Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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In fact look at the revised announcement! There is a new clause concerning a competing bid and a revised irrevocable undertaking to vote in favour of 16.2% down from 22.9%. Come on, this is already a clear enough sign, vote against. If we receive a competing bid in the meantime I expect that percentage to decline further. Feel better going into the weekend. Have a good weekend boys and girls Further re: Irrevocable Undertaking for the Recommended Acquisition of Hayward Tyler Group plc Further to its announcement at 7:30 am this morning, 30 June 2017, on the terms of a recommended acquisition pursuant to which Avingtrans will acquire the entire issued and to be issued ordinary share capital of Hayward Tyler Group plc (the "Announcement"), the Avingtrans Board provides the following update in respect of the irrevocable undertaking provided by Harwood Capital in favour of the Scheme at the Court Meeting and the Resolutions at the HTG General Meeting. A revised irrevocable undertaking has been obtained from Harwood Capital amounting to 9,000,000 HTG Shares, representing 16.2 per cent. of the existing issued share capital of HTG. The updated irrevocable undertaking follows substantially the same form as that detailed in the Announcement, save for one of the terms, under which the previous irrevocable undertaking would lapse. Under the revised irrevocable undertaking Harwood Capital may no longer opt for its obligations to cease in the event of a competing bid on terms which are at least 10 per cent. higher than the Offer (with this previous provision being detailed at clause (ii)(d) of Appendix 3 to the Announcement). The aggregate percentage of the issued share capital of HTG represented by those irrevocable undertakings and letters of intent provided by HTG Shareholders, as detailed in Appendix 3 of the Announcement, remains unchanged at 31.3 per cent. and 11.7 per cent. of the HTG issued share capital, respectively. The revised irrevocable undertaking will be available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on Avingtrans' and HTG's websites at www.avingtrans.plc.uk and http://htg.global/investor-relations/takeover-code-requirements by no later than 12:00 noon on 3 July 2017 until the end of the Offer Period.
"During the past year the great future potential of our existing business was badly compromised by all of poor financial management, vastly over optimistic revenue & profit projects from our BOD, followed by major failure to convert heralded order pipeline in a timely manner, and compounded by very dilatory reporting of changed circumstances." I'm with you there poole, it's just such an insult to shareholders who have held or added throughout. Will you vote against the offer? I expect shareholders of AVG to vote in favour as they are getting the bargain of the decade! We should be sitting much higher on a better offer than the one proposed however it's not over yet. Quick breakdown of declared holders here 9,130,766 ___ (16.48%) - Directors of HAYT and relatives of ELB 9,000,000 ___ (16.25%) - HARWOOD CAPITAL LLP 3,680,000 ___ (6.6%) - Richard Edgar Sneller 3,609,538 ___ (6.51%) - Henderson 1,356,798 ___ (2.45%) - Unicorn Asset Management Limited 900,000 ___ (1.62%) - Dion Greville Stewart 738,000 ___ (1.33%) - STOCKINVEST LIMITED 668,248 ___ (1.21%) - Chris Hazell 650,000 ___ (1.17%) - NVM Private Equity LLP 641,360 ___ (1.16%) - Killik & Co LLP 600,000 ___ (1.08%) - Neil John Murphy 8,925 ___ (0.0161%) - HARGREAVE HALE LIMITED for "Discretionary Clients" Together the holdings declared comprise more than 55.8% of the shares in issue. We know of the Directors Maurice Critchley has neither agreed to support or declared an intention to support the merger. So even if all declared holders were moving in favour (which is not by any means guaranteed there is still a majority unknown at this point. The question of why MC has abstained support at this stage should give us hope that he is considering launching a counter offer. Last point, the large holders sitting on losses will know their AVG share replacements at 51p equivalent will be less likely to regain the value we've seen recently once this is trading as an enlarged entity. Although the risk decreases, so too does the growth given AVG's static trading (remember HAYT growth is stronger if you strip out the first half). If someone here can convince me to vote in favour please do, I would like to hear this argument as I've just about had it with ELB. By supporting this merger he has already thrown his lot in, a total waste of space. Breakdown of the Directors and relatives Ewan Lloyd-Baker - 4,233,959 (7.64%) Nicholas Flanagan - 384,333 (0.69%) John May - 41,963 (0.08%) Maurice Critchley - 4,168,131 (7.53%) Tristan and Sarah Lloyd-Baker - 167,290 (0.30%) Royston and Maureen Lloyd-Baker - 135,090 (0.24%) TOTAL: 9,130,766 16.48%
Hang on a minute! 4.755 HAYT for 1 AVG. AVG current offer price = 230p. 230p / 4.755 = 48.37p bid and therefore I claim myself to be the winner having predicted 48p Well done Ed :)
I am happy to take avg shares as bought in to get avg at a discount .Would of liked better terms in respect of more avg shares for ours But avg very good at building businesses and then selling on Just like Melrose but much smaller scale
Yes there is, announced at 08:04 agreed takeover in AVG shares value 47p - 51p: http://www.moneyam.com/action/news/showArticle?id=5576828
If AVG are prepared to pay 47p then get a placing done for 45p with sufficient funds to see them through to profit. I'm sure they will get plenty of takers at that low price.
