Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Sharing what i received from more broker.
"Thank you for your enquiry and please accept my apologies for the delayed response.
As a result of the delisting from the LSE, which is due to be effective from April 2023, Great Eastern Energy Corp will move to the pink sheet segment of the over the counter (OTC) Market in the US. This market has very few listing standards and little regulation – unfortunately you are unable to trade on this market via Hargreaves Lansdown.
You will still be able to hold your shares in your SIPP.
I can confirm you will receive communication regarding the delisting shortly."
I'm still not clear whether this will mean GEEC share trade Pinksheets OTC only or whether this will be OTCBB. OTCBB appears to be more liquid and requires companies listing here to post annual report and accounts with the regulator. Reading around on OTCBB it might be that liquidity doesn't completely dry up for GEEC and companies do also raise equity via OTCBB - so i guess this angle is still open to GEEC (albeit unlikely i suspect to be how GEEC raises finance for expansion). The list of broker dealers active on OTCBB is quite extensive and can be found here https://www.otcmarkets.com/market-activity/broker-dealer-data
Hoping that GEEC will clear up some of the uncertainty in the coming days. Given it was very hard to trade in any size with an LSE listing it looks as though there could still be some price discovery and traded volumes via the OTC route!
Thanks for the info Troy
I've just read up on the difference between pinksheets and OTCBB https://www.investopedia.com/terms/p/pinksheets.asp
I agree, it does appear that OTCBB would be easier to trade. My guess (and it's only a guess) is that it may be pinksheets only, otherwise HL would have known and informed you it was both, and what reason would GEEC have to choose both rather than one or the other?
Have you emailed GEEC to request further clarification?
Interesting to read the rns this morning. Couple of things stood out. 1) mention of dividend distributions. (Won’t be on the cards for a little while and probably just standard wording for this kind of announcement - nice to see though). 2) company will continue to publish interim and finals accounts on its website. (So no real change to info that we were receiving while listed). 3) at this point at least no restructure of class of shareholdings.
I’ll get around to emailing the company for info on pinksheets and trading of unlisted stock and will share here whatever comes back.
I thought the RNS was encouraging in that they seem to be emphasising that nothing will change other than the shares will no longer be traded on an exchange. They have said the reason for the delisting is that the level of trading does not justify the ongoing cost of remaining listed. If this really is the only reason and everything else continues as normal then there are some bargain 5p shares to be had.