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Started: Silverblade, 12 Nov 2022 18:25
Last post: Stann9, 14 Nov 2022 13:31
Yes , thanks for the information SB . As you say what might have been, look at Cnic now.
12.29p per share will be paid to shareholders on 18th November 2022 - via crest or cheque if you hold paper certificates. No actions required from shareholders. Bittersweet end for what might have been. SB
Started: rus_23, 18 Oct 2022 16:54
Last post: Silverblade, 3 Nov 2022 10:48
I’m sure rus. mmx is based in the British Virgin Isles - the business you are looking at is one of its UK subsidiaries which as you note is now no longer in existence. SB
Are you sure? - Gov.uk says "If that money has not been shared between the shareholders by the time the company is removed from the register, it will go to the state." and MMX was struck off on 25th and removed from the register today. Hoping you're right...
Mmx has applied to dissolve its limited company status which is likely the final act in winding up its affairs. Based on timings I would expect this process to complete early Nov - with final payout/dividend soon thereafter. SB
I see at companies house that they have applied to have MX struck off which would result in remaining shareholders getting zero. Anyone have any colour on this?
Started: Sasha12 , 8 Oct 2022 12:21
Last post: Stann9, 12 Oct 2022 14:33
Was wondering the same thing. If memory serves me correct August was when the final payment was ‘expected’
Any news chaps?
Started: overlook, 29 Mar 2022 01:29
Last post: overlook, 11 Apr 2022 19:08
Investors get their money yet?
Hopefully goes well.
Good spot overlook! Escrow should be with us tomorrow - hopefully we get some confirmation from company which includes we have paid all our tax obligations as well - closer and closer to final payout. SB
I found this article which is pretty good. Left a comment and question on the site.
https://www.specialsituationinvestments.com/2022/02/minds-machines-mmx-l-liquidation-20-upside/?unapproved=14120&moderation-hash=3859397d1a54d78df2ff90c857bd2903#comment-14120
Started: Silverblade, 22 Feb 2022 08:56
Last post: overlook, 12 Mar 2022 21:41
Thanks SB.
overlook - I expect we will next hear from the company in early April to hopefully confirm the full escrow has been released together with an update on where it stands in relation to paying its tax and adviser fees and a potential timetable for the final return. Our shareholdings remain recorded in Crest - I can still see my holding in my accounts - just with zero value! SB
If you get any further info on your shares can you let me know please.
Cheers.
Thanks for the info Silverblade. I thought I had selected to sell but it seems now. I didnt.
Do I need a paper certificate from broker then? Bit lost on this one.
Would help if they communicated what's happening.
Thank you Silverblade,much appreciated
First I've heard of this, nice of my broker to keep in touch. In my experience they may still buy your certificate or spend four years doing the sums. Don't hold your breath.
Last post: Silverblade, 14 Feb 2022 16:24
Greenhat - I would hope that the final pay-out may be a bit quicker but yes end of year worst case sounds ok. If your shares are in an ISA or normal trading account your broker will endeavour to provide a paper certificate for your holding - and in the case of the ISA holding those shares will no longer qualify for the associated tax benefits. Not heard anything else to the contrary. Meanwhile - mmx is my only blue share today.....SB
My broker told me just now that it could take up to the end of the year to get all my money back and if it were in my ISA - they'd have to transfer to another broker.
Seems like a lot of admin to me. Am going to sell to the market now before delisting.
Anyone else heard any news?
Started: rgm45, 10 Feb 2022 11:17
Last post: rgm45, 14 Feb 2022 00:46
Overall 5% return on an eight and a half year rollercoaster. It was fun though!
See you and some others elsewhere no doubt. Thanks for all your posts.
Great outcome rgm - I hope this allowed a decent overall exit. Best of luck in the future - and all those who were part of the mmx club. SB
Received 96.8% of my remaining holding today at 10.4p. So few left now i'll just take the tiny loss from the market for the remainder. Off to pastures new. Good luck to all.
Started: Silverblade, 9 Feb 2022 10:10
Last post: Mickster7, 10 Feb 2022 10:41
Thanks SB for the update ...
