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You can just imagine the thought process that went on to say they decided on a Pharma for an RTO!
Must have gone something along the lines of:
What is a very risky sector to invest in? Answer "Pharmaceuticals"
Could we end up receiving a massive amount of Executive Share Options if the drug comes good? Answer "Yes"
What if we end up running out of cash? Answer "We shall do a highly dilutive share placing"
But that will destroy shareholders wealth! Answer "This is the AIM market, just think about the gain we will make on our Executive share options!"
Great let's enter into a Heads of Terms for an RTO with a UK Pharmaceuticals Company rather than giving back the Shareholders their cash and we will then try to convince them to vote to approve the deal.
If given a choice Turkeys would not vote for Christmas as we all know what happens to Turkeys at Christmas.
Do not let the Board convince you that is is a good idea to be a Turkey!
AGE
Maybe one of the options would be a return of capital instead - I see the pigs lining up on the runway!
As I suspected a RTO at the latest or nearest to legal time they could Announce.Now have to see how this has been put together. still got.my fingers crossed but not optimistic of outcome !!!
At least it brought a smile to my face thismorning.When I read that the company is developing an early delivery system I nearly choke on my porridge.The irony of amc delivering anything early is the best laugh I’ve had in a good while.
MD
The change to pharmaceuticals might inject some interest, but will only inoculate AMC temporarily against totally dying. Without knowledge of the industry, it would have been better to have put our money on the horses. The result would be known immediately, and we wouldn't have to pay the jockey forever while he ran some eternal race.
These burn more cash than miners - Same old Same old - leave everything to the last minute - Robbing still living up to his name:)
Will be fun to read all the horse manure he issues about how a great opportunity this is for shareholders... Bla Bla Bla. But really all he's doing is getting his gravy train back up to full speed!
luv
Geng
It is clear to see that the Board are desperately trying to keep their well paid part time jobs to say they are moving from Mining to Pharmaceuticals.
The notion that AIM Boards act in the best interests of Shareholders is laughable !
What do the Board know about the Pharmaceuticals business?
Just look at the share price graphs of some of the the small UK Pharmaceutical Companies and you will see that the share prices have been decimated by one share placing after another based upon the hope that the drug that they are developing will come good and be approved.
The Board did not even have the courtesy of seeking shareholders views on whether they should seek an RTO or whether they should return the remaining cash to shareholders.
They have looked at 17 opportunities and they have entered into a heads of terms agreement and no doubt incurred huge consultants fees to be able to do so.
The Board have completely changed direction from being a mining development Company that had a licence in Russia to the Pharmaceuticals business that is an even more risky venture.
AIM really is rotten to the core!
AGE
It is clear to see that the Board are desperately to keep their well paid part time jobs to say they are moving from Mining to Pharmaceuticals.
The notion that AIM Boards act in the best interests of Shareholders is laughable !
What do the Board know about the Pharmaceuticals business?
Just look at the share price graphs of some of the the small UK Pharmaceutical Companies and you will see that the share prices have been decimated by one share placing after another based upon the hope that the drug that they are developing will come good and be approved.
The Board did not even have the courtesy of seeking shareholders views on whether they should seek an RTO or whether they should return the remaining cash to shareholders.
They have looked at 17 opportunities and they have entered into a heads of terms agreement and no doubt incurred huge consultants fees to be able to do so.
The Board have completely changed direction from being a mining development Company that had a licence in Russia to the Pharmaceuticals business that is an even more risky venture.
AIM really is rotten to the core!
AGE
The market cap is 1.25 m only. It has nothing to lose. This gives at least some hope.
From Mining to Pharmaceuticals
Not sure what to make of this
Can some please shed some light here
Is there any hope of seeing any returns to our investment
A close up of a logo Description automatically generated
4 March 2024
AMUR MINERALS CORPORATION
(AIM: AMC)
Company Update
Amur Minerals Corporation ("Amur" or the "Company"), which has been reclassified as an AIM Rule 15 cash shell, announces an update regarding progress towards completing a Reverse Takeover ('RTO') pursuant to AIM Rule 14 ("RTO").
The Company entered into a heads of terms agreement ("HOT") to acquire a UK based candidate in the healthcare sector (the "Target") on 25 January 2024. The Target is a UK-based pharmaceutical company which has developed an innovative drug delivery technology to improve the clinical performance of cancer treatments for solid tumours through the local delivery of chemotherapy.
Pursuant to the HOT, Amur would acquire the entire issued share capital of the Target in return for the issue of new ordinary shares in Amur (the "Consideration Shares").
The proposed transaction will constitute a RTO and is therefore subject to certain matters including completion of financial, legal and technical due diligence on the Target, the negotiation and entering into an appropriate SPA, the publication of an AIM Admission Document and the approval by Amur's shareholders at a general meeting.
The Company is currently advancing the necessary workstreams to complete the RTO process and expects to be in the position to publish an AIM Admission Document before the end of April 2024. The Company's shares will remain suspended from trading pending publication of the AIM Admission Document.
At this stage, there can be no assurance that the Company will be able to complete this RTO, or any other RTO.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
It's the "fun" of the AIM experience and it just gets worse by the looks of things. This was my last small cap trade and will probably remain so. A fitting end.
Fun! Not for the people who have lost money.
MD
It is just going to be a standard delisting announcement though. "Keep checking the website for updates" and all that rubbish. What fun!
A few people have talked about returning cash, but I haven't seen anything that indicates they will. That's not to say there isn't something. There's probably quite a bit of detail I've missed. Would be great if they did, just to put an end to this.
There is very little that can be done.
AMC clearly stated that should an RTO not occur a 2nd dividend will be distributed.
I'm perfectly happy receiving the remaining balance.
Alternatively, if they release an RNS tomorrow for an RTO vote next, then I will vote accordingly
It's another reason it's strange the main shareholders aren't doing anything, as there clearly is a deal to be done (even if poor). Maybe they are banking on a miracle next week, like everyone else.
I would of agreed 6 months ago. Looks an odd decision at this point. I'm sure if you put anything similar to shareholders now, they'd bite your hand off.
Sorry missed typed
Ascent Resources
The fact they turned down Accent Resources makes me think they have something better in the pipeline
I really hope so !
The cases I've seen where cash shells have delisted, its been pretty simple. Carry on as normal and continue to look for things to do, just not listed. Which if the last year is anything to go by, it'll be another year hoping for them to do/say something.
It must be too late now. Unfortunately, I fear the announcement is going to be very annoying and vague, with no time line to anything. Best case would be a return of cash, but even that feels unlikely.
There maybe a so called mitigating circumstance to extend the suspension, ie Potential RTO DD to finalise the deal. However, unlikely scenario for amc!!
Good luck everyone.
Are there any rules on how long we are given to vote on a decision re take over etc
Could RY be playing a cheeky game to post an update so close to deadline that we don't get time to vote or not enough voters?
We might as well just say goodbye to AMC now because we are practically out of time. 1 week!
It says delisting on the 8th in the results. Maybe the option they'll go for is to delist, the pick up an asset to develop, then list on another exchange. That would make sense and be less restrictive than a rto (there's plenty of asset around). Would be a horrible wait for people holding though.