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@Matthew125 - that was me being sarcastic - the best I could do on a painful day.
@ CaptNemo – anyone willing to pick 2m shares in a single trade would know what’s coming (I think)
The board could have done a raise at 5 or 6p, instead they choose 3p so as to dilute minority investors. Always believed that this board is there to rubberstamp SF’s decisions. See significant value in the stock, but SF’s rubber ducks will put a cap on share price gains through continuous frustrating actions.
Lows hit..
@ 4Corners - They would only offer 5p (maybe less) now!
SeaFox to everyone: Would you mind selling your shares at 10p now?
whats the open offer price at? i think the placing only kicks in for shares not taken up? so some lucky IIs get to pick up cheap shares at 3p..
Loads of times wanted to buy in but always pain good luck longs
It means that we are getting screwed, some lucky bugger got wind of this yesterday and dumped over 2 million shares at 6p just after the market opened - no wonder.
It's a 50% dilution - your shares will now be worth (with luck) 50% less than they were yesterday. Barstards.
"...but surely it can't look good for a member of the UK House of Lords to be associated with a company that is screwing over minority shareholders and shredding up all notions of fit and proper corporate governance?"
LOL. How many times do we need to see this?
Hey AA - doubt Lord Rubberstamp cares - most like a retirement gig for him. He is also the chairman of IDH, an egyptian healthcare company in which SF owns a stake and is listed on LSE. On the plus side, that company appears to be well run, with the founders still owning a sizeable chunk.
Lack of investor presentation or details on the capital raise (even if saying "its not ready yet, but here is the timeline or the planned process") indicate that they absolutely don't give a rats ass about the rest of the shareholders. Part of the 'frustrate minority' playbook. We are about to be taken for a ride.
(forgot to finish last post before posting) ... hence to the extent that is at all a relevant factor then potentially this does all eventually work out positively in some way....
I'm not sure how naive or desperate an assumption this is - but surely it can't look good for a member of the UK House of Lords to be associated with a company that is screwing over minority shareholders and shredding up all notions of fit and proper corporate governance?
No doubt that the capital raise won't happen. Not sure if they can do an accelerated institutional placement since the board doesn't have the authority (in fact this is on the AGM agenda), and I am not sure they can wrap up something with all shareholders in under a month. The first option would be great if they can place at a higher price (less dilution to minorities). If those are not the options on the table, most likely some sort of bid next week (low ball ofcourse)
Well we finally have an AGM to look forward to, on the very last day of June. I assume that the last act of the AGM will be a magic trick - where $25m will be pulled out of a hat!!!!
The fact that we are now less that 20 working days away from the deadline for raising the money via a rights issue and there is NO word of how this will be done is ringing some very LOUD alarm bells. Anyone care to guess what is going to happen because I have no idea anymore.
Courtesy BBG alerts
Hopefully something this coming week, but the "7th June" target date to publish the annual report seems to coincide with the the 12month anniversary of the 22p transaction. Anyways, the way things are calm indicates something is up, or that all is well and taken care of :)
@4Corners agree but I just don’t think they will meet the threshold required to force a sale on the minority. I do think that having dragged it out and disrupted as they have, some will now be inclined to accept the circa 18p previously offered and rejected, even though GMS is in a much better position than it previously was.
@ Si - i am aware of the votes situation, but the way they control the board, i just have this gut feeling that they will screw minority. To this extent, they have put Lord Rubberstamp on the board today, who is the chairman of another Man Capital portfolio company (Egypt based Integrated Diagnostics, also listed on London)
@4Corners they can offer as low as they like, don’t think they will get the votes needed to force it through.....
I feel another lowball bid coming as Mazroui ramps up their holdings
@sirimc - doubt there is any point in contacting the company. Probably better to contact someone from the regulatory side - but I don't see any explicit violations. Or another large institutional shareholder - ee don't see anyone making any noise as it is too small to bother with. Nevertheless with SF & friends controlling 50% of the votes (or maybe 43% these days as Horizon didnt commit to the equity raise), its tough for a major investor unless Mazroui and Horizon switch sides. On the plus side, I think merger would require an approval from 75% of shareholders, which they clearly won't get. Perhaps to get this majority, they might do a dilutive capital raise where they can 'underwrite' the offering and increase the stake. Intentions still unclear, but the tone is definitely not minority friendly. Will find out by mid next month at the latest
Today’s announcement that from 1st July Abu Dhabi will cease the requirement for visitors to quarantine upon arrival, is great news that will potentially reduce the additional costs GMS has been required to absorb due to COVID.
Agreed. The lack of audited results and numbers on Q1 trading is clearly designed to obfuscate the company's strengths and create doubt in shareholders minds, before a lowball bid. Remember, the board have similar company which they have explicitly said they wish to merge. How do we know there isnt a problem with trading ? The banks will have checked the books and would not have provided a better deal if theirvery large loans, relative to equity were at risk. In addition we know that a few different equipment providers are reporting 80% utilisation rates and we know that above this day rates start to shoot up.
I hope people are contacting the company to register their disastisfaction.
Total disregard for the remaining 60% shareholders, and definitely playing games. I don't think they need to wait till June to make a bid in the low 20s.....rather any bid between now and June has to be at or above 22p. So if they are waiting for the June deadline, expect it to be in the mid teens. Accelerated/institutional placing works for me, as long as it is done at higher price. Will find out (hopefully) by mid next month.