All - FYI this is the Corporate Action update information I received from my broker
" As the shares will no longer be trading on a supported stock exchange you may choose to sell your holding prior to our last day of trading listed above or transfer your holding to another broker. If you do not wish to sell or transfer, following the delisting we will endeavour to provide you with a share certificate in relation to your holding, should one be issued by the company in the future.
ISA Customers
Due to restrictions imposed on ISA accounts, unlisted shares are not considered a qualifying investment. Certificates received in respect of ISA accounts will no longer be held within the tax efficient wrapper so will lose any tax benefits."
So - for those who choose to remain invested - looks like we will receive good old paper share certificates for any remaining holding in the company in due course - and presumably will redeem those certificates when the company is formally wound up later this year as the remaining cash in the business at that time is distributed. SB
Started: Photonic, 7 Feb 2022 11:33
Last post: Silverblade, 8 Feb 2022 15:12
FYI - tender offer has been completed in my isa and trading accounts. Just under 90% of shares sold - higher than expected - suspect some of the II's have held onto their holdings for the final payout which has allowed PI's to sell much higher than the 67% on which the tender offer was based. SB
I haven't received any funds yet from the tender ... i assumed the same as you SB but I should probably contact III for clarification aswell since they are also my broker.
you need to ask the company that is holding the shares what will happen.
Good question Mickster - i assumed the shares would do the opposite of a bed and isa.....ie be sold from the ISA and moved into your trading account but with no ability to 'trade' them thereafter - but i don't know that for a fact. I have asked my broker (interactive investor) to clarify what happens and will clarify when I hear back. Has anyone received their tender allocation yet? SB
SB...if the shares are in an isa, won't the broker just sell the remaining shares at delisting and put them into the sellers trading account rather than the isa, provided you have both with the same broker?
Completion of Tender Offer
and
Exercise of Options/RSUs
Further to the announcements of 14 January 2022 and 3 February 2022, Minds + Machines Group Limited (AIM: MMX) is pleased to announce the completion of its Tender Offer.
The Company confirms the Tender Offer was fully subscribed and 182,692,308 Ordinary Shares have been purchased at a price of 10.4 pence per Ordinary Share, for aggregate consideration of £19 million. Tenders for up to and including the Tender Offer Entitlement of 1 Ordinary Share for every 1.485 Ordinary Shares were met in full, representing approximately 93.35% of the Ordinary Shares being purchased by the Company. In addition, 16.59832% of shares tendered in excess of a shareholders Basic Entitlement will be purchased, accounting for the remaining 6.65% of the Ordinary Shares being bought back under the Tender Offer, The Ordinary Shares to be purchased under the Tender Offer represent approximately 67.3% of the current Ordinary Shares in issue.
All of the 182,692,308 Ordinary Shares bought back have been cancelled by the Company.
Started: sjlawley, 31 Jan 2022 16:35
Last post: rgm45, 31 Jan 2022 23:21
Thanks for the candid viewpoint, again.
GLtoA
Hey Chaps ,
Sorry for the extended radio silence .
unfortunately , i was out of the loop for a good few months towards the back end of the year with some non covid health issues . Seem to be on the mend somewhat now which is a relief .
I did make some informal overtures to the BOD regarding the possible RTO of the shell by the regulated digital payments company i am involved in in the UK but there didn’t seem to be much appetite so it never progressed .
i am supportive of the tender offer and took up the offer at 10.4 p and tend to agree with Silverblade that the final private company payout may be circa 11p if things play out as they seem to be .
i think and this is only an assumption that the BOD probably felt the company had too many potential contingent liabilities that may have come out of the woodwork in the event of an RTO and the incoming vehicles attornies would never be able to get past that .
that is pure speculation on my part i must add .
the eventual outcome wasn’t what we all hoped for but also wasn’t as bad as it could have been .
for the other ICM holders who had not sold any shares , unlike myself , they went into this deal at circa 8.3p and can out circa 10p so a “ win “ of sorts for them .
i probably broke even on the trade myself ( haven’t done the exact math ) .
i think the domain business is no longer any kind of growth business so the outcome is for the best and was really that reason that we decided to exit in 2018 .
