Mmx Share Chat (MMX)

Investors get their money yet?

Hopefully goes well.

Good spot overlook! Escrow should be with us tomorrow - hopefully we get some confirmation from company which includes we have paid all our tax obligations as well - closer and closer to final payout. SB

I found this article which is pretty good. Left a comment and question on the site.
https://www.specialsituationinvestments.com/2022/02/minds-machines-mmx-l-liquidation-20-upside/?unapproved=14120&moderation-hash=3859397d1a54d78df2ff90c857bd2903#comment-14120

Thanks SB.

First I've heard of this, nice of my broker to keep in touch. In my experience they may still buy your certificate or spend four years doing the sums. Don't hold your breath.

overlook - I expect we will next hear from the company in early April to hopefully confirm the full escrow has been released together with an update on where it stands in relation to paying its tax and adviser fees and a potential timetable for the final return. Our shareholdings remain recorded in Crest - I can still see my holding in my accounts - just with zero value! SB

If you get any further info on your shares can you let me know please.
Cheers.

Thanks for the info Silverblade. I thought I had selected to sell but it seems now. I didnt.
Do I need a paper certificate from broker then? Bit lost on this one.
Would help if they communicated what's happening.

Thank you Silverblade,much appreciated

PAGE4 - you now own shares in a private company (with no option to trade your holding) which is currently winding down its operations, paying tax and adviser fees and is waiting on the repayment of $12m in escrow from Godaddy expected early next month. Whatever cash is left post those events will be distributed to remaining shareholders - the last estimate was 10.4p per share available for a final distribution later this year (or possibly sooner) - based on your holding at the point the shares were cancelled on AIM but remain recorded in the Crest system. The only bit I'm not sure about is how the company will communicate going forward (could possibly still use RNS) and how it physically intends to distribute its remaining funds. SB

Just seen this ... can someones sum up what happens next - how much is paid back for existing shares ... I didn't elect to accept the tender as I've only just seen this - does this make a difference to any payout ?

Company now formally delisted. Shares removed from trading and ISA accounts as predicted. For those who held on until they turn off the lights - lets hope they can pay the bills and wind the business up as quickly as possible with a minimum of fuss and a maximum of cash! SB

Greenhat - I would hope that the final pay-out may be a bit quicker but yes end of year worst case sounds ok. If your shares are in an ISA or normal trading account your broker will endeavour to provide a paper certificate for your holding - and in the case of the ISA holding those shares will no longer qualify for the associated tax benefits. Not heard anything else to the contrary. Meanwhile - mmx is my only blue share today.....SB

My broker told me just now that it could take up to the end of the year to get all my money back and if it were in my ISA - they'd have to transfer to another broker.

Seems like a lot of admin to me. Am going to sell to the market now before delisting.

Anyone else heard any news?

Overall 5% return on an eight and a half year rollercoaster. It was fun though!
See you and some others elsewhere no doubt. Thanks for all your posts.

Great outcome rgm - I hope this allowed a decent overall exit. Best of luck in the future - and all those who were part of the mmx club. SB

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?