Firering Strategic Minerals: From explorer to producer. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I must admit that made me laugh. T in my view meant transaction. Could have been tequila slammer??
It's amazing that "We working on a T" via twitter is the sum total of their comms over a six month period. T-errible idea? T-hylacine hunt? T-akeover of the DBC? T-akeover of A.N Other? At least we know that JM and MA are on speaking terms if MA has access to JM's twitter a/c, though of course the truncated nature of the tweet might have been caused by JM clubbing him with a baseball bat after he found him using said a/c. And the 3.25 am timing of the tweet suggests the burning of midnight oil, just possibly.
"We working on a T" That inspires a lot of confidence. I hope his corporate skills are better than his English language ones. Not sure how they can do a takeover and get it approved without delisting in the interim now. Thanks for the post though SP.
Just found the following tweet from Mitch Alland, CEO of LIFE, dated 25 March. In answer to a question from ontheup to JM, MA tweeted:- Mitch Alland here. We working on a T. Not long to go.
Mellon you ****
You'd be mad to allow this to carry on unlisted. Cash back is the only route. Perspective - joins the BOD - does cock all for nearly a year - day we get delisted he finds his own asset then fails to RTO. Britain's smartest investor. He screwed over speymill s/h too. MASTER INVESTOR this weekend.
I think whether they become investment company (and presumably raise more cash at some point), which could well involve some kind of DBC investment as part of the parcel, depends on whose idea it was to kill the DBC RTO, if it was JM's then perhaps no problem. if Anand got cold feet relations between the board could well be chilly, which could explain the lack of comms and mean just the return of cash option was realistically on the table. There must be some reason for the lack of guidance from LIFE itself, and a face saving, salary extending silence might well be it. I can't imagine that anyone would now vote to allow the board more time as an unlisted co to find investments, unless they can supply very cogent inducements indeed.
Or acquire some of the £2m convertible loan notes that I understand were created in December.
Well researched Tillerman. Should have checked that myself. Perhaps all is not lost and I was interested to read this part:- The proposed investments may be in either quoted or unquoted companies; and may be in companies, partnerships, earn-in joint ventures, debt or other loan structures, joint ventures or direct or indirect interests in companies, assets or projects. In particular 'debt or other loan structures'. Could that mean that they could lend DBC LIFE's cash, more so than they have already, and that be treated as an investment, or acquire a certain number of shares in DBC with its cash instead of reversing DBC into LIFE at this time? That would seem to give more time for DBC to be ready for reversing at a later date.
"The Company is now classified under the AIM Rules as an Investing Company and has adopted the Investing Policy as set out in Appendix 1 to this Announcement. Under the AIM Rules, the Company is required to make an acquisition or acquisitions which constitute a reverse takeover under the AIM Rules or otherwise implement its Investing Policy within twelve months of the General Meeting, failing which, the Company's Ordinary Shares would then be suspended from trading on AIM. If the Company's Investing Policy has not been implemented or it has been unable to make an acquisition or acquisitions which constitute a reverse takeover under the AIM Rules within 18 months of the General Meeting the admission to trading on AIM of the Company's Ordinary Shares will be cancelled and the Directors will convene a general meeting of the Shareholders to consider whether to continue seeking investment opportunities or to wind up the Company and distribute any surplus cash back to Shareholders. " http://uk.advfn.com/stock-market/london/life-science-de-LIFE/share-news/Copper-Development-Corporation-Result-of-Meeting/68759494 So perhaps not quite so bad as feared. The could still just make one or more investments it seems as long as it's by 5/4, if not they will call a meeting to discusss returning funds.
