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No worries mate. Good luck to you and other holders here. Hope you will update us if you hear anything on that front.
LW. Apologies, I think we were distracted by all the other changes going on. I for one will forward to FCA.
Nothing stopping you from contacting them. It would not surprise me if the greater the volume of enquiries, the more likely they might be to investigate, but perhaps I am not giving the authorities enough credit.
Either way, the point still stands.
I was somewhat surprised at how little a stir it caused on here at the time, but then I just assumed that nobody cared about it. GLA.
@EnuffRMbs - yes bought the shares back for approx 10% of what he sold them for (share price around 14 September 2023 when the 3% threshold was reported to have been crossed was around 0.94-0.99p). He bought around 38.9 m shares, totalling around £375k. Compared to the £3.2 million that he sold for a year earlier.
The share dealing itself is probably not in violation of any AIM rules. Rod was not an employee of JAY when these trades are reported to have taken place. However the lack of disclosure is clearly a serious breach of both FCA and AIM rules. Rod is very clearly on the wrong side of the law here. Is anyone here aware of whether this has been reported to the FCA?
He also bought an additional 10 m shares on 21 December 2023, two days after he had returned as a Director of JAY. Given the major changes that were taking place at this time, he was almost certainly in possession of price sensitive information that had not been disclosed to the market and as an insider should have been in a closed period. This also looks like it could be a serious breach of FCA and AIM rules, possibly amounting to insider dealing.
..and bought back for a fraction of that?
Ignoring the legality, would Rod, as the major shareholder accept an offer of (say) 2p per share for the company?
Of course he would.
Nice work.
Please could someone clarify if the share dealing is acceptable within AIM rules?
Typo - I meant Definitely-Yes. Lack of auto correct is a real negative of this site! GLA.
I doubt it - the form clearly says when the notification was received by the company - and typically (pretty much always, apart from this example, as far as I personally have seen) it is within a couple of days of the date of the transaction itself.
I am pretty sure that I commented on this irregularity back at the time on here, but it was so long ago now, I cannot remember.
So - still waiting for news on the various asset sales and K/Disko I see?
How is the case progressing, Definitely-Maybe? Good luck to you and your cohort. Rooting for justice to be done, if such a case for justice exists, of course.
EnuffRMbs - yes you are right, going below the 3% threshold was crossed in September 2022, not 2023. So Rod didn't declare it for 15 months!!
Rod dumped around 45.8 m shares. No significant volumes in early September 2022 (when the threshold is reported to have been crossed). Looking at the volumes, it looks like he sold in early August 2022, when the shareprice was around 7 - 7.4 p (pocketing him around £3.2 million). This was shortly after his resignation from the JAY board on 22 June 2022 (jumping before he was pushed at the AGM the same day).
I doubt that JAY had any knowledge of this before Rod finally disclosed it in December 2023. It would have been beneficial to JAY's management at the time (RE & BS) to have been able to disclose that Rod was no longer a significant shareholder, given the reputational damage/legacy issues that are associated with Rod.
It is possible that Rod submitted the TR1 but the company did not tell us. He would have long known that. If that is the case, that seems pretty serious, especially as the Sandgrove & M&G changes seem to have been reported.
Ashton, are you able to apply your usual rigor and precision?
Aileen. Can you check, but I think the under 3% was breached in Sep 2022, so a year earlier? Check the first TR1.
I thought that was a real no, no. But I don’t exactly know the rules.
Rod McIlree sold his JAY shares to below 3% threshold for disclosure on 6 September 2023 (75.8 m to 30 m shares) then buys above the 3% threshold for disclosure (30 m to 68.9 m shares) on 14 September 2023.
Under the FCA’s Disclosure Guidance and Transparency Rules, the shareholder must notify the company (and the FCA) within two trading days of the interest first arising or of any subsequent changes. The company must then notify the market by the end of the next following trading day. Yet Rod's TR1 forms are not announced until 7 December 2023? A serious breach of the FCA regulations. What was his excuse? Has this been raised with the FCA?
Only 12 days after RoD's TR1's were finally announced, the JAY board resigns and Rod returns as an Non Executive Director and appoints his pals to the board. Is the timing a coincidence? I don't think so. Clear that he was using his shareholding to put pressure on the board - presumably threatening to call an EGM, which would have prevented the board closing on any financing. Rod clearly picked his timings for a takeover very carefully...