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Received 96.8% of my remaining holding today at 10.4p. So few left now i'll just take the tiny loss from the market for the remainder. Off to pastures new. Good luck to all.
Thanks SB for the update ...
All - FYI this is the Corporate Action update information I received from my broker
" As the shares will no longer be trading on a supported stock exchange you may choose to sell your holding prior to our last day of trading listed above or transfer your holding to another broker. If you do not wish to sell or transfer, following the delisting we will endeavour to provide you with a share certificate in relation to your holding, should one be issued by the company in the future.
ISA Customers
Due to restrictions imposed on ISA accounts, unlisted shares are not considered a qualifying investment. Certificates received in respect of ISA accounts will no longer be held within the tax efficient wrapper so will lose any tax benefits."
So - for those who choose to remain invested - looks like we will receive good old paper share certificates for any remaining holding in the company in due course - and presumably will redeem those certificates when the company is formally wound up later this year as the remaining cash in the business at that time is distributed. SB
FYI - tender offer has been completed in my isa and trading accounts. Just under 90% of shares sold - higher than expected - suspect some of the II's have held onto their holdings for the final payout which has allowed PI's to sell much higher than the 67% on which the tender offer was based. SB
I haven't received any funds yet from the tender ... i assumed the same as you SB but I should probably contact III for clarification aswell since they are also my broker.
you need to ask the company that is holding the shares what will happen.
Good question Mickster - i assumed the shares would do the opposite of a bed and isa.....ie be sold from the ISA and moved into your trading account but with no ability to 'trade' them thereafter - but i don't know that for a fact. I have asked my broker (interactive investor) to clarify what happens and will clarify when I hear back. Has anyone received their tender allocation yet? SB
SB...if the shares are in an isa, won't the broker just sell the remaining shares at delisting and put them into the sellers trading account rather than the isa, provided you have both with the same broker?
Good point kitkat.
In other news - the GM was one of the shortest I've ever attended.....and confirmed the resolution to delist was passed.SB
if your holding was in an ISA you have a slight issue when they delist
Sincere thanks SB v helpful
Photonic - there is an GM this afternoon which will likely confirm the company will be delisted from AIM in two weeks time. At that point - assuming it goes ahead - you will not be able to trade shares in what will be a private limited company. So you have a decision to make - sell your shares prior to 21st Feb at current market price - or leave your remaining holding in the business in the expectation there will be a final pay-out later this year when the company is formally wound up. The company has stated any final payment will be similar to the current NAV of 10.4p - but nothing is guaranteed and some investors would not be comfortable having their capital tied up in such a restricted manner. I tried to tender all my holding but don't know how much went through - but expect I will have a residual holding and I'm likely to leave it there until the final payout. Hope that helps. SB
Ops i messed the 6 day deadline to sell in the tender offer. Can anyone advise as to what to do now
Completion of Tender Offer
and
Exercise of Options/RSUs
Further to the announcements of 14 January 2022 and 3 February 2022, Minds + Machines Group Limited (AIM: MMX) is pleased to announce the completion of its Tender Offer.
The Company confirms the Tender Offer was fully subscribed and 182,692,308 Ordinary Shares have been purchased at a price of 10.4 pence per Ordinary Share, for aggregate consideration of £19 million. Tenders for up to and including the Tender Offer Entitlement of 1 Ordinary Share for every 1.485 Ordinary Shares were met in full, representing approximately 93.35% of the Ordinary Shares being purchased by the Company. In addition, 16.59832% of shares tendered in excess of a shareholders Basic Entitlement will be purchased, accounting for the remaining 6.65% of the Ordinary Shares being bought back under the Tender Offer, The Ordinary Shares to be purchased under the Tender Offer represent approximately 67.3% of the current Ordinary Shares in issue.
All of the 182,692,308 Ordinary Shares bought back have been cancelled by the Company.
Thanks for the candid viewpoint, again.
GLtoA
Hey Chaps ,
Sorry for the extended radio silence .
unfortunately , i was out of the loop for a good few months towards the back end of the year with some non covid health issues . Seem to be on the mend somewhat now which is a relief .
