Firering Strategic Minerals: From explorer to producer. Watch the video here.
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only other question isdoes seafox intend to acquire more shares to reach 25% at a8pps or is it withdrawing the offer.
they probably have looking at earlier rns but trying to clarify
Right chaps going to keep it brief and to the point. Firstly the meeting was only for voting purposes, the chairman Simon Heale did ask if anyone wanted to ask any questions before the votes.
I asked about how many shares Seafox held, they hold 13.75%
Next question was do they intend to add anymore. He could not answer that
How do they intend to make 30% savings , again I would have to ask seafox that. I then asked if there was a seafox representative, which there was but he said he was just an observer, had no intention in any dialogue.
I spoke to the outgoing chairman and he said the key things to look at as a shareholder is, day rates, loans and utilisation rates. He eluded to the share price being ridiculously low as I had asked him about my investment. He also confirmed that they are advanced in their search for a new chairman and there should be an announcement within the fortnight.. Hope that helps, I came away with the impression the SP is a Barry Bargain and Seafox are not very transparent etc. I’ll be holding on to my shares for sure and would add if I had spare funds. GLA and DYOR
Forgot to add he also questioned the savings that Seafox have communicated that can be made.... he obviously thinks this is completely misleading .......
Thanks for the summary NED. Did they give the results of the voting or is it a case of them being announced via an RNS?
It will be via an RNS and only votes will be counted for resolution 3 and 4 he others were either withdrawn by the action era or agreed by the meeting today to be removed ..: hope that helps
NED, were you able to get any sense of the voting from within the room; any prediction lol?
No idea how the voting went, there were only a handful of peeps in attendance tbh and GFD the trip was worth its weight in Gold, body language and seafox’s Representation said everything I need to know. I’m very confident we will do well. The Company is way undervalued . I’ve come away thinking my 25k investment at 18p is going to double sometime soon .... IMHO of course DYOR though
Just topped up £2487 worth. Hopefully my judgement is right GLA
Sterling work NED honestly.
Interesting Seafox would not answer questions about proposed savings.
Makes you wonder if its just a figure plucked from the air or a genuine observation of efficiency changes and calculation to arrive at that figure of 30% cost in daily opex?
Also bi thanks for news on the Chairman replacement.
A few weeks away is news indeed.
As I said over the weekend, its the kind of news that (WITHOUT A CHAIRMAN) can often make even real positives like long term contract confirmations have little effect on the sp.
Went really off topic in the last few posts.
Nothing to do with GMS, I apologise.
Hope youve had lunch Ned.
Glad you felt the confident enough in the lie of the land to add a top up. (perhaps not the best phrase to use with marine vessels).
In time it will look value I am sure.
Is it a long trip home?
Hi Pbody, just finished my ironing and catching up on the board, no big travelling issues for me stayed over my girlfriends in London, so it only took me 40minutes to get to Barbican. Then a short train journey to Euston Square and train to Milton Keynes from Euston. MK is where I reside most of the time lol. Always on the move me...... woz in Yorkshire last week and Peak District this week. Can’t shoot a moving target ;-). I shud av visited that bloke called GFD!
You cant shoot a moving target....what a comment!
The next post is from someone called GoodFlyingDuck!
You could write it!
cracking!
https://www.londonstockexchange.com/companies-and-advisors/main-market/documents/main-market-continuing-obligations.pdf
This sheet is for The London Stock Exchange.
It shows clearly and easily the companies continuing obligations.
Now even if it is main market it clearly states under their list of continuing obligations is Significant Shareholder list.
Its About 2/3rds the way down.
Either DTR5 or AIM17 ruling on this but it is needed.
It is up to the significant shareholder(s) to inform the company and they release an RNS of the holding.
SOOO SEAFOX cannot just accumulate or reduce its holding over a percentage point without informing them.
Either to 14% or to below 13%
However if the company suspects any holders have changed their significant holding they should release a RNS stating the ruling and shares in issue pointing out the thresholds etc
in case these have been overlooked or failed to be reported to the Listed company.
HOW DID SEAFOX GET TO 13.75%!!!!! was it in one purchase?????? if not it, increases should have been registered. who ELSE HAS BOUGHT IN OR SOLD OUT?
