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Added at this price today - surely results are due next month and maybe (finally) news on the possible D4E talks - here’s hoping!!!
And what about a bit of consultation with the people subscribing to the loan note open offer?
https://www.lse.co.uk/rns/IDE/result-of-open-offer-to-subscribe-for-loan-notes-vjqukgko9rikr3q.html
With Smith (Mxc partner) running IDE, Mxc shareholding 35%, and Mxc with the preponderance of loan notes I would think they were more likely to be making the running. On the other hand, if Kestrel got together with Dobbie and maybe Griffiths, with a different view, they could make things difficult for Mxc if they feel they’re trying to pull some sort of flanker out of self interest.
Bottom line seems, can they get together enough to give all IDE shareholders better prospects, or strangle it slowly, interest and all, and put up with their first calls on what’s left. Or just maybe, Mxc will take a relative hit on their notes.
In summary, no idea and nothing will surprise me.
I still have 2.5p in mind for conversion, but only because Kestrel did and I don’t think they would have acted without a sense of what the future held.
Sorry for the late reply - I am hoping the other CLN holders are already in talks with the company and its MXC that is late to the table? It be good to get all parties to agreed to the same terms at the same time instead of having separate conversions - we will see..
I bought first at 37p! This is gonna be a winner one day! LOL.
And finally, yes Knigel. I haven’t back read on all the loan notes but Mxc talking about the conversion of their notes. What about the others?
I need 2.5p by the way, and that may still be possible. Mxc , Smith and all, will look after themselves, which is why I remained an mxc shareholder and bought when it tanked going private.
It’s a balancing act for Mxc.
My post of 12th is probably the way to view this. IDE have apparently ‘chosen’ not to repay. Mxc will get shares. Possibly Cloudcoco shares next, at 1p per share.
In due course one way or another Mxc will sell their interests - possibly having taken IDE private.
I have lost a lot of money on this, so have nothing to lose by waiting and seeing... however I see nothing good coming of this for people like me. £6m market cap, £25m debt... there's very little equity to even give.
I am sure they would have issued a trading update if there has been a material change - the results are due soon anyway - what’s annoying is that one party has clearly been dragging their feet re discussing the debt options if talks have just started when is was mentioned several months ago - as for the loan they might rather keep a decent cash balance atm..
Some shenanigans going on...................
And looking back at that original RNS "the Company expects to repay the loan by the 31 March 2021" [sic, I think they mean 2022] Has their position deteriorated so much that in the space of a few months they went from thinking they could repay it to... well... not.
Well the RNS answers that one!
IDE lends money to Cloud Co partially owned by MXC so that it can take its connectivity business away, then in the process can't cover its own bills so borrows from MXC... and can't repay that. Lordy.
"MXC has begun exploratory conversations with IDE Group, with a view to converting its loan notes into equity."
Why do I have a vision of Ian Smith with glove puppets. Hand one: "Do you want to convert debt into equity?" Hand two: "Well sure, that sounds like a swell idea!"
MXCP will be the substantial beneficiary. Underlying all of this, and I would call them facts, is that IDE is an MXC vehicle run by Smith for his, his partner WEAVER’s, and the MXC concert party’s ultimate benefit. That’s why they do what they do, taking their other interests, Cloudcoco and the rest, into account and making things fit where they can.
You can bet your boots there is a plan to which we’re not party, which will enable them to sell up their assets to best advantage in MXC ( where their personal holdings lie ) over the next 3 years, and retire.
Probably paid back. Their PR is abysmal.
Look at OSI it does 300%+ recently on record orders but if you look deeper perhaps £500k of orders. IDE wins contracts and contract extensions from £20 mil to £60-70 mil and says nothing. If they put out a RNS for that it would have went to 5-6p. Fundamentals mean nothing momentum is key and issuing news flow is magic but IDE do not seem to care.
That was meant to be paid back by end of March. Should we take no news as:
1) It was paid back, so nothing to say. They'd say if it was converted.
2) It wasn't paid back... because if they had paid it back they'd announce it to sound bullish.
3) Neither, they don't need to say...
It means that if they are remotely bullish about one of their companies they will come out with a buy buy buy !!! notice and if they are remotely bearish they will say nothing.
Would you mind explaining what the brokers note means? I'm not up on that.
Also I wonder if they have paid back their loan, due end of March.
Cheers - just added as some sort of news is way overdue imho
A mate just told me that FCAP have issued a brokers note. I haven’t seen it but at least it can be seen as a positive development.
Maybe the share price is at the beginning of a re-rate? The company is committed to realising shareholder value whatever method they decide on to resolve the debt issue
I recall also when Mxcp were running Castleton Tech, they bought up I think £5m of loan notes outstanding with a bank, and improved circumstances t for Castleton - along those lines anyway. They could do some of that and settle on company sale.
There’s room for things in addition to just conversion, is what I’m saying.
They originally spoke of removing the debt overhang, now it is exploring resolutions on the loan notes.
I tend to think there will be some conversion, Kestrel having done so, IDE still carrying some debt the terms of which may be adjusted, but, you know, none of us know what may be decided upon.
Mxc do hold most, are largest shareholders ( haven’t checked to see where Kestrel are now ) and Mxc partner Smith with 15% of Mxc runs IDE - his partner Weaver holds similar Mxc. I was indicating again that the debt holders are the largest shareholders. I don’t know what pretence you refer to.
Fair enough - I just must have misread the old RNSs re MXC taking a fair slice of loan notes - but I am happy to be corrected - but you can’t pretend that issuing (say) 500 million new shares to repay most of the debt won’t move the shareholder registrar !!