The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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But why did they fail to disclose over 150 times to the regulator and public and at the same time may have blocked some deals which were beneficial to shareholders... this is absolutely ridiculous they made massive sums of money from shorting the positions.. Did the incompetent management and incompetent Board that they have massive short positions?
"I still don’t understand how ARCM and other such companies can be allowed to loan money and then short the stock of the company with the loan. "
When wondering about that, you also have to also ask yourself if they couldn't use a risk mitigation strategy would all lenders be willing to lend to a high risk/distressed business like PMO without much hight rates of interest? For sellers of the debt they would have to discount further to exit, and that has remifications for the company , so it's debt is could be trading at rock bottom price to increase the yield for new buyers.
The City is probably one of the few places on the globe where laws permit such stuff. Goes to explain the U.K 'success' in this field.
explains why I don't have a private pension- when these 'masters of the universe ' are in charge of it. Not a very equitable life.
I still don’t understand how ARCM and other such companies can be allowed to loan money and then short the stock of the company with the loan. I understand the reasoning, but the ethics, how is it not insider trading. The fiasco earlier this year when AMCR took us to court over the BP deal holding it up, causing concern and ultimately effecting the share price. (Hindsight yes it wasn’t a great deal and the hold up allowed a renegotiation, but they also got a pay off of 9% of PMO issuing shares to close their short). My point is, at what point when the likes of AMCR have a foot in both camps to benefit from success and failure do they swing one way or the other, the worst thing being they are in the know with information as a creditor, not known to us shareholders. They still have a hefty short so they may make a decision on allowing the reverse takeover, taking a 25% hair cut on the debt repayment but happy as they more than make up the shortfall through their short position. Just seems highly suspect to me. It shouldn’t be allowed as conflict of interests and they have access to inside information. IMHO.
LTT
Nev, I have also contacted my MP and just received back a reply this morning that they have contacted the FCA, however with the paltry fine imposed I replied back asking them how one would go about lodging an enquiry/complaint/request for further investigation with the SFO. I will be interested in the reply I receive. As some other poster mentioned, having been fined wrong doing has been established.
Thanks Kilgeever, perhaps you would be good enough to enlighten us regarding any information you receive regarding ARCM.
I am in contact with my. MP who has been helpful regarding my concerns with ARCM and the FCA.
I am starting to think it may be best to refer the matter to the SFO.
Many thanks for you efforts the more of us who enquire or complain about ARCM’s effect the more likely the authorities will feel pressured into looking into the matter.