London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
You will only have one login account. Registering with multiple accounts is not allowed. Any user found to have more than one account on this site will have all, and any future accounts suspended permanently.
Your email and password must only be used by you. If a post is made under your account, it will be considered that it was posted by yourself.
Your account nickname must not be the same, or contain, listed company names or board members' names.
While debating and discussion is fine, we will not tolerate; rudeness, swearing, insulting posts, personal attacks, or posts which are invasive of another's privacy.
You will not;
discuss illegal or criminal activities.
post any confidential or price sensitive information or that is not public knowledge.
post misleading or false statements regarding the share price and performance. Such posts are deemed as market abuse, and may be reported to the appropriate authorities.
post any private communication, or part thereof, from any other person, including from a member of the board of directors of a listed company. Such posts cannot be verified as true and could be deemed to be misleading.
post any personal details (e.g. email address or phone number).
post live price or level 2 updates.
publish content that is not your original work, or infringes the copyright or other rights of any third party.
post non-constructive, meaningless, one word (or short) non-sense posts.
post links to, or otherwise publish any content containing any form of advertising, promotion for goods and services, spam, or other unsolicited communication.
post any affiliate or referral links, or post anything asking for a referral.
post or otherwise publish any content unrelated to the board or the board's topic.
re-post premium share chat posts on regular share chat.
restrict or inhibit any other user from using the boards.
impersonate any person or entity, including any of our employees or representatives.
post or transmit any content that contains software viruses, files or code designed to interrupt, destroy or limit the functionality of this website or any computer software or equipment.
If you are going to post non-English, please also post an English translation of your post.
If you are going to post non-English, please also post an English translation of your post.
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium and Verified Members
Premium Members are members that have a premium subscription with London South East and have access to Premium Chat. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
SS - really good to hear your crypto adventures are working out - its not a market for the faint hearted and as you note requires a high degree of diligence! mmx had the hallmarks of a sound and low risk investment but if we look back at the history of how it was run right back to Fred K, Anthony Van C, TH there are lots of warning signals over the years - i just don't think any of us thought there could be such continued mismanagement of such a relatively simple business model! Its not a total disaster either - we got the exit we were looking for but in the rush to do a deal our recent legacy hurt the sale price - but i've seen and been involved in a lot worse over the years. As you say - most have come out ok and have generally moved on. I think the quality of chat on this board is testament to those who contribute - and there have been some serious exchanges as were warranted as certain situations developed - but that's the point about having boards surely - reasoned debate to help inform investment decisions. More recently having the input of a major shareholder and leader in the domains space in SJL was extremely useful - although sometimes hearing the truth about what had occurred was difficult to stomach. Been a pleasure to converse with you - and the other long termers you noted - bakky and hucks included - and more recent investors. Now to find a 10 bagger :-D SB
Thanks again...I have been extremely lucky to have had the crypto option come along at the right time..I've had to study and learn a new technology,but it has been the most profitable period of my investment life...A lot of luck,riding a bull market,but importantly recognising the market to be in... I look back at MMX ,and think that I should have known better...there were so many warning signs that I ignored...My gut told me months before that TH had no intention of declaring a dividend...All.the small misfortunes that mounted up..the deal with SjL..the deception that SjL uncovered in his sale to MMX etc etc..I was talking to TH ,and it didnt feel right..Bahh...you live and learn ..Ultimately,I feel I was lucky to.come out intact ,and to live to fight another day...Best wishes Silv Norrab Ken.and all who were on this journey.I will drop an email before the final chapter...
I sold my last bit of holding, I did consider waiting till the end, but my holding is in an ISA so if I couldnt tender the whole lot for sure it would have been a risk. Although I lost out on a bit of money 10%, its not the end of the day. I took the money and put it into another holding. End of a journey! I am just glad that before all this happened, I was able to average down, although I had a smaller holding that quite a few people here, I am still glad i made 50% profit.
