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All relevant VT, shows there is work going on behind the scenes and we are not beyond the 30 day marker that some suggest is the shortest turn around for an RTO.
Patience will be rewarded here particularly if this works out.
The valuation will not be done by ITS's large revenues, more likely a similar to market p/e ratings, its profits only just over £1m a typical p/e style rating would put that in the £6 - £10m range.
for e.g. if Brad true to his word , sees icon floor as 10p and the target valued at £6m would return with around 80m shares in total issue (plus any placing that might occur with it - also common in rto's)
As before until some details emerge, that settlement figure could be much higher or much lower than 10p.
Been in dozens of rto's , the vast majority have boomed on return as valuations etc conservative normally and seen as undervalued by Mr Market as a thriving new company with revenues etc
We do think progress has been made , GB posted some ITS details the other day , on the recent change of 19 shares on ITS share base, this is a common event on rto's , the addition or removal of a small amount of shares, so that what remains is equally divisible by the figure agreed by both companies, giving X number of shares to ITS added to those in icon , that will be the returning shares in issue, subject to any placing in tandem.
A recent rto in progress , determined their value as the London cash shell (eg icon) was to be valued at £1m or 15% of the entire new company valuation, which ever the greater. It had not been settled yet but the target company was to be valued somewhere in the £6 - £8m range.
Until details if ever revealed (some RNA message updates on such , some do not) it's impossible to determine how many shares might be in issue as a result of the rto, plus many do a fund raise alongside with the rto , so plenty of working capital for business expansion and hitting the ground running from the get go.
It and rto , the taking over of a bigger company than yourself, the return is not certain to be called icon , it will be the enlarged company, be it still called icon , change of name as part of rto to IN THE STYLE or other name to be revealed.
It is down to the two companies to agree a valuation for both , the in the style shares awarded by icon, will be sub divided and valued by the icon valuation. The combined new total share company will submit a new prospectus to the FCA and once approved, apply to return to a segment of the market. Presuming as already on the Main standard segment will be looking to return to same.
Yes
From RNS dated 11/3/24;
'The Board of Iconic is pleased to confirm that it has now entered into non-binding heads of terms with the owners of ITS Holdings 2023 Ltd (the "Target"), the holder of the entire issued share capital of In the Style Fashion Ltd, an online fashion retailer, in connection with the potential purchase of the entire issued share capital of the Target. '
Does this suggest ICON would therefore become holder of the entire issued share capital of In the Style Fashion Ltd through the RTO ? Dan
Not in this one yet but been told by others to keep an eye on returning takeover companies, often return with crazy rises, also read , same owner as in the style, i think, was probably looking to rto into the its cash shell, with another of his companies. His two companies into two market shells.
Good luck on return, hope to jump in for some gains, keeping an eye for such activities but can't say , keen on the idea of joining any of them and being locked in first, scary stuff for this newbie , maybe if my fortunes made elsewhere first.
They are not , its arm or what was left of it became a cash shell looking to rto another business failed to do so in time and lost its place on the market. LISTED CASH SHELL - no business.
In the style fashion a separate now thriving NON LISTED private business, ICON is trying to bring back to market
We are RTO with the owners of in the Style Fashion - Revs circa 50 million - that this year have turned a 6/7 million pound loss into a proposed £1million plus profit. That is who we are RTO into if everything agreed.
ITS.L if you read their forum, reads like doom and gloom...
Can't see how two failed companies, that have reaped hard earned investors monies, can rise from the dead, to reap even more hard earned money.
Looks like these two, will stay dead and buried.
Had read the other company had turned in financial woes around, hummm...
So itsarm was trading on AIM then suspended late last year.
Icon been suspended, earlier this year.
Itsarm and icon join as one.
So how do 2x failed companies fair together?
Cash shell that had previously dumped all its assets
https://itsarmplc.co.uk/
Itsarm plc is an AiM-listed shell company. The Company’s business purpose is to seek the acquisition of, or a merger with, an existing company.
The company is incorporated in the UK and its main country of operation is the UK.
