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People should be happy that the company hasn't gone bust. Would have been good if completely transparent and explained if there's a consolidation and at what rate since suspension lifted and trading again on 2 May. Trading at 1p or 55p?
We go from owning 100% of a small company with few prospects and no liquidity, to around 10% - that is not that insignificant - of a much larger company with E114m of business (minimum) of business to execute on over the next 3 years. This always happens when you reverse in a much larger business as is the case here (hence the term "Reverse Takeover'). Its not 'dilutive' in the conventional, pejorative sense that you guys are using the term if we and the market determine that in fact, in the process of this 50:1 consolidation, legacy Fox shareholders are buying that business on the cheap, as may well be the case here. If they execute on the existing order - and especially if they go on to sign new ones in the midst of what seems almost unlimited demand around Europe in this space at the moment - 30m can begin to look a very cheap price tag very quickly indeed. So again: we're (potentially) going from a litigation lottery ticket (which hasn't disappeared by the way) with a marble quarrying business attached trading at 1p that no one cared about in the most hostile small cap market environment in living memory, to owning a decent % of a decent-sized, vertically integrated niche construction business which is going to be an immediate customer as it executes on a couple of pretty chunky contracts to execute on immediately in a sector that doesn't seem to know there's a recession on. I'm not saying this is a slam dunk or even that we've paid the right price, but damn, you have to admit there's some pretty exciting (potential) upside here for us all of a sudden.
Suspension lifted next week
Consolidation of shares, looks like 50 to 1 hence sp increase on new shares issued
Massive dilution, huge volume going to new gang, obviously buying this other business for £30 million
Chris Gilbert, many bod stepping down and new guys in
Director shares are being diluted too, their overall % far less than now
Suggested over €100 million in housing orders, they going to integrate marble into the house buildings
We are loosing high % due to dilution however we own maybe % in viable business? I suspect when consolidated however our % will be very tiny and insignificant compared to original investment amounts.
Be interesting what happens on return to market
Seriously, dactions? Are we reading the same announcement?? We were suspended at 1p, with a 4m market cap, with a core business the market had completely abandoned, with meagre prospects and trading like a zombie company, and now we're suddenly going to re-quote after reversing in Eco Buildings, owning a bit over 10% of a £30M+, vertically integrated building company with immediate, material contracts that are ready day1 to be executed, ESG compliant, in a near-recession proof industry that offers real growth prospects. Overnight (well, more like a year of overnights, but still) we've woken up with a massive new customer that will 'buy' our marble in fulfilling that E115m of business over the next 3 years alone. With this deal, we suddenly have a real, (potentially) exciting future inside a much bigger group that looks like it will initially focus on our legacy jurisdictional area in Albania, but can surely transport the business model to more developed economies, mitigating Fox's perceived 'geographic' risks, and thus giving us a real chance of attracting more long-term, quality investors. I could go one, but you get the idea. There were more than few on here who insisted immediately after the suspension, that Eco was some kind of spoof business and we would never re-quote at all in fact. Now we see that both 'predictions' were equally wrong. Of course we still need more detailed information and everything will come down to execution, execution, execution, but with just the 2 contracts mentioned in the release, we could be looking at a post-RTO company generating free cash within a few years and a share trading on a single-digit PE. How could you have 'ploughed' through the release and only have landed on the section discussing option awards?!? Plough again
I've just ploughed through tonight's very lengthy RNS and frankly I can't make much sense of it - or at least as far as Fox shareholders are concerned. It seems like a very nice gravy train for the new crew with plenty of options for each one but no mention of Fox shareholders other than it seems the shares are going to be watered down substantially.
Chris Gilbart - most of us have been with you as shareholders for years - are you shafting us after all this time ??
Suspension at 1.085p and placing at 55p?
What happens to original shares? What 1p becomes 55p?
All is not lost.. Roll on Tuesday...
Its not a share for widows, orphans or anyone with a grip on reality. Ask anyone who has invested in the stock market for more than a handful of years, particularly on AIM, whether there is any hope for equity holders here and you will get the same answer. Hint: it is a very short word which is an anagram of 'on'.
Be patient. It's only 8 weeks until the H1 Report, when - hopefully - we will get an update on the progress of the litigation, as well as news on whether the reverse takeover is still on the cards.
Not a share for widows and orphans, as my children constantly remind me. On life support perhaps, but not quite dead yet.
Its dead Jim. or Fuel!
12 months today since share suspension. Has the takeover reversed into a Kosovan quarry? Whatever, it’s causing sum gyp. ( sic).
Thanks TT
I'm pretty much sure that no one here will see a brass farthing of their investment back no matter if the amount is recovered or not. Expect Gilbert & Co. will do ok though.
In case you think I am taking my dislike of Gilbert too far, then fair enough. However I have plenty of vitriol left.
The award includes the costs. The 28 day correction/challenge period is over by some 3 months. Unless the defendants did successfully challenge then they have to pay. You can't appeal an Arbitration award. However they could be insolvent
The RNS did say that Fox intends to pursue the recovery. The amount payed could still change if both parties agreed to it.
No more on this so we can assume the defendents aren't paying the £383k damages and moron Gilbert ****ed £454k costs up the wall. Anyone agree?
I'm sure as shareholders we would all like to thank the resigning director for being part of a board that has enabled lucky investors to do so well out of Fox Marble, small investors who invested their hard earned cash after listening to Gilberts bullish and totally truthful presentations.
I'd say this was dead but it won't lie down. Only I think its has now!
So when will we told officially that we have lost every penny we 'invested' in nice but dim Gilberts fantasy world of make believe?
Guess we will never ever hear another word from Mr Nicebutdim. Wonder if his niceness extends to a conscience that he walked off with every single penny of the money that everyone on this board entrusted to this doomed enterprise? Just hope none of the posters here trusted other than small amounts to this joker/ conman, I've lost about a grand which is ok to me. That was just a punt to me, and in truth I always suspected this would happen from day 1. However clarity would be nice so that we can use the capital loss for our 20222/3 CGT calcs but I doubt we will get it before 5th April. I think you can make what is known as a 'negligible value claim', even where the company hasn't officially gone kaput, if you can show that you reasonably expect that the share is a total loss. After that the share remains on your books as being acquired at zero cost so that any miraculous rising from the ashes is pure profit in a subsequent years CGT calc. Anyone with more info would be appreciated,
John
PS. Perhaps somebody does know John - but they're not telling us !!
Nobody knows John.
Is there anyone there? Do we all assume that there is never going to be a penny seen from this debacle?
Hi John - Err well sort of. It's actually Euros not Pounds. My mistake but still better than nothing!
We're rich, rich, RICH!!!
Yes was definitely a bolt out of the blue. I dont recall it ever being mentioned previously. Lets hope we get news on the wider litigation case in the not too distant too. The sort of amounts of cash even in this current scenario, is material vs the Market Cap of the company prior to the RTO. Has any one had any dialogue with the company? Or has anyone any further insight into when we could see FOX listed and trading again. All seems to have gone very quiet. I have emailed them a while back, but did not get a response.
A bit of a bolt out of the blue! Sort of doubles the cash raised by the Loan Note re the RTO. Could this be the catalyst that gets the new company over the line? Is there gold in them thar hills?