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I have set up maistroshareholders@gmail.com
At this stage i am only trying to get a better idea on where we stand, i only need the number of shares that you own and intend to use to vote against delisting, i am not saying to buy, sell, trade, or persuade you to vote for or against.
If you are a current shareholder and intend to vote against the delisting you can send an email to maistroshareholders@gmail.com
and i will add the number of shares that you hold and will use to vote against the delisting to an excel sheet.
To delist the company they need 75% of the shareholder votes that are made at the GM.
To keep the listing we need 25% of the shareholder votes that are made at the GM.
Assuming that it is only the directors and Charles Street that see the benefit of delisting the company with their indicated 229,276,206 shares then we need around 60m shares in aggregate to vote against the board and secure the listing.
In the event that the board or Charles Street attempt to buy stock in the open market to force their way then we could need a combined 101m shares to vote against them, this would guarantee a minimum of a 25% vote against the motion in any event.
Once we know how many shares we have in total we should have a better idea on how this vote might unfold and the possibility of stopping the vote beforehand.
maistroshareholders@gmail.com
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If they are successful in delisting the company existing shareholders will loose the security of the rules within an AIM listing, if they adopt of new articles of association then they have the power to adjust the share capital structure (without other existing shareholders approval because the BOD and Charles Street have over 50% of the existing shares) which could expose existing shareholders to an engineered low low price capital raise, loss of any control or say and remove the ability to easily trade your shares.
The company just raised over £2m in December and January and they have a growing business, the decision has already wiped out ~£4,000,000 from the market cap since the RNS, to just ~£900k at close today which should be less than the current cash position in the companies bank account.
In the boards own words :
"The Board continues to expect net revenue growth in the current year and to make progress on a number of key metrics including broader customer base and improved margins in line with comments made at the final results in March 2019.
Whilst revenues from the Company's largest customer were slower than forecast in Q1, the pipeline of opportunities is strong with a number of large UK corporates expected to start sourcing services through the Maistro Platform in Q2 and Q3. The Board has implemented efficiencies in its cost structure to reflect the greater focus on domestic customers and it expects that the Company has cash runway into 2020."
Thank you for your emails, every one counts, I have just updated the holdings and combined we currently are at just under 12m shares.
Its only been one day but we are already 20% there.
If you have not already please continue to email me your holdings and i will add you all to the spreadsheet.
I will try to post an update here daily.
A couple more holdings have been emailed to me and added to the spreadsheet, we are currently at 13.8m shares.
That is nearly 25% of the 60m shares in total that we need to reject the delising.
If you have not already please continue to email your holdings to maistroshareholders@gmail.com and i will add you all to the spreadsheet.
Anybody understand the trading going on here..prices all seem wrong when you dummy trade?
Another holding added today brings the total to 14.1m.
We still have a way to go, but the last buy sneaked in under the NEX listing was 500k @ 0.28p, its going in the right direction, fingers crossed it continues next week.
Remember :
"Latest time and date for receipt of completed Forms of Proxy in respect of the General Meeting
10:00 a.m. on Tuesday 11 June 2019"
So unless you intend to vote in person at the GM, you will need to contact your broker to ensure that you submit your votes / proxy officially to the company before then.
I am simply tallying up the numbers from everyone who contacts me to help give us all a better idea on where we might stand.
Have a great bank holiday all.
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Thank you all for the support, If you have not already please continue to email your holdings to maistroshareholders@gmail.com and i will add you all to the spreadsheet.
Total now just over 14.5m
very quiet day, 0.3p was paid on nex, would have shown as 0.2899 here today if someone didn't sell £1.48s worth.
its slow but the price i get for each dummy buy / sell quote is going up each time.