I have to say i have utmost respect for the remaining BOD and believe they have acted , as they should, will a level of integrity and professionalism that can sometimes be sorely missing and i wish them the best as i also do to the rest of you on this Board. almost all of you gave me a fair hearing and many of you had some good insightful views .
who knows our paths may cross again if we ever bring the payments company to market in the UK !
my best regards to all
SJL
Further to the announcement made on 14 January 2022, Minds + Machines Group Limited (AIM: MMX) is pleased to announce the results of its Tender Offer. The Tender Offer closed at 1.00pm on 28 January 2022.
The Company confirms the Tender Offer was fully subscribed and 182,692,308 Ordinary Shares will be purchased at a price of 10.4 pence per Ordinary Share, for an aggregate consideration of £19 million. Tenders for up to and including the Tender Offer Entitlement of 1 Ordinary Share for every 1.49 Ordinary Shares held by a shareholder will be met in full representing approximately 89.68% of the Ordinary Shares being purchased by the Company. The remaining 10.32% of the Ordinary Shares being bought back under the Tender Offer, will be purchased on the basis of 1 Ordinary Share for every 12.91 Ordinary Shares tendered, pursuant to demand for Excess Shares by Eligible Shareholders. The Ordinary Shares to be purchased under the Tender Offer represent approximately 67.3% of the current Ordinary Shares in issue.
Started: BolivianBanks, 28 Jan 2022 08:26
Last post: Silverblade, 30 Jan 2022 11:09
Hi SS - perhaps not the ending we all saw here at one point - but I am sure we have all had poorer investments than our domains adventure despite the outcome. I have enjoyed our chats here - and always valued your opinions - I think we all tried to support each other when it hit the fan over the years. I tried to offload all my remaining holding - will find out tomorrow what the take up was - then decide what to do before we get delisted. I wouldn’t be surprised if the final final payout is 11p+. Thanks for the details - I will say hello at some point. ATB SB
Cheers Sunday, all the best mate, see you around the boards maybe. Wishing you every success! atb
Hello Norrab..I hope you are keeping well...
The journey ends after many years ..I hope everyone came out with some profit ...I think the longer term investors did.....
My best wishes to you all...Special thanks to you Siverblade...Krislunsar@yahoo.co.uk
Sundaysun
Started: norrab1, 20 Jan 2022 22:47
Last post: norrab1, 23 Jan 2022 17:25
No doubt SB !
I'm mainly into the Banking, Pharmaceutical and Travel sectors these days, with a more balanced portfolio. Lol
ATB ! (I agree it has to be fun too, money isn't everything in life)...... :-)
Nice post Norrab - virtual friends, profit, fun and rollercoaster - that’s a good positive way to remember the time so have all spent here. Good luck too / maybe bump into you elsewhere!! SB
Great dropping in here reading how my old investment peers have nearly all got out of MMX with some profit.
I enjoyed my time on this board and echo SB's assertion on the quality of contribution here, which made it so interesting. I wish everyone success with their future investments, its been fun on this rolletcoaster! Atb
Last post: kitkateat , 20 Jan 2022 08:27
As far as i can tell hes fun with the money
Wouldn't surprise if SJL made a late bid for our aim listing...
He seemed rather keen at the time for RTO...
Started: BolivianBanks, 19 Jan 2022 07:33
Last post: Silverblade, 19 Jan 2022 08:57
SS - really good to hear your crypto adventures are working out - its not a market for the faint hearted and as you note requires a high degree of diligence! mmx had the hallmarks of a sound and low risk investment but if we look back at the history of how it was run right back to Fred K, Anthony Van C, TH there are lots of warning signals over the years - i just don't think any of us thought there could be such continued mismanagement of such a relatively simple business model! Its not a total disaster either - we got the exit we were looking for but in the rush to do a deal our recent legacy hurt the sale price - but i've seen and been involved in a lot worse over the years. As you say - most have come out ok and have generally moved on. I think the quality of chat on this board is testament to those who contribute - and there have been some serious exchanges as were warranted as certain situations developed - but that's the point about having boards surely - reasoned debate to help inform investment decisions. More recently having the input of a major shareholder and leader in the domains space in SJL was extremely useful - although sometimes hearing the truth about what had occurred was difficult to stomach. Been a pleasure to converse with you - and the other long termers you noted - bakky and hucks included - and more recent investors. Now to find a 10 bagger :-D SB
Thanks again...I have been extremely lucky to have had the crypto option come along at the right time..I've had to study and learn a new technology,but it has been the most profitable period of my investment life...A lot of luck,riding a bull market,but importantly recognising the market to be in...
