Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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AGM at 11:30am, will be keeping an eye out for the RNS 👀
Hope share holders will be revarded.
Very little stock on offer before neg trade
Mms don't know what to make of this
Let's see what happens tommorow
BUYERS coming in
It certainly could be. I am a very recent buyer (small punt), based out of intrigue / hunch - seems like an asset grab to me, and was tried unsuccessfully a couple of years back at 26.25p. If the delist goes ahead I am not gonna be that bothered. The company will still exist, and there is a matched buy/sell facility. Worse case scenario I will have some delisted shares in a company that said:
“Our FY23 results reflect the legacy issues and the difficult conditions that the group has operated in, however, we are now in a stronger position and laser-focused on our path back to profitability as we continue to make improvements at pace.”
Best case scenario a few folk wake up and see this for what it is (ludicrously cheap), and we see a pre de-list spike.
Exciting 2 days
1 June 2023
FULCRUM UTILITY SERVICES LIMITED
("Fulcrum" or "the Group")
Domestic Asset Sale Update
Fulcrum announces an update on the sale of its domestic customer gas connection assets and associated meters to E.S. Pipelines Limited ("ESP").
The Group confirms the successful completion of tranche seven of the domestic gas assets transfer to ESP for a total consideration of £2.2 million on 31 May 2023.
£2.0 million of this was received in cash on 31 May 2023, with the retention balance of £0.2 million expected to be received on 30 November 2024.
The total gross consideration receivable by Fulcrum is expected to be c.£49 million. £36 million has been received to-date, leaving approximately £13.1 million to be received.
The arrangement with ESP also includes further milestone targets which, if achieved, would trigger additional enhanced payments of up to £3 million over the remaining term of the contract.
It seems the market doesn't quite understand the RNS, hence why we haven't had much activity here. I think if the RNS had been clearer, we'd have seen much more volume and a decent rise. Oh well, I guess we'll find out on Tuesday what will happen next.
Hence why I said they'll have to pay for the shares held by PI s.. if the delisting goes ahead.
Why ppl should vote!
I'm puzzled. This is a quote from the initial cancellation RNS 'The Resolutions are inter-conditional, meaning that each of the Resolutions is conditional on the other Resolution being passed' If Res 1 is passed on 26 Sept then the shares delist on 3 Oct but what if Res 2 is not passed on 9 Oct - doesn't that inter-conditional statement mean that Res 1 is no longer valid?
And you know I'm hopeful that people will keep a close eye on this next Tues and whatever the outcome be more proactive.
If delisting at least make sure you vote in time before the Oct 9 meeting. Remember you can vote by proxy via ii HL whichever.
gla
Pip, its a £20ml company with ~£50ml turnover and a solid future. Some companies would kill for that.
As far as I'm concerned its a cash/asset grab and the only sensible way around it is to vote and make a lot of noise.
Hoping it continues rising again today.
Current MCAP only 500k
Delisting voluntarily
Final results detail a strong return to profitability
That makes true Value around 4p?
Alibulut - Very good. Ms Babbington is a Non-Exec Chairwoman of the company and will say nice things because she is required to. More importantly the same Ms Babbington recommended, along with the rest of the Board of Directors, that shareholders accept the proposal to delist.
So now you have expertly uncovered the double speak of the FCRM Management. Lots of nice positive words that are not matched in anyway by the performance of the company AND on the same day a recommendation that you sell all your shares and agree to delist the company!
The key point is that the new Articles of Association will be applied to a delisted company where the normal stock market (AIM in this case) rules no longer apply. No open trading, no release of RNS to inform everyone of changes, no annual reporting of results .... Basically everything takes place behind closed doors, out of sight and beyond the grasp of anyone left holding FCRM shares when delisting happens.
The Pipe: So what has happened?
Well the company has a set of rules they must obey regarding ownership called the 'Articles of Association'. So for a listing on AIM these specify that anyone holding more than 30% of the stock must make an offer (Harwood and Bayford both comply with this ruling). When the company announced the GM for delisting they also stated that new Articles of Association would apply if the vote was passed. This was incorrect. The Articles of Association can only be changed if the shareholders agree.
So, slightly horse before cart, the Board must now convene a second meeting of shareholders to agree that the Articles of Association can be changed. The first meeting will be the vote declaration for delisting and the second meeting will be to agree that the Articles of Association can be changed. The revised Articles are on Part 2 of the Circular released to inform everyone of the proposed delisting.
So nothing to do with money and everything to do with removing the obstacles (30% rule) for Harwood and Bayford to tear the company to bits and take what they want.
Hopefully this continues tomorrow
Outlook
Turning the Group’s performance around has been a challenging task and is ongoing, but we are making good progress, at pace.
The Board is pleased that the Group is on a path back to profitability and that its foundations are being continually strengthened to
deliver a successful future.
Medium to long-term market fundamentals are supported by the UK’s transition to a low carbon economy and also continue to be
very strong. Considering all of this, I am confident that the Group is well positioned to take advantage of the many and significant
opportunities available to it as we move forward.
Jennifer Babington
Non-executive Chair
18 August 2023
Current Mkt Cap at 0.125p = £0.5m vs Tangible Assets in PPE of £30m ! and Net Assets of £20m !
What is going on here ?!
Just moved up. Think we'll see a decent rise tomorrow 🤞📈
Coming in now. 0.15 to blow hopefully soon
Could you elaborate a bit more? Why would they need to pay for the stock?
Current MCAP 500k
Delisting voluntarily
Final results detail a return to profitability
Yep, that's how i see it. They will have to pay for the stocks.
Agree, tide seems to be turning, large but at 14.85. This could turn very quickly