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Bloody predictive NOT - you have to hit "tab" to accept it! They are NOT participating (of course) .
Just listened to this - 9 or 10 minutes long and a bit waffly but it tells you a bit about Primary bids.
After listening to it all (a recording it) I emailed them.
They replied very quickly to say they are participating in the TLOU placement so lord knows what IG are doing!
Think I'll ask ASX for both excesses against my wishes - I suspect two halves might result in more shares?
Here is PB interview from 2017
https://drive.google.com/file/d/1CvRp-J2myvygvcB8z9THAEZbDXvH11WM/view?usp=sharing
Got a response from IG - passing the buck - but if accurate it looks like a successful placing is coming out of this.
I guess those who don't appreciate TLOU are not ex-SXX LTHs? If they are, they did not have many shares to be so relaxed that their TLOU shares are alive and kicking and are not down the drain.
That email ..... cannot say I understand it completely? Time is running out!
"Thanks for your email.
Primary Bid's (PB) custodian are processing these placings/stock dumps in accordance to their notification order, due to excess number of placings, there is back log and stocks will arrive at IG once PBs custodian are ready.
If you have any further queries, please do not hesitate to contact us.
Regards,"
Holy shi...... from my IG emails ...
London IG deadline: 07/07/2020 12:00 PM GMT
Australia IG Deadline is 12pm AEST 10.07.2020
I realised I did not know whether 12PM is noon or midnight!
What do you think? (Apart from I am nuts).
Now get the answer here ....
https://www.rmg.co.uk/explore/noon-12-am-or-12-pm
By my reckoning today is the last day to sell shares to fund your placing.
I'm basing that on the 7th being the deadline for your broker.
IG, London, have not responded to my request for excess shares despite them omitting their possibility from their email.
Trades are still below 2.2p here, whilst ASX is above their offer price of 4c at 4.5c
CBA continues to rise , a little. Happy days in Oz if not here.
Still have no word from IG about the placing on LSE.
Emailed them with a copy of the email from ASX office this a.m. , and have had a reply already.
It totally ignores excess requests so I think my doubts ,about options at 4.4p or prevailing FX rate in the future , might be their problem?
Here is their email. ASX IG closes on the 10th , and LON IG closes on the 7th ....
=============================
"We're writing to let you know that TLOU Energy Ord Shs has issued an open offer, entitling shareholders to subscribe for new shares in the company.
The terms of this open offer are:
-Ex-date: 19/06/2020
-Issue: Open Offer
-Ratio: 1 new shares for 6 shares held
-Subscription price: GBp 2.2
-IG deadline: 07/07/2020 12:00 PM GMT
What this means for the shares you hold
On the ex-date we will book this offer into your account at an opening price level of zero, using the above ratios against your position. This offer is not tradable in the market.
You have the following options for the shares held in your account:
-Take up the offer. Please reply to this email or call our trading services team on the number below to let us know you want to take up the offer
-Do nothing. The rights will then lapse (this is the default)
You’ll need to make your decision by the IG deadline. If we don’t hear from you before the deadline, we will lapse your entitlement as the default course of action."
Damo ignored the commission rate for new money.
2.2p placement will be free of commission plus you have a free option.
If you have to sell to afford the offer price you'll have paid commission rate on your sell.
Some of us sold early Chukkers, so we sold for well over 2.2p and will make a profit at 2.2p
The downside was a 1/6th of those early sells were lost from our entitlement.
My excess request will recover those lost shares if they are granted.
On ASX I snapped up 5.6c ( well over 4c ) and bought into CBA which rose $5 each, of which I only needed to sell 20 to cover the offer. So I have a few CBA shares with a dividend coming up (I hope) and all my placing on ASX. I forfeited a few placings on ASX but left my sells on AIM until the entitlements had completed.
My CBA dividends go into TOU of course. Roll on BDC producing a funding offer soon. Will there be an agreement with BPC as a consequence? That bit is mind blowing given the news on BPC.
thanks brad, damo makes perfect sense, if you can buy all of the shares at 2,2 it doesnt make much sense. but i guess there is no risk there, if the shareprice goes up you can take the options if not you dont have to do anything. the only way it makes sense is if you sell a sixth of your holding to cover the cost of open offer and end up with the same amount of shares but options as a bonus? is that what you guys are doing? are you not putting any extra money in. just curious?
