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We agree on many things osf. I think that you were wrong to feed the trolls about the Q&A's but I hope that you are happy with the, rather predictable, answers that they gave you. And to jeopardise the voting at the AGM, for the want of that, really was beyond the pale. Anyhow, I see that, after all, you voted in favour of all of the Resolutions so I'm glad about that.
I'll not tackle you on the issue of the legal documentation in the interests of trying to keep the BB reasonably harmonious. We share a common objective, as do all shareholders.
...and since you've questioned my motives twice now in as many days, let me be clear. I care that the sale goes through, I don't care how much the dividend ends up being.
Using RedPanda's figures from last night, which was sale that sent the share price to £1.10 (so £3bn sale of what goes, plus a bit for residual interests). Suggested dividend was £1, so SP would go to 10p ex div.
Now, do I care whether it is £1 & 10p ex div, 90/20, 80/30? No, not especially. Divis are more a nice bit of PR in my books, useful but only if the company can comfortably afford it.
What matters to me is that the SP is re-rated to £1.10, underpinned by a tangible valuation, and all the naysayers who have spent literally years spouting that this isn't worth tuppence f***ing ha'penny can go p!ss right off.
Good, I'm glad that we've got that sorted osf. You finally accept that you may be wrong. That's not what you were saying yesterday. Yesterday, you were quite adamant that the amount of the Dividend would not be released with the details of the sale.
I'm happy to let it rest there. We'll soon find out who's right and who's wrong on that issue.
GFD it took all of two minutes to come up with feasible text that addresses the rule and doesn't specify exactly to the fraction of a penny how much the dividend will be.
You've obviously done some digging, so you will know AIM Rule 15 allows companies to remain as "Cash Shells" for a time pending a future acquisition or investment, either of which are viable "use of proceeds." Now as I'm not expecting all of EUA's assets to be sold, they should at the very least retain some for future investment. Exactly how much is up to the BoD, but I don't want them to promise a dividend of x that then leaves them short of cash and need to place shares shortly afterwards - that's just pointless.
Look I don't expect the timeframe to be long, perhaps a month, allowing 2 weeks for a GM to vote on the sale, legals to be signed, sealed and ownership transferred, receipt of money to occur and all the divi details firmed up and announced. As I have said before it will be how much the sale is for (at the start of the "month") that drives the re-rating of the share price, not as has been stated so many times on this board the "dividend RNS".
If they do issue a sale circular with a specific dividend amount and record date, even before the votes have been counted, then great stuff. It's not the order in which I expect things to happen.
Would I vote for it, if the BoD recommended it then yes, why the hell wouldn't I, or indeed any shareholder?
osf - let me ask you this.... would you vote in favour of the sale if you didn't know what, exactly, was going to happen to the proceeds of sale? And, more especially, the amount of the Dividend to be paid?
Look, it's all fine and dandy your working up scenarios and text to suit your argument but can you show me any case, where a Co became a Rule 15 cash shell and the amount of the Dividend was not stated in the Circular?
It seems reasonable to conclude you have to be able vote as a shareholder. If you are not then how can you vote and receive a dividend? The div date will be announced in the circular and is a future date from now...
Morning GFD "(h) in the case of a disposal, the application of the sale proceeds;"
OK - "the sale proceeds resulting from the transaction will be used to a) pay associated fees and relevant taxes in the applicable tax jurisdiction; b) a portion will be retained to fund future company activities and c) the residual amount will be distributed to shareholders as a special dividend, details of which will follow in due course."
There you go - met without mentioning the dividend figure - I'm not saying they can't state an amount, but I'm not expecting them to give a definite figure for a dividend at the same time as the sales circular, before we have even voted in whether to accept the deal. Anyone who says they definitely will include the dividend amount is providing inaccurate information.
It will be the details in a) to e) that set a definitive value for the company's assets, and which the share price will reflect. Not the dividend amount.
Rule 15 requires compliance with Schedule 4 which states -
"Schedule Four In respect of transactions which require notifications pursuant to rules 12, 13, 14 and 15 an AIM company must notify the following information: (a) particulars of the transaction, including the name of any other relevant parties; (b) a description of the assets which are the subject of the transaction, or the business carried on by, or using, the assets; (c) the profits (or if applicable, losses) attributable to those assets; (d) the value of those assets if different from the consideration; (e) the full consideration and how it is being satisfied; (f) the effect on the AIM company; (g) details of the service contracts of any proposed directors; (h) in the case of a disposal, the application of the sale proceeds; (i) in the case of a disposal, if shares or other securities are to form part of the consideration received, a statement whether such securities are to be sold or retained; and (j) any other information necessary to enable investors to evaluate the effect of the transaction upon the AIM company".
That's what goes in the Circular. Look at (h) and (j) in particular. The payment of a Dividend in a case where Rule 15 applies is not like the payment of any other dividend. So, likening it to e.g. BRH is not appropriate.