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Worth looking at this again, given the negativity around warrants elsewhere. Per RNS of 30th November:
“[In November] A total of 36,666,666 warrants exercisable at 0.2p per share, and 15,000,000 warrants exercisable at 0.5p, have been exercised.”
Per MilkMonsta above:
“ warrants outstanding
0.2p Expiry by end April 2022 37,000,000
0.5p Expiry 26th March 2022 828,000,000”
So at this run rate there would be about a month of 0.2p warrants to work through. Some of whom may want to take profit, some of whom may want to hold. A possible short term drag, but I suspect the current SP weakness is mostly in line with the rest of the market at the moment, and nothing specific to MOS.
By the end of that month, there will be more news on revenue growth. Assuming all continues to go well with the business as we expect, then we are onto the 0.5p warrants. These are no threat to the share price until it goes above 0.5p, but could offer some resistance around that price in Q1 2022 if some of the holders are looking to flip them for a quick profit. But as I see it, at the current rate of growth, by the time the warrants expire, MOS should be turning a tidy profit. Many of the warrant holders may choose to exercise and hold. And if they want to exercise and flip, there will likely be a lot of demand from other buyers at 0.5p.
So… I reckon there’s less than a month left of this buying opportunity to play out, and more news on new territories or indicative Brazil numbers could land at any time and end that opportunity. And let’s not forget the warrants have provided and will continue to provide MOS with working capital top ups to take them comfortably through the transition back to profit.
Guzzler - I am no expert but I would agree with that statement.
Of course, just because someone exercises the warrants it does not follow that the person will necessarily sell them in the short term.
So at this point, with the SP at just under 0.4p, is it fair to say there will be minimal warrants exercised?
A share price rise of 25% minimum is required before anyone should even be concerned about warrants holding back the price.
Warrents are sold to raise cash
But be wary if the share price does not reach in this scenario .. 5 by the date specified then the owner wl loose but if the share price goes beyond..5 to say..9 he can covert his Warrents to fully paid up share at a..5 then sell if they wish.
That's my take on it
Gla
From RNS:
"Mobile Streams plc, the AIM quoted mobile content and data intelligence company, has today applied for the block listing of up to a total of 484,768,300 new Ordinary Shares of 0.01p each. This figure is 20% of the currently issued share capital, and in accordance with the block listing process under Rule 29 of the AIM Rules would cover the potential exercise of approximately half of the currently outstanding Warrants"
Warrants outstanding as per post from MilkMonsta this morning (thanks by the way):
0.2p Expiry by end April 2022 37,000,000
0.5p Expiry 26th March 2022 828,000,000
From Block Listing RNS 4th October 2021
The Warrants for which the block listing has been made are as follows:
Issued Exercise price Number Expiry
6 April 2020 0.2p 31,500,000 5 April 2022
1 May 2020 0.2p 48,125,000 30 April 2022
26 March 2021 0.5p 44,000,000 26 March 2022
26 March 2021 0.5p 361,143,300 26 March 2022
totals 484,768,300
If the Warrents expire in March and the share price is below...5
Think it would prob mean a pump and dump senario before
That's my thinking beware buyin g before the Warrents expire. Happy to hold below let the Warrents expire below..5
I don’t really understand this warrant stuff. Why where they issued? Who decided to issue them? When was that decision taken? And how was the price decided upon and why are some at one price and another lot at another price?
I assume it was done to raise cash but we keep being told that MOS has plenty of cash, a slow burn, rising revenues etc.
Genuinely confused - can anyone explain it all in very simply terms??
But if all the warrants were taken the company would have an extra £4M in the bank.
What's the scenario if the SP stays below 0.5p for the next 17 weeks?
So a 32.7% dilution in March followed by 1.1% dilution in April, assuming all warrants are taken.
Thanks MilkMonsta and MOS IR - very helpful.
Emailed MOS this am to confirm how many warrants outstanding
0.2p Expiry by end April 2022 37,000,000
0.5p Expiry 26th March 2022 828,000,000
I wasn't expecting a reply but it came just after 8am. Great Investor relations.