The number you request will cost you 2.2p NOW (by the 7th) it does not matter whether excess or entitlement.
As you say you will definitely get your entitlement (@2.2p each) but you are likely to receive less than the excess you request (@2.2p each) unless you are very lucky. Your broker will refund the unsuccessful 2.2p extras if there are any.
You will receive an option with your successful shares - not the refunded ones!
For each pair of shares you can buy 1 more optional share at any time within the next 2 years @ 8c (roughly 4.4p but it remains to be seen whether they set a fixed GBX equivalent or whether they'll apply the prevailing FX rate AUD to GBP at the time you take their option shares).
No free shares!
The sub 2.2p prices being offered should cease by the 5th because the sales won't settle in time to fund the placing.
If it continues after, then it is a mug selling them! If there is a large oversubscription and loads of refunded money that money is commonly reinivested after the placing and the price usually rises. The brokers who do not refund promptly can therefore diminish the number of shares you can buy with your refund.
You just need to email your broker with the total you want and make sure you have enough 2.2p's to cover the total cost.
There is no commission on placings (I suspect TLOU pay those) so X*2.2p will be enough. If we were paying stamp duty (we don't on AIM) I think that is waived I think. That makes buying outside of the offer less attractive because both would apply.
Beware of asking for too many - you will tie up the unused cash for an indefinite period (that refund) and it will be useless to man or beast. It can be annoying.
... just to clear the confusion i i thought you essentially had the options for free and essentially get free shares at 4.4p? or you simply get the right to buy shares at 4.4p?
i see i did it again :( ignore the garbage i put out
you forgot the options- for every 2 entitlement share you also get 1 option
So there is an interesting but simple equation at the moment. The current ask price is 2.2p. So rather than take up the offer of 1/6 of current shares at 2.2p and 1/12 at 4.4p, plus any excess I want to buy. Why don't I just buy them all on the open market at 2.2p?
All that changes however if the price were to rise before cut off date though (and looked like it would continue to), in which case it makes taking up the offer a no brainer.
thanks brad you are absolutely correct, i just reread the email they sent, i didnt really think about so skipped it subconsciously i guess, cause what if the amount i want is not available will they then automatically give you as much as they can
"There is also an excess application facility on this offer. Shareholders may apply for any whole number of excess shares in
excess of their Open Offer Basic Entitlement subject to availability. Excess applications may be subject to scaling.
If you would like to take up this offer, please notify us in writing by secure message or telephone, clearly stating the number
of shares you wish to apply for, no later than 5pm on 05 July 2020." this is in the email i got, this only applies to excess shares then ? i am a bit confused now :( i only read the part where it says if you like to take up this offer ...such an idiot
I'm sorry if I have mistaken what you meant Chukkers.
"Will opt" worries me.
You have to request in advance, how many shares you'd like. That number is any number up to your entitlement (automatic) + excess (from your wishlist if you want more than your entitlement).
You also HAVE to fund the whole lot , cleared, by the 7th July.
Your broker will take the appropriate funds on the 7th, and you are then in limbo until you hear how many you get.
Each broker is allocated a number of excess shares to distribute amongst his customers.
You may not get any or , more likely, fewer than you requested.
He will eventually credit your account with the unused cash you supplied in advance.
If you haven't requested your tentative excess, most brokers will allow you to change your order but I guess they are not obliged to. Don't leave it too long.
If you are with a broker whose customers haven't requested many excess shares you'll get your full request, but if they are oversiubscribed, you'll get fewer. That was what my post about Halifax referred to.
It ill vary from broker to broker.
I hope you knew all this, but I don't want to see you slip up i you aren't clear.
Best wishes
i just got it all sorted as well, defo will opt to take any excess shares should there be any available
Well I sold at 2.3 and 2.4 but it is probably still worth selling at 2 when the options are taken into account.
So selling at a loss to buy more..
More like offloading to fund rights issue purchase and excess application.
That’s what I did.
Someone’s off loading big chunks! Someone else who thinks the bod are shockingly bad!