The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Reading jimmys comments and lack of understanding of the ITS structure I’m not sure I can take what he suggests on board tbh.
Interesting post on cash shell ITS today by Jimmy, the owners of In the Style also own bodycare, he has a nice theory they will have its rto bodycare and at some stage , join the two as an even bigger company, his theory has some merit, given the ownership, bring both private co's to market and then on success, merge them together, wtfdik but would not rule it out in the distant future. 🤔
Also a couple have had permission to overlap the FCA and Market process, subject to (clauses etc) bringing it down to a combined 21 days expectation from Prospectus submission.
As said, its all now down to principally , how advanced the deal really is, days/weeks/months away from signature and then the 2 stage 4-5 weeks return process (final 2 steps of an ipo)
Could check its website but it is normal for companies to RNA message over the rns news wire , about prospectus being put forward.
And yes ITS and In the Style , zero to do with each other, ITS is likewise now a cash shell looking to also rto.
Looks like they shafted them and gave the crown jewels away and the now owner , sliding In the Style back on to the market in (cough) quick FASHION 😉🙄
Been otherwise occupied , was not expecting to be home until late tomorrow afternoon, posted on boil board Monday would be back Friday I hope 😅
Prospectus might already be with FCA!!!!!
Good to have you posting again VT thought you had missed the news!
Maid, the target hasn’t been suspended for 6 months, the target went private through the sale to Baaj capital. ITS hasn’t got anything to do with the target.
Maidit308 Agreed perhaps the appointment of the new Ned was to help finalise the details.
April 1st doesn't look too far out to me GRAY'' considering the Target has been suspended from trading for the last 6 months, and perhaps been talking to ICON about this deal for the last 4 month so i should think both party is rearing to go, we are just waiting on prospectus, by all accounts, as due diligence could have already been done in the past few months IMO, as I don't think BRAD would announce RTO of a ladies Fashion brand turning over £45m, to the Market without doing any check to see what he is getting himself into by way of debts , it would be a huge waste of an RNS.... it would be the same as us buying blind into a stock without doing any research on profit and losses, or if there is any bad news to come
Been in dozens and all pretty much the same format, suspension, deal done, prospectus and market return.
Some have gained waivers, delayed suspension until day of signature, then suspended until 2 stages completed.
we can guess but the valuation of the new enlarged company will be determined by the two companies, that determination in itself can be a big boost, if a lower nominal value given to the target company, it can leave shares in issue combined , still very low and a lot of scope for an extraordinary rise on return.
eg recent CRTM suspended at 5p, came out at 15p and roared to 35p, before reality set in.
All we can do now is wait and see what info comes our way pre return, in my experience the vast majority of those RTO's concluded have been very lucrative on return to market (overheat in many cases)
as my old mate Ned always said
Ignore everyone , including me, set your own targets and if you achieve those targets, you can not be disappointed ,no matter what happens next..........(goes again / falls)
warreN EDward buffett , sage of Omaha ..........GLALTH.
As posted the other day, the initial suspension can be days/weeks/months/years, that is to get the deal done, so the more advanced the negotiations are to signature, the quicker it will happen.
The final part then is in effect completing the final 2 stages of an IPO, new enlarged company prospectus submitted to FCA, if all up to snuff, that will be cleared in 2-3 weeks, if not ping pong with the FCA until it is.
Once cleared the easy bit is the return to market, which is a statutory 10 working days (2 weeks) process. May see in lights on the LSE before the RNA message giving a return date, usually posted by the real LSE on this page, once in process.
https://www.londonstockexchange.com/live-markets/new-issues
As far as what price, it will be determined by the two companies and in many cases like my GCG may inform via RNA of that format ahead of completion for e.g. only -----------
Although the consideration payable by the Company to the shareholders of 2Mee has not yet been determined and is subject to legal and financial due diligence, it is anticipated that it will be in the region of £6 to £8 million and will be satisfied entirely by the issue of new GCG shares. The parties have agreed that GCG will be valued at the higher of (i) £1,000,000; and (ii) 15% of the market capitalization of the enlarged entity upon completion of the RTO (as defined below).The Company also announces that it intends to carry out a contemporaneous fundraising to raise further working capital for the enlarged group.
Lets hope Brad's previous comments of a 10p floor minimum holds true..........GLALTH.
Think that would be too early. They will have had to have the draft proposal ready for the FCA already. They are still doing DD and legal stuff. Iconic and in the style will determined when they go live with a date when they send over to FCA and will be in 20 days from when they send that over. beginning of April too early. End of May beginning of June. Earlier will be great but can't see it.
Interesting take! For that to happen they will have to most of the background work done already. Not impossible, I’d imagine they are wel down the line of terms are signed.
IN STYLE financial year end is 31st March,RTO will be all rapped up for the new company to start trading on April 1st. AIMO .
If we were trading, they would be such a buying spree. Fantasies
You would think it’s far enough on if they agreed terms so quickly post suspension. RTOs can be wrapped up in 30 days but a couple of months seems fair.
The DD and legal stuff will take the longest part IMO - but once they draft the prospectus and send across to FCA its 20 days process I think. depending on how far the line they are with it I am going to say 3 months, I would hope they are quite far down the line especially if it was leaked prior to suspension. hence the big movement we had.
Your holding should not change,
More to the point, when will this come out of suspension?
Anything greater than 30 would be nice!
Let's throw in ring, what price we believe this stock will reappear @ its more for brownie badge.
I'm putting mine at 55 pence.
Just for my understanding, how do RTO’s share structure change? Will my holding be the same at the other side albeit part of a larger share register?
My thoughts are to keep things conservative for now, if we return 4x where we are then I’ll be happy. I also think the EHOCG issue will be wiped out. IN THE STYLE will want a clean slate with no unnecessary baggage from an incompetent ICN.
Anything over 24p for me would be great. That is my break even and will be more than delighted anything over this price. I would then take what i invested and dependent on the actual deal leave for free carry,
We know what you mean GRAY, and yes we want BRAD to wrap it up quickly now that it's out in the open, not forgetting to issue what ever shares you got left to pay EHGOF for his help to get us to this point, before we come back to Market, as that's even more important at this stage, so we can come back with a clean slate, debt free / conversion free = a happy shareholders base with no moaning...
let the good news begin, it's been a long time coming from this suspended animation we have been through for the past 3 years
Let's be honest, 99.99% of investors in here would just be happy to break even on their initial investment after the last couple of years with this stock. Anything else would be a bonus so let's just be a bit realistic.