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Don't understand why you're copying and pasting huge chunks of text on here? Hopefully everyone will read the actual documents.
The proposed investing policy is set out below. “To acquire a diverse portfolio of direct and indirect interests in the technology, media and internet sectors. Investments may be made in shares, or by the acquisition of assets (including the intellectual property) of a relevant business, or by entering into partnerships or joint venture arrangements, or in units in open ended investment companies, exchange traded funds, commodities and futures contracts. Such investments may result in the Company acquiring the whole or part of a company or project (which in the case of an investment in a company may be private or listed on a stock exchange, and which may be pre-revenue). Investments may also be in any type of financial instrument that the Board deems to be beneficial to increasing shareholder value. The Company may be an active or a passive investor depending on the nature of the individual investments. Although the Company intends to be a medium to long-term investor, there is no minimum or maximum limit on the length of time that any investment may be held and short term investments may be made. There will be no limit on the number of projects which the Company may invest in, and the Company’s financial resources may be invested in a number of propositions or in just one investment, which may be deemed to be a reverse takeover pursuant to Rule 14 of the AIM Rules. The Company will carry out an appropriate due diligence exercise on all potential investments and, where appropriate or required, with the assistance of professional advisers. While the directors intend to take into account funds available for investment when assessing the amount of any investment and the spread of investments, it is not proposed that there be any maximum investment limit. The Company will require additional funding as investments are made and new opportunities arise. The directors may offer new Ordinary Shares by way of consideration, as well as cash, thereby helping to preserve the Company’s cash resources for working capital. The directors do not intend to acquire any cross-holdings in other corporate entities that have an interest in the Ordinary Shares of the Company. Investments will be long only. The Company may, in appropriate circumstances, issue debt securities or otherwise borrow money to complete an investment. The Board’s principal focus will be on achieving capital growth for shareholders.” We wish to develop a portfolio of meaningful investment positions in exciting TMI companies. It is our intention that the proposed new investing policy will allow you as existing shareholders, together with any future shareholders, to become part of a positively challenging and hopefully rewarding journey. Our collective focus is on the long term successful and progressive development of the Company. We wish to ensure that, from the outset, you as an existing shareholder in the Company understand that we will endeavour to enab
Validation Prior to making an investment, it is essential to have a clear understanding of the rapidly and ever evolving dynamics of the TMI sector. The collective experience, extensive global network and industry access of myself, Jean-Pascal Tranié and Felipe Simonsen (as my fellow Board members) provide us with a broad ranging perspective and allows us to be selective when it comes to reviewing meaningful investment opportunities. We expect to focus on those investment options which in our view have already obtained demonstrable validation within their sector, with credible and proven management teams and clear medium term visibility of accomplishing inflection catalysts that could propel them into becoming a future category leader. Conviction The TMI sectors are presently dominated by a handful of global titans and a select number of well-known vertical niche market leaders. Achieving success requires relentless focus, determination and a real proprietary edge. We expect that, when we decide to make an investment, we will wish to do so by taking “cornerstone” but non-controlling positions, typically in the range of 10-30 per cent. of the capital of the investee businesses. We therefore wish from the outset to create the right capital framework such that, over time, your Company will be properly funded and can use a combination of cash and equity as the means to make these cornerstone investments.
