Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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My posts were clearly aimed towards JH, Andinilo, not you. If you’re unable to remove your tongue from his R’s long enough to work that out, that’s your problem.
The rest of your post is utter drivel and not worthy of a response. The thread is there for all to see only a couple of pages back.
This is a forum. And to be precise - which is clearly a problem for you - you joined my topic thread.
JH made you look a plonker and slamdunked you. I told you at the time to let it go, but you still seem keen on making yourself look poorly informed and behind the curve.
Andinilo, you don’t half talk some rot!! My point in my previous exchange with JH (which you stuck your nose/tongue into) was that there were other alternatives to JH’s unequivocally assertion that there would be a further placing in April. He was misleading investors by telling them that “there was going to be another placing in April”, period.
You can move the goalposts now if you like to allow you to further brown-nose, but he (and you) were wrong and out of order.
Father, forgive them, for they know not what they do.
ps. thanks for spelling my name correctly. makes a welcome change.
Excuse me, why can't JH be the lapdog? :)
Whimax, we now have a further 50 million shares at 1p availble to sell into any rise. You were suggesting a bank lona. This ain't no bank loan.
If anything, we have (even though we didn't need it) a further load of shares at 1p thrust into the market.
You can spin it as a result. It is what it is, further issuing of shares.
Whimax hands up too him, however if he takes shares @ 1p then it is just another placing.
The company will either pay the loan back from cash flow, debt or a fund raise.
So the abuse I took from you (JH) and your lapdog Andinio for daring to suggest there was an alternative to a further placing in April was unfounded?
Feel free admit you were wrong and apologise any time you like.
I won’t hold my breath!!
Effectively, yes.
It may be totally immaterial at that point :)
Quite frankly, I'm past giving this Co too much thought anymore. I'll leave my remaining holding intact.
No excuses now JH. They've got sufficient cash-in-hand. Question is, can they run a business?
Jeffries has basically loaned the company £400K secured against shares @1p.
Its basically given the company a chance to raise funds at a higher price in the future with which to pay back Jeffries.
Effectively the loan note will be converted back into 1p shares if the company fail to pay Jeffries back the £400K so effectively this is another placing in all but name.
Company have basically issued another 50M shares to third parties.
So does this mean there WON’T be a another placing in April JohnHenry?
Just curious.
Seriously Themis LOL LOL LOL i think thats one of the most dumb arse comments ive seen in months.
I wonder if there a number of holders short and these shares have simply been used to close them?
Effectively just another placing for 50,000,000 shares at 1p.
issuing shares like confetti.
In terms of financing, cash at hand, I think this is the best option.
At least he's taking dilution direct from his holding (dilution on option to purchase shares @1p)
So, we have decent funding going forward albeit at a painful price. Let's see if they can deliver. Time will tell.
Sells 1/5 of his holding and entering into convertible loan agreement.
Quote:
In addition, the Company announces that its controlling shareholder, Christopher Jeffries, has agreed to sell 50,000,000 ordinary shares of 1p each that he holds in the capital of the Company to third party purchasers procured by its broker, Novum Securities Limited, at 1p per share ("Sale"). On completion of the Sale, Christopher Jeffries will hold 200,000,000 ordinary shares of the Company, representing 46.28 per cent of the Company's issued share capital.
Christopher Jeffries and the Company have entered into a convertible loan note, pursuant to which the net proceeds of the Sale, amounting to £400,000 (after tax, costs and commission), will be provided to the Company as subscription amount for convertible loan notes ("Notes"). The Notes will be convertible into ordinary shares of 1p each in the capital of the Company at Christopher Jeffries' option, at any time, subject to, among other things, the Company not being required to publish a prospectus in connection with the issue of shares on conversion of the Notes and no obligations under Rule 9 of the City Code on Takeovers and Mergers being triggered by such issue of shares. Unless previously repaid or converted, the Notes will be redeemed at par by the Company on the fifth anniversary of the convertible loan note. The Notes will bear a zero coupon.