focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Thank you jl006 , are you making excuses for the ******s on the board ?.
BORAC
u REALLY NEED TO LOOK AT THE LAST TWO YEARS.
Then u might understand what has seemingly gone wrong
Hope that this is not another BOD who seem to be up to dubious dealings .
We hung on at HUR and won our case ; SP there not going up as fast as one
would like but remain hopeful .
This could have made some shareholders sell , up to them not my business . Great way for some large parties to scoop up more shares for them . On the cheap too .
Hard to know where this SP is going but a 7++ million sell on 23rd is a worry 4sure. Question. Is it a sell or a buy as LSE is often wrong on both sides of the trade. Have until 30th to take up options. Seems little point given SP is 12p+ or -.
With a 75% vote being required to delist a company from AIM, it is possible for a company to delist and leave its minorities high and dry on the vote of just one major shareholder. Following such a delisting, shareholders may find themselves with no market for their shares, other than the possibility of a matched bargain service.
Jl - that is how it is done. If the Board agree to delist there has to be a shareholder vote with the final share value declared. If the majority of shareholders agree then it is a done deal. Anyone who didn't vote or voted against the motion is entitled to receive the share value but if they don't the money is held in an escrow account with a third party agency, such as 'Link'.
In the case of FCRM the two major shareholders have just consolidated their majority positions. I am sure they could now vote through a delisting of the company without any difficulty. Offering current shareholders the opportunity to add more does seem to confuse the matter though and it will be interesting to see how well that is taken up.
I absolutely agree with your statement on the other board - this is one for gamblers and speculators and 'caveat emptor' certainly applies.
JL5006 makes a good point and there doesn't seem much doubt that the Directors are seriously shareholder unfriendly - look at the share price action and the massively dilutive share issue over the Xmas hols. On the other hand a substantial new sum is being invested and it appears new outside shareholders introduced (though this isn't clear) so its possible that after the issue steps are taken to strengthen the manifestly weak management and Board . There could then be a short term opportunity to get out at a better price . I'm afraid that this rotten situation shows yet again why the UK stock market is too hazardous for private investors and why US markets are a much better choice - at least they offer potential legal recourse in a situation such as this .
If my memory is right - when i held shares in fusionex - there was a vote to delist -NO offer price - .
The Drs had the whip hand - end of - shares had no value!
Company has a wonderful future according to the Chairman and Directors. Why should any shareholder take up the offer to buy shares at 12p in their open offer entitlement, when on the open market the sp is well below that value. Am i missing something here ? Someone please explain !
Two thoughts
1. Why hasn't the Takeover Panel taken an interest in this ? As others have pointed out it's clearly a rather unsubtle way for the two largest shareholders to buy the company at a knockdown price after the share price collapse . Surely a whitewash resolution on which neither Harwood or Bayford would be allowed to vote would be appropriate ?
2. Why ever would Harwood continue to back this management after what has happened to the share price and to shareholders interests? It would be more reassuring if either the Chairperson or CEO could point to a track record of success in building businesses or of experience of quoted companies and shareholder relations . I'm not sure the CEO's membership of the Institute of Directors does the trick for me !
My guess is shareholders will now be offerred a low ball price. Say 15p. Will it be accepted. No choice. Turner and Bayford will agree, why would they not, and their majority shareholders so the vote result is already known.
All theory but we got shafted. Took Turner awhile but he's getting what he wants.
HC
It is looking more and more obvious what the Board of Do very little are up to .
I am out - lost 67% cutting losses and moving on - shows what i get for following a questor tip!
They have the votes Harry - so hard to build up - so easy to bring down.
Conditional Placing to raise a minimum of £19.5 million at the Issue Price of 12p. Indication from two of the Company's largest shareholders, Bayford & Co Ltd and Harwood Capital LLP, that they intend to, at minimum, stand their corner in the Fundraising and are prepared to commit up to an aggregate of £18.5 million
Just read the full Open Offer deal that looks to get over any past agreements on Bayford and Harwood not making a hostile bid. Actually if they 'stand their corner', pretty pathetic wording, they will spend a minimum of 18.5m. If you take out the book building costs it just means they will buy the lot.
As for the Open Offer to raise gross proceeds of up to an additional £6.0 million at the Issue price of 12p. This is supposedly meant to attract existing investors. Not much point my guess is 12p will be the market price if not lower. Stand by my 10p.
Crooks is being kind to this gang but it does explain why the SP has been driven down over recent months. If your gonna buy a company then make sure you buy it on the cheap.
Normally I'm all theory but on this one its clearly just a very well planned way to screw investors. Will it work. I think so because these parasites can now dictate policy and my guess is de-list the company if they get enough votes.
HC
So now we know they need money so the begging bowl is out. At 12p hardly reassuring stuff. Once again shareholders are getting what appears to be a good shafting. Obviously FCF and the money they had in the bank has somehow vanished or is this in the unknown 'contingencies' of the Accounts.
Hard to now believe much of what this outfit says but do spare a thought for Board Members who brought shares at 3 x the offer price.
All smoke and mirrors and its been my experience that this happens a lot with Aim companies.
Anyway my historic stop of 10p on this crap wasn't that far off.
HC
OMG
They have just wasted the asset cash and want more.
BOD - supposed to be a Board of Directors.
Who in their right mind would pour good money after bad?
Does Mr Dugdale have a sense of humour?
.
193k buy
Electric charging points is the reason I came into this Company initially , something seemed to hold this back .
After the Lord Mayors show after yesterday . What a load of horse droppings this load of free loaders are .
Now that makes a refreshing change . More to come ?.
This could be given away soon ; nice little present for people on the board .
Not selling as I hung on at Hurricane . Did not have a large holding there or
do not have a large holding with this Fulcrum Utility but hate to get done .