focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar 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.
moreforus 25 Aug'13 - 09:22 - 11602 of 11602 0 0 edit Cliveas TWL have 350k cash ..350k debt from poseve deal ...seemed strange at the time to have debt that could be settled so maybe this has been announced once TWL had the means to acquire intabet. They were in April generating a growing 25k net profit a month so maybe they have a bit more cash now. I can't see them issuing 1.4 mill gbp of TWL shares ..the market cap is only 1 mill roughly so to issue that amounts of shares as a direct payment to mdc would be an RTO ... I expect intabet is worth more than a quid so maybe there will some cash and some shares. Pj clearly has selected TWL as the home for intabet before he joined ... And it's just taken him 3-4 months to put all the pieces in place. TWL again if you read the rns from April is not only cash generative but should be making cash profits ... So maybe a delayed payment could come with some cash up front for intabet ?...
Liam I agree with oilriches, After picking myself up off the floor these will trade again but under the name of Leopard Oil ( following approval of resolutions ) and as early as 17th Sept ( Day after shareholder vote 16th Sep). It's not what I wanted and it won't be the multi-bagger it should have been but you will hold same % stake what you have now with MDC but in another name. Aug 05th RNS has actually told us that sell off of existing business the most likely outcome and whilst it is a shock to read it in black and white that is exactly what has happened her with the latest RNS. If we go over to Leopard Oil we will hold those shares, it remains to be seen what they will do sp wise but at this stage I will settle for those shares against total wipeout. Mike
Just had an email from PJ, again it's marked private and confidential so I'm going to honour that and only post the gist of the email, if people ain't happy about that then email PJ yourself, as he stated in his email to me this morning "I am happy to respond to emails or take calls from shareholders, especially at these times when it may feel uncertain" Basically the circular was posted to all share holders on Friday and will be available on the website on Tuesday. What PJ said in the email about the circular - "Read the circular carefully when it comes and, of course, I encourage you to heed the recommendations I make in it".
I am not a holder here but these will trade again
Just emailed PJ to hopefully find out some answers but got out of office reply, hopefully get a reply on Tuesday. I'm absolutely gutted here!! I could see this happening but my stubbornness refused to let me believe anything other than this was a great share. Feel a right fool now and massively out of pocket!! Feel sorry for everyone on here that's potentially lost everything!! Completely ruined my bank holiday!!
Clive, Circular not out until Tuesday, online or by post whenever that will be but as in this RNS and the one on Aug 05th PJ is still stating about a deal in advanced stages that he believes will be of benefit to shareholders/enhance shareholder value. So I think he is making a point that Intabet does have value but to someone with a gaming license and not MDC. To me MDC does not exist anymore in its presnt form, its gone. With a consolidation of existing shares 10:1, 100:1 1000:1 whatever the conversion we will all at least hold an equivalent % stake in the newly named company Leopard Oil. As I have seen with other companies on AIM if we do not approve the proposals put forward ( whatever they are but consolidation is a definite) it will go into administration / dissolve and any spoils that are left have not gone to shareholders as dividends but to creditors and debt payment. Just my thoughts but my conclusion is it is black and white, absolutely nothing or a % holding in the newly named company. ATB Mike
Poster on advfn states intabet and goal millions will still have ip/development value. If we paid 1.5m in 2012 why in 2013 after further development and relaunch of goal millions is no value seemingly being attributed to them? We must ensure we get fair value or hold onto them until we do.Proceeds returned to investors as a dividend? Anyone seen the circular or communicated with pj? (Can,t yet as on hols)
Hi guys, just want to forward on to you a message I have received from Phil Jackson today on linkedin. I messaged him a good few months when MDC was first suspended and he came back to me today saying - 'Joe, you will receive a circular in the post which outlines a proposed deal that I am recommending to MDC shareholders. Kind regards. Phil.' Any ideas of what this deal might be? Sorry I've not had time to go through this board today yet, Cheers, Joe Harley.
Thanks JLF, Just thought with all the current anger around that people would 'vote' against to show PJ their disapproval but as understandable as that is it really would be cutting off your nose to spite your face (and both arms & legs!!). Wait and see what the circular holds and go from there, not holding my breath anymore just resigned to damage limitation. Have a good weekend, whats left of it if you can. Regards Mike
...Those who do not wish to be part of the new company or have moral and ethical objections to being invested in natural resource companies should be given the option to leave.
The company would have already paid for and gathered the necessary votes from the nominee brokers for the vote to be carried. So there is no question of share holders voting this plan out. Interesting point about the suspension remaining in place until the new company is set up. However knowing the markets I would suspect the MM and the new strategic investors would want the share price plummeting before they inject any money into this shell. This would give them the opportunity to pick up cheap shares so increasing their holding after the restructure and dilution. But a continuation of the suspension I must admit is not an idea that had crossed my mine. But it is possible.
