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Capital is still to be raised. If one looks at the significant shareholders post-admission who contributed to the �3.25mill CLN raise, their percentage holdings have not changed compared to previous updates. In addition, there are no other institutions listed on the document, which would have been the case if they contributed to the �2.4mill required.
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/other/13502475.html Readmission date 24th - they must have raised the capital already
lignumvitae is referring to this at the London stock exchange website: Schedule One update - Cradle Arc Plc Released 08:00 19-Jan-2018
The LSE also state that Cradle Arc intend to rise �2.4m in the process of relisting (for working capital??). They either need that working capital or they don't. If they do, they can surely not relist until those funds are secure? If they don't, then why are they having it?? As GS points out, it takes time to publish an Open Offer, then circulate it (manually & electronically) then collate it. At least 2 weeks is needed. Something doesn't add up here.
Could you direct us to this information please? The only information I could find still points to the 30th Jan. In any case, nearly there. Hopefully.
Per LSE announcement admission on the 24th - next Wednesday. At last !
Typically, an Open Offer period lasts for ten working days. Looks as though we are going to fail to meet the next deadline....
and tell us what the share offer will be. I have a large holding and want to know how much money i ought to have saved in the bank.
Looking forward to it. Will be getting some pennies together once i have done some more research. I had only just bought in when the share was suspended. It has been a good while but, oddly enough, I always had that feeling that it would be back in some form or another. Although I will take a hit, I am confident that it is recoverable over time though I quite understand if a lot of PIs abandon ship - just don't invest in CLLN - and they say that AIM is a casino.
Either would suffice! In all seriousness I've got a stash of these in my rather poorly performing SIPP. Wrote it off a while back after shite management decisions, so anything is a bonus! Here's hoping we do actually come back and not just a fairytale (bullshit story).
I appreciate your candour. I was thinking 'CRAP'.
Yet to be decided. Maybe "CON" ?
Morning guys, does anyone know the new ticker yet ?
Agreed - see attached link: http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/new-and-recent-issues/new-recent-issue-details.html?issueId=9313
Now claims to be 30th Janury 2018 according to AIM document.
I can see where you are coming from, but capital raises are nothing new, especially when it comes to admissions to AIM. It's being done as GS has pointed out, provide cashflow to the company, pay employees, management and 'others', help with recruitment, retention of senior management and employees and to enhance the company's profile and spark interest in the share. Most admissions to AIM do it.
As I posted before - historic 2016 accounts aren't important. Just pointing out the back-door method that they were processed. But 2017 accounts sure are important. A "dead company" that's been claiming to have been in full production since last April and now after a RTO and massive share consolidation & dilution still needs to raise a relatively small amount of money from its s/holders for apparently working capital. Something doesn't add up here.
I think i was approved at the EGM October? last year. Who cares anyway, it's a dead company being renewed through Cradle Arc on th 10 Inst.
There might be an issue with the link. You can type the aforementioned on Google.
It is my understanding that the accounts need to be approved by the board of directors, in accordance with the Companies Act 2006 Section 414 (S.414): http://www.legislation.gov.uk/ukpga/2006/46/section/414.
you don't need to give me a patronising lecture on 'working capital'. I'm retired now - but have served on the BoD of 2 PLCs in the past.
That's a misleading comment. It is normal practice for audited annual accounts for a PLC to be produced & distributed to shareholders and for them to be approved by shareholders (the owners of the Company) at an AGM. To best of my knowledge that has NOT been done for 2016. And very unlikely to happen for 2017. End of.
The annual report is not a document that is subject to shareholder approval. It is a statutory requirement as mandated by the stock exchange. I refer you to the independent auditors report on page 16/17 of the annual report from BDO LLP - a highly reputable firm and one of the largest accountancy firms in the world.
The funds will be used for working capital purposes. I refer you to the concept of 'cash cycle' that describes the time lag that exists between paying suppliers and receiving cash payments from our clients. On delivery of our goods, we exercise a credit sale, whereby cash isn't immediately received but will be received within an agreed time frame. The larger the cash cycle, the greater the constraint on our working capital management. I am not privy to the length of Cradle Arc's cash cycle but usually it is a few months. Within such a time lag, Cradle Arc must have sufficient working capital to sustain operations. Further to the point, the first year of mining operations are crucial as liquidity issues are rife (a Co may exhibit good earnings on an income statement due to credit sales but may have cash flow issues due to the cash cycle). In order to mitigate this, it is imperative that Cradle Arc have sufficient working capital, hence: �3.25mill CLN raise from institutional investors, �2.4mill Open Offer on admission and $5mill working capital facility provided by our off take partners on admission. Hope this helps.
I think like a few have said we just have to wait this one out ,happy to add some if the offer comes aswell