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Let's hope so for positive news in Alteration Earth, looks like the MUST deal will be unwound soon
Hi T321, I'm not sure of the exact requirements and unfortunately haven't got the time to look things up at present. 10 days does seem reasonable though....
No doubt news will be issued via RNS.
I do remember reading somewhere that SPAC's listing before the New Year will have a financial advantage as their funding requirements will be much lower than those listing after. I haven't been able to verify that though via a primary source, so maybe it is just tittle tattle.
The clock is ticking however, and there aren't all that many working days left prior to 2022.
I do think all us long term investors need some cheery news at PRIM.
Squeaky bum time.
Hi skittish how far in advance does one need to issue a prospectus before IPO? I think for AIM it is 10 days?
Yes, the share price action is certainly perplexing.
On the face of it there were more buys than sells, but the first 300K listed as a buy appears in fact to be a sell, the second 300K appears to be a buy, but possibly that was also a sell. If the second is a buy and not a sell then the size of the drop is certainly odd.
Maybe something happening unseen, or simply a seller (possibly distressed) who needs to get out, and they don't appear to be finished as yet.
That maybe goes with the territory in a small, relatively illiquid stock, as the share price may frequently not reflect the underlying value of the assets. If you "believe" then there is an opportunity here.
I suspect the Mustang deal is parked for now, PRIM probably don't have much say in negotiations being somewhat semi detached from the actual deal (next door but two in fact), but would probably be consulted as to whether they would continue to invest once revised terms were agreed, if they were to be agreed.
As for Alteration Earth it all seems to be Go! Go! Go!
https://find-and-update.company-information.service.gov.uk/company/13571750/filing-history
The Companies House filings from yesterday morning indicted that there was a board meeting on 23rd November 2021 at which it was agreed that
1. the nominal value of the shares be increased from £0.001 to £0.003 (hence the issuance and consolidation of the shares),
2. that the board could call an AGM on 14 days notice,
3. that pre emption rights be disallowed,
4. that the directors be allowed to issue shares up to a nominal amount of £1M (333 million shares) for a period of 5 years,
5. that shares may be issued to pay for a target company up to 500% of the nominal value of the shares to be issued on the IPO.
NZI held a similar board meeting on 17-8-2021 (disclosed 31-8-2021) and IPO'd on 15-9-2021.
If ALTE follows a similar timetable (and it may not) then it could be expected to IPO on a date between 18-12-2021 and 22-12-2021.
But certainly all appears to be on course for an ALTE IPO before Christmas.
Which makes the recent share price action even more perplexing.
Unusual large drop on no news, might find out on Monday
More movement on Alteration Earth: https://find-and-update.company-information.service.gov.uk/company/13571750/filing-history
BMN share are down 25% in the qtr, we shop Will not be traded on a listed exchange and will be matched with buyers. Even prim on Twitter values them at 1.5m far away from the 5m Mcap. I’m as hopeful as anybody over prim but let’s not ramp it hey.
How will the weshop investment turn into £5mil?
Weshop will be worth as much as market cap v shortly
There’s really nothing to be negative about here as prim has the option to take bushveld stock or mustang stock.
Not wanting to sound negative but i have not seen anything to suggest Mustang will relist before the maturity date of 31/12??
This share is about to explode. The new IPO is due to list any day creating large gains for Prim. Weshop investment is about to explode and mustang re listing pending. Fair value 15p
SPAC
A SPAC is a Special Purpose Acquisition Company.
Primorus Investments Plc are investing about £350,000 in Alteration Earth a SPAC (see RNS 21/10/21)
https://www.lse.co.uk/rns/PRIM/investment-in-alteration-earth-plc-o2ycnw12ju0n13u.html
Our investment is in two parts:
2,500,000 @ 4p (seed shares)
2,500,000 @ 10p (subscription shares)
Primorus Investments Plc are also being issued with 1.8 million warrants at nominal 0.01p.
The warrants would only cost us £1,800 but at the 10p subscription share price of 10p they would technically be worth £180,000.
If you were to research the SPAC Boanerges, which listed on Aquis in May 2021 @ 20p the Company had a NAV of £500,000 but a Mkt Capt of £14.2 million (see link) https://boanergesltd.com/boanerges-limited-net-asset-statement/
If you have done your research, you will be aware that Boanergeres has acquired WeShop and Primorus Investments Plc now have shares in Boanergeres.
There are very good investment reasons for utilizing the SPAC listing facility and hopefully we will have Alteration Earth listed before the New Year.
RKB