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Will they care? Will they Feck!
I’ve been thinking a lot about Devclever and the reverse takeover. From memory (forgive me if I’m not 100% accurate) we “paid” the equivalent of £54mil-ish in shares for Veativelabs and it was considered a reverse takeover. Imagine then that as a maximum Dev is valued at £54mil as it surely couldn’t be worth more. This means that dev is valued at 21% of the £254mil valuation at suspension, or 6.37p…..maximum! It will be much less. Stick a discount on this for the Bargain Market Facility, and we could easily be valued as low at 1-2p a share and 2p would leave me with a 73% loss when on suspension I was over 300% in profit, although I think it will be 1p or less. I genuinely hope I’m wrong. Getting something back is better than nothing, but we have to realise that anything written within an RNS or later in any publication, from this company is worth nothing, zip, nowt…..nothing can be believed. “Reasonable endeavours” to enable a market facility so shareholders can trade off market, is not an inspiring or committed statement. Sell and it will be at a massive loss. Hold on the hope of relist that will be years away, and we are at the mercy of charlatans, who will have more freedom to do what they want, without the constraints of a listed company.
I genuinely wish all Dev shareholders all the best of luck as we didn’t deserve this, but I just don’t see a positive outcome for us within the next three years, if at all.
Byju gets a bad press for a number of reasons, but at least they see companies they want and raise the funds to acquire them. If we think Dev was bad, how can we possibly think Veative will be any better. The way this deal has been managed has been callus and calculated, with the only purpose to get Dev on the cheap. This is encapsulated by Launchmycareer on LinkedIn, on 16th Dec 2022, a date that will be engraved in the mind of all Dev shareholders for many years to come. A day where we felt pain, suffering, anguish and disbelief at the RNS released, all while LMC were posting on LinkedIn talking about how much fun they were having at work! Rubbing salt into an open and severe wound. See below
“ We at LMC never miss a chance to have fun! Last Friday, we enjoyed in full swing as we took out time to engage with each other and simply have fun together.”
This on a day PI’s individually lost tens of thousands of pounds. Some losing ££ in six figures. This is the contempt that PIs are held by the new CEO.
So cross fingers, cross toes…look for a four leaf clover and pray to whoever you feel will help the most, but Veative will not be looking out for its private investors. I HOPE to get maybe £2-£3k back from a £23 investment that was once worth £146k and was worth £100k on suspension. In reality I know it is gone!
Hope and reality rarely come together, but it is possible..I just hope the directors of Dev Clever and Veative, including Jeffries and Aggarwal have some understand of the impact of their actions! Will they c
Yep the secondary market will give an indication to how successful the fund raising is going and those in the know will take them off distressed sellers for less than where we delisted.. it depends on the appetite for the stock ...if any. Time will tell..sell for a big discount if possible or big boy pants on and ride it out for relist..blimey should've asked for a crystal ball off of Santa.
at last something scaredy does know about cats...
The name will change to Veative Group PLC, but the entity will remain the same. Bit like owning a cat called Milo, you still own it even if you change its name to Whiskers.
But our shares are in dev clever which I understand is going to be renamed so how is that going to work. The most reasonable thing would have been for the majority shareholders who are clearly going to be the big winners to make an offer to purchase all those remaining shares instead of being greedy b xxxxxxs
For clarity, it is only the listing which is being cancelled not the shares themselves. These may or may not have any immediate value - the secondary market may tell us. At some future date the shares may be listed elsewhere.
Who would believe that The major shareholders & Board of a LSE main listed stock would do this to every day Joe bloggs folk that invested in good faith?
Decency has left these shores.
Accordingly, the Board intends to use reasonable endeavours to create and maintain a matched bargain secondary market trading facility to assist shareholders to trade in DevClever Shares following Cancellation. A further announcement providing further details of this facility will be released before cancellation
Having been through this situation before with AAA - my broker (EQI) merely transferred the shares out of my ISA into my dealing account which still shows xxx shares but at no value. I cannot see why this should not be the same for DEV as the shares are being de-listed and not cancelled
Correction to the last message from me, forgive the typo: Dev Clever does NOT intend to re- list its common shares , therefore by delisting they will hold no value according to HL and be removed . If Dev Clever advise us that there is a broker who is willing to buy the shares then we can in theory transfer them , but the mechanics of this process require us to avail the brokers' DMAT number? A step by step guide will be helpful. I have reached out to Dev Clever ( investor relations) to see if they can offer any advice...
Correction to the last message from me, forgive the typo: Dev Clever does NOT intend to re- list its common shares , therefore by delisting they will hold no value according to HL and be removed . Loss of total value I think is the sad conclusion?!
I have just received a message via HL. I hold 40,000 common shares of Dev Clever in my SIPP. HMRC rules state that the shares will be either be held within the SIPP until they are delisted, which we know if not the intention of the BOD. If nil value for those shares is then confirmed, the shares are removed from the SIPP. It looks as though therefore that if nil value for common shares is confirmed we lose our money as private investors. Looks as though we as private investors have been shafted by the BOD of Dev Clever. I will look into a class action as a possibility but it may be fruitless. The BOD led us on a merry tale with talk of a new prospectus being prepared. It smacks of corporate dishonesty .
