The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen 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.
Date set for the EGM. January 18th at 11am.
Should see some interest prior to then as a positive vote to extend will almost certainly mean a positive vote on the merger
Apparently they are to try with a re-brand called YOYO.
Indeed, closing either the SWIFT, FCA or One M Tech issues would be a big boost, any of which could come out of the blue I guess.
Perhaps Derrick has a long term plan that he believes in. Releasing his strategy may instil some faith for shareholders and sparkle some movement in this stagnant stock. They need to come up with the goods soon as it's spiralling downwards quickly.
bought 1,800,000 @ 9.45p 6 weeks ago. His missus owns another 2 million. He cant have got it that wrong can he?
The title says it all.
Grim.
And a whole lot cheaper than the $1.15m per 3-month extension
Mergers usually gets approval from the shareholders. Think that sponsor controls a great chunk of the shares + the non redeeming shareholders wants a de-spac to happen. This previous step seems a pity though but seems logical to do 1-1 month ampliation instead of 3 months, which can be done without EGM.
They first need to get shareholder approval to extend the date (I don’t believe the EGM date has been announced yet).
They also have to file the proxy statement, which they have yet to do. The date of the EGM will not be known until they have filed the proxy statement and gone through multiple rounds of SEC review.
Then they need to call another EGM to get shareholder approval for the merger to go ahead.
The risk of the extension is that it’s another stage that could leave the process rejected, though the positive might be that if there is approval for this it’s likely that they’ll get approval for the merger (why agree to extend the timeline and then subsequently vote down the merger?).
I don’t expect the merger to happen until nearer the July deadline.
I'll echo that...as it would all have been such a waste of time if it had to be de-winded....personally I'd guess it will be done and dusted by 19th April???
Extension of the termination date for TETE seems really reasonable given the fact that de-spacs last on average 5-6 months since announced, so as they have the termination date in January they will need a couple of more moths to gather everything up. Thats a a common practice for spacs.
No worries at all in my opinion. I think market is discounting that deal will not go through, however most of the Spac deals once the target is selected and the deal announced usually goes through.
Okay, so there is the RNS. In October they said a Dec 31st completion, and second week in December TETE haven't even done the paperwork to call the chuffing meeting. If they had said March 31st 2023 in the first place this could have floated along quite happily and probably got it done instead of doing a six month extension less than two months after the deal was announced.
July 23…and that is subjective!
Agree it does get frustrating, a bit of under promise over deliver would go a long way with MBO! I could argue it’s a good opportunity to buy some more but I’m fully loaded here although may regret it when the deal does through!
Yes, I think that's about what I got out of it. Wish this company would learn to be more realistic/manage expectations though. We now have four target achievements that have all slipped back from anticipated closure. Because of small number of shares in public hands this causes significant fluctuations and deters investors.
My interpretation of the document and it is a long winded one! Is they want some contingency to get the deal done without risking the best outcome. I’m confident it will still go ahead and probably sooner than we think. Having the option of additional time doesn’t mean they will need to eat into all of it.
Anyone got any updates on this? Reading through the link that Howdy provided (many thanks) its a bit dependent on this, deposit that and vote for the other. Hope something negative has not occurred to cause this mini sell off. To be fair it has happened a few times before for no reason.
Tete just issued a form. It looks like there will be a delay.
https://www.streetinsider.com/dr/news.php?id=20956026&gfv=1
If there is a delay which is sounds like there was, apparently not going through until Q1? Surely MBO will need to issue a delay RNS?
MMs don't like a sell though. Smashed back down on less sells than buys. Patience required, as always.
Nice to see this starting to move and some nice buying today
To be fair a January close would only be a few weeks difference. Pretty much all their timeline targets have slipped quite significantly but if three or all four of the targets complete this price will look a snip. Buy and hold, imho.
I am a bit confused now with the timelines. MBO mentioned that the expected timeline for the merger exercise was the 31/12/2022 in their 19 october rns.
I should have read the news release for tete but didn’t until now. In their release on the 19/10 state that the transaction is expected to close in h1 2023. That is a bot of a discrepancy.
Did mbo just lie regarding the timelines in their rns??
Still waiting on SWIFT, FCA and One M Tech news? Don't think Ive missed. an update.
Sold out here too early at around 9p average could be a chance to get back in at around that level and rectify the error. 20p all day long in new year. All IMHO.