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thanks for that CRETES''' good work out …. about as close as we can get it
REGARDS…...
many thanks for that work out SAM''' YOUR A STAR…
REGARDS...
Hi Sam-The-Man - respectfully, my calcs came up with a different answer that equated to ~0.2% loss on a £1k investment.
The problem and reason for the consolidation is 77% of shareholders holding <0.34% in TOTAL of the company, each one holding max approx £21.39! Which is a ridiculous state of affairs. You can see why they’re keen to move away from this structure and the likely associated bureaucracy.
If someone held £1000 of LEG:
£1000 = 1m shares/23763
=42 Interim Ord Shares
=2656 New Ord Shares @0.01p=£2.65
+(42x3) New Deferred Shares @£7.90 = £995.40
TOTAL = £998.05
loss of 0.2%
The only difference is I've excluded dealing costs (didn't understand why you included since those would apply currently as well as afterwards).
As I understand it:
-New Ord shares @0.1p - these hold your voting rights
-New Deferred Shares @£7.90 - hold no voting rights but hold bulk of your monetary value
While I don’t fully understand the wording around the New Deferred Share rights, and I hope they will clarify it, this bit is key for me: “The Directors believe that the Proposals are fair and reasonable as far as the Shareholders are concerned and are in the best interests of the Company and the Shareholders as a whole. Accordingly, the Directors unanimously recommend that Shareholders vote in favour of the Resolutions to be proposed at the General Meeting as they intend to do in respect of their own holdings of Existing Ordinary Shares.” - to me it feels very much about removing bureaucracy/greasing rusty cogs increasing their ability to quickly respond to opportunities.
This is my understanding of the consolidation. Please feel free to correct me if I'm wrong.
30,000 existing shares will become 1 interim share plus 6,237 ordinary shares which will be sold off at .001p
The 1 interim share will then be subdivided and become:-
63 New ordinary shares and 3 deferred shares
Nett result, you start with 30,000 shares trading at .001p = 30.00GDP
You end up with
63 shares to trade at the new price of 37p = 23.31 GDP
6.23 GDP less dealing charges (so probably zero)
Plus 3 shares that you can't trade but LEG (or 8 Peaks) may buy back at a later date.(so probably zero)
So a big loss
The maths are the same for any amount of shares.
8,000,000 will become
336 interims and balance of 15,632 sold giving 15.63 GDP (less dealing charges)
336 will then become 21,168 shares at 37p = 7,832.16 GDP
Plus 1,008 deferred shares worth probably feck all.
Again a loss unless Zaf pulls a rabbit out of the hat and buys back the deferred share.
Hope this helps.
afternoon DURV'' nice to see a friendly face... yes still here yes I too would like to see
this taken of the market at these levels until after consolidation
but good news keep coming RNS no 2...… hope it past 0.20p before 26th sept that would mean a higher SP IE over £1 as 37p seems a bit cheap...
REGARDS....
Hi maidit308, nice to see you are still here. Only Zaf can answer that. Sad to see the sp this level. Cant wait for consolidation soon as possible and proceed further. Worried and exiceted both .Gl all. Snooze mode on.
morning all ….. still not sure how 30k shares turn into 63 shares????
If a Shareholder holds 30,000 Existing Ordinary Shares at the Record Date, such Shareholder will, following the implementation of the Consolidation, hold 63 New Ordinary Share derived from 23,763 Existing Ordinary Shares with the remaining 6,237 Existing Ordinary Shares forming a Fractional Entitlement. Assuming that New Ordinary Shares are sold at 37 pence each, such a Shareholder will receive proceeds of sale of GBP6.11 less the costs of sale and administration. If the costs of sale and administration are GBP1.12 or more, the Company will keep the proceeds because they will be less than.........
Thats one long consolidation rns out after close! So makes sent but the small holder is being rinsed out...so you better get buying to get to 24k shares...
New York office this summer and contacts with few companies. Nasdaq listing around 18 months time . More NHS trust joining with Vs also about Germany. Vs recent money raised recently. I think lot going to happen soon. Before this leg changing name from leg to eight peak and share consolidation. I think Zaf have a plan to get this sp going with different stragedy at least to it correct market valuation.
CC, I agree. NAV currently is about 0.175p per share and a doubling of VS’s valuation would see it reach c0.35p pre-consolidation, or c100p post, as you say. We have a year’s growth in VS to bring in on top of the current valuation, which would become transparent if and when it goes for a listing. Cash in the bank is adequate to keep the lights on, if not to make new investments. Definitely some value to be had.
Post consolidation, there would only be 8.8m shares in issue and around 36p share price. A £125m valuation of virtualstock mean the book value of leg would be 100p just on the strength of virtualstock holding. Everything else is a bonus. I see value here....and with a limited total shares in issue post consolidation, there could be a explosive bull run. (Especially considering virtualstock's stock floation plan.) CC is going to double down here....
Audited results:
Investments risen 44%
Net assets risen 28%
Net profit £664k (2017: loss of £281k)
Net assets higher at £6.5m
MCap £3.64m
Sad to hear the losses. Great to know that Zaf has made successful investments which I never doubted. I am expecting string of positive update from vs , particularly from Ibs before and after the consolidation. I am pretty sure that he is going to get IBS success personally with the help Eight peak and vice versa. As per the price going down, I am willing top up, profit from Pfp. Just little disappointed as I wasn’t expecting consolidation right now especially the change of name. Attachment with the name Leg to eight peak. Feel like crying but profit are profit.
Kadavul - confused by your post.
Report clearly says it's paid, in a couple of places:
"The Company does not have any material exposure to interest rate. The Company had a facility at a fixed interest rate of 10% which has been paid"
"The loan including interest was repaid in June 2018, post the year end."
What gives?
0.08p to sell.
my investment is more than 50% down.
Karim investments were so many hundreds of times higher in VR, IBS and income from LEG and all other companies.
He can't loose..
GLA
A new name with the share consolidation at the AGM.
.... still 10% interest loan payments.
... soon the share dilution of the new company.
Soon the VR floated the better.
set of results there imo
Positive update, but little disappointed with the share consolidation and change of name. Let’s see where we go. Will be holding . Gl all
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Hi all.
Yes I got the same letter.
They do allow me to sell, just not buy.
Not that it matters - averaging 0.10 anyway so not fussed as havent really lost or won anything here yet.
dormanlong
That's the message I got from Halifax regarding my LEG shares.
I opened a new account with LSE using the 'Trading' tag on this page and then transferred my LEG shares. Halifax wanted me to pay for the transfer but I told them because they had refused to deal for me it was their problem and I got them moved for free.
As I said, now each trade is 2.55 GBP cheaper and while Halifax have an annual charge for shares held in an ISA, a LSE ISA doesnt cost anything apart from your dealing charges.
I am with Halifax share dealing. If I ask for a quote on quite a few smaller cap shares I get "we no longer allow investment in this stock" They include LEG,RBD and my hope for the future ENGI.I do like to be able to choose my own shares with which to loose my money on! D
Not sure if this helps but earlier this year I was using Halifax for my share dealings and they suddenly (without warning) stopped trading LEG, saying that they hadn't got proper authorisation from LEG to carry on. I couldnt get any sense from either side so I closed my Halifax account and moved my dealings to this site.
Turns out I get cheaper trades and there are no annual charges.
Im not sure if this is what your letter is refering to but I never received any mail from Halifax regarding LEG and up to now I've not had any notification from LSE either.
Without giving away any personal details can you tell us more?
Get a letter about LEG from their broker recently?