CORRECT AT 08:07 04/04/2024
TIDMITS
RNS Number : 6544U
In The Style Group PLC
29 March 2023
29 March 2023
In The Style Group plc (the "Company")
Change of Name to Itsarm plc
It has come to the attention of the Company that on 7 March 2023, the same day that the Company announced the conditional sale of In The Style Fashion Limited and the proposed name change to "Itsum plc", Maxrs Ventures Limited changed its name to Itsum Limited.
As such, the Company announces that, further to the announcement on 27 March 2023, the Company has changed its name to Itsarm plc. With effect from 8:00 a.m. tomorrow (30 March 2023), trading on AIM will commence under the Company's new name. The Company's TIDM, "ITS", ISIN (GB00BMXMR838) and SEDOL (BMXMR83) remain unchanged.
THAT'S WHY WE ARE ALL GETTING CONFUSE, but there is only 1 ITS online ladies fashion but with perhaps 3 different owners then''with issues'' but now there is only 1 owner of the entire issued share capital of the said target that call himself ITS holding 2023 LTD and he is the person BRAD have bought the whole lot from
there is not another cash shell call ITS looking for a RTO IMO they are all 1 of the same
DYOR
Thanks for that JRR'' that means BRAD is moving quick to get this RTO all wrapped up'' as expected
Not the same its, that was another cash shell looking for an rto of its own
The Board of Iconic is pleased to confirm that it has now entered into non-binding heads of terms with the owners of ITS Holdings 2023 Ltd (the "Target"), the holder of the entire issued share capital of In the Style Fashion Ltd, an online fashion retailer,
Non listed private company.
2 Apr 2024 07:00
RNS Number : 7616I
AIM
02 April 2024
NOTICE
02/04/2024 - 07:00
NOTICE OF CANCELLATION OF ADMISSION TO TRADING ON AIM
Pursuant to AIM Rule 41 the following securities have been cancelled from trading on AIM with effect from the time and date of this notice.
ITSARM PLC
2138007SBFARUPP3OP60
ORDINARY SHARES OF GBP0.0025 EACH, FULLY PAID
(BMXMR83)(GB00BMXMR838)
ITSARM/PAR VTG FPD 0.0025
If you have any queries or require further information, please contact the company's nominated adviser.
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AMOPPUGWWUPCGWR
Now the process up and running, down to Brad, how much or how little he want's to spoon feed the market along the way.
No , normal for most to give a couple of updates at least, main one being deal completed, then its down to the enlarged company to have all its paperwork in order to submit the new company prospectus to the FCA (2-3 weeks if good) then a fixed 10 working day process with the Market for return, some RNA update over rns news wire some don't.
If you bring up the real LSE , at the top menu's , page new and upcoming issues, our icon or new company name , should appear on those pages prior to relisting, majority have but have had a couple that made deals and cut corners , overlap on FCA/Market 4-5 weeks process, down to 18 days in one case.
Long stretch is the current one, suspended to get the deal over the line, all in order the last bit 4-5 weeks is a breeze and basically the final two steps of an IPO being completed. 👍
Does Icon just reappear?
Or do we get an RNS beforehand with a date...
If he is still saying in this RNS the? deal meets its "strategic objectives of long-term growth and value for our shareholders." then IMO it's a fore gone conclusion, that it will be concluded shortly, as ITS is never going to get another opportunity for a main Market listing, so it would be in both our interest to get this over the line ASAP..
just thinking out loud....
I'm sure this RNS shows they are moving forward, hopefully very soon
ICON has manage to turn a profit for the first time in 5 years, now'' that has got to be a plus, once RTO is all rapped up god willing..
Agreed, this will be the hardest bit of the negotiations sorting out this aspect. Once that has been sorted I am hopeful a successful conclusion to the RTO.
I am sure I also saw in the accounts for Fashion they have a £3.5 finance faculty in place upto March 2025 with their stress test. So sort our finance side out we should be in the clear.
Surely one of the goal posts of the new listing will be to clear the ties with EHGOSF once and for all, they are quite literally leaches. No new listing will want a partner who will drag down the new valuation.