I would not be surprised if there is some selling post the tender offer for those who do not wish capital tied up in a company with no liquidity aside from the end game - likely later this year. I suspect L&C and Lombard will remain buyers at the right price. SJL still has a decent slug as well. Hope your investments are doing well and nice to hear from you - even if it was for a pal - not many of the 10 year team remain! SB
Indeed things looked to be going this way given the lack of activity...My friend has a bit of a judgement call..I think I would sell some on the open market to minimize what may be left in an untraceable stock... Always good to hear from you...SS
Greetings SS - good to hear from you. Given the declaration from the company there is no appetite for an RTO, the current tender offer at 10.4p looks decent in comparison to current share price - accepting there may still be a wee bit to be squeezed out once everything is done and dusted and the lights are turned off later this year - but the current tender price certainty appears attractive. Once the company is delisted in late February any residual holdings will be locked in without any ability to trade shares until a final pay-out - which as the company has noted will be similar to the current NAV give or take a bit of savings or increased costs to close down. Note previous comments on ISA holding issues posted in last few days. All assuming no one tries go buy the business but without an AIM listing not sure that has any value. The journey is coming to an end. ATB. SB
Having looked into this Culpepper is correct in that you cannot hold private company shares in an ISA - so it appears the final payment post delisting would be outwith the tax benefits of an ISA in relation to capital gains in addition to the loss of those funds from your ISA shares account. Something which might impact on individual positions as to whether to hold or sell. SB
Hi Sinkenken. Good points. On the first point - the reason for delisting appears to be sound in terms of some cost and regulatory benefits - but given there is no appetite for an RTO and the decision had been taken to wind the company up then a delisting was inevitable anyway post July - and given the timings on winding the company up may run beyond that they are probably just sorting it out now. At the point of delisting we will not be able to trade any shares we retain in the company post tender offer - so we would be ‘locked in’ until the company makes its final payout. We would be investors in a private company which remains subject to company law - and it’s major shareholders who have made their position pretty clear - maximum cash payout please. I don’t see any risk to this final payment other than the caveats on price and timings. On your second ISA point - not sure - I have not been an investor in a fully delisted entity in a tax wrapper - I’ll see if i can find anything out - and there is the potential to raise the issue as part of the investor dialogue at the general meeting. ATB. SB
Hi Silverblade, will the company be able to distribute any cash after the company ceases to trade on AIM, especially if the shares were held in crest by a broker on your behalf. There is a problem if shares are held in a ISA & cease to trade. Regards SKK
Hi Culpepper. I guess I was suggesting that the company was likely pessimistic in estimating the costs to close its trading operations - which are now the costs to wind it up full stop - and as such the savings which are being made have already been reflected in an increase in NAV from 9.6p at first tender to 10.4p at second tender and that pattern may continue with the final payout. At that point there will be c.80m shares so a $1m upside in distributable cash adds a decent gain to NAV. But the opposite also applies if costs are higher! Interesting on see if IIs tender their full entitlement. SB
norrab - you thinking of holding to the final curtain to see if there’s any more increase in NAV once everything is done and dusted - not that it will possible to sell all holdings at 10.4p in current tender if fully subscribed. SB
"On the basis the Tender Offer is fully subscribed and all Shareholders are Eligible Shareholders, each Shareholder shall be entitled to tender 1 Ordinary Share for every 1.485 Ordinary Shares held by them on the Record Date. Shareholders do not have to accept the Tender Offer..."
· Return of up to £19 million (approximately US$26 million) to shareholders via a Tender Offer at 10.4 pence per Ordinary Share
· The Tender Offer Price represents a premium of approximately 26.1 per cent. to the price of an Ordinary Share at the close of business on 13 January 2022 and a premium of approximately 24.8 per cent. to the volume weighted average price of an Ordinary Share for the period 14 December 2021 to 13 January 2022
· Up to 182,692,308 Ordinary Shares will be redeemed, representing approximately 67.3 per cent. of the Company's issued share capital (if the Tender Offer is fully subscribed).