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Especially when it would take TUVA less than an hour to do it. Would love to know what their monthly retainer is vs media coverage gained.
All the frustration on here is around the same problems as it always has, no news, no coverage, no information, lack of transparency and definitely a lack of trust.
True.
Apologies for hi-jacking the thread.
Many AIM companies seem to be poor when it comes to PR, communication and marketing.
They seem to see it as more of a secondary function when it can be just as important, if not more important as the main business operations at times, when done well
Regardless of the back and forth, the key point is one company choose to seize the opportunity to release a good news story (standard PR) blurb, the other (AFC) couldn’t be arsed to do anything. Which is poor given the SP needs supporting, until there is proper news / sales.
I am sketchy on the rules with conditional shares, but any material information must be disclosed to any/all placing participants, and announced to the market when the placing is made public.
Under MAR regulation.
My take is that at the point this has all happened, it is a new slate and any subsequent news is at the risk of any and all shareholders.
Not saying I am right, just that I don't believe there is a close period on news.
Poor conduct not to release news known at the time of the placing, yes, but part of the risks of investment, thereafter, and required practice to release price sensitive news as soon as known
Surely it would be poor conduct to issue news prior to placing shares being admitted to the market. For those investors that took up the conditional shares, are now committed to the investment but do not have access to them to sell, news which can have an affect on the SP would surely compromise the placing.
All I am suggesting is that an institution or strategic partner which has made that investment would not be happy if news, good or bad was released prior to admission but 3 weeks after making the commitment to invest news was released and they had no way to trade the shares because of the delay in admission.
That is why perhaps there’s nothing coming before the final tranche is admitted whether by agreement or by market rules. It would be a difficult position to be in or put a large investor in
Think the placing wording is probably fairly standard.
Not convinced of any news embargo, or closed period to be honest (other than for director dealings, perhaps).
I think the market still expects a price sensitive news release as soon as known and a suspension more likely in this type of scenario
There is likely something in the placing documents that outlines the scenario here.
I would have thought a share suspension would be more likely than an embargo on news for a level playing field.
Just thinking out loud.
ok. The primarybid website 'risk warnings' suggest the risks of participating in any placing, I think it is just part and parcel of the process and that no close period exists. Participants should be aware that significant risks may apply in participating.
Happy for someone to counter on this
Crocqman, this from the RNS
‘in the event that there is a breach, or an alleged breach, of any of the warranties in the Placing Agreement or there is a material adverse change affecting the condition (financial, operational, legal or otherwise), earnings, management, funding position, solvency, business affairs or operations of the Company, whether or not foreseeable as at the date of the Placing Agreement and whether or not arising in the ordinary course of business‘
This suggests the joint broker or bookrunner can cancel the placing in the event of any of these occuring
Wrt to releasing news before shares care admitted to AIM.
ORPH is an example of an AIM company where a placing was done , and material RNSes were issued before some of the placing shares were admitted to AIM.
Timeline of ORPH.
22nd May - Fundraising announced. inc date of admission oi fundraising shares of June 12th.
June 4th. OIRPH release RNS announcing launch of COCID-19 Antibodt testing.
June 9th ORPH release RNS detailing Major New contract signed.
Crocqman. Just trying to put a logical spin on it.
If you bought placing shares but could not trade them and news was released that affected the market price, you would probably be feeling like you had not been treated fairly.
If it is treated as a closed period it provides transparency and AFC will not be compromised.
Not sure why the delay in admission can be so long for the conditional shares. Obviously have to be passed on resolution 1 at the AGM but don’t expect there to still be 10 days after that before they are admitted to AIM
Got it. Thanks.
I was looking at it from the point of view that any price sensitive info relating to the placing itself should now be in the public domain with the placing being public.
I get the delay on availability of the conditional placing shares, wasn't aware that this would also entail an embargo on any new price sensitive news. Not convinced this is the case, will check out the earlier post and look a bit further.
Thanks for the response
Maybe this is confirmed in an RNS or someone else can add
There has been a placing on the 30th June. Investors have made a commitment to buy at 16p but cannot trade their shares as they have not been admitted to AIM yet.
The conditional placing shares may not go into the market until 31st July.
AFC cannot really release any news which can affect the SP until the shares are admitted to AIM as this could find new investors in a compromised position not being able to sell shares they have committed to.
This was an excellent point brought up by beach and surf this morrning
Sorry, that's what I meant.
Please can you expand on the close period reference, just trying to understand further.
AFC are not ITM
banaman / red_hornet,
How is ITM in a closed period?
This only affects ability of management to buy/sell shares personally, no?
They still need to release price sensitive information as soon as it is known - are you referring to MAR requirements and the availability of placing shares for dealing and any embargo on placees? This would have been lifted with the RNS confirming the placement?
Apologies, may be talking at cross purposes, just trying to understand what you're referring to by the statement "The fact we’re in a closed period prevents AFC putting out market sensitive news". I don't believe there is any restriction currently.
tks in advance
red-hornet. That was my point
The fact we’re in a closed period prevents AFC putting out market sensitive news.
Putting out a good news story such as ITM have, is just good PR
‘ITM have released a simple RNS which states the EU strategy and confirmation that they are in a place to meet demand.’
Totally agree, it’s effectively a press release that will have also been sent out to countless industry websites and bloggers. Unfortunately it’s another missed opportunity by AFC; they could easily have latched on to this and put out a positive piece of media, which is all ITM have done. Clearly they understand keeping the company at the forefront of the industry’s mind is vital.
Not so much for JR and AB, we’re a stealth operation!
ITM have released a simple RNS which states the EU strategy and confirmation that they are in a place to meet demand.
The reason for bringing this up is to demonstrate the power of media and good sentiment.
Off the back of an EU announcement that has zero reference to ITM they make a simple statement in an RNS and everyone goes weak at the knees.
Thank you DaveHughes. This is a board to vent frustration. Do you think we should all just sit and wait patiently ?
The EU want power from Hydrogen. It is just as important to provide clean ways of using it as it is to generate it.
Appreciate we are in a closed period but if you are not frustrated by this then you must have the patience of a Saint. Not something that I have ever possessed and unlikely to
Junior, according to the RNS we are in a closed period until some time during week commencing 20th July once the interims are released.
"Sick of saying it and hearing it Athansius."
Well stop then!
Sick of saying it and hearing it Athansius.
Had the choice 10 years ago and feel that I am backing the losing horse at the moment.
Shareholder value will not be returned until the SP is multiples of this level. AND IT SHOULD BE BY NOW
THE MOST FRUSTRATING COMPANY TO INVEST IN ON AIM
The reality is that ITM is in the thick of it. Electrolysis to produce H2 is their raison detre and they are hence front and centre.
AFC could be, but they still need to showcase a product someone wants and manufacture a membrane rigid enough for commercial use. AFC remains on the periphery, and the BOD seems to be doing little to change that.
Thank goodness we have TUVA? Hang on, we do have TUVA don't we? Hard to be sure as they are so quiet. Stealth PR. A bit of an oxymoron.
Hmmm, someone like ThyssenKrupp maybe able to help with that.
Much bigger than ITM is the electrolyser field.
And guess what, they are partnered with De Nora who really like AFC energy and actually helped with our electrodes.
I expect to see some further development with AFC re-electrolysers, or Alkamem or strategic partnerships with such organisations. The market seems to love ITM at the moment but is missing the point of where the true value is to be found