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So we are being delisted to save a few quid on Aim fees.
May I suggest Mr Gun that you stop sending a plethora of cash, many £ks
to your other company Inspirit Energy.
Unless I get a good offer I'm taking this to court. Let a judge decide.
Seems like someone's happy to buy as many as they can get 0.90p.
Still well below me 1.5p avg.
Will hold.
Hopefully a better offer arrives?
Fascinating to see how this pans out?
nice tick up
Each share get 1 vote so if you own 53% of shares you get 53% of the votes is my understanding
thea- I thought it was votes cast not based on holding size.
I believe the rules require 75% of votes cast to be in favour.
The Board already have 53% of all shares in favour and expect to win.
Shareholders who oppose the decision now need 25% from the remaining 47% of all shares in issue to vote against so over half of remaining shareholders have to vote no to stop it happening.
I suspect that Gunn will be buying at current cheap prices coupled with apathy from private investors who don’t vote at meetings or miss deadlines will mean that deal will get pushed through.
I might meet him one day. I might make a special effort.
Another example of this is Formation FRM. Delisted from Aim and moved to Aquis stock exchange. Rarely traded on that. The company now wants to delist completely.
"The Company’s Annual General Meeting will take place on Thursday, 25 February 2021. At that time, the Directors will use their reasonable endeavours to present mechanisms which provide minority shareholders with the much needed liquidity that has been absent due to the very limited trading of Ordinary Shares, and an opportunity to exit the company if they so desire. Such mechanisms may include a share buyback".
Also got a director controlling interest and also left with millions in cash in bank. Did a smart property deal as private company. And yet.....if I get a third of my investment back I will be amazed.
Aim for you I am afraid.
I have held these in the past but sold out when I noticed the share holdings. Here is what TW has to say....I have deleted the names.
"You cannot say that I have not warned you all so many times that Octagonal (OCT) would end in tears. Corporate Governance and related party deals involving is, without doubt, the worst FD on the AIM casino. Today came news of a delisting and the shares have collapsed by almost 70% to just 0.7p. I do hope that the Bulletin Board Morons who knew so much better than useless old Tom Winnifrith, were well lubed up".
Am I correct in assuming approval requires 75% of those who vote, to vote in favour and therefore the existing shareholders will win , unless JG makes us a decent offer?
thanks for the confirmation Thenalyzer, it would seem this was the end game all along
SunZoo the relationship agreement is pretty short and it’s set out in AIM admission document. One of the provisions ironically was that Gunn wouldn’t vote in favour of a take private but that lapsed after two years.
What do people think JG has actually decided are his tactics in the wording of the resolutions?
I do not understand them but am thinking the authority to buy up to 5% might be used to mop up shares from shareholders with their own money.
If we hang out what will happen and what will he do?
Theanalyzer,
thanks for that clarification.... regards
Pokerchips the last three major shareholders are nominees and the first is simply a platform used by private investors and each individual shareholder will be offered a vote. I think JIM and Vidacos are similar. So not over yet but who knows how many shares Gunn mopped up today.
RULE 9 is 30%-50% below and above its not invoked
so you guys let him own the company with over 50%+ shareholding and not expct him to do what he wants?
Put it this way blue. When GiS became Oct all JG done was part with 49% of his shares or 39% if you exclude the 10% Oct already bought
yes but as soon as one major shareholder gets above 30% they should make an offer for the company am i not mistaken how the heck does someone get 50%+ and not have to make an offer for it?
Old blue
Lenigas started Oct. we held 10% of GiS as a private company.
GiS needed to raise funds, so there was a reverse takeover
And GiS became Oct
"John Gunn has an interest in approximately 52.89 per cent. of the Company's issued share capital. John Gunn consequently is in a position to exert significant influence over the Company, its strategy, directors and operations. In order to partially mitigate this risk, the Company and John Gunn have agreed a Relationship Agreement governing his behaviour as the majority shareholder in the Company." - i'd like to know what is in this 'Relationship Agreement'
guys how the heck was he allowed to get 50% off the company without having to make on offer for it?
i would think the spread would be enough to put off day traders
With the 0.1p per share ex-dividend date of 24th December, and a payment date of 12th January, might this stock attract day traders between now and 24th December who want to take advantage of the dividend payout?