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Interested to see how many senior ex- COPL folk are here sitting in a RTO vehicle. Focused team with an excellent deal making record. Surely they are looking at what is going on at COPL right now? Nick Pillar was senior O & G specialist at COPL in Wyoming for years and is at Milton now. Interesting team and talented one with so many connections to COPL ex CEO Arthur Millholland. Intriguing.
31st Oct 2023 7:00 am RNS Board Changes, Share Purchases and PDMR Dealings
"Board Changes, On-Market Share Purchases
and PDMR Dealings
HIGHLIGHTS
• Approximately £455,000 of existing shares purchased at 1.25p per share price by a range of new investors.
• 78.5% premium to the mid-market price at 30 October 2023
• 25% premium to October 2022 IPO issue price
• New Directors appointed with exceptional track records in the international oil and gas sector.
BACKGROUND
Milton Capital Plc is pleased to announce that certain other investors (the "Buyers") have agreed, via Peterhouse Capital, to acquire 36,400,000 existing ordinary shares through on- market purchases, at 1.25 pence per share, from a group of existing shareholders (the "Share Sales"). The selling shareholders include Malcolm Burne, a director of the Company, who has agreed to sell 12,000,000 ordinary shares as part of the Share Sales. Two of the Buyers, Edward Dawson and Richard Mays, who will join the board as Executive Director and Non-Executive Director respectively of the Company, with immediate effect, have each agreed to buy 4,000,000 ordinary shares in the Share Sales.
Eran Zucker, Executive Director, of the Company has decided to resign from the board as a director with immediate effect. Eran is not participating in the Share Sales and retains 1,999,900 ordinary shares, representing approximately 2.0% of the issued share capital.
In addition to the shares purchased as part of the Share Sales, the Buyers will also receive from the selling shareholders the two for one Investor Warrants that were attached to each ordinary share issued at the time of the Company's October 2022 IPO, as further detailed in the Company's Prospectus dated 29 September 2022.
Edward Dawson, incoming Executive Director stated: "I would like to place on record my thanks to Eran as a founding director of the Company. We are delighted he will retain his current shareholding in Milton as we embark on a new direction. We are excited about the array of [oil and gas/energy] opportunities that are presenting themselves and believe that the board will be able to use its expertise and contacts to seek out value enhancing opportunities in the sector. We look forward to updating shareholders as progress gets made." ..."
https://www.lse.co.uk/rns/MII/board-changes-share-purchases-and-pdmr-dealings-nf794ufiobqej6k.html
LSE % Gainers Top Lists
EPIC Name %
HUI Hydrogen Utopia +56%
RGD Real Good Food +50%
MII Milton Capital +48%
MII are up 48.3% today, rising 0.35p to 1.075p (1p - 1.15p), third on the top risers board.
20th Oct 2023 3:16 pm RNS Half-year Report
"Unaudited interim results for the period ended 31 July 2023
Milton Capital Plc ("Milton" or the "Company") is pleased to announce its interim results for the six months ending 31 July 2023 ("The Period").
The Interims Report will shortly be available to view on the Company's website.
Milton is a company incorporated and registered in England and Wales under the Companies Act 2006 and is a SPAC listed on the Standard segment of the London Stock Exchange. Milton was formed with the intention to identify and acquire a suitable business opportunity or opportunities and undertake an acquisition or merger or a series of acquisition or mergers. These Interim results have not been audited or reviewed by the Company's auditors.
Highlights:
• The Company recorded a loss before tax of £33,841 and had cash balances of £910,589 at the end of the period.
• Search for a suitable acquisition target continues.
Enquiries
Peterhouse Capital Limited
Financial Adviser
Guy Miller Tel: +44 (0) 20 7469 0930
Corporate Broker
Lucy Williams/ Duncan Vasey Tel: +44 (0) 20 7469 0930
CHAIRMAN'S STATEMENT
The past half-year has presented challenges in the capital markets due to the upward trend in interest rates, leading to a general slowdown in markets. The heightened uncertainties have made investors exercise caution, impacting our ability to identify a suitable RTO (Reverse Takeover) candidate. Nevertheless, we are confident in the Company's long-term prospects, and we are actively exploring all avenues to create shareholder value. During this period, we are committed to cost-efficiency, as we persist in our quest for a suitable acquisition target. Further updates regarding our acquisition search process will be provided in due time.
Malcolm Burne
Executive Director
Chairman ..."
https://www.lse.co.uk/rns/MII/half-year-report-r5ocj10cgfuzhe0.html
The shell company ASHI floated at 3p per share on 6th. June this year, market cap. £1.841M., compared to net cash of £717K., including its net IPO proceeds.
That didn't look cheap, but to its credit it has suspended (at 2.75p) for a DOUBLE RTO, valued at over £175M. including ASHI's shell value, just two and a half months later:-
17th Aug 2023 8:10 am RNS Heads of Terms Signed
"Heads of Terms Signed
Proposed Reverse Takeover of Cell Therapy Limited
Suspension of Listing
Conditional Acquisition of Cell Therapy Limited
Ashington Innovation (LSE:ASHI), the Special Purpose Acquisition Company (SPAC) established to acquire businesses primarily in the technology sector, is pleased to announce that the Company has entered into a non-binding term sheet (the "Term Sheet") with Cell Therapy Limited ("Cell Therapy") pursuant to which Ashington Innovation will acquire 100% of the total issued equity for £135 million in an all share transaction (the "Transaction"). Cell Therapy is a clinical stage biotechnology firm with a portfolio of patented cellular medicines with a lead program that successfully completed an early-stage human clinical trial in heart failure. ... "
https://www.lse.co.uk/rns/ASHI/heads-of-terms-signed-2z1etekcmhfmp97.html
24th Aug 2023 7:00 am RNS Heads of Terms Signed for the Acquisition of Calon
"Heads of Terms Signed for the Acquisition of Calon Cardio-Technology Limited, subject to the Completion of the Reverse Takeover of Cell Therapy Limited
Ashington Innovation plc (LSE: ASHI; FSE: 6FW), a special purpose acquisition company, is pleased to announce it has entered into a non-binding heads of terms agreement with Calon Cardio-Technology Limited ("Calon"), to acquire 100% of the outstanding shares in Calon in an all-share transaction. The acquisition is subject to the completion of the proposed reverse takeover of Cell Therapy Limited ("CTL") ...
