Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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You can literally hear this going down the plug hole, at least someones getting their 12% for the forseeable
That is of course 300k of shares (at the current price).
MXC have an option effectively on the whole company. They could easily pre-pack it as they only have 200k worth of shares, but up to 8m of debt owed - they will be the senior debtor.
MXC were the lender of last resort here as presumably they'd prefer an orderly exit. As they wish to wind their company up and are hampered by the two main assets (TIA and CLCO) I doubt this goodwill will extend.
The debt holder (MXC capital) is also a shareholder (10.6%) so surely a pre-pack deal will screw themselves out of their own money?
A large proportion of shares are not in public hands. The market cap isn’t currently representative of the actual value as it’s such an illiquid share. A few panic/distressed sells on sentiment has had an impact today. Whilst the performance over the last FY hasn’t been outstanding by any stretch, it’s not a million miles off the previous year.
I think those who don’t mind a punt - this will come back… but it’s a couple of years. Maybe sooner with a trade sale (which I think will be the aim of MXC). But it’s certainly not what I was hoping for.
Bought a few for a long term hold.
Why the heck would a buyout be higher than the current price? It would require someone to take on circa 250% of the mcap in debt plus ongoing costs. When thry can prepack it in a deal with the debt holder. Shareholders will get nothing here if they hold too long.
Santiago, what's your take on this?
I can see this going private at some point
Board Change, Extension of Loan Notes and Lifting of Temporary Suspension of Trading on AIM
CloudCoCo (AIM: CLCO), a leading UK provider of managed IT services and communications solutions to private and public sector organisations, today announces that Mark Halpin has stepped down from the Board and his position as Chief Executive Officer with immediate effect.
The Company also announces it has reached agreement with its loan note holder, MXC Guernsey Limited ("MXCG"), to extend the redemption date of the loan notes from 21 October 2024 to
I'm starting to think the only way we'll get a return on our investment is with a buy out, which you'd imagine would be much more than current price!
Tialis were similarly hamstrung with debt - whilst MXC supported them the price has hardly budged in 2 years. It will be a while before this moves back up, if ever.
Not happy about the change in management here now, will ride out the storm and see where we go
Ridiculously illiquid - two sales totalling £15k has reduced the market cap by nearly £2 million!
Shame to see Mark Halpin step down. I wonder where this leaves his £100m turnover vision. Also not happy with the £550k fee for extending the loan notes. It says that other refinancing was not favourable, so bit of a tough pill to swallow. Results are OK, but not exciting. Looks like this is in the bottom draw again for the next few years.
I had no idea it was suspended, the business just cannot make a profit can it
Which is today!
We won't see this trading again until it has funding sorted.
Should have a guaranteed RNS tomorrow either with results or explaining a further delay. My money is it will say it's slightly delayed but that results will be published at the end of the week.
They have to announce tomorrow right? The put out an RNS saying it would be end of March… and with the bank hol it leaves tomorrow. Plus I *think* PLCs have to submit accounts within 6 months of the FY end… which it end of this month.
… 🙏🤞
Come on CLCO let's be having you. We're already at the end of H1 2024!
My sincere apologies, I posted on the wrong chat, it should have been norman broadbent.
Yeah, he's obviously got the wrong board.
I don't think Downing Strategic Investment Trust were even invested in CLCO.
Twodgrees where are you seeing this? I can't see an RNS on any platform?
Downing LLP
Downing Strategic Investment Trust, Client funds managed by Downing LLP, selling out, still over 7% left to sell
7.280000