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Halifaf letting me quote for £3k currently... watching closely.
To sell being quoted. Must be a buyer in background.
mines only around 208,000
If you want me to add your holding to the spreadsheet for shareholders against the proposal email me the number of shares you hold at maistroshareholders@gmail.com Good day so far, fingers are crossed
better start buying before this gets squeezed
Been watching this since the big dip and waiting to see what happens - wish I bought in then!!!!!
I have approx 90,000, so every little bit counts. I did buy another 450,000 last week, but got spooked and sold them again.
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.
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.
The board and Charles will need to acquire 80m or 20% to reach the 75% to guarantee going private.
Unless there is a buy fill order from them in the background this will not be delisting.
If they are planning on increasing their stake they will have to pay for our shares so share price will be going up.
just need 25% of shareholders to vote against delisting
Anybody understand the trading going on here..prices all seem wrong when you dummy trade?
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.
The circular, AGM Notice and Proxy Form and Draft Articles of Association are now available on the company website here :
https://www.maistro.com/investors/#shareholdings
i have not read it all yet but a few points stand out to me
7. Takeover Code Notwithstanding the Cancellation and Re-registration, under the Takeover Code the Company will continue to be subject to its terms for a period of 10 years following the Cancellation (subject to the Re-registration occurring). However, the Takeover Code may cease to apply earlier, if the Panel no longer considers that the Company has its place of central management and control in the UK, Channel Islands or Isle of Man.
I.e - if they move the office to HK then they do not have to follow the takeover rules and procedures.
4. Issue of shares for non-cash consideration As a public company, there are restrictions on the ability of the Company to issue new shares, for example, by requiring the Company to obtain a valuation report in the case of shares issued for non-cash consideration. These restrictions will not apply following the Re-registration and adoption of the New Articles.
i.e - they will be able to issue themselves shares as they like.
5. Refusal to register a share transfer The Board will in the New Articles have absolute discretion to refuse to register any share transfer that is not made in accordance with the share transfer provisions in the New Articles (whether the share is paid up or not).
i.e - they can refuse to put you on the new share register at their discretion.
currently as a public company if they want to change any of the articles of association they need shareholder permission, if they were doing any changes that would benefit shareholders they would have no problem with bringing each change up at the AGMs.
- The £80k a year the aim listing costs is reasonable, justified.
- The time they have to spend working on things for the aim listing is what their remuneration is for.
They have other options to offer shareholders.
One is that they can offer buy out existing shareholders and take the company over properly.
Another is that they can split the aim listing and the company, giving existing shareholders shares in a new Aim cash shell, and shares in the private Maistro company. (shells generally have a mcap of around £300-£500k plus the cash in the shell companies bank account). They are overlooking the value of the AIM listing and they are willing to throw it away with the £4m lost in mcap the last week.
Its a shame that Charles Street hold so many shares as i would have liked to see the re-election of these directors rejected too.
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.
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."
That would be good isitagame. I have quite a lot of shares in this. Really cannot believe what’s happening!
RNS:- "Directors believe that it is likely that the resolutions will be passed at the general meeting." That means they are not very confident about their intention to delist.
Spreadex under 3% now
Could do, I will and set up an email address this evening, and post it on here later to see how close to the 70m shares we have Combined. Probably Better then posting personal holdings on here. If we have a considerable amount we could then contact Spreadex / intertrade and see how they intend to vote. ( Or if they still hold ) Then take it to the board and basically tell Charles if they want control they have to pay for it. That’s About as far as we can go without it costing us anything. For clarification and to be upfront, I currently have just over 1% of the company shares. I purchased the last few trading days and I will sell part of my holding if we secure the listing or if the share price substantially recovers in the meantime. But I will let you know when I trade.
BOD with Charles Street it's looking to take company from shareholders on cheap!! If they have any dignity they will make tender offer and delist.
Actual live prices. 0.186p to sell vs .225p to buy
What a joke!!!!!
If the company delists then you still own the shares in the company. Interestingly with it being a voluntary delisting and the company not going into administration Maistro are legally bound to make an offer for your shares within 1 year. What that price will be remains to be seen.
However in the 17th May RNS it mentions they 'expect' to raise new capital once the delisting happens. Probably by diluting current shares and raising capital from Charles Street
No wonder, no trades so far. With 50% spread it is too difficult as you have to pay 0.30 to buy & sell would fetch only 0.20. AIM should limit spread to max. 10% to facilitate trades!!!!
Can we round up 60-70m between us?