A sad situation for HAYT albeit looks a good deal for AVG. During the past year the great future potential of our existing business was badly compromised by all of poor financial management, vastly over optimistic revenue & profit projects from our BOD, followed by major failure to convert heralded order pipeline in a timely manner, and compounded by very dilatory reporting of changed circumstances. Looking ahead we can probably expect a year of transition before the combination of HAYT & AVG are able to begin to show their real potential in 2018 . Hopefully the market will anticipate that and give support to the AVG share price. Roughly speaking for 'remainers' 5p on the AVG share price is worth 1p on each HAYT share.
I think to properly value this company there has to be future trading figures provided in guidance. The second half performance was actually decent. The first half of this financial year will likely be profitable and growth of the orderbook and revenues maintained. If we had addressed financing and not delayed it might we be sitting in a stronger position? I do blame the Board for dragging their heels and royally c*cking this up. But the die has not been cast, vote against and let this company dig deeper and solve the short term liquidity issue. Rebuild shareholder value with growth and a much more profitable year ahead. Looking further out we should be entertaining £1 share again. I say again, shame on the Board of Directors.
Well there is no announcement from HAYT regarding the offer.
Counter offer possible with MC involved .Any thoughts.
Hopefully it will get rejected and a placing take place to cover the short term loan and future working capital.
Seems a shame that the director with the largest shareholding doesn't endorse this deal. Would be much more comfortable if the HAYT board recommended the offer unanimously.
AVG back to within a penny of their price on the day they expressed interest in HAYT and down 3 or 4% on the day. As expected, and I said months ago, HAYT is being given away at this price and having their backs to the wall has not helped. I know my next share purchase.GLA
Thanks GW very magnanimous after the previous and numerous digs on this board eg "not sure your predictions are credible on here" 1.4.17 Hope you made some lolly
joined this in 2008 when southbank plc & believed his crap of making this a serious company with my hard earned cash?????
What do you think we are worth , i would vote against it .
how did you come to get that figure, within .06p im impressed.
The repayment of £2.4 million of short term banking facilities and the annualised measurement of the financial covenants, have both been extended to 28 July 2017. Little wonder given cash on hand is very low at £1.2m The offer is for a paltry 47p which I think will translate to 51p post the merger if successful due AVG's price. Complete rubbish! Shame on the board for even entertaining this. AVG have 22.9% confirmed to vote in favour and a further 11.7% have delivered letters of intent however they are a long way short. I will vote against and I hope many here will also. This company does not need to be gifted away
Well done 👍
Wanglii.........52p Flundra ........125p Dannatt.........80p YouHavingalaugh....72p Dinoken.......100.00p graham-wales......90p Shan......65p? The Shareminator.....70p Rejlee....54p Stoned and broke....78p Chanjael........67p Edgasket...48p Poole....83p
That's what it says yes cash and shares isn't it
thought it was 51.6
As a Avingtrans shareholder it looks like, at 47p per share, that we are buying you for a low price
Got it cheap then shame.
Was the recommended offer for here?