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Thanks guys (and gals?).
Gazzleberry
Noted.
TDT
Don’t know how it got to Kuhn-Marie and not what I actually put Kun-Manie.
If there is a yes vote tomorrow the deal is to sell the Kuhn-Marie asset for $35million. The BOD have indicated that they will give a special dividend to shareholders at 1.8 pence per share in less than 90 days.
The residual cash together with what they have in the bank to be used to acquire another asset.
What's going on? Is there a chance of getting some money if I hold - how much p/s & when?
Big day tomorrow, hopefully common sense plays out..
pbhab2828
Fair comment, however the share price is likely to be a good bit below the value of the cash in the bank.
TDT
Nw
The other alternative before it gets that far is to sell the shares that you will still have.
Unlikely. If they don't find another project within 6 months an EGM to wind the company up and to distribute the remaining money is the more likely outcome.
TDT
rosscorp,
Yes you will get the 1.8p special dividend and keep your shares. The Company will become a cash shell as it has no assets after selling KM. If they do not find another company to buy or reverse takeover within 6 months they have to de-list from AIM but they do not have to return the cash and can stay as a private company while they continue to look. Don't bank on getting any more money after the 1.8p as it will probably go in salaries for the BOD.
The only way to vote now is to get a letter from your broker to authorise you to attend the meeting and to vote by attending the meeting yourself!
The vote is on Wednesday this week so you only have today to ring your broker.
AGE
Normester AMC is selling shares in a subsidiary company that is owns.
The Company that is being sold owns the Kun-mane development.
We are not selling our AMC shares!
AGE
nickwindows.
Not 100% clear what you mean but, if by 'the money' you are referring to the $35 mill then I think you are wrong.
The distribution of the $35 mill to shareholders via special dividend at 1.8p is part of the resolution being voted on. So, if it is carried; it will happen.
How many times I have looked on this page since 2009. It's a real shame to see it end this way. Perhaps I will be more productive at work.
Although they can only stay as a cash shell 6 months, they can de-list and remain a private company and not return the money to share holders I believe . Correct me if I'm wrong.
Yes that's a fair point, was more trying to explain in leyman terms
Without looking at the most recent accounts, what is the asset value of KM on the balance sheet?
Who knows!??
Share price could go up from investors looking to make 1.8 per share in div, and then could drop on sale of greatest asset.
What the future holds after may be unknown or there is already a project in mind.
Let's hope there are a lot of investors happy with the div value and a share price of circa 9p
Gla
If the resolution is passed on Wednesday will the share price rise or stay very close to 1.8p?
The best analogy I could come up with is that you imagine the company as a garage with a single car housed in it (the asset). You sell the car and replace it with a pile of cash. You still have the garage but now with a pile of cash stored in the garage. The rules say you are. Not allow to do that for too long and you need to use the garage to store cars or bikes etc. if not you will have to demolish the garage and return the pieces to each of the owners.
Just a bit of fun lol.
JG,
I would not term the return of some residual value from the asset as “profit”.
The amount of money that investors have sunk into developing the asset is many multiples than we are getting back.
Make no mistake that the company are making a loss on this.
Russians can't even invent their own mottoes...
That is spot on TD2
I think some are getting confused here between an "asset" sale (which is what this is) and a sale of your shares.
The asset sale will generate "profits" and part of these profits will be paid to shareholders by way of a dividend. The shares remain in your hands until, as TD2 says, the company is de-listed from AIM.
If we find another project in the meantime, happy days, your shares will have some potential value depending on what this new venture is.
J
Watch for the FSB to take them out. Terrorists will be liquidated, Slavi Russia.
Amur doesn't have another asset after the sale of KM other than cash in the bank. Once they've disposed of KM they become a cash shell and have 6 months to acquire another physical asset before they will be obliged, under AIM rules, to delist. They said, in a recent RNS, that they would be looking to secure another project by means of a share issue and reverse take-over.
So, the resolution goes through, KM is sold and a 1.8p divi is paid. Post disposal and divi payment the company should then be worth the value of the remaining cash in the bank, approximately 0.5p. You will still have your Amur shares and there may or may not be life after KM depending on whether they can find another project or not.
That's how I see it but I stand to be corrected if any of that is wrong or if anybody has a different take.
TDT
Much appreciated Brookieboy so there is potential for another payment thanks for the update