I did make some informal overtures to the BOD regarding the possible RTO of the shell by the regulated digital payments company i am involved in in the UK but there didn’t seem to be much appetite so it never progressed .
i am supportive of the tender offer and took up the offer at 10.4 p and tend to agree with Silverblade that the final private company payout may be circa 11p if things play out as they seem to be .
i think and this is only an assumption that the BOD probably felt the company had too many potential contingent liabilities that may have come out of the woodwork in the event of an RTO and the incoming vehicles attornies would never be able to get past that .
that is pure speculation on my part i must add .
the eventual outcome wasn’t what we all hoped for but also wasn’t as bad as it could have been .
for the other ICM holders who had not sold any shares , unlike myself , they went into this deal at circa 8.3p and can out circa 10p so a “ win “ of sorts for them .
i probably broke even on the trade myself ( haven’t done the exact math ) .
i think the domain business is no longer any kind of growth business so the outcome is for the best and was really that reason that we decided to exit in 2018 .
I have to say i have utmost respect for the remaining BOD and believe they have acted , as they should, will a level of integrity and professionalism that can sometimes be sorely missing and i wish them the best as i also do to the rest of you on this Board. almost all of you gave me a fair hearing and many of you had some good insightful views .
who knows our paths may cross again if we ever bring the payments company to market in the UK !
my best regards to all
SJL
Further to the announcement made on 14 January 2022, Minds + Machines Group Limited (AIM: MMX) is pleased to announce the results of its Tender Offer. The Tender Offer closed at 1.00pm on 28 January 2022.
The Company confirms the Tender Offer was fully subscribed and 182,692,308 Ordinary Shares will be purchased at a price of 10.4 pence per Ordinary Share, for an aggregate consideration of £19 million. Tenders for up to and including the Tender Offer Entitlement of 1 Ordinary Share for every 1.49 Ordinary Shares held by a shareholder will be met in full representing approximately 89.68% of the Ordinary Shares being purchased by the Company. The remaining 10.32% of the Ordinary Shares being bought back under the Tender Offer, will be purchased on the basis of 1 Ordinary Share for every 12.91 Ordinary Shares tendered, pursuant to demand for Excess Shares by Eligible Shareholders. The Ordinary Shares to be purchased under the Tender Offer represent approximately 67.3% of the current Ordinary Shares in issue.
Hi SS - perhaps not the ending we all saw here at one point - but I am sure we have all had poorer investments than our domains adventure despite the outcome. I have enjoyed our chats here - and always valued your opinions - I think we all tried to support each other when it hit the fan over the years. I tried to offload all my remaining holding - will find out tomorrow what the take up was - then decide what to do before we get delisted. I wouldn’t be surprised if the final final payout is 11p+. Thanks for the details - I will say hello at some point. ATB SB
Cheers Sunday, all the best mate, see you around the boards maybe. Wishing you every success! atb
Hello Norrab..I hope you are keeping well...
The journey ends after many years ..I hope everyone came out with some profit ...I think the longer term investors did.....
My best wishes to you all...Special thanks to you Siverblade...Krislunsar@yahoo.co.uk
Sundaysun
No doubt SB !
I'm mainly into the Banking, Pharmaceutical and Travel sectors these days, with a more balanced portfolio. Lol
ATB ! (I agree it has to be fun too, money isn't everything in life)...... :-)
Nice post Norrab - virtual friends, profit, fun and rollercoaster - that’s a good positive way to remember the time so have all spent here. Good luck too / maybe bump into you elsewhere!! SB
Great dropping in here reading how my old investment peers have nearly all got out of MMX with some profit.
I enjoyed my time on this board and echo SB's assertion on the quality of contribution here, which made it so interesting. I wish everyone success with their future investments, its been fun on this rolletcoaster! Atb
As far as i can tell hes fun with the money
Wouldn't surprise if SJL made a late bid for our aim listing...
He seemed rather keen at the time for RTO...