Resolution 1 – Adoption of New Investing Policy In May 2013, the Company’s then Board secured shareholder support for a strategy to create shareholder value through the investment of the Company’s cash assets in the natural resources and energy sectors, with a focus on oil and gas. As a result of investments which were subsequently made, the Company was deemed to have implemented its investing policy for the purposes of Rule 15 of the AIM Rules. In March 2016, given the challenging outlook for the natural resources and energy sectors, the then Board secured shareholder support to extend the policy to make investments in the financial services and financial services technology sectors. In October 2016, the Company invested £600,000 for a 16 per cent. interest in Mobile Wireless and Satellite SAPI (“MOWISAT”), a newly established Mexican company in the financial technology and payments industry. MOWISAT intends to be the first provider of fintech solutions for unbanked communities in Mexico which it plans to deliver as a mobile virtual network operator. In addition to the investment in MOWISAT, the Company has a number of natural resources and energy sector investments, the principal of which is its 35 per cent. interest in Viet Energy Ltd, an unquoted company with two coal concessions in the Bac Giang Province of Northern Vietnam. The concessions are based in the Quang Yen Basin, which currently provides 80 per cent. of Vietnam’s coal production, and are just 10 kilometres apart, potentially meaning they could be linked into a single exploration area. The Company has been notified that the project will be going in to production in the first quarter of 2017, and that Viet Energy intends to pay its shareholders a dividend of 50 per cent. of its profits. The Company’s two other investments were fully impaired in the financial statements for the year ended 31 March 2016. Further details of these natural resources investments are in the Investment Report in the Company’s Consolidated Financial Statements for the year ended 31 March 2016 which are available for download on the Company’s website. Assuming the New Investing Policy is adopted, we will formulate our strategy with regards to the Company’s existing investments once we have completed a detailed review thereof. A key part of the Board’s proposed strategy going forward is that the Company, as an AIM investing company, adopts a new investing policy in the Technology, Media and Internet (“TMI”) sectors. During the past several years, I have increasingly focused on investments in this dynamic market segment and particularly on businesses that are capable of developing into future category leaders. I strongly believe that, in order for this new investing policy to succeed, a number of crucial elements are required
might just get through that by the GM
Cheers, SP held well today think we will start to move again this week.
Have you got a link pls
Documents regarding the GM etc are now up!
I tend to agree, it's likely something that we do not know about yet.
You have more or less the key facts already - there has been a complete management change too and much of the recent hike in share price can be attributed to Calvet new dirs wanting a larger slice. It remains to be seen what they are going to invest in, but this, I understand will be made clearer in a forthcoming announcement. Various warrants on offer too. There are a number of theories with some investors saying its the coal asset that is of interest but this gook coal is a sideshow in my opinion.
The information so far by the way is that investments will be in Fintech and rumours that the Vietnam project is worth much, much more than the 300K spent on buying it.
I'm not sure how much money your house is worth but in summary: 600K cash 1.4M Assets Board changes Investment in Mobile Wireless Calvet buying heavily Director buys at 50P New investment policy Warrants at 80P for existing shareholders General meeting to be held on the 24th of Jan Future investment plans / why Calvet are so bent on buying at these prices will be revealed over the next few weeks.
Can someone tell me very briefly what has just happened here. I've been invested in Mercom since they were a company about to invest in Oil in Canada (CHARD), that all fell through, then they diluted the shares and it was pointless for many of us to get out as our holdings were next to worthless. Next Mercom began investing in various 3rd world mining opportunities, then changed their name and announced that they were going Tech. From memory they had about as much cash as I have equity in my house and everything went very quiet. Now all of sudden they have been bought, but why, and what do Mercom have that is making Calvet so excited? Obviously i'm delighted as my holding is worth something again but I am truly lost.
States circular for GM will be sent out today. GM proposed date is the 24yh of Jan.
That 309k buy at 50p shows confidence and I think news will arrive here very soon.
Hope so, we need something to work with screech.
Maybe we will get news tomorrow on the bod's investment strategy.On the last RNS it said net assets were 1.4mil.We know they paid 300k for their 36% stake in coal to liquid project, producing this month.They could have had the project revalued.
Very tidy transfer of 778k shares at 50p. Solid. Good weekend all.
A late or after hours with the mother of all great RNS's for amazing weekend news coverage would be nice.... not ramping... just putting it out there in the universe.... lol
bought the 309k at 50p, it's getting very interesting here and looks like some big news could land soon
ok - by my reckoning, this beast 14 bagged - 50p doing the same takes us to 7bar a share. yes please.
Cool ... let's have the whole game all over again with an aggressive takeover starting at 50p lol
Yes that sum seems to add up to the amount of trades at 50p we've seen since yesterday, so maybe the 618k wasn't a misprint. Director got 18k someone else got 600k.