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Mxc and their mates ( I think Parker is a figurehead ) are dragging their feet on announcing the result of limited options - the obvious thought is of some conversion. Perhaps at 2.5. Kestrel did back in May, now running at a loss, one would think as a result of conversations such as those we were told in September they are having again ( unless they have broken ranks )
There may be something else in the mix - Mxc can be an unpredictable bunch. And to the future, if they consider IDE is not trading near value, they can use that down the line to save listing fees etc as they did with themselves.
I guess if the debt is converted then maybe they are worried about their exposure here - could it go over 50%? (If allowed) So maybe the company wants a price nearer 4-5p and the debt holders nearer 2-3p which makes a big different to the extra shares issued. However I still reckon this will be resolved March-April time imho
If FinnCap produced a broker's note then that would be helpful. There is no guidance out there and the trading update was rather sparse.
Is it not fair to say the loan notes are held by significant shareholders, through companies they control in the case of Dobbie and Griffiths.
Fair enough - I just must have misread the old RNSs re MXC taking a fair slice of loan notes - but I am happy to be corrected - but you can’t pretend that issuing (say) 500 million new shares to repay most of the debt won’t move the shareholder registrar !!
Mxc do hold most, are largest shareholders ( haven’t checked to see where Kestrel are now ) and Mxc partner Smith with 15% of Mxc runs IDE - his partner Weaver holds similar Mxc. I was indicating again that the debt holders are the largest shareholders. I don’t know what pretence you refer to.
They originally spoke of removing the debt overhang, now it is exploring resolutions on the loan notes.
I tend to think there will be some conversion, Kestrel having done so, IDE still carrying some debt the terms of which may be adjusted, but, you know, none of us know what may be decided upon.
I recall also when Mxcp were running Castleton Tech, they bought up I think £5m of loan notes outstanding with a bank, and improved circumstances t for Castleton - along those lines anyway. They could do some of that and settle on company sale.
There’s room for things in addition to just conversion, is what I’m saying.
Maybe the share price is at the beginning of a re-rate? The company is committed to realising shareholder value whatever method they decide on to resolve the debt issue
A mate just told me that FCAP have issued a brokers note. I haven’t seen it but at least it can be seen as a positive development.
Cheers - just added as some sort of news is way overdue imho
Would you mind explaining what the brokers note means? I'm not up on that.
Also I wonder if they have paid back their loan, due end of March.
It means that if they are remotely bullish about one of their companies they will come out with a buy buy buy !!! notice and if they are remotely bearish they will say nothing.