Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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@Amanensia, I think the clue is in " as the stock becomes available". What happens if it doesn't become available? There is no guarantee that they will have any at the IPO price but WTFDIK! GLA
Ah - but then there's this page:
https://robinhood.com/us/en/support/articles/ipo-access/
"IPO Access lets you buy shares at the IPO price as the stock becomes available to the general public. With our random allocation process each eligible request has the same likelihood of receiving all, some, or none of the IPO shares they request. The number of shares you request does not change your chances of receiving an allocation. "
Sorry for the stream-of-consciousness posts. So sounds like they do offer genuine IPO access for some IPOs.
Actually now I'm not sure either. Link here to Robinhood's own FAQ page on pre-IPO orders:
https://robinhood.com/us/en/support/articles/preipo-trading/
"Please keep in mind these are not pre-IPO stocks or private placements, and you’re not participating in the IPO. We're simply providing you the convenience of entering your orders before the morning of the IPO. We can’t execute your order until the stock “crosses,” or begins officially trading publicly."
So yeah, sounds like it's just open market limit orders.
I suppose it could simply be an "add-on" service to draw business their way. Not exactly a loss-leader but a lower-profit-leader!
I read the Robinhood piece yesterday about them being able to participate in the IPO and I’ve got to say I’m sceptical because I thought their whole model evolved around payment for order flow. Which is basically from what I understand selling the buy and sell orders to a small group of markets makers and getting battered on the spread but this is marketed to them as ‘commission free’ trading.
So how this translates to participating in an IPO first subscription is unclear to me. I would say it’s at odds with their model. I’ll caveat that with I don’t have a particular deep understanding of how these schemes work at a technical level.
Great post lotto. There's a lot of interesting stuff in the filings and would urge anybody to read through the F1/Prospectus themselves if they have the time and patience as though it is a very long and at times tough read there are lots of interesting things in there and different things will be of different interest to different people. Even a quick glance through can be rewarding.
One thing though Lotto is that I feel we shouldn't get too hung up about ADR vs ADS. It is confusing as you say and technically you may be right (I'm not expert enough to know) but the document consistently refers to each ADS representing ten ordinary shares e.g. very near the start it says:
"Each ADS represents the right to receive ten ordinary shares and may be evidenced by American Depositary Receipts, or ADRs".
So if ARB frequently refer to ADSs as being worth 10 UK shares (as they did throughout their RNS announcing the launch) it will only cause confusion if we start referring to a 1:1 relationship.
The important thing is that whatever it is called they trade in units of 10 on NASDAQ compared to the UK.
Thanks for your efforts Lottohopes, very useful. In particular confirming that the issue price is market-related not fixed (thank heavens!) and public access to the IPO (the Robinhodd hordes get to play.)
@Lottohopes, I twigged the correction you noted but I know I can be too pernickety. (I'm trying hard to become perfect whilst knowing that there is no such thing as perfectionism - you can, however, teach old dogs new tricks).
Thanks for your continuing great posts. Enjoy the rest of the day, and the word 'rest' has a double meaning here! ATVB
Most welcome @600Thieves.
Correction: ADR price increasing by $1 adds $7m to our coffers. That’s a 10 cent increase in each share, not one cent.
@Lottohopes, many thanks for your hard work and for sharing your views. Always refreshing when peeps, and several here do, share something worth reading. ATB
So here are my notes in no particular order. A lot of confusion around ADS and ADRs. ADS is the American Ordinary Shares which are essentially 1:1 our UK listed shares. ADRs are bundled ADS in 10:1 ratio ie 1 ADR is 10 ordinary shares. Even the Argo documents confuse these two terms from time to time. (For ex in one document they state 7.5 m ADSs when they actually mean 7.5m ADRs).
The 2018 incentive scheme as others have pointed out gives up to 10% headroom to award shares (so no real change by blocking the 2021 scheme).
Quite a bit of emphasis on proof of stake and other DEFi projects going forwards (spearheaded by Argo Labs a subsidiary). It looks like Ethereum was being looked at, not sure what they will do given they have barely 2-3 months before it moves to Proof of Stake.
