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Any tips on any shares with potential/ worth a punt, practically out of money but trying to recover some losses if possible. Please don't suggest Leopard Oil. What are people's opinions of Pinnacle Technology (PINN) despite recent inactivity they are at a low and just signed a deal with Vodafone, looks like a steady rise 20 - 30 % maybe? Mike
Thanks Phil, can't see anything misleading but will see what happens on morning of 17th Sep. Ever the optimist. Enjoy rest of B/Hol Regards mike
Thanks Phil, talk is cheap i suppose. Mike
Last 2 RNS releases talk about enhancing shareholder value from a deal in final stages, from circular / JLF summing up difficult to see what is meant by that.
surely the bod are duty bound to do best deal available for shareholders?
This is the key passage from the entire document:- "For the avoidance of doubt, it is the Directors’ and the Proposed Directors’ intention to issue shares for cash as soon as practicable following the passing of the Resolutions. Any such issue may be materially dilutive to existing Shareholders." .."may be materially dilutive.." LOL!!! The directors had to consolidate 1000 : 1 = 100p because they are fully aware of the big drop when the stock opens. If the drop is 90% it allows them to issue new shares at 10p. What a complete farce. But when the alternative is nothing I suppose a 90% loss of shareholder value will just have to do. Speak later
Thanks for taking time to reply, appreciated Mike
As you quite rightly point out shareholders have no option but to vote in favour of all the resolutions or its zilch. However you can be rest assured all the necessary votes to pass all the resolutions have been secured from the nominated brokers like Barclays, Selftrade, Halifax TDW et al. Who in their right mind is going to vote NO. Personally speaking I shan't and don't need to bother.
In a hurry sorry. The share price used should have been 0.1p not 0.01p but on reflection it does not change the original dilution of 99%. Speak later.
Joel. will have to wait and see on the 17th what the situation is. Can I ask if you are you invested here and if so what you propose to do as last paragraph states a winding up = shareholders nil. Genuine question as I can't see other options. Mike
Wrong share price used the dilution is 90%.
"but to me this is as good as I hoped for.. You have clearly misread and do not understand the circular. Read and learn:- 1. The shares before suspension were trading at 0.01p. 2. The shares are to be consolidated 1000: 1. 3. The new shares will trade at 100p = £1.00 4. The directors have stated : "For the avoidance of doubt, it is the Directors’ and the Proposed Directors’ intention to issue shares for cash as soon as practicable following the passing of the Resolutions. Any such issue may be materially dilutive to existing Shareholders." 5. The directors will seek authority to grant up to 100.000.000 new shares at 100p per share. That is equivalent to £100m of equity. 6 The company is still capitalised at only £1.2m immediately after consolidation. 7. The directors are seeking authority to dilute by 99% effectively wiping out existing shareholders. 8. When trading starts at 08:00 17th September 2013 it might be wise to head for the exit if you have the time for the directors could announce a dilutive placing at 07:00 that very same morning.
They will a value once they start trading. Has it occured to you/anyone they actually might be more succesful than MDC once they get going. StuBhoy those that are invested here know the score, we are very down but we need to get something back. If you are not invested here well done but why your interest, please don't turn the screw mate for the sake of it. Regards Mike
A 1000:1 consolidation with no value? So people's shares are now literally worthless. I'm chuffed to bits I got out of here when I did
I have just read the circular and it is very involved and complex but the gist is basically what i thought: Consolidation of 1000:1 ( One Thousand to one ) shares issued in new company for what we hold at present. Big paragraph at back stating if not approved shareholders will not recieve anything, not a threat, but states any revenue available will go to pay creditors/debts. We get an equivalent holding in new company % wise as we had in MDC and yes i know there will be dilution but there is a non pre-emptive basis to allocation of new shares so there will not be trading prior to new company start up. New shares issued at no value, volume only, until new company starts trading at whatever price. Lots more bumf, appointment of 2 new directors if approved. No doubt a lot of different views will be voiced here but to me this is as good as I hoped for. We have an option to move forward with new shares ( sell when appropriate and get our/some money back ) or reject and get no shares and that's the end of it. Regards Mike
Hi mate, You can vote by proxy, that is send your voting form with your decision to the Registrar's ( Capita I believe) or vote in person at the meeting. If you share deal through a bank i.e Lloyds/Barclays Halifax etc then they will be your nominee's ( you will have a nominee account) and you will need to contact them and ask for a voting form to vote by post/proxy or letter of authority to attend the meeting, you just can't turn up. If you deal direct the voting form will be sent to you in the post. I am not sure if a voting form will be available to download online with the circular but the above is correct. Your share dealing bank if applicable will have all the details you need to vote. Regards Mike
I have never been in this situation, how do we get asked to vote? Via post/email? I still think we only know half of what's been going on and will stay a little optimistic that something may happen in our favour no matter how small.
