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If the shares are delisted then the stock would become a cash shell. It would be up to Insetco to decide what it does with investors cash. I do not know of any company that has had a positive outcome for investors when delisted. If it went to admin then more than likely expect 0p by the time all the bills are paid.
If shares are cancelled on aim. Is that game over for us pi's. Or is there any claim to cash held by the company. Sorry if a strange question. But I'm 12 months into investing on aim and everyday a school day. FWIW I didn't buy big into INC only £1k . GLA
what happens. Personally I expect not good news but that's my opinion.
nothing big according to Cairn and therefore they couldn't understand why the company failed to inform them of the circular. They said it could of been a simple misunderstanding but they were resigning in a week or so anyway so just decided to go a week earlier as the relationship has broken down. I think must people felt that cairn had uncovered something dodgy when they resigned immediately but seems a bit dramatic over an EGM circular.
I imagine it will be put on the website in due course
If you hold shares through a nominee you may need to ask them to send it onto you, also make sure that you get the voting rights for your shares allocated to you so you can take part in the vote. I hold mine through Hargreavss and after speaking to then they put the EGM notice in the post to me so hopefully it should arrive in the next couple of days.
What the contents of the EGM were or are cant find any link to it.
The website quite clearly states who the directors are! He didn't do much research did he if he couldn't find the directors bit on the website!
1. The Company can't appoint a NOMAD by the 17th May and the shares are cancelled on AIM. Probably will then either relist on an alternative exchange by Canada or buyers and sellers are marched up off market. Or 2. The company find a NOMAD by the 17th May and the shares will resume trading at probably 100% premium to 0.05. The positives for any investors here is that the NOMAD resigned immediately on Friday was for EGM circular to shareholders with the NOMAD not being involved which is hardly serious but is a breach of procedure. Secondly the NOMAD has no issue with contracts which INC are trying to complete which is positive. So either delist or 100% increase on resumption of trading.
Perhaps Due Diligence has uncovered something
The fat lady hasn't sung yet but she's entered the building.....
back in November attracting investors on board with this lie: First orders for life settlement policies totalling USD$30 million are expected to be completed by 31 December 2014, generating revenue of USD$300,000 for the Company.
Mt Triumph, positive? Really? This is toast I'm sorry to say. How could you ignore so many warnings? Good uck if you want to hang around for the grand finale and encores!
This is my 3rd AIM share now in suspension, whats the chances of it coming out of suspension. The others are EMMIT and Range Resources Ltd both in suspension for a while now. I got in INC at .07 Another point that has been raised here before is that some SIPP providers wont purchase INC shares? Any comment
WRN have been busy converting CLNs whilst in suspencion, as far as I can decipher their opaque disclosures. Thus might be able to convert, but can't trade.
Presumably the CLN holder wishing to convert £25k to shares at 0.1p, due to be listed on around 22 April is now thwarted unless/until relisting?
That explains the immediate resignation of Cairns then. According to the SP article the EGM proposals and documents are innocuous. However, AIM rules do require such things to be passed thru the NOMAD before being circulated. If INC did indeed fail to do that then no wonder Cairns walked, given they were already half way out the door. I could have been a lot worse I grant you, so this is in fact a positive development (in the general scheme of things).
Seems like 2012 all over again. Heyho, company survived it once, will survive again. http://www.insetco.com/wp-content/uploads/2015/03/EGM-Circular-Announcement-24.4.12.pdf
TW has just posted an article on Share Prophets, looks like the firm sent round an EGM circular without consulting Cairn, which was probably enough to result in the immediate resignation. Has anyone spoken to Cairn to verify this? Would appreciate it if you can let me know what is in the circular when you receive it as I imagine my broker will take a few days to forward it on.
MrT ... yes that is all true, but that doesn't explain the very unusual behaviour of Cairns in bringing forward their resignation and thus triggering a suspension. It now gives INC less time to find a replacement (deadline is now middle of May, not end of May). Why do that? I don't take that in any way as a positive sign.
I agree the suspension is due to rule 1 However I still point you in the direction of the recent fundraising, the placees would not have stumped up the cash for nothing? Also it was reported amongst other things when the broker situation arose, and the tittla tattle from TW that TW knew who the new broker would be. Therefore if yoiu choose to believe all of the chatter you would also have to assume that the broker situation was already being addressed. I agree this is now up in the air, but still believe it will be resolved.
And I will stress again, if a NOMAD wants to move on for business reasons (e.g. "INC is too small") then it would normally give a notice period so as to allow a new NOMAD to be pointed without damaging the company. The fact that Cairns had originally given a notice period, but have now rescinded that and brought it forward to be "with immediate effect" - triggering a share suspension - isn't normal NOMAD behaviour for a NOMAD just wanting to move on and be replaced. It isn't a good sign, sorry.
Read Rule 1 here http://www.londonstockexchange.com/companies-and-advisors/aim/advisers/aim-notices/aimrulescompaniesmay2014.pdf
"The shares are suspended pending an announcement due to the volatility of the stock." Incorrect. As the RNS says, the shares are suspended because of AIM rule 1. It's nothing to do with the shares being volatile, it's because the company no longer complies with the AIM rules. Aim rule 1 requires an AIM company to have a NOMAD. If they cease to have a NOMAD then the shares are immediately suspended. If no replacement nomad is found within one month, then the admission of the shares to AIM are cancelled. Cairn have resigned as NOMAD, effective immediately, thus AIM rule 1 kicks in and INC is suspended. If they can't get a new NOMAD by 17th May (one month hence) then they are kicked off AIM for good.