Following recent discussions, on 23 August 2023 Ashington entered a non-binding heads of terms agreement with Calon for the acquisition of 100% of the issued share capital of Calon for a purchase price of £39 million ..."
https://www.lse.co.uk/rns/ASHI/heads-of-terms-signed-for-the-acquisition-of-calon-uxanjn1i7k94bxu.html
And no MII trade or volume showing for today.
Which I think makes the MII fall yesterday a clear-cut case of 'silly games' from the market makers.
Of course they may be hoping that a much wider spread (at the moment) puts off buyers. Though it doesn't have to.
Most shells are illiquid: but you can buy them with the intention of holding through suspension for the RTO.
After that, a £1M. market cap. can be transformed overnight into a £100M. market cap., and liquidity can follow suit.
But not all shell investors have that sort of sense and discipline, which is why you can get such significant shell undervaluations: if MII wasn't so illiquid, then it wouldn't be so cheap.
Well, there's still no further MII trade or volume showing for today, well over an hour after market close.
So unless something is reported even later today, or reported a day late tomorrow, then it looks like today's MII fall is just 'silly games' by the market makers.
"So is there a worked buy in the background, or is it just mm games in light of a severe stock shortage?"
AMENDMENT to the above, with apologies:-
It should of course say: " ... is there a worked sell in the background ..."
Recent Share Trades for Milton Capital (MII)
Date Time Trade Prc Volume Buy/Sell Bid Ask Value
10-Aug-23 13:43:37 0.89 54,668 Buy* 0.70 0.90 486.55 O
Interesting MII share price movement today, following today's bullish 7a.m. RNS.
The market makers opened the stock down 8.57% at 0.8p mid price, by dropping the bid price to 0.7p from 0.85p; though the ask price is unchanged at 0.9p, and there has been just one modest trade so far today: a buy for 0.89p.
So is there a worked buy in the background, or is it just mm games in light of a severe stock shortage?
Let's see what shows at the end of today, or tomorrow.
10th Aug 2023 7:00 am RNS Director/PDMR Shareholding
"Milton Capital Plc has been notified that, on 9 August, Malcolm Burne, Executive Director of the Company, acquired 2,000,000 ordinary shares of £0.01 each in the Company ("Ordinary Shares") at an aggregate price of 0.88625 per share. Following this acquisition, Mr. Burne is interested in 20,000,000 Ordinary Shares, representing 20 per cent. of the Ordinary Shares in issue.
The Directors of Milton accept responsibility for the content of this announcement.
Enquiries:
Milton Capital Plc
Directors
Malcolm Burne
Eran Zucker info@milton-cpaital.co.uk
Peterhouse Capital Limited
Financial Adviser
Guy Miller/Brefo Gyasi Telephone: +44 20 7469 0930 ..."
https://www.lse.co.uk/rns/MII/directorpdmr-shareholding-ia6lp9qh0hl2zi0.html
So MII's executive director Malcolm Burne has just bought a further £17.725K. of MII stock, to top-up his already very considerable holding.
This is a quite terrific endorsement of MII's value and prospects, and underlines the investment case for what looks like a quite exceptional shell.
Recent Share Trades for Milton Capital (MII)
Date Time Trade Prc Volume Buy/Sell Bid Ask Value
09-Aug-23 10:26:30 0.895 1,000,000 Unknown* 0.85 0.90 8,950 O
09-Aug-23 09:22:19 0.895 500,000 Buy* 0.85 0.90 4,475 O
Two relatively large MII buys today, both for near the full asking price of 0.9p.
1.5M. shares traded is the second largest share trading day in MII's history; and accounts for 1.5% of MII's shares in issue.
Coming so soon after the AGM two days ago this looks like a very bullish signal, and suggests that something very big and exciting could be happening here imminently.
With other significant buying recently the market makers must surely be just about out of stock, and anything below the IPO price of a penny looks dirt cheap.
So at just 0.875p MII looks like a supremely compelling buy opportunity.
Mytton,
GRIT was an investment trust, which is a bad business model for tiddlers, because it's very difficult for the returns from a very small asset base to cover the costs.
MII in contrast is seeking a RTO, which is an entirely different business model.
As regards HEIQ. This was a RTO into the shell AUCT: announced & suspended on 25.9.20, & completed on 4.12.20, with relisting three days later. Not only was the RTO at a sizeable premium to the pre-existing s.p., but the s.p. of the enlarged entity then rapidly more than doubled.
Since then the technology sector has suffered a massive collapse in valuations, so the subsequent fall of HEIQ should be seen in that context.
And these lower tech valuations etc. can work in MII's favour, as it can get more 'bang for its buck', and the IPO route is less attractive compared to the RTO route.
Experienced? Burne has been involved with heiq (sp well down) and Grit "investment strategy has failed".
Experienced people hopefully won't take an age before finding the right company to take forward .
Good luck