Threeputt, you may be correct in some sort of conspircy, as others suggested at the time, I don't know. All i know is whatever is true will jot change the situation we are in. I am not going to defend PJ but decide when i see the contents of the circular what i think the best possible outcome can be for me/shareholders. PJ still continues to talk about a deal which he assumes will be in the best interests to the shareholders ( 'enhancing shareholder value') and i am interested to see from the circular what this could be. I stated before and will keep stating it, and i agree with Mr Hopeful, that we can come away with something, however diluted, if we accept his proposals. My guess is , as hard as it is, if we don't agree his proposals company winds up = we get nothing. In my opinion It doesn't matter to PJ what we do, he can move on/ is set up with other interests ( e.g CEO TWL). Summary , simple choice for me, damage limitation, we get something or nothing. Don't let anger get in the way, lets come away with something. ATB P.S There is a small contingent on here who are not invested but will get off on winding up people's emotions, because they can, everyone concentrate on whats best for those who are actually invested, just 24 hours for circular.
PJ can take intabet on a deferred basis or with cash and shares, then Leopard can do what they like as far as I'm concerned. Its all about intabet value. Imagine this scenario. PJ via TWL offer £0.5mill (+coupon) deferred for 2 years (allowing for development and commercialisation of intabet) + £0.25million in TWL shares that cannot be disposed for 2years. The listing is worth £300k and the investors works that into the deal by paying a small premium for a block of MDC shares. Thats all it takes to get us just below the market cap, with better prospects for Leopard Oil. It really doesn't matter how they divide the pie after that.
reckon the accounts submission was lapsed intentionally, seems strange that the company became worthless thereafter and gave them a chance to put some other deal in place while suspended, just doesnt stack up to me. I havent posted much on here but said all along after suspension that I had mentally written my £1k off in here, and see no reason to change that view
I woulsnt hold shares in this job now even if they gave them to me for free.
You might be right StuBhoy, more importantly you might get your 0.7 sp in the new company yet! ATB Mike
JLF respect your views but I don't think trading will be allowed before new set up. That was my point, I am certainly no expert but there's such a thing as allocation of shares/securities on a non pre-emptive basis the whole point being to prevent such a thing / manipulation happening. You are correct in that we won't know until circular is issued but whatever happens I would still rather have 50% of my current holding valuation than nothing at all, as we all would (i hope) Regards Mike
Consolidation followed by equity issue after equity issue after equity issue.
"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." This is incorrect. If fresh cash is being invested into MDC/Leopard Oil your percentage stake will decline accordingly. All things being normal if new investors pump £1.2m into MDC then your percentage stake will decline to 50% because MDC already has a market cap of £1.2m. What is important is the value of your holding not your percentage stake. If the new company has a market cap of £2.4 million after they pumped in £1.2m then you have lost no money despite a dilution of 50%. However the Friday RNS indicates the current MDC is worthless. This is why its important the shares do not start trading before the new set up. Clearly the new investors and directors are only buying MDC for its listing not its businesses. Any value attributed to the old MDC shares should only reflect the cheap value to the new investors of obtaining a listed shell. We have to wait and see what's in the circular but common sense would suggest that current MDC shareholders will end up with virtually nothing as the company itself is worthless and that's why the business has had to stop trading.