I look back at MMX ,and think that I should have known better...there were so many warning signs that I ignored...My gut told me months before that TH had no intention of declaring a dividend...All.the small misfortunes that mounted up..the deal with SjL..the deception that SjL uncovered in his sale to MMX etc etc..I was talking to TH ,and it didnt feel right..Bahh...you live and learn ..Ultimately,I feel I was lucky to.come out intact ,and to live to fight another day...Best wishes Silv Norrab Ken.and all who were on this journey.I will drop an email before the final chapter...
Started: BolivianBanks, 18 Jan 2022 20:17
Last post: Silverblade, 18 Jan 2022 21:57
Well done kitkat - that’s a pretty decent performance all things considered. Best of luck in the future. SB
I sold my last bit of holding, I did consider waiting till the end, but my holding is in an ISA so if I couldnt tender the whole lot for sure it would have been a risk. Although I lost out on a bit of money 10%, its not the end of the day. I took the money and put it into another holding. End of a journey! I am just glad that before all this happened, I was able to average down, although I had a smaller holding that quite a few people here, I am still glad i made 50% profit.
I would not be surprised if there is some selling post the tender offer for those who do not wish capital tied up in a company with no liquidity aside from the end game - likely later this year. I suspect L&C and Lombard will remain buyers at the right price. SJL still has a decent slug as well. Hope your investments are doing well and nice to hear from you - even if it was for a pal - not many of the 10 year team remain! SB
Indeed things looked to be going this way given the lack of activity...My friend has a bit of a judgement call..I think I would sell some on the open market to minimize what may be left in an untraceable stock...
Always good to hear from you...SS
Started: BolivianBanks, 18 Jan 2022 18:05
Last post: Silverblade, 18 Jan 2022 18:22
….although - some holders - me included - managed to sell more than their entitlement at first tender so perhaps this might be repeated. SB
Based on the first tender take up - highly likely imo.....directors all taking up maximum allocation. SB
How likely is it that the offer will be over subscibed.
Started: BolivianBanks, 18 Jan 2022 17:49
Last post: Silverblade, 18 Jan 2022 18:08
Greetings SS - good to hear from you. Given the declaration from the company there is no appetite for an RTO, the current tender offer at 10.4p looks decent in comparison to current share price - accepting there may still be a wee bit to be squeezed out once everything is done and dusted and the lights are turned off later this year - but the current tender price certainty appears attractive. Once the company is delisted in late February any residual holdings will be locked in without any ability to trade shares until a final pay-out - which as the company has noted will be similar to the current NAV give or take a bit of savings or increased costs to close down. Note previous comments on ISA holding issues posted in last few days. All assuming no one tries go buy the business but without an AIM listing not sure that has any value. The journey is coming to an end. ATB. SB
I've been asked by an investor..what he should do..I'm not up on events..however ,I'm thinking ,go for the maximum cash out... ? Any counter view.cheers..hope you are all keeping well atb
Started: rivierasunshine, 14 Jan 2022 07:19
Last post: Silverblade, 17 Jan 2022 08:55
Having looked into this Culpepper is correct in that you cannot hold private company shares in an ISA - so it appears the final payment post delisting would be outwith the tax benefits of an ISA in relation to capital gains in addition to the loss of those funds from your ISA shares account. Something which might impact on individual positions as to whether to hold or sell. SB
In me experience on delisting it comes out of the ISA, and into a non ISA account with the broker. Future payments into that account.
