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Looks like only resolution 2 (Directors remuneration) met with any voting resistance. Probably down to Glyn wanting a 3% raise on his current £650k a year package..
Hoping now we'll receive clarity on how to exchange our AIM ordinary shares to ADS's. ii informed me they are led by the company or company registrars, and hoped to know more after today's meeting.
Fingers crossed for a rally on the Nasdaq, now we have more certainty. Any Nasdaq rally, combined with a simple AIM/ADS conversion, should see a knock on to the AIM SP - IMO.
Thank you for the info
I think it's a foregone conclusion now. The votes are almost certainly in favour of approving the delisting and accepting the $50M. The deadline for the proxy vote was 16th of Dec so I guess they're over the line already - hence the RNS today speeding the timelines up.
Worth noting that last time, when Bob Duggan added $25m, it wasn't until the shareholders officially approved it that the SP moved up - despite that being a foregone conclusion as well (over 99% of shareholders voting in favour).
No !!!!!!!!
If he thinks there is good value here would it not be wise of us to vote against?
I've just recalled GW did something similar 3 years ago. There's some historic information online which may be helpful (of course this relates to GWs delisting, but I'm guessing the process here could be similar?)
https://www.sec.gov/Archives/edgar/data/1351288/000114420416128594/v450769_ex99-3.htm
I am likely to do the same; however, could you explain the last part of your comment "onto a platform" please?
Thank you
Have a good day - EP
I think I might hold at this stage as well. Duggan must obviously think there is more value here somewhere, otherwise he wouldn't be embarking on this process. Whether us small individual PI's ever see any uplift from current levels is however doubtful in my view
Given the new subscription/placing is for ordinary shares on AIM, and Bob Duggan will be subscribing to 166M new AIM shares, I'm assuming the process to convert to ADS's will have been relatively well thought through (if he's in the same boat as us that is)?
I'm going to hold for the time being. Not sure there's a lot of point selling at today's AIM price. If we're delisting/converting to ADS's, the AIM price then becomes irrelevant and it's all about the NASDAQ SP, and how many ordinary shares you hold.
Davielad,
The waiver of Rule 9 of the Takeover code, if passed will free Duggan from having to make an offer to existing shareholders when he acquires his 72% holding. He does not need to delist SUMM from AIM for this. I suspect the delisting is to to enable him to acquire an even greater holding, some time later. Perhaps he plans to buy out all the remaining small investors.
"Or do we just cut and run, and sell out ?"
I know nothing about ADS's, so am wary of transferring to NASDAQ. I have my voting forms in front of me, and cannot decide which way to vote. I suspect that I will vote with my feet, and like you take the loss.
In the shareholder circular it states
“Subject to the Cancellation Resolution being approved, the Company expects to send to Shareholders further information detailing the process by which Shareholders may convert their Ordinary Shares into ADSs.”
It would be nice however if they could detail this before we vote (assuming the vote won't change the process), and allow us make a more informed decision. I guess we have to trust this can be done smoothly.
My message is hold & I am currently converting into share certificates & then moving onto the NASDAQ & then onto a platform.
Ken, I agree with you, and assume that the delisting from AIM is to avoid Duggan having to acquire the entire equity, I suppose the issue for us small PI's is .... Do we vote in favour of the resolutions and hope that at some stage in the future the value of our investment here will increase?.....Or do we just cut and run, and sell out ? (in my case at a loss).... I am inclined to the first option but would be interested in everyone else's views
"Surely Duggan will have to make a bid for the company if he is going to own 72 percent ??"
Dannat,
Resolution 3 - to approve the waiver of Rule 9 of the Takeover code, if passed will free him from having to make an offer to existing shareholders.
De-listing from AIM will mean that SUMM are no longer governed by the LSE listing rules. As such, Rule 9 will no longer apply. I have no knowledge of NASDAQ rules, but the RNS hints that Duggan may be able to acquire yet more shares without having to make a bid.
Surely Duggan will have to make a bid for the company if he is going to own 72 percent ??