London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
busier..7 trades (all buys), not so long ago 5-6 trades a month was the norm. Mm's will have to be a little careful here with only 7.5m freefloat.
day traders will pile in today 1st thing
Is this just a shell as I don't see a business of any sort here
At my desk...so quickly from memory...BoD is Tony CEO, Charles and Brent. Major shareholders are Coward family..Carl sits on the Board of Delta Capital pty (corporate advisors in Aus) background in m&a, corporate finance etc, Van Duten family and a few others..a nominee account forget the name. Infos out there in the admission pdf I think...
Who are the major shareholders?
This is a standard main listing as well. Shows that the BoD wanted to attract a quality company (up to 50m enterprise value) from the get go and felt spending the extra 250k in a standard listing would be money well spent.
Gives a new meaning to the "golden tickets" cliche...doesn't it. The volatility will be tremendous, but hugely rewarding...gla
David Greece what a funny take on Aco. The directors sat on that cats for years did nothing. Now those directors will resign and be replaced by others for an rto... The rto will have a business and a history. The subscription was done at a premium to basically give incentive for the current directors to accept it.
With regards to the BoD selling, the Directors have been searching for almost 4 years and have undertaken due dilligence on over 30 potential enterprises all of which have failed to meet the necessary criteria and have hence been rejected. The BoD are clearly wanting a bumper pay day from this RTO and then probable retirement.
Thanks for your reply Hh100, historically the AGM has been held earlier in the month, so I would summise that the timing this year is strategically important.
Kvt, Yes, the placing is conditional, and one of the conditions is the passing of GM resolutions, i.e. passing by existing ACO shareholders. (See the 3 August RNS.) The placing investors and the owners of the intended acquisition are probably different.
Main market. Tradesonaim, have you looked at the NHO angle? Speculative admittedly, but NHO listed on TSX also a clean shell are currently suspended pending confirmation of an RTO. Strong links between ACO and NHO at BoD and major shareholder level. Chatter about a possible acquirer of substance seeking a dual-listing in UK and Aus. Do a bit of digging and it gets very exciting..
Acorn Minerals is a shell looking for an RTO. A new investor has appeared proposing to inject a sizable sum of money into the Company to gain a majority stake. That investor is also happy to pay a significant premium to the share price as it was prior to the statement of intent. It would suggest that investor already has a target in site. It may not happen, the investor may not have another company lined up, any such company may be rubbish. In summary Acorn Minerals is a risky investment. At this point the News looks to be good and as a high risk investment -if it works the rewards will be fantastic. Lets see what happens - maybe you can come back and say I told you so.
there's a 50k block, perhaps given up on pumping it?
The Company has no operating history, and no revenues or results of operations, meaning that there is no basis on which to evaluate the company's performance or its ability to achieve its business objective of acquiring and operating a suitable energy or mining company or project. The company will only commence operations and will not generate any revenues from operations, if any, unless and until an acquisition has been completed, and there can be no guarantee that an acquisition will be completed. The Company's business strategy and business model depends on the successful completion of an acquisition and on the effective and successful running of the company or project acquired. The Company's objective is to generate an attractive rate of return for Shareholders predominantly through capital appreciation, by taking advantage of opportunities to invest in the energy and mining sectors and operating the businesses or assets it acquires. This is reliant on the availability of such a project and also the willingness of stakeholders in the target company or project to accept or acquire shares as part of the acquisition.
At least a bag from these levels with rto coming and fully cashed up..
Hi Hh100, I think that I may be labouring under a misconception here, which is why I'm expecting a trading halt in conjunction with the release of the prospectus. Am I right in thinking that ACO shareholders have some kind of participation in the passing of the resolutions at the GM which then paves the way for the allotment of the subscription shares? Also, are the investors purchasing the subscription shares necessarily acting on behalf of and/or related parties to the ACO acquirer? I think I've confused myself even more now...
Personally, I would be surprised if we weren't suspended but completion is expected on the 30th Sept. So even if the prospectus is released for shareholder analysis tomorrow, suspension should only last for 30 days. However, Hh100 makes an interesting point that rto's do occur without a trading halt, so will have to wait and see... Very excited with this one...tiny mcap, very few shares available, totally under the radar = explosive.
Suspension of trading isn't necessary if announcement of the RTO is accompanied by an admission document. EVRH & CPT for example recently followed this approach. This seems to be the approach that ACO are following. And the scheduled timetable suggests to me that the RTO will be completed by 30th. September if the timetable is met: "Completion is scheduled to take place on or before 30 September 2016 or such later date as the parties may agree. On completion the existing directors will resign and be replaced by directors nominated by the investors."
We gonna be minted with this RTO.. Lads watch this space!
Hello Hedgehog100, Fully Concur looks like our long wait going to be VERY worthwhile , the least we deserve.
"Completion is scheduled to take place on or before 30 September 2016 ..." "Further details will be provided in due course in a shareholder circular and in the prospectus." Reading last week's RNS again, it looks to me like the fundraising is conditional on a RTO (reverse takeover) being approved at an AGM, scheduled for on or before 30th. September, with the placing being agreed at the same AGM. Shareholders will need to see a RTO prospectus a while in advance of that AGM, i.e. a while in advance of 30th. September if the AGM is then. So we shouldn't have too much longer to wait. And I can't wait to find out what RTO has persuaded investors to put in millions at a 71% premium - it must be something really juicy ...
Thanks for clarification both of you. This is quite low volume for share trades per month. So when you need to sell, it must be taking quite a bit of time!