Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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wtf are they playing at ?
A Company registered in Jersey with no interests in UK has got to be bad news. I liked their product but got out before the catastrophe, and feel for you guys. Don't know legalities, but suspect something is not quite right. I wish you all the best but to make 80% loss is a bit of a disaster. Stick with Builders - about 25% growth pa and 5% Divi, is slow but steady. BoL
They already have the required nos, sold all my holding at 80% loss, it will go private and the sp will fall further before officially delisted. So IMHO people investing here do proper research
Beamer, good to hear that your selling here and putting into others and are going up. Just shocked with this news which am not prepared for. Any kind advice on where I can reinvest hopefully I can recoup some. (Agree also with your feeling of the company going private and not in UK. Malaysia is also another not well regulated and can be corrupt). Cheers
9th is the deadline guys.
Everyone make sure you voted
For those who feel strongly about this they can always contact the FCA: market.abuse@fca.org.uk Whether or not they will take any notice I don't know but at least you can get it off your chest to them. I'm bored so I think I'll do it now. If it turns out that the Directors have been buying up 'on the cheap' since the announcement I for one will be doing more than sending an email to the FCA!!
The more I read the news a second time around the more suspicious it sounds. How did the Times know about the resignations before it was announced? Can the broker and PR guys just quit like that, no contract in place? Hmm...
Really need to be asked. They have decimated their own share price, and for what... to leave a trading market and save a few quid?? Beggars belief. Sentiment is shot to pieces! Hope they have a bigger plan... GLA.
Didn't know nomad will reply to retail investor
Matd bottom price for loss recovery.After selling this I bought pcge and matd.
I wouldn't touch this with a bargepole!
BarcelonaBill - the deciding factor for me was being completely ignored by the FXI board and K&L Gates who did not reply to any of my communications asking for clarification of my shareholding once private Stifel on the other hand have been excellent with their communication - I believe they are caught between a rock and a hard place and are doing their best to protect shareholders
Yes, I've long since learned not to get emotional about the business of buying and selling shares. A mistake is a mistake. Learn and move on. Given the market reaction since the RNS I think Teh has shown nothing but contempt for Shareholders by not issuing some sort of statement reassuring them that all is going to be OK. God forbid that a Directors deal gets announced on the back of all this. The proverbial will really hit the fan!
Correction - I believe it's highly likely that Teh WILL reach 75% and he probably had secured irrevocable undertakings for close to this amount some time ago on the sly
BarcelonaBill - I share your opinion too. Whilst I believe FXI have a good product and an excellent growth strategy I feel woefully let down by the boards conduct towards shareholders If this was a UK company I would have probably retained my shares in the private company, however, I believe further shenanigans could play out under Malaysian control with FXI being a private cash vehicle for Teh until such time he's taken over or relists on another exchange I don't doubt the product but I have nothing but contempt for Teh given his back door approach to seize control on the cheap It's highly likely that Teh will not reach 75% Sold up with a £21k loss - already reinvested and on the move up I wish anyone well that stays in
I appreciate your way of thinking but my point is that this would all have been discussed at Board level and with the NOMADs and with the PR Company. During those discussions they would have voiced their disapproval and, most likely, advised Teh that, if he went ahead with the proposal, they would not be able to support him. Therefore, it was entirely within Teh's control and he decided upon the course of action regardless of the outcome. It was his decision to go ahead knowing that the SP would tank and knowing that these resignations would be made. I've no argument with you here, just an alternate opinion. I respect your call and wish you luck.
If Teh and his Directors are buying in now there will be hell to pay in due course and probable legal actions. He knew full well the impact of delisting on the SP and to take advantage of this would be totally unacceptable to all other shareholders including the IIs. SP now down 3p. As much a holders are hoping or expecting a bounce I really cannot see this happening before the vote. Then, if Teh wins that vote, common sense says that it will be suspended until delisting. All IMHO as a former holder with no interest long or short.
For loss recovery.Under value and jv due.
Teh needs more holdings to pass his 75%, and he felt £1.50 a share was too cheap for this company, thus he or his circle will have to buy more in the days to come.... whoever hold the rest will be against the delisting, that is for sure, thus....competition, competition! SP goes up!
now, dropped two pence, but can't buy anymore at 45p, and bidding start increasing....good luck all holders, this may be a bounce today
With respect Dhc, the whole thing was in Teh's control. He's the man at the top. He didn't just suddenly wake up that morning and decide to delist the Company. It had obviously been thought about and discussed for a period of time. The SP was drifting lower on apparently good news and contract wins and Standard Life were selling up. I sold yesterday, took my loss and learned my lesson. I'll not be investing again in these overseas Companies, there are far, far safer options to choose from. I prefer to have protection and immediate control over my investments. Good luck to all those holders who remain and those who are now buying in.
Take many of your points on board, however, what is stopping the majority shareholders awarding themselves shares and diluting us to oblivion? I am only asking for opinion, as I have no idea what will happen in practice.
Eowyn - Teh would have no grounds to fire Stifel and no other Nomad would go anywhere near FXI if Stifel were to bail Nothing fishy about Stifel
Stifel could always resign before the announcement and with the notice period Teh would be forced to get a new Nomad. Seems to me that Teh would have just fired the Nomad if they wanted to delist no matter what. Something doesn't fit.