As you say, Dicko80, don't think anyone really has a clue.
Jeremy told me that the 'Takeover Panel' an independent body, are aware of DQE and the requisition for the EGM. Nothing has yet occurred that is forcing a takeover but I got the feeling that the 3 parties are now a 'concert party'. Have the idea that now they are a declared concert party, were they to further purchase shares they would be in a situation triggering an automatic necessity to takeover and offer for all the shares in issue.
The rules, Jeremy said, for takeovers are all there in 'black and white' but are also open to several interpretations. I-of-Man rules are the same as UK in this matter.
The Nomad is involved in the Due Diligence process on the proposed directors and Jeremy gave me the impression this would not take long before the requisitioned meeting would therefore take place. ------------------ Trading in our shares seems minimal (besides Tilton) so think we are awaiting the meeting but presumably this may well simply appoint the Directors and the show will go on. Thoughts anyone?
--- Smudge - not much visible progress there - reduced about £1m from Finals.
At the very end of today's RNS : "Trade Receivables, net of discounting provisions, amounted to INR 3,534 Mn as at 30 September 2015. Whilst the ageing profile of certain Trade Receivables has increased over the last six months, management are actively following up on collections. Out of this total, debtors representing INR 2,872 Mn have made reductions in their overall balance. The remaining debtors have indicated that they will start to make payments as per their agreed payment plan.
Customers have indicated both their agreement with the outstanding balances and their intention to settle in full. The delayed payment profile has been driven by the market and industry conditions globally.
Management are of the opinion that no bad debt provision is required as at 30 September 2015 as they are in active dialogue with all debtors and there is currently no indication that the balances will not be settled in full. This area will be kept under constant review and provisions will be booked when deemed necessary." ----------------------------------------- Well similar story to last finals and previous half-year's results and we don't really seem to be making a huge hole in these 'receivables' yet which are now £35m (INR 3534m). However, no write-down needed and the company sounds confident payments are improving.
-------------- Still awaiting the story to develop for the new 'concert party' or 'not concert party' and can't get Nomad Allenby to talk to me to discuss any clarification on this matter and whether the I-of-Man company rules have any bearing on matters.
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