New RNS : very confusing and reads like more bad feeling over a non-disclosed deal 3 years ago. Looked at the fund raise in Mar 2013 and no mention of 'pledges' or 'Platinum'.
Looks like Platinum - 'The Requisitioners' - are putting more pressure on the Board.
The immediate thing is surely we need to be able to get a new Nomad still, but this looks like more financial pressure on Tapaas.
New Nomad, EGM, new Board members try to get some agreement on the way forward and keep the Bondholders from pulling the rug.
Noticed from 11 Jan RNS "It was agreed in the Standstill Agreement that, subject to DQE satisfying the Warrant Issue Condition, the Bondholder would not take any enforcement action in relation to the Advised Change of Control Event for a period of three months from the date of the Standstill Agreement in order for DQE to have the opportunity to remedy the Advised Change of Control Event."
The Standstill Agreement was made on Dec 18th so the 3 months runs to Mar 18. If we could reverse the 'Change of Control event' by then think this means the Bondholders would give up their massive warrant issue(although not certain).
We remain in chaos with the likelihood perhaps now increasing with today's announcement of no new Nomad being employable.
Isn't the whole end game relisting on NASDAQ anyway?! Which of course would be achieved by delisting from AIM.
I am not naïve enough to think that the news today was good. Clearly Allenby have a problem completing DD on one of the 2 would be Directors. This could be for any number of reasons. I have found throughout the course of my work over the past 12 months that British banks will not give bank accounts to limited companies who have Irish citizens as founder Directors. This is of course a preposterous state of affairs - but to illustrate that perfectly sound people can fail DD for no good reason.
It would be interesting to know the reasons for failing DD.
I am hoping I suppose that the 51% shareholders do not want to see their investment reduced to nil.
As an aside, Allenby have let companies down before. It isn't the first time and it won't be the last.
With a bit of timing one can sell a certain amount for 1.75p - but IMO it's worth holding to see developments.
All the stuff in the RNS boiled down to Allenby have had a spat with Bod and everything else is warnings on what could happen if new Nomad not found.
51%ers not happy but they can't do anything at the moment until Nomad agrees an EGM. Bondholders fairly happy I'd have thought with their warrants and the account they wanted replenished replenished. Bod are having a Board meeting on Fri Feb 12th to accept and publish Indian subsidiary's Q3 results. Business as usual for them.
Appoint a new Nomad and this should retrace IMO or..................it's over.
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