean time and we cannot be certain what warranty claims there may be (although we all hope there are none). This could take up to a year from the disposal date, so next April but hopefully something can be done to get the issues settled sooner. The current price does give some "value" to those buying at the moment, but it's uncertain at this time, hence the SP isn't in the 13 or 14p range. I would hope that we will see 14p in total for our shares, with 3p coming next year, so it's a question of whether you are happy to wait 8 months or so for the extra 3p or do you can in now at 12.5p and sell?
14 Aug '14
What is going on ?
Edwin thanks for the swift reply and explanation, being a bit of a beginner on shares and also given the historical confusion with bgbl I wondered if I could as for a bit of a Janet and John explanation into what potentially can happen as I am confused with the 11p price for our shares and then the b shares and the if's and maybe, the trading price is around the 12.5 p mark so realistically what will I get back if everything goes according to plan per share ? Will it be an initial 11p per share and then a buy back of my b shares ?
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