Make no mistake , I understand the challenge ...if only shareholders were more supportive to some real action to safeguard their interest ....supporting a petition is a good start to get a feel on how many shareholders are willing to fight and get a fairer deal or alternatively at least come together under a seasoned activist and voice out what majority shareholders are willing to accept ...we all now know on which side the board is now ...time for acting together...
The Insolvency Service of the UK Government is the first point of contact if you have reason to believe that a company is currently active in: • Causing significant harm to customers, suppliers, etc. • Breaking the law, e.g. fraud • Serious misconduct, e.g. company assets have not been used properly • Having a significant irregularity in its affairs They provide an online service (you’ll need the company registration no and other details) and they allow you to include documents for their consideration.
Company Investigations has the power to investigate limited companies where information we receive suggests corporate abuse; this may include serious misconduct, fraud, scams or sharp practice in the way the company operates. We have been given this power by the Companies Acts.
Of course you are correct there. This SGM next Friday is, to my mind a vote "ONLY" to increase the share capital... "That the authorised share capital of the Company be increased by US$219,105,237 from US$73,000,000 by the creation of 21,910,523,665 new Common Shares, ranking pari passu in all respects as one class of shares with the existing Common Shares." A document (prospectus) would be then released by the company spelling out the details regarding the restructuring process, with further dates of interest!
We are getting completely stitched up here, we are being strongly advised to accept the proposed dilution yet once this has happened we will virtually have no say in the matter regarding takeover price.
The SGM should be cancelled/delayed pending review of offer and/or other offers.
Becoming as clear as mud now....... I was leaning towards taking the OO shares but after the recent action by DNO, I have lost the appetite for that. They have given me the best reason not to take the OO seriously. DNO are only pitching to the Guaranteed note holders, no one else. A no vote looks unlikely.....this share is as messed up as the land area they work in..and the whole thing is becoming cleverly boxed in from a pi's point of view. Years a go in the market, there was a thing called a white knight!! Anyway, glad the market is closed today cause I would sell right now....and most probably will come Monday, unless something changes....like what, I do not know.
You need 5% of the register in your camp and then you serve the Company notice of an EGM. To do this in 5 days is a big ask which is why DNO left the offer to the last minute. These people are v v clever.
You need a seasoned activist and a good lawyer (and by extension a pot of cash). Absent this in 5 days you need an institutional shareholder to become vocal (you see that pig fly by...)
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