Excuse my ignorance but "The meeting will, inter alia, receive the accounts for the year ended 31 October 2011." ? Does anyone understand what this time frame actually means ? Up to 31 October 2011 only or perhaps something more vague...?
Come on Redmond! 35 trading days from tomorrow (bearing in mind two days off for Easter)
RECAP - Pursuant to AIM Rule 15 the Company will have to make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 or otherwise implement the investing policy approved at the general meeting to the satisfaction of the London Stock Exchange within twelve months of becoming an investing company, being 17 April 2013.
AIM's deadline rule for cash shells is of course pretty much meaningless these days, since ZOL set the precedent of buying liquid shares to 'fulfil' its investing policy. As long as 51% of cash is invested at once, then a policy has been implemented.
Redmond could actually just buy £100k each of Glencore, BP, Anglo, BHP and Rio stock, hold them for a day and declare that the money has been invested (without having to announce in what, as each holding would be less than 10% of PIRI Mcap), and then dispose of them all the day after. The investing policy would be reset, and he'd have another 12 months to keep on looking.
I'm confident that he'll announce proper investments before then though. As you say, cash is below NAV right now, so (pretty much!) a win/win! Best of luck.
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