Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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My chosen name for this post was not "Justin4dmoney". This name has been allocated to me by London South East Exchange. They did this because of the content of my post criticising e-therapeutics for their sudden decision to delist. To add insult to injury they have locked me out of my account to prevent me editing my account name.
This is shameful conduct and indicates that this site is strongly partisan in favour of companies and against shareholders. "How dare they post negativity or harsh words".
Thankyou Ali Mortazavi - what a way to treat small shareholders! Interesting reasoning in the news release as to why they couldn’t garner any interest from UK funds - they’re missing the obvious reason that the. Individuals in charge of those funds are smart and know when a company has zero data and poor scientific leadership to back up waffle around AI! Also something very fishy with Mortazavi, Griffiths and Bretherton - appears the latter’s son is the CFO!! Show s what happens when a CEO has little experience of biology and biotech I guess
Disgraceful behaviour from e-therapeutics with this manoeuvre. They are indeed smashing and grabbing as the title suggests. Treating non-insider shareholders like something stuck to their shoe. This company is solvent, yet they're pulling the plug especially on shareholders in an ISA who mostly will sell. It looks like a stitch up. There is previous form with this kind of behaviour with some of the people in the background with this company. Also, ETX had already been listed in the US but closed that listing due to lack of interest. For those foolish enough to stay in with unlisted, illiquid shares, I wish you luck. With these people st yhe helm expect dilution upon dilution and substantial insider stock remunerations. Adios.
Speak to your broker and they should advise.
I sold yesterday at 11.22. Would have been better waiting for first thing today but that's hindsight for you
Any alternative to selling nyone
Fair enough, if that is what you believe.
I hope you and your fellow shareholders do go on to make sufficient gains from your investment here, to have justified the financial risks, time and additional hassle that comes with private company ownership in a non-leadership position.
If you are one of the big boys in this name, then it is more feasible of course, IMO.
The previous points I made are no less valid however, and ultimately I disagree with your opinion that this was the only way shareholders were going to make money here. Which is fine of course. All the best.
Because if share holders want to make money from this stock it’s the right thing for the company to do. I am a share holder.
Not bitter. Not a holder here, but sympathetic to those who are clearly not being treated as they should be.
And mindful of the potential macro fall out and consequences that this type of activity may lead to as well.
But to your point: anyone who does transfer from their ISA loses the tax wrapper benefits. As well as in most, or perhaps all cases here, presumably having to lock in a net loss too, which cannot even at least be offset against tax, in order to become a minor shareholder in a de-listed company, with far fewer protections and BOD obligations than is the (theoretical) case with a listed entity.
Amazing nonchalance in your comment, vitocorleone!
Why are you so bitter? Just hold it outside of an ISA.
Presumably the obvious names, at the expense of those whose hands are tied with the planned de-listing.
Not a good look IMO. Either for these outfits who are taking this path, nor for capitalism more generally, but there we go.
So what about people buying today in big amounta as per trades on this site
To add: you also cannot trade them in the same way as when they are listed of course, so I actually am not sure if they even would sit in your trading account.
Don't quote me, but I think they get transferred to a trading account from the ISA account that you hold instead. Not sure what happens if you only have an ISA account. Perhaps they post you physical share certificates like the old days?
But if I were in this position, I would contact my broker and accountant as a matter of urgency to clarify.
Worth looking into the nuts and bolts of being a shareholder in a private company, for those unfamiliar with the experience. It is not for everyone, but it can have advantages. As a main shareholder anyway. Cannot comment as to being a minority shareholder in such an entity. GLA.
So what happens if you dont sell- if this is true how can the company behave like this when so many wil have been holding in isa?
Same has happened with C4XD which I was invested in. Had high hopes for both. Sadly both have been consequences of the dire market but this also screws PIs. You can't hold non listed shares in your ISA so you have no option but to sell. Expect some SP volatility in the coming days
Yep. Any sympathy people might have had with some of the sentiments expressed about the declining power of the UK markets, will probably evaporate when they think about this a little more closely.
Does not matter if the raise announced today was at 20p from the current SP, for those shareholders that cannot continue on the de-listed journey, so I guess the SP will react according to how many people become forced sellers now.
I guess lots of nice, cheap shares for the favoured two shareholders? Disgusting, to my mind.
Do the company have to obtain 75% of the votes to proceed? The small shareholders need to ensure that they vote against but is that so easy when via nominees e.g. HL or AJB?
As LWH said they should have Alat least offered holders q buy back givenntheuve raised £28mln and ALREADY had £18mln !!
Be interesting to see where these trade today, given that RG and M&G are putting in £30m at 15p!
The 2 holders are behaving no better than Woodford did in the BBC enquiry pfnladylt year !!
And how can Micheal be Independent!!
This stinks
Michael Bretherton is a director of certain entities that are controlled undertakings of Richard Griffiths and he is not, therefore, deemed independent of the Richard Griffiths Subscription given his association with Richard Griffiths
Totally agree that we need another Big Bang to try and pull our country out of the quagmire.
But equally, this is another company that looks like it is going to effectively screw a load of their smaller shareholders (those with shares in an ISA, or otherwise unable to invest in a non-listed entity, for example).
No mention of a premium cash offer to buy such holders out, or something similar, is there?
Drips with disdain in parts, IMO.
Agree with you about the amount of C-suite pocket liners, which does seem to have become turbo-charged since Covid.
Not speaking about this particular company, because I do not know in this case, but generally it looks to me like the era of free money being over is exposing all the lifestyle and fraud outfits on AIM. Few of which have shown much financial restraint whatsoever over the years I have been involved/followed - especially in this particular space - and must IMO take a lot of the blame for finding themselves in this vulnerable position.
Not to mention the fiduciary duty to all shareholders obligations, not just one or two.
Hey ho. GLA and I hope it works out for you here.
These companies control just keep expecting to burn through millions of £_$ every year and for institutional support support be ever lasting?
We have also stated our willingness to explore relisting the Company in the future on the US NASDAQ exchange where the large gap in the valuation of ETX compared to its US peers can hopefully be narrowed. I would also like to take this opportunity to thank both Richard Griffiths and M&G for their continued support and we look forward to regularly updating shareholders on our progress
Great Post shearclass
They are behaving just like Woodford did according to some articles i read last year
They are holding UK technology stocks to ransom
Fair play to the CEO who has called out UK institutions in no uncertain terms;
"For over a year, the Board has been contemplating delisting from the AIM market. However, given the dramatic rise in the US biotech indices in Q3 2023 which has seen record amounts of capital being raised, we decided to remain on the AIM market and embarked on a capital raise roadshow in February-March 2024. Despite the firm commitments given by our two largest shareholders, the Board was extremely disappointed by the lack of institutional UK interest in our innovative, technology-driven value propositions. Importantly, ETX struggled to get sufficient engagement from the vast majority of the institutions who were approached, reflecting the risk appetite of the UK markets. This trend has been a consistent theme over the last four years and the Company has primarily raised funds through the current two key shareholders, who continue to support the Company irrespective of its listing status. As such, we believe that there is a limited available audience on the AIM market for companies such as ETX."
AIM / LSE is done as far as life sciences is concerned.
There are no success stories because there is no capital, and there is no capital because there are no success stories.
Woodford began the demise, and the disgraceful conduct of companies that used Covid as a tool to line their own pockets at the expense of shareholders was a further nail in the coffin
Oxford Nanopore's valuation demise sums things up, there is no risk capital available anymore. In complete contrast to Australia, Scandinavia, France & of course the USA. Utterly shameful.