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Kestrel opting to convert at 2.5p in June 2021 vs 1.7p share price. Either they have very low expectations of getting repaid the loan in full in 2023 and want out now at a huge discount or want 20% of the company right now ????
We shall see if they sell. They'll have a job on in the open market. I do not know what to make of this lot. Death or glory.........
It's wearing a bit thin, but in December 2019 Mxc said this ( try not to s****** )
The path to recovery for IDE has been a long and difficult one and at times it felt like one step forwards, two steps back. Nonetheless the teams within the business, both executive and operational, have worked wonders and they now have a good platform from which to grow. The business was refinanced at the beginning of 2019 by the issue of £10.0 million secured loan notes. MXC now holds £8.0 million of these loan notes plus accrued interest, alongside 43.1 per cent. of the equity of IDE. The refinancing means that IDE now has secure, long term funding and no external third-party debt as the loan notes are held solely by shareholders. Whilst there remain challenges, in recent times IDE has moved into positive territory by beginning to win significant renewals and new contracts, testament to the will, enthusiasm and dedication to customer service from the operational team. There still exists a general level of customer churn in IDE which has impacted current year revenue and profitability, but this continues to be addressed and once this ceases, we anticipate the business will have turned the corner and should achieve market levels of profitability, which it is more than capable of delivering. We remain confident that we will see a complete return of our capital from IDE.
That was 's******' - don't know who put the asterixes in.
I give up. Try 'laugh.'
I’m thinking, hoping, more positively...
1. Some sort of accounting issue that helps them look better if they have bigger equity and less debt, thus enabling them to win more business from bigger, better clients.
2. An upcoming corporate action or M&A deal that means it’s cleaner, more actionable, for them to be shareholders now rather than unsecured convertible loan note holders.
In any case, Kestrel are insiders given the access to info they’d get as major private debt holders.
So, news on way soon, perhaps after June conversion?
I have no doubt that Mxc and Kestrel have some cunning plan. As you say, we shall have to wait and see where it leaves us lot.
Equally it ups Kestrels % holding considerably and would potentially help avoid MXC abusing their position as largest shareholder (by some margin at present).
We are coming up to a set of final results anyway. It has been over 2p this year on contract news and trading update, which seemed mildly optimistic, and then dropped back. Frankly, it's as though it needs a boot up the backside....... or something.
I'm not completely up on this area... but I would have thought the conversion based upon privileged knowledge as a major shareholder would be not allowed? It could very well be based upon factors that are external to IDE and just relevant to Kestrel.
Insufficient knowledge to comment, other than I think Kestrel's man Seb White is still on the board anyway? And I think they're like peas in a pod with Íde.
Belay that. He's gone. Sudden exit. Perhaps MXCP no longer as close as they seemed to be historically.
Mxc continuing to sell of their assets.
http://mxccapital.com/wp-content/uploads/2021/06/174973-Project-Press-II-Tender-Offer-Document-AS-PRINTED.pdf
thanks for posting...if MXC are giving all of the realised money back via tender, that should suggest they are not planning having to stick any more (or at least not very much) into IDE to get it through to an end exit (inside 4 years by the way)!!
could this zombie finally start walking....
i would very much doubt it.
Ha, so would I, but I like the crazy thought of them pumping some oxygen and IDE springing back to life having been murdered under the noses of those geniuses at MXC!!
By the way, this is not a buy tip. I cut my losses a very long time ago, just hanging around like a macabre spirit to see what the final execution looks like :)
1.35 on the bid, will this POS ever stop declining?
I'm 99% sure they're not going bankrupt so buy it whilst it's cheap
Seems to me MXC will do what they want with it. Nothing would surprise me with them. I hold, but wrote it off ages ago.
That's not to say it's a no hoper mind. That's why I am still holding at a loss. Something coming out the bag with results maybe.
Bad news about to drop on this POS share it seems