The link below details the rule changes that came in shortly after LIFE became an investment shell in 2015. It seems LIFE was a doubly attractive proposition thereafter, given the reduced requirements prevailing until Dec 2015. They may well have squandered that, though there is just maybe still the possibility of becoming an investment co. The 20 day delisting notice requirement looks like red herring in the event of mandatory cancellation, though it is hard to get a definitive reference, while the word "normally" appears before cancelled in regarding AIM rule 41 after 6 months supension. There is no reference to extensions though. http://www.nabarro.com/insight/briefings/2015/december/changes-to-the-aim-rules-affecting-investing-companies/
Found the following - shame it's not this company https://www.connect.media/life-science-development-acquired-for-130m/
Can you cite a precedent re extension of suspension? I cannot find one, but only had a quick look. Also it is not clear if 20 days notice applies to involuntary cancellation for infrigment of AIM rules, already already flagged as a possibility if no RTO in the Oct RNS, as opposed to voluntary delisting (where it definitely does, you won't be able to delist without it). See also link below which does not mention extensions. There might be one or two other things they could do such as investing at least 50% of their assets somewhere, not sure. I wouldn't hold my breath. Http://www.investorschronicle.co.uk/2011/09/08/your-money/you-re-suspended-wAcfAyKqDVQIxvIGG7A3eO/article.html
I think we are bracing ourselves. You are correct, the nomad should enforce a 20 day notice and in its absense does give some hope.
I could be wrong but can they not extend the suspension through an application to the aim market? I am very surprised we haven't had a delisting rns? As surely this is mandatory for all aim company's
If it gets delisted I think an EGM would be best (if possible) to remove the BOD and return whatever is left. If it comes to this, it will be the worst outcome for me since trading.
Since JM extended the DBC 2 million credit in Jan, secured against all the co's assets inc IP etc, repaying it theoretically won't be a problem, assuming some fudge isn't found to allow the DBC to keep the cash in return for significantly overvalued shares or extend the loan (naturally unsecured, and at a low interest rate), all of which may not officially happen till after delisting to remove the need for an RNS. I suspect the board here would like nothing better than to quietly delist without saying anything, but that may not be possible. Certainly Square profits will have more to say i imagine
The loan is due to mature soon, could be a crunch point?
But Square profits actually tipped this at one point did they not? And the related party (supposed) RTO of the DBC was only announced after suspension, had it been announced while the co was trading there might well have been a black friday style stampede for the exits. It did not seem to occur to anyone that the search for investments candidates might have been largely or wholly a sham prior to that, with LIFE being effectively "reserved" for the DBC all along, a 'privilege' for which shareholders have actually had to pay a significant sum in hard cash, even before the latest fiasco. The DBC is not a spoof as such anyway (though its valuation is another matter), it is a worthy enterprise in its own way, addressing a very serious large scale problem. The trouble is it doesn't look ready for market, at least not at the sort of valuation which JM, for historical reasons, seems to need, and who knows when it will be, if ever. If you will excuse a little black humour, it may well be that too many people wouldn't be seen dead in his lithium powered boots, and those bulky battery packs can't help either. On the other hand, once it has those Medicare reimbursement codes and proof of efficacy studies things might change, it's not completely out of the question. That could be a year or more away though, with debts (to JM) piling up all the time. Meanwhile, the lack of any communication from LIFE to its shareholders really is utterly disgraceful imo, and beneath contempt. Since JM and his henchman FD constitute a majority of the Board, an extremely charitable asumption might be that Anand's hands are tied here, but he looks like a total muppet at best for allowing that situation to arise, if that is in fact the case.
Sorry you know who.
*************
I now think I should have listened to TW: http://www.*************.com/views/24291/life-science-developments-the-interesting-case-of-the-diabetic-boot-company-part-2-the-jim-mellon-spoof
Yes, little to no chance of RTO now imo, the DBC twitter a/c has removed all links to tweets re RTO in the last hour or two, looks like someone has had a quiet word. I hope i'm wrong but I suspect holders will be sadly dependent on JM's goodwill, ie not wanting to damage his reputation, to see any return of capital (it's all just pin money to him after all), though the option of calling an EGM remains open to them. But the whole thing is feels very, very Cesspit Aim at the current moment in time. I expect ************* will have a fair few unflattering things to say on the subject, their concerns seem to have been well founded.. If you want to clutch at straws It is just possible you may end up with a stake in a better prospect than the DBC, which will presumably now have to have its value written down in the a/c's of co's like FFWD. Heaven knows when though such a stake would emerge onto the AIM though.
Not looking good Ant is it. I did phone the CFO yesterday, but he wasn't in. Whether he will ring me back today, who knows. I thought JM was someone you could rely on and that's why I bought shortly before suspension. Hopefully he will still come through but.......
A NEX listing would be a awful and another terrible result. Failure to RTO with zero comms and a related party transaction is dire.