Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I expect there will be some selling initially as people who were locked up decide to free up cash and move on, but then we should return to the boring and stable ~60p mark that we saw in Round One. And then we wait. I just squirrelled it away and forgot about it, the downside is minimal so no point stressing, just let them get on with is. As you say, nothing has changed (except perhaps there are better bargains available at the moment) so i'm perfectly happy to let them have a go with Round 2. It's nice to have some shares I don't have to monitor and stress about!
Agreed, I was in on initial listing and liked the prospects. Sold to free up cash and then was locked out with the suspension. Will repurchase when things settle.
Back to square one. to recap - cash on books ~ £1.2m Main market listed shell (as opposed to spivvy AIM one!) so add some value for that Add value for credentials of the BOD and founders. No time limit to get this done (I think) compared to an AIM shell MCap at suspension was ~ £1.6m so trading at a very very conservative level for a shell (let alone a main market shell). BOD have committed to returning cash if this doesn't work, this isn't an AIM lifestyle company where all the money will disappear into the salaries for the BOD >> for a shell there is very limited downside, a very good valuation, plenty of cash and a good team. Has to be one of the better shells around if this is your thing.
Restored, still have my eye on here although wasn't in when we suspended.
Useful to double-check, thanks for doing that. Phew! I note the usual swift and professional response from AUCT as well.
Good stuff. Let's hope it stays that way. GLA
Good morning Thank you for your email. Upon notification by the UK listing authority (‘UKLA’) to the market the suspension on the ordinary shares in Auctus Growth plc will be lifted. Pursuant to the UKLA lifting the suspension, the company’s shares continue to be a standard listing on the main market of the London Stock Exchange. Kind regards Ross Ainger
Cheers. It may be that it is a natural progression to revert back to Main listing, but I'd like to see that stated in black and white-just to manage my expectations!!
l have sent an email asking about this, will let you know if l get a reply.
Sorry for being thick-how do we know for definite that the 'failed acquisition' means back to Main listing? The fact that listing on AIM was mentioned in a previous RNS, surely any reversal of this decision would have been mentioned in either of today's RNSs. Thanks in advance.
"I was fuming when the indicated the intention to drop it." - agreed, I was not pleased at that, glad to see it's gone. One interesting quirk here is that I don't think there is a time restriction for a main market shell to do a RTO, unlike on AIM where you have 18 months as an new Investment Company to do a RTO or 'substantially implement the investment policy' before being booted off AIM. Thus plenty of time for Round 2.
all is back to step 1. With the good grace to inject some money to get it back to where it was. They did not need to do that and we would have just accepted it as typical ******... Nice touch..., As Ok says the selling point for me was the rare main market listing RTO. I was fuming when the indicated the intention to drop it. As Stevie Gerrard said "we go again..." Just hope we don't do a slippy..
One final thing of note - the cash raised from the founders and BOD today is at exactly the same terms as before (50p/share). If you look at the IPO document you'll see that the initial fundraising was done on those terms, so they've simply done more of the same. from IPO document: "Auctus Growth plc ("Auctus" or the "Company") is pleased to announce the results of its successful placing of 2,440,000 Ordinary Shares (the "Placing") to a list of professional investors and institutions and the initial public offering of its entire share capital, being 2,440,000 Ordinary Shares. Auctus has raised gross proceeds of £1,220,000."
The other crumb of cheer is that the board and founders have a lot of their own money here, *plus* have just thrown another £122,000 of their money at the company. [To offset the spend on the failed acquisition and to bring the war chest back up to what they see as a sensible level]. "In support of the future acquisition plans for the Company the board and founders of Auctus propose to subscribe for up to 244,000 new ordinary shares at a price of GBP 0.50 per share. The proceeds of GBP 122,000 will mitigate the abortive costs incurred in relation to the Proposed Acquisition." They've put their money where their mouth is, re-stock the armoury, and are going to have a second go.
The main listing is the USP (plus the credentials of the board). I wonder if Byrne will have another look at the natural resources sector, it really is bombed out there and there should be some bargains to pick up. This is his stomping ground after all.
If we re-wind here a moment ... ... the original logic was that AUCT was set up as a Main Market shell, which is quite unusual. [There are loads of AIM shells available if you want one, just pick a failed AIM company lol] ... then the news came that a natural resources RTO wasn't going to happen - a wise move in the current climate where everyone hates NR companies. ... then came this idea to RTO a social media company and list on AIM. To me that wasted an opportunity - AUCT's USP was the main market listing after all. But clearly the social media company wanted the "light touch" AIM offers. I have to say I'm mightily cheered this has been pulled, as it would have been a wasted opportunity having a main market shell and then just to degenerate into another AIM shell/RTO situation.
main listing, so a mixed bag IMO
We need a more detailed update on the future direction of the company, to alleviate doubts about managements ability to keep this as a going concern. One of the reasons I invested was on the back of executive credentials, but we've all been burned by that in the past. Underpinned by some cash adds a little comfort.
Be the reason because auct didn't want aim listing ,mixed news tbh . It was wrong they stated main market and dropped to aim on acquisition ,just more waiting here .
Question is, was the Aim listing at the request of the takeover target? Or will we still try for main listing?
going to wipe out all my profit in one go.
and 50p shares?
See previous RNS. Auct heading for AIM listing so poor news all round methinks!
Well no, are we to relist as a main market shell. Not a great outcome for investors and concerned about my investment.
Not the best news...