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Not molasses Seadoc, far too thin. This is fudge :-)
The DeBeers story I heard from someone in the industry - 'MadDutch', IIRC -who 'dredged' alluvial diamonds in Namibia.
He told the story of a young Oppenheimer, newish PA to DeBeers, who came in excitedly with the 19th C version of a large spreadsheet, on which he'd painstakingly worked out how the old man - through a series of convoluted cross-shareholdings - managed to control an improbable range/number of companies on relatively little apparent outlay.
DeBeers reportedly looked at the papers for a while, then eventually nodded approval and said "Well done ! Now destroy it."
ATB
Hi seadoc,
This about ParrotCapital, your missing investment fund, one of the 3 x 4.98%. One or other of Parrott and Equita have been nominated by apunter2 as the likely source of the 630m AZ option shares...as their stakes were originally 1.63 billion...
Meanwhile, re Parrot, from yesterday 12:39
"People shouldn't rely on great CV's.
I've already mentioned Theranos https://www.jflinch.com/theranos/#:~:text=%20Board%20of%20Director%20Lessons%20from%20Theranos%20,morally%29.%20Diversity%20does%20matter%20morally%2C%20but...%20More%20
which had these luminaries on board : .." George Schultz, former Secretary of State, Henry Kissinger, former Secretary of State, General Jim Mattis, former head of US Central Command and former Secretary of Defense, Richard Kovacevich, former CEO and Chairman of Wells Fargo, Sam Nunn, former US Senator, and Bill Frist, former US Senator and heart surgeon..".
Closer to home, one of SYME's seed investors (@ 4.98% ) is Parrot Capital (Global Capital plc) Malta.
Here's a link thttps://www.globalcapital.com.mt/investors-relation-corporate/
to a highly qualified BoD, laced with pedigrees from FranklinTempleton (world's third largest asset management group) , KPMG and major law firms.
And yet, if you google the name, there are a litany of press and other articles reporting major governance failures , mis-selling, failure to file accounts, mis-representation, unexplained departure of CEO, etc
-https://www.independent.com.mt/articles/2019-06-11/business-news/Major-shareholder-of-Global-Capital-plc-fails-to-file-annual-financial-report-and-accounts-6736209403
- https://www.independent.com.mt/articles/2019-05-02/local-news/Listing-and-trading-in-GlobalCapital-shares-suspended-by-financial-services-watchdog-6736207542
-https://www.independent.com.mt/articles/2018-03-18/local-news/What-exactly-is-Global-Capital-plc-all-about-6736186435
These are all recent articles from the same source, so there may be a political or other axe to grind, but a good Board - especially of a company in the financial sector - wouldn't leave itself open to reporting of this type.
Quite the opposite. Like Caesar's wife : " Not only pure, but seen to be pure".
ATB
Hi seadoc,
The Prospectus, p.14, when talking of the Consideration Shares, says..."The premium to net asset value of the New Ordinary Shares places an intangible value on the strategy proposed by the Board and the human capital contained in the Board, as well as reflecting the costs incurred in the Acquisition, Placing and Admission."
The costs were written off in the Interim Trading statement, which begs the question as what costs DW is referring to.
Also worth noting that the Placing Broker was Epsion Capital , to whom a goodly portion of Placing Costs were due :
.."In consideration for its services under the Placing Agreement, Epsion Capital will receive from the
Company a commission on funds raised under the Placing by Epsion Capital and/or its sub-agents In
addition, the Company shall pay all other reasonable costs, charges and expenses of Epsion Capital."
Epsion is wholly owned by Eight Capital, 40% shareholder in Finance Partners, where DW is a Director , which has a 17.66% holding in TAG, FP also being owned 30% by iWep, a DW vehicle.
The cross-shareholdings are worthy of DeBeers/Oppenheimer !
ATB
Hi extrader
I'm still trying to get my head around this. My question is, what was £225 million for?
Hi Vulcan998,
.."so why would the chairman have costs associated with the listing? never seen this before..".
A good question ! Of the £ 2.2m Placement proceeds, £ 800 K went on the 'usual' placing costs (though 36% of total raised covers a lot of expensive lunches and 'corporate hospitality') ...and of course a further £ 225million were written down as 'deemed costs associated with Placing' , so DW's costs are in the 'nice to know' category, I guess.
Since his in and out both work out at about £ 1.5m, it's entirely possible that he had some intraGroup costs to settle, mobilised the cash in advance and then thought/expected to make a bit extra before due date, only to find that the market didn't go his way . Hands up who's not done that ? I have, with future school fees and upcoming 6month rentals to settle. But have usually managed at least to break even....
If this was what happened here, it would rather knock any suggestion of (competent) insider trading on its head...
But my sympathy is conditioned by the observation that he's still sitting on over 19% of SYME based on a shedload of nil cost/negligible cost Consideration Shares....so he has an essentially free carry anyway.
ATB
so why would the chairman have costs associated with the listing? never seen this before