Ryn, Fair comments, I think if the share holders do not approve the resolutions then quite simply MDC will dissolve, it will go into administration and nobody will get a bean. Any revenue in that scenario will go to pay off the creditors and definitely not the shareholders. An approval, whilst not to everyone's liking will mean a consolidation of shareholders existing holdings into the newly named company Leopard Oil. That is the only way I can see any of us coming away with anything. Consolidation will be 100;1 or in my opinion 1000:1 where each share is worth £1 so existing holding of say 10 millions shares @0.1p ( value £10,000 ) will be 10 thousand shares @ £1 ( same vale ie £10,000). Just my thoughts, a no vote = diddly squat a yes vote something. ATB Mike
Delisted should read relisted!
Purple lounge is a legacy issue from the previous BOD - not PJ. MDC were also given the all clear with regards to the liabilities however it looks like the company will not be given a gaming licence which is the crux of the problem here. Whilst funding is also stated as a key problem, funding would of been able to be obtained at much better terms than I guess the RTO of leopard oil will be executed. Once PJ joined TWL it was obvious what may happen. This share will not be delisted for at least another month IMO as terms of the sale of Intabet, appointment of new BOD, shareholder approval of shareholding restructure and receipt of raised funds will be required first. However this may be much longer if the shareholders do not approve the changes. By the way I have a few million of these aswell
We all should have looked at what has happened before, if someone can screw over 1000's of players from purple lounge with a lot of money i'm sure was in users accounts, they could do the same thing to people who own shares within the company. I see Intabet never working, the complexity of the programming involved and i'm sure the cost of gathering data outway potential returns. So the potentially selling the platform on will never work to investors. All I can say about PJ is that was his last strike in my eyes, an honest man will tell the truth and keep everyone updated. A selfish man will always generally speak .. "he's like a dog chasing cars- he wouldn't know what to do with one if i caught it "
We have to just wait and see. As mentioned earlier, if intabet is sold at a reasonable price, then we will surface from this relatively unscathed. The only issue is that raised by Joe regarding timing of the results versus the meeting. However, its very simple for the BOD to request a suspension until the meeting is concluded. This can be issued as soon as the other suspension is lifted, essentially preventing any trades I.e. 7am release results, 7:30am lift suspension, 7:31am enter suspension at the request of the BOD. So I'm not sure its fair to say it will tank. It just depends whether PJ can be bothered to protect us from ruthless mm games. Knowing that box nation still requires the delivery of their chosen platform, I'm almost tempted to put in a cheaky offer for intabet. £1
Don't know what to say John if I am honest, feel a bit of a fool and blown the mortgage endowment shortfall to boot. A harsh lesson is an understatement as I also held faith and hope in PJ. Put all my eggs in one basket so that's me done, well and truly. ATB mate. Kind Regards Mike
Thanks JLF, will wait to see what it holds but that's about it. Regards Mike
shareholders may see a return, albeit small! Unfortunately irrespective of what they do from here on in I cannot and would not invest in a company with PJ at the helm. His integrity is shot to bits, I like many others on here defended him to the hilt, had faith in his past ability to turn a non profit organisation into something special. Very harsh lesson learnt! StuBoy, for the record you were right and for this I owe you an apology mate. Best of luck for the future. Last post on here from me. Mike444 all the best mate.
Its not there and I doubt anything has been sent to shareholders in the post either. The RNS has to come out first so all shareholders are informed at the same time before circulars are sent to individual shareholders. The RNS came out at 17:42 so unless the circulars were posted Friday evening I very much doubt they have been sent out either. More lies I'm afraid.
Despite the last paragraph in the RNS stating the release of circular on mediacorpplc web page I can't find it. Anyone located it yet, if so can they cut and paste please. Thanks Mike
Your 9.20 post is not correct as holders would also own £1.2m of the company, ie the same value. The problem here is 1) will MDC get anything for Intabet 2) will MDC sell goal millions (as it will be non core to investing policy) 3) MDC are proposing a complete share restructure upon becoming LOL (leopard oil ltd). Therefore they will A) raise further funds (how many share will they issue?) B) possibly consolidate the number of shares C) relist with a new asset (note the probable transaction per the RNS) - what will this be worth? D) a complete new BOD E) what market cap will they relist at No one yet knows! But usually the exisitng shareholders do lose/get diluted (ie a real drop in value of holding). The 'blessing' here is that the company was only valued at £1.2m (unlike LDP which was capped at £20m an holders got diluted 90%). So given the points above we can't possibly know! I just hope they reverse a good asset in here!
...and that the company should be announcing these events on a Friday evening so ruining everybody's Bank Holiday weekend is below contempt.
People continue to go on about the small market cap. The market cap is irrelevant and I will show you why. If for argument sake somebody injects £100m in exchange for equity into MDC the market cap will rise to £101.2m but your stake will still remain at £1.2m because your holding would have been diluted by about 99%. But as I said in my previous post the real trouble will not come from the strategic investment but when the results are published. When the results are published the suspension will be lifted and the share price will plummet. So what was £1.2m will become about £200k. It is only after the plummeting will the resolutions be put to the shareholders. All the warning signs were there when TWL announced he was to become the new CEO. PJ has done what all AIM directors do...Look after NO1.
I'm not expect ring to profit big time from this announcement, but PJ has to make proposals that are in the interests of shareholders. This is optional by the way. MDC are still able to issue equity simply to see a sale process of intabet through, if they wished, so I'm waiting to see what this circular says and who these strategic investment guys are!!