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this has been an absolute disaster.
all its peers are doing so much better than this piece of schit
Be interesting to see what they do. I noticed amigo loans went from 5p to 16p in 3 days.
Right noises here and same could happen but who knows.
Sentiment rock bottom here. Wonder if any raising will be at a premium - think it has to be.
Yes a Capital reorganisation Would be required To raise below nominal. Only 312m shares here though so Highly unlikely If impossible. . Older its on the main market not AIM.
No skin of my nose as I’m all but sold Fortunately as i was spooked by delay - out Ive just kept a grand in as i think Positive news on the 200m securitisation which is purely to grow the loan book will see a rise back above 10p - look at amgo last 2 days, all doom mongers at 5p price, now 13p. Wont take much imo. They are far better raising equity for growth at a much higher price but who knows.
It happens more often than you think, on AIM. A common practice when circumstances necessitate.
That is true, Ian.B, and I understand the theory. But in practice, let me give you the example of TRX (10 june):
"The nominal value of the Company's shares is currently 0.5 pence which is higher than the Issue Price. As the issue of new ordinary shares at a discount to the nominal value of those shares is prohibited under the Companies Act 2006, it will be necessary to undertake a capital reorganisation ("Capital Reorganisation") to enable the Company to issue new ordinary shares in the future (including the New Ordinary Shares) at a price which is less than the current nominal value of an existing ordinary share.
It is proposed that each of the Existing Ordinary Shares be sub-divided into:
(i) one new ordinary share of 0.1 pence each in the capital of the Company; and
(ii) one deferred share of 0.4 pence each in the capital of the Company."
As I said, it would need a special resolution and a share split, which I used to think was unusual...
The par value of stock has no relation to market value and, as a concept, is somewhat archaic. The par value of a share is the value stated in the corporate charter below which shares of that class cannot be sold upon initial offering; the issuing company promises not to issue further shares below par value, so investors can be confident that no one else will receive a more favorable issue price. Thus, par value is the nominal value of a security which is determined by the issuing company to be its minimum price. This was far more important in unregulated equity markets than in the regulated markets that exist today, where stock issuance prices must usually be published. The par value of stock remains unchanged in a bonus stock issue but it changes in a stock split.
Which companies.
Are you sure NSF cannot issue shares below the nominal 5p? I've seen at least two examples (only in the last few weeks!) where companies issued below their nominal value via share splits and special resolutions... also, having followed NSF boss JVK, I think it's likely he'll go big, placement AND rights issue, involving everyone and anyone! AIMHO
The non exec Director bought 150k of shares for £11k.. On 30th June. They can NOT issues shares below nominal price of 5p and can only issue 20% Dilution unless offered to all share holders.
Only another £39’999’000 to go !
well two directors have just invested £500 each so we are on the way!
"Non-Standard Finance, the troubled doorstep lender, is in talks with investors about an emergency cash call for an estimated £40 million."
So 40,000,000 @ say 5p = 800 million shares with a current shareholding of 312 million.
You do the maths....