Immersion tech is the solution for the tech issues they faced (lot of failures in the Antminer S17s, which is industry wide not just Argo). This will create much better efficiencies.
On the issue of bitcoin HODL strategy, they state they may participate in bitcoin futures and other strategies to maximise, including trading their coins. So its not just passive HODL.
IPO is described with number scenarios for ex stating every dollar rise in the IPO ADR (10 share bundle) price gives $7m extra (in other words every ordinary share increasing by one cent) into our coffers This led me to think the share price is not yet fixed at £1.33/share and movement from last few days will help us raise a bit more.
There is mention of IPO being offered to public, so presumably this slice is via Robinhood type offer.
Texas is described as 100MW complete in H1, with some degree of confidence. The leased machines for 430PH are due to end contract December 2022. So all in all we are moving towards owning and hosting our own machines, which is the best way to do business.
Last but not the least, NO mention of legal dispute/s with anyone, which is material info and if ongoing should have been disclosed.
I could be wrong on any of above, please DYOR and happy to be corrected as always :) Good luck all. Should be an interesting 6-9 months if one has patience.
https://sec.report/CIK/0001841675
Link to all the SEC documents. Hoping to read through tonight. Thank you to all posters sharing their diligence and view points :)
Form 8-A12B has been filed this evening, (SEC.report/Document/0001104659-21-116792/)
It's all coming together!
Ref. the expenses: "We estimate expenses payable by us in connection with this offering, other than the underwriting discounts and commissions referred to above, will be approximately $4.3 million"
Ref. the 5 million locked in "This restriction terminates after the close of trading of the ADSs on and including the 90th day after the date of this prospectus. This BB is sooooo much better these days - but let's keep the sentiment in trim, let the BoD do its job. Have a great w/e. GL argonauts/true believers, 600
Rejecting resolution 2 was a master stroke by the shareholders. Basically PW has too much power with the demise of the chairman and a new board he has cherry picked. Killing his share scheme means he can’t pay himself what he wants and makes him realise he has to look after existing shareholders rather than incoming ones if he wants to revisit the scheme. I think that’s why the sp is rising in advance of Nasdaq - otherwise he may have tried a deep discount to look after the new US investor base at our cost. Hope I’m not speaking to soon here.
Thanks and agreed, Lotto. I still think we need clarification from PW and especially since resolution 2 was rejected - overwhelmingly. I guess he's a tad busy these days what with his West Texas move.
Hoping the SP will get a shove north when over the pond opens up in 20 mins. Time will tell. ATB
Thank you to all posters sharing their efforts. I found this bit of info: about 10.5m shares are to be issued (mostly pre existing options), raising about £3.3m. I think the equity incentive plan 2018 is merely referring to existing options. Could be wrong.
Brilliant news that.
A platinum company deserves to be at the very top tier.
Top tier listing for Nasdaq and directors are buying.
Love it :-)
Thanks 600. The first doc is a free text doc with some updates/clarifications. The second is an ammended F1 as you state.
https://www.sec.gov/Archives/edgar/data/0001841675/000110465921116606/tm2115473d24_fwp.htm
https://www.sec.gov/Archives/edgar/data/0001841675/000110465921116598/tm2115473-20_f1a.htm
One thing that jumps out to me is that In section 6 of the first one, it says:
"Reflecting that we have applied to have our ADSs listed on the Nasdaq Global Select Market rather than the Nasdaq Global Market"
This is the top tier for NASDAQ, and what HUT8 got on I believe:
https://www.nasdaq.com/solutions/nasdaq-stock-market-tiers
Filing under Securities Act Rules 163/433 of Free Writing Prospectuses. Published: 2021-09-17 06:07:10 but I cannot see how to access it. Then another Form 1/A https://sec.report/Document/0001104659-21-116598/ Published: 2021-09-17 06:04:16. I’m not at home so can’t study this and ascertain the changes. GLA