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Mick - 61% of the company (just over 550m shares) is currently owned by our six largest II's and Guy Elliott. I suspect there are probably a few II's sitting just below the 3% declaration threshold - so the 61% II holding is likely even higher. I see where you get the 45% from - i'm not sure but this might include fully diluted shares - there are 65m of those subject to various vesting conditions (and most would be under control of TH and MS). Point being - if it was a 75% target to take it private - they are pretty close. The British Virgin Islands has a separate takeover code for this type of activity - which is minimal - although companies usually follow best practice in line with their main trading markets (Europe, US). Even if they only had 61%, 130m shares (£5.2m current value) would take them to 75%. SB
depends how many have had enough! The longer they keep the sp down the more frustrated we get and willing to sell out at low prices. Just look now, peeps are selling at 4p, many would snap your hands off at 6p?
how can they take this private bakky with so many shares in public hands? it would need to go to a shareholder vote with a majority of circa 75% in favour..... the mmx website states only 45% held by major shareholders
who knows Dr. With a small uncomplicated business I would have thought it difficult to commit any sort of fraud.
Three weeks since the RNS and yet, no updates. Are we talking fraud here?
do you really believe that anyone will be sacked?? I don't! Offer will come in from II's , take it private with same culprits at the helm and sell well into double figures 18/24 months time. There you go!
This investigation is not taking any longer than I expected...I did hope for an early conclusion,but these things do take time and go beyond the resolving of the issue..replace key employees ,set up fail safe procedures for the future etc...
I just hope they act in a decisive manner and not pussy foot around.