Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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It’s either 6 or 12 months and then it’s delisted from the market automatically. Generally setup a share dealing service which is very limited, company kinda disappears, goes broke, gets bought for £1 and they walk away with everything
FFL
Yes, that's my understanding too. Sadly this is a basket case, but we will see what happens
johnpwh, I have been unable to find anything specific re limitations to duration of suspensions from AIM.
It seems to be covered by rule 14 :
The AIM company announcing that a reverse takeover transaction has been agreed or is being contemplated. In this instance, shares will remain suspended until the company has published its admission document in respect of the enlarged group or the proposed negotiations are terminated (Rule 14).
Aim Watch article :
What happens to your shares when the company has been suspended?
In such circumstances, you remain a shareholder with all of the rights of a shareholder under company law, but you will be unable to execute or place any trades for the securities of the company in question.
Nevertheless, the suspended company must still comply with all listing rules applicable to it. This means that shareholders should continue to receive announcements on developments that require announcement under these rules, so you shouldn’t be left completely in the dark. In addition, once the circumstances leading to the suspension have been resolved or clarified sufficiently, then a notification to the market is immediately required.
Thanks TT. As you know I am not positive about Fox. Thankfully have less than £1400 in here, still not keen on losing it all!
I remember reading in one RNS that any recoveries from the Kosovan legal action (ha ha) was ring fenced for the benefit of the then current shareholders. Did i dream that as I can't find the reference now?
According to the Fox website Fox was delisted from the FTSE Russek index on the 1st of November. No idea of the significance of this but doesn't seem positive!
Fuel
Is there any indication how long this AIM extension is? Since the RNS of 27th October implied that suspension had taken place then surely there should be a further RNS reversing that? I assume once suspended do we need to look for company announcements on the company website as they won't appear elsewhere
Thanks fuelforlove.
Hi john, well yes luck more than skill I reckon. From my perspective this is a calculated gamble and I never could count!
Hi TT. As Liam Neeson would say......Good Luck!
Cholertona, See my post of Thurs. 14.04hrs.
For my own clarification I've revisited the various RNS's. In September '19 Fox launched UNCITAL Arbitration proceedings against the Kosova government. In December '20 Fox announced the appointment of Dentons Solicitors to act for Fox and outlined the " no win no fee arrangement" This in my book was a massive achievement. Dentons are the worlds largest solicitors by numbers.
In March '21 Sir Simon Nesbit Joined the fray to work with Dentons. He is a specialist and only works in the field of international arbitration. In May 21 Samuel Wordsworth QC was engaged to provide Counsels Opinion. In September '21 he delivered a positive verdict. He is highly regarded in his field of international tribunals and is often employed by governments.
All of the above are absolutely top draw and Chis Gilbert has my admiration for persevering and building this team.
In March '22 Sir Mark Grant was appointed a NED. This is in my opinion firmly to do with the RTO only. One common feature is that not only is he also top draw but if there was no merit in the RTO he wouldn't be here, so well done CG for recruiting him.
Now I've done that bit of research I feel a lot more encouraged!! We might even make it!!!
Doubt it will make any difference to us Cholertona!
Re my previous post, I’m not sure whether the company is just being removed from the index or is delisting. What are others’ thoughts?
Thanks
Andrew
Fox Marble will put out their own RNS tomorrow. Let's have a look.
That's a no then.
Seriously, anyone who hasn't written off any money foolishly invested here is not glass half full, they are glass overflowing. It's dead Jim. And Gilbert is the one to blame.
All resolutions passed .
Just seen the RNS. I guess Fox Marble will put out their own RNS tomorrow. Really disappointing, I don’t know whether that’s the end of the value in the equity. I thought they might have been negotiating with the Kosovan government and that that might have been the reason for their non-exec appointment of a high profile ex civil servant, was hoping that might have saved the day.
Andrew
Thanks fuel
Nice of them to tell us!
For the avoidance of confusion, I received the following from Fox in answer to my query:
“The Company has received an extension from AIM and we continue working towards the completion of the planned transaction”
'I am therefore optimistic that 2022 will prove to be a turning point for the Company. It is also likely to be the year where FOX Marble is able to present its case in the court of International Arbitration on its €195M legal case against the Republic of Kosovo. Legal proceedings are fully funded and are being led by Dentons Europe CS LLC.'
Quote by the knob end who answers to the name of Chris Gilbert. A man so pathetic and incompetent that he makes Liz Truss look like one of the best Prime Ministers that the UK ever had.
Trapped Captain Mainwaring. Doomed! Doomed I say!
I guess its definitely a hold now!
Truly excellent report, showing that revenue from the marble operations for the 6 months in question increased by 50%. I'm sure we are all pleased!
Shame it was only about the same (less actually) than someone just paid for John Lennons run down semi-detached home in a not very posh part of Liverpool.
Don't hold your breath me old mate
Only just read this. Coincidentally I also ate porridge this morning, with blueberries and a banana sliced in. Glad I didn't read it then or I would have pebbledashed the wall when I laughed manically.
This is the biggest load of incompetence and nonsense I have read from Mr. C Gibert, who as most of us realise is the uncrowned King of incompetence and nonsense.
At the suspension price this farce of a company is worth 5m. Any placing won't be at 1.085p, far from it, and since the placing will raise 10m in hugely difficult markets you can expect absolutely massive dilution. Add in the issue of shares to raise 30m, as agreed with the glorified garden shed manufacturer, at probably the same price as the placing and what will the total dilution be? Do your own guessing but I would say number of shares in issue will go up 25 fold or more. In other words my thankfully small share in this company will be a twenty fifth of what it was.
I searched the RNS for, and failed to find, any reassurance that the 'new' shares would be a different class to those in issue already. They will therefore carry the same rights. If that is the case then how are any (unlikely though it is imo) litigation proceeds going to be ring fenced for the benefit of only the current shareholders? Simple answer, it won't be. So any litigation proceeds we were expecting is also reduced to a twenty fifth (or whatever the figure proves to be).
If anyone here expects to come out of this with anything more than the enough cash to buy an out of date packet if salt and vinegar crisps from their local Coop then they are likely to be sorely disappointed. These shares are as worthless in the same wat as SXX, Carillion, POG, Patisserie Valerie, probably Cineworld etc
Hi hectordog, yes a good point made, thanks for the link. As is said - periods of recession/downturns can produce new innovative solutions. Traditional construction costs are going through the roof (pardon the pun!) so modular construction has certain advantages in that the materials used are reduced to a mere handful or so. Dominic Redfern has, according to the RNS, has invested $6 Mill and 16 years in this and we have an initial 3 year contract at E114 Mill. So while this is a start-up it is a start-up with a bit of pedigree. Our slice will be smaller but the pie is bigger and has really good growth potential. I'm impressed with the scale of the RTO - far greater than I thought.