Please dont take this as in anyway as a personal attack.
I dont want to be proved right on this GFD. I just want the transparency. I know I am right. I need others to see it go ahh that makes sense! because it doesn't make sense not being able to see the big players in all this.
It is usually poor reporting to the firm and (perversely) large holders not buying or selling for quite a period that lead to this situation where people think certain listings are exempt!. There not. Its EITHER DTR5 OR AIM17 RULES.
please dont let em off lightly they should report at every whole percentage point change !!!!!
NO MATTER WHAT SHARE THEY ARE! ON WHICH EXCHANGE (LONDON) .
rant over. please feel free to look it over and realise its how takeovers cant just appear from nowhere and delisting(taking it back to a private firm such as SEAFOX) by becoming Private equally cant just happen out of thin air.
Shenanigans.......I think was the word mentioned. have a think on that all.
comments welcome.
Sorry some of that last post is just about unreadable.
3 hours sleep.
I was trying to highlight (and whatever people and firms actually do!) no-one is exempt from reporting significant holdings and all whole percentage changes to it. On a London Exchange at least..
DTR5
https://www.handbook.fca.org.uk/handbook/DTR/5/?view=chapter
DTR 5.1.2 R 26/11/2015
RP
Aperson must notify the issuer of the percentage of its voting rights he holds as shareholder or holds or is deemed to hold through his direct or indirect holding of financial instruments falling within DTR 5.3.1R (1) (or a combination of such holdings) if the percentage of those voting rights:
(1) reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% (or in the case of a non-UK issuer on the basis of thresholds at 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%) as a result of an acquisition or disposal of shares or financial instruments falling within DTR 5.3.1 R; or
(2) reaches, exceeds or falls below an applicable threshold in (1) as a result of events changing the breakdown of voting rights and on the basis of information disclosed by the issuer in accordance with DTR 5.6.1 Rand DTR 5.6.1A R;
and in the case of an issuer which is not incorporated in an EEA State a notification under (2) must be made on the basis of equivalent events and disclosed information.
[Note: articles 9(1), 9(2), 13(1) and 13a(1) of the TD]
It starts at 3% same as the AIM 17 rules.
There is a list. Just google gms major shareholders, im sure its on their site.
Your a star.
I think that's it.
With enough capital ANY stock can be manipulated.
AIM being more susceptible, but the principle applies.
You would have to be a EURO Millions multiple rollover jackpot winner???? They do exist.
I put it there for all the people on here. Not just this listing but all on the London Exchange.
(You might think AIM and Main market are different), but there closer than you think.
Its DTR5 /AIM17 rules. Depending. That simple. In fact the AIM rules sheet much more tricky to follow when you read it! No wonder they need a NOMAD.
It is the responsibility of the holder(s) to inform the company. Pure and simple. Then the company to release it.
The Main market (DTR5) and AIM (AIM17). Perhaps this is something that changed a few years back?
I would ONLY use the London Stock Exchange documents as the basis for any info search.
I started with that company trading crib sheet in my 2110 post. That really was intended as a plain English check sheet IMHO
Work on the US Navy theory. Keep it simple, stupid. That first sheet is meant to clarify all the ambiguities.
Make it easier for the likes of us to get an answer. Or a company to be in no doubt their responsibilities.
There are slightly different percentages for overseas registered companies as you probably read in DTR5(not sure that's true with the AIM 17 rules iirc).
.
I remember when I looked in the past (just to warn you) there are numerous, not useless, but slightly out of date documents floating around out there just to confuse the smaller issues (possibly not pertinent to the question we have, but throwing you off course should you read it and not realise its a 10 years old release).
Have a read and see that responsibilities of "informing of significant shareholders" is not omitted anywhere on that check list sheet. I think its pretty clear myself. Its one of those things. They want our money and list it. They can't hide whose money (or at least which holding firm) has bought shares in it. (some of this might even be money laundering)!
timmy
its not directed so much at GMS.(although its nice to know its probably is on there site.)
Its the principle
For future trading reference.
Maybe its something that changed a few years back with the money laundering or god knows when.
I didn't want GFD to think I haven't had this conversation before.
We came to the conclusion that at some point it had changed and THEY should report it!