Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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"6.00 p.m. on 30 April 2021 being the latest time by which transfers of Existing Ordinary Shares must be received for registration by the Company in order to allow transferees to be recognised as Qualifying Shareholders "
Any shares purchased after that date will not be able to participate in the offer. I don't think I have ever known an open offer where the offer was announced and the record date was set for a later date.
If JW was truly interested in building this company he wouldnt have given himself a substantial bonus until it was covered by profit. You would put the company first and only when that is a success take a bonus. You would also buy up a lot more shares because it's something you believe in. I've only been holding for about 3 years and sadly it has not been a successful hold so maybe my judgement is clouded
Pokerchips, I fear you're over-thinking the issue! As I said, I don't want another protracted thread about this. Educating some RR. holders was such an uphill struggle.
For whatever reason, companies still word rights issues and open offers in a way that seems to mislead a lot of inexperienced PIs. Occasionally they are forced to clarify, as occurred with the Atlas Mara open offer some time ago.
https://markets.ft.com/data/announce/detail?dockey=1323-13325764-3F10R9RQPHKL9OI557N41BRCD0
Note how they also describe the Record Date of 8 August as the "Mailing Date" for entitlements.
Note how the ex-entitlement date is 11 August and how they've clarified that close of trading on 10 August is the time by which shareholders need to own shares in Atlas Mara in order to participate in the Placing and Open Offer.
Poleaxe
There is no false market...if you don't settle your trade then do don't get the offer...simple as that.. because the trade will be scrubbed from the record date....as it is invalid if not settled...
If you sell between record date and ex-date...that wont matter .... there is no record being taken after record date....
When you make a share purchase your broker is contracted to pay for them...they pay the middleman for the trade and then they take the cost from you.....
You as a private investor may have cash on your account...but not everyone is dealing with cash account...
The broker has to pay insurance cost to make sure they can cover the cost of paying for every trade
...where if you have a settlement account you can cover with your broker later..the trade has a settlement date ..Trade + 2 days
Ex-Entitlement means that you have to have settled your trade by then..or ..your broker wont forward you the offer ....you haven't settled and paid for the trade outstanding !!
A friend of mine used to work at a broker...he told me it all..
but sure..we all hear different things from different people...sure
You can sell out at a 66% loss or remain invested and lose nothing. Furthermore, you will profit when the SP moves upwards as fundamentally this is a good company. Strange you choose to sell just as things are getting exciting.
Thanks for your time in clarifying this for me guys. Appreciated. Best of luck with this for you all going forward.
Pokerchips, I've no desire for a protracted re-run of the RR. debacle.
The ex date is all that matters to PIs with nominee accounts. The record date is used for the allocation of provisional entitlement letters to certificated holders. Holders who sell between the record date and ex-date should forward these to the buyer.
What do you suppose the "ex-entitlement" date means?
You cannot decree retrospectively that shares bought prior to the open offer announcement don't qualify. That would be trading in a false market.
Bubble. I think I've been here a few years more than you. I believed then, like you do now, that infa (with only IM) was about to, as you say, "take off". Back then, little did any of us know the ML was NOT secured and the project WAS NOT shovel ready. Surely if JW had done his DD he would have known this, yet it was never revealed??? Lots of new investors piled in, and many have stayed. But as the saying goes, "I was blind but now I can see".
I have been waiting too long for something, anything of real SP raising value to materialise and, with today's substantial and continuing placings the straw has broken this camel's back. I prefer to withdraw with a 66% loss rather than lose everything. I am not rich and invested here hoping to secure a more comfortable retirement but that is now mostly gone to the world of Aim BOD's and their bonuses. What a world we live in?? Long gone is "a man's word".
Looks like a few private investors are already buying in the market to prevent any dilution ..should the placing all go through
I wonder why they buying above offer price now hmmmm
Oh look they buying up those sells hmmm DYOR ....
" the BOD have given "0" reason to invest" Well that's obviously not true - we have a salt cavern awaiting the ML and have since bought H&W belfast, Appledore, Arnish, and Methil, and have generated maiden revenues and have billions in potential contracts in the pipeline.
"they offer a placing at a virtual 25% discount, you should ask why!" Because bookbuilds don't happen quickly at high prices?
If you believe JW is just some shady character out for bonus money and not to build this company then yes I agree - do sell up and move on. Good luck out there, it was nice talking to you. For the rest of us I am happy to wait.
Well if you all DYOR,and realised something big is going to happen you sit tight and wait to be rewarded imho ,speedy surprised your off when this is about to take off gl.
Poleaxe
Record Date for the Open Offer - 6.00p.m. on 30 April 2021
" They go ex-entitlement tomorrow, meaning any shares bought today qualify for the open offer."
err no...it means that you have to SETTLE anything from the T+2 by end of today ....because if you haven't ..(even if you bought before 6pm last friday.) .you wont get the offer..
The cut off date was last Friday ..... you dont buy them today and get in on the offer
sorry
Narada, youll get given the opportunity to buy more shares at 30p on the basis of a minimum entitelemnt of 1 existing share per 6 you hold at close today. You don't get them for free. They want your money.
Don't be bamboozled by record dates. They go ex-entitlement tomorrow, meaning any shares bought today qualify for the open offer.
Razor, I found your last post rather strange, if speedy decided to sell it was for good reason as the BOD have given "0" reason to invest, they offer a placing at a virtual 25% discount, you should ask why! if everything was rosy in the garden a 10% reduction would have been snapped up but considering JW's bonus from the last cash call they needed to make it attractive. the only thing that will turn this now is a MAJOR contract or BOD buying. I retain my holding in BLIND FAITH but my HEAD says sell. so much promise but also so much cloak and Dagger! AIMHO
Doing placings gets you friends in the City...because they make money out of them......you never know when you might need to call on them again
Tango1,
I don't believe that JW will be here in 12 months' time (whether INFA is still here at that point is a different matter). I just wonder whether he will trouser another cheeky mill in the meantime.
Tango1
I suspect they already have commitments to the shares before the book build even opened.... you don't suggest you will raise an amount without knowing the interest is already there and ready
jfk9,
I would suggest the seeming unavailability of further debt facilities gives a true sense of the value of those assets...Would you lend against defunct shipyards, to a company that is high on words but has yet to deliver anything, except a nice bump to the directors' bank balances? They didn't even know where they were with their own marine licence application. Remember too that Belfast is already hocked.
If there is not an RNS this evening stating a full take up then maybe JW should consider his position and maybe move on so another GO_Getter can finish the Job. If no RNS it will be 100% on the basis of the Bonuses IMHO.
With low interest rates as they are, an apparent strong pipeline of projects and some valuable assets you would think borrowing would have been an option. I wonder if it was investigated.
Speedy why would you sell out now of all times? And at a loss? If you don't have urgent need of your money why sell out at this pivotal and exciting period in the company's development? To me it just makes absolutely no sense whatsoever, but if you're done here then good luck with your future investments
Of course small companies have to do placings because lenders don't want to know but they should be in the 7am batch of RNS's and not pushed out 3 or 4 hours later. I wonder what their motive was? Many holders won't be aware yet and will notice the drop this evening. Bad form imo.