To clarify, you can't transfer your shareholding from your HL SIPP into your HL Fund & Share Account.
Let's see if Dev Clever come up with a solution.
Thanks for helping me out, I'll be on to HL next week to transfer them.
I believe only premium listed shares need the 75% vote. Therefore Dev will delist as per the RNS.
Thorndon - you are giving conflicting comments about whether a vote is or is not needed for the company to delist and whether the company is listed on the main market or AIM.
Please clarify the facts so that readers are not misled.
Sorry Sanilbel its listed on LSE main market my bad , still the rules are even tighter then Aim ones.
Still has to have a vote one that can not see achieve the votes needed.
Below are main shareholders - note the first top two will vote to delist
26.54%
Veative Labs Pte. Ltd 225,000,000 £67.5m 0% no data
17.94%
Christopher Jeffries 152,114,069 £45.6m 0% no data
10.5%
David von Rosen 89,000,000 £26.7m 0% no data
8.53%
Asimilar Group Plc 72,300,000 £21.7m 0% no data
5.96%
Jarvis Securities plc, Asset Management Arm 50,510,278 £15.2m 0% 0.95%
5.36%
Christopher Akers 45,435,000 £13.6m 0% no data
1.74%
HSBC Global Asset Management (UK) Limited 14,774,227 £4.4m -6.21% no data
1.33%
Nicholas Abdo Ydlibi 11,250,000 £3.4m 800% no data
1.25%
M. D. Barnard & Co. Ltd., Asset Management Arm 10,632,561 £3.2m 0% 3.58%
1.19%
Brewin Dolphin Wealth Management Limited 10,085,000 £3.0m 5.22% 0.16%
1.09%
HBOS Investment Fund Managers Limited 9,276,083 £2.8m 0% 0.03%
0.94%
Citigroup Inc.,Banking and Securities Investments 8,000,000 £2.4m 0% no data
0.9%
IG Group Holdings Plc, Asset Management Arm 7,617,709 £2.3m 841.95% 0.26%
0.9%
Barclays Bank PLC, Securities Investments 7,591,214 £2.3m 0% 0.01%
0.68%
Barclays Bank PLC, Wealth and Investment Management Division 5,789,161 £1.7m 0% 0.02%
0.47%
The Royal Bank Of Scotland plc, Asset Management Arm 3,950,800 £1.2m 0% 0.1%
0.46%
Rowan Dartington & Co. Ltd., Asset Management Arm 3,898,284 £1.2m 53.09% 0.13%
0.43%
Credit Suisse, Investment Banking and Securities Investments 3,665,340 £1.1m 0% no data
0.42%
Investec Wealth & Investment Limited 3,593,000 £1.1m 0% 0.01%
0.41%
State Street Global Advisors, Inc. 3,498,648 £1.0m 0% no data
0.4%
Charles Stanley & Co. Ltd, Asset Management Arm 3,348,627 £1.0m 0% 0.01%
0.36%
A J Bell Holdings Limited, Asset Management Arm 3,071,611 £921.5k 0% 0.01%
0.33%
Global Prime Partners Ltd, Asset Management Arm 2,834,804 £850.4k 0% 0.33%
0.24%
Neue Bank Ag, Asset Management Arm 2,000,000 £600.0k 0% 0.73%
0.23%
Killik Asset Management 1,989,345 £596.8k 0% 0.03%
Full listing at the moment
Thorndon
Dev is not an AIM stock is it ?
Expected timetable of principal events
Under the Listing Rules, as a Standard List Company, the Cancellation can be effected without securing
approval of shareholders at a general meeting
Under the London Stock Exchange's admission and disclosure standards, Dev Clever must advise the
London Stock Exchange of the Cancellation not less than 20 Business Days before the date it intends
trading in the DevClever Shares to be discontinued.
It is therefore anticipated that the Cancellation will take effect 20 Business Days following the making
of the application on or around 18 January 2023.
Key dates:
Expected date of cancellation of listing and trading on the main market 18 January 2023
Notes:
1. References to times in this announcement are to London time unless otherwise stated.
2. If any of the above times and/or dates change, the revised times and/or dates will be notified
to Shareholders by an announcement through a regulatory information service recognised
by the London Stock Exchange.
Shareholders still have to vote on the delisting , believe this to be 75% as per Aim rules.
So will be interesting on the vote.
Exactly as Barnard says. HL replied as follows: 'You can instruct the transfer of stock from your HL Stocks & Shares ISA into your HL Fund & Share Account by sending us a secure message. In the instruction please state the name of the stock and the number of shares or units that are to be transferred across.
Please also confirm that you understand that once money/stock is withdrawn from your Stocks & Shares ISA it cannot be reinstated and you will permanently lose this portion of your ISA allowance. '
All you have to do is message HL from your account and ask them to transfer from ISA to Fund and share account..it's easy to do. If you don't have a fund and share account you can set one up online with a quid in 2 mins.
Please let me know what they say, I'm going to ring HL next week. Do you have to contact HMRC?
Likewise. I have asked if I can have them in my fund and share account. I'm awaiting a reply.