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So itsarm was trading on AIM then suspended late last year.
Icon been suspended, earlier this year.
Itsarm and icon join as one.
So how do 2x failed companies fair together?
ITS.L if you read their forum, reads like doom and gloom...
Can't see how two failed companies, that have reaped hard earned investors monies, can rise from the dead, to reap even more hard earned money.
Looks like these two, will stay dead and buried.
Had read the other company had turned in financial woes around, hummm...
We are RTO with the owners of in the Style Fashion - Revs circa 50 million - that this year have turned a 6/7 million pound loss into a proposed £1million plus profit. That is who we are RTO into if everything agreed.
They are not , its arm or what was left of it became a cash shell looking to rto another business failed to do so in time and lost its place on the market. LISTED CASH SHELL - no business.
In the style fashion a separate now thriving NON LISTED private business, ICON is trying to bring back to market
Not in this one yet but been told by others to keep an eye on returning takeover companies, often return with crazy rises, also read , same owner as in the style, i think, was probably looking to rto into the its cash shell, with another of his companies. His two companies into two market shells.
Good luck on return, hope to jump in for some gains, keeping an eye for such activities but can't say , keen on the idea of joining any of them and being locked in first, scary stuff for this newbie , maybe if my fortunes made elsewhere first.
From RNS dated 11/3/24;
'The Board of Iconic is pleased to confirm that it has now entered into non-binding heads of terms with the owners of ITS Holdings 2023 Ltd (the "Target"), the holder of the entire issued share capital of In the Style Fashion Ltd, an online fashion retailer, in connection with the potential purchase of the entire issued share capital of the Target. '
Does this suggest ICON would therefore become holder of the entire issued share capital of In the Style Fashion Ltd through the RTO ? Dan
It and rto , the taking over of a bigger company than yourself, the return is not certain to be called icon , it will be the enlarged company, be it still called icon , change of name as part of rto to IN THE STYLE or other name to be revealed.
It is down to the two companies to agree a valuation for both , the in the style shares awarded by icon, will be sub divided and valued by the icon valuation. The combined new total share company will submit a new prospectus to the FCA and once approved, apply to return to a segment of the market. Presuming as already on the Main standard segment will be looking to return to same.
A recent rto in progress , determined their value as the London cash shell (eg icon) was to be valued at £1m or 15% of the entire new company valuation, which ever the greater. It had not been settled yet but the target company was to be valued somewhere in the £6 - £8m range.
Until details if ever revealed (some RNA message updates on such , some do not) it's impossible to determine how many shares might be in issue as a result of the rto, plus many do a fund raise alongside with the rto , so plenty of working capital for business expansion and hitting the ground running from the get go.
We do think progress has been made , GB posted some ITS details the other day , on the recent change of 19 shares on ITS share base, this is a common event on rto's , the addition or removal of a small amount of shares, so that what remains is equally divisible by the figure agreed by both companies, giving X number of shares to ITS added to those in icon , that will be the returning shares in issue, subject to any placing in tandem.
The valuation will not be done by ITS's large revenues, more likely a similar to market p/e ratings, its profits only just over £1m a typical p/e style rating would put that in the £6 - £10m range.
for e.g. if Brad true to his word , sees icon floor as 10p and the target valued at £6m would return with around 80m shares in total issue (plus any placing that might occur with it - also common in rto's)
As before until some details emerge, that settlement figure could be much higher or much lower than 10p.
Been in dozens of rto's , the vast majority have boomed on return as valuations etc conservative normally and seen as undervalued by Mr Market as a thriving new company with revenues etc
All relevant VT, shows there is work going on behind the scenes and we are not beyond the 30 day marker that some suggest is the shortest turn around for an RTO.
Patience will be rewarded here particularly if this works out.
GB
until we know a deal done/enlarged company prospectus submitted to FCA, it is always still that 3-5 weeks to go 🙄
Standard last 2 steps of an IPO, to complete.
Hoping Brad just playing the , will update when FCA approval and now awaiting Market return game, with that RNA message over the rns news wire SOON (our version not the standard ceo dictionary version 😅)
It’s been nearly 6 weeks since the suspension of trading RNS, but do we know how long previous to the RNS the negotiations had been going on. Was it weeks months?
About 1 year at least WOODY IMO, but it was kept under the hat for obvious reason, as it's huge'' and perhaps the finer detail is still been kept under the hat, until completion, and I make BRAD right'' looking forward to it and the new SP or name when we come back.. i hope it won't be too long now THO, considering how long the conversation have been taken place
Regards
Https://www.londonstockexchange.com/live-markets/new-issues
Been in several dozen RTO's , some have been noted to return first on the above real LSE page, so its also one to keep an eye on. Some have had waivers to overlap the FCA 2-3 weeks and mandatory 10 working day Market process, that one came out at 18 days overlap , once deal completed and prospectus submitted. 🙏
As maidit just said if the negotiations have been going on that long already , should be soon (our version not a ceo dictionary version 😂) as said weeks ago, any long delays, are all blame stops with the companies, no one else.🙄
Maidit308, I believe you are probably correct, i could never for the life of me understand why EHGOS backed Brad with £3 million to pay off all debts and clingers on, EHGOSF must have known all about this planned RTO of ‘its’.
If all they new was what was in that ridiculous Prospectus RNS, NO way would they have coughed up £3 million.
Interesting angle maidit! I did get the feeling from the share price move that things were already further down the line than some think. I reckon we will be back by the end of the month/mid may. Just my opinion.