Hi Sinkenken. Good points. On the first point - the reason for delisting appears to be sound in terms of some cost and regulatory benefits - but given there is no appetite for an RTO and the decision had been taken to wind the company up then a delisting was inevitable anyway post July - and given the timings on winding the company up may run beyond that they are probably just sorting it out now. At the point of delisting we will not be able to trade any shares we retain in the company post tender offer - so we would be ‘locked in’ until the company makes its final payout. We would be investors in a private company which remains subject to company law - and it’s major shareholders who have made their position pretty clear - maximum cash payout please. I don’t see any risk to this final payment other than the caveats on price and timings. On your second ISA point - not sure - I have not been an investor in a fully delisted entity in a tax wrapper - I’ll see if i can find anything out - and there is the potential to raise the issue as part of the investor dialogue at the general meeting. ATB. SB
Hi Silverblade, will the company be able to distribute any cash after the company ceases to trade on AIM, especially if the shares were held in crest by a broker on your behalf.
There is a problem if shares are held in a ISA & cease to trade.
Regards SKK
Hi Culpepper. I guess I was suggesting that the company was likely pessimistic in estimating the costs to close its trading operations - which are now the costs to wind it up full stop - and as such the savings which are being made have already been reflected in an increase in NAV from 9.6p at first tender to 10.4p at second tender and that pattern may continue with the final payout. At that point there will be c.80m shares so a $1m upside in distributable cash adds a decent gain to NAV. But the opposite also applies if costs are higher! Interesting on see if IIs tender their full entitlement. SB
Last post: Silverblade, 14 Jan 2022 21:51
Leadership - correct. SB
Does this mean no RTO then?
Highlights
· Return of up to £19 million (approximately US$26 million) to shareholders via a Tender Offer at 10.4 pence per Ordinary Share
· The Tender Offer Price represents a premium of approximately 26.1 per cent. to the price of an Ordinary Share at the close of business on 13 January 2022 and a premium of approximately 24.8 per cent. to the volume weighted average price of an Ordinary Share for the period 14 December 2021 to 13 January 2022
· Up to 182,692,308 Ordinary Shares will be redeemed, representing approximately 67.3 per cent. of the Company's issued share capital (if the Tender Offer is fully subscribed).
·
Started: Silverblade, 5 Jan 2022 12:38
Last post: Silverblade, 5 Jan 2022 15:16
Frazzles - I can't provide advice - but if you held shares on 1st October 2021 you have already had one capital return via the tender offer which paid out $80m of the $120m+ GD proceeds to shareholders - with some holders able to redeem a significant % of their holding at that time. Moving forward, what is clear is that mmx as we know it will cease to trade on 31st Jan (Note this is different from closing the business) - with somewhere in the region of $37m in cash (including the escrow) which equates back to a net asset value of c.9.6p. I believe there was also a sum set aside (c.$20m) to cover legacy costs associated with winding down its trading business - and this is the area where I previously suggested there could be an under or overspend - preferably the former. There may be other unforeseen costs - or potentially upsides in concluding arrangements. If they elect to 'close' the business - there will be a further capital return (or possibly more than one) - which based on the current known position could equate to 9.6p per share in total and assuming no under/overspend on the $20m set aside. If they attempt to use the business as a cash shell and develop a reverse takeover - there will be a requirement to leave cash in the business to provide funding for a new venture partner - the scale of which would be dictated by the cash flow needs of the new business and could still allow a further capital return. None of this needs to happen immediately post 31st Jan - the company has six months before it would be delisted from AIM at which point liquidity in its shares would be impacted i.e. you would hold shares in a company with no formal means to buy/sell your holdings . As I said - not advice - but the way I see it. Hope this help. SB
Um! should we sell or hold our remaining shares?? I'm not sure what to expect. If the business closes down do they pay off all existing share holders if the business closes? I'm new to all of this and not sure what to do. Any advice helpful. Thank you.
So - into 2022 we go. As far as I am aware the transition services we provide to GD end on 31 Jan - and the company is still in the process of winding down its operations - budapest is being terminated through ICANN so assume there was no buyer for that geo. Hopefully Miami and Boston should also now have been transferred to GD which should reduce Escrow to $12m (locked up until 31 March 22). If the 31 Jan date remains - and there is no reason to think anything otherwise - we will no longer be a trading company end of month and move into life as a cash shell. We should expect an update on the way forward in next few weeks - covering future capital returns, net asset position allowing for costs incurred and anticipated (under or overspend of the c.$20m set aside to close down business operations) and any indication or appetite to progress an RTO. SB
Started: rivierasunshine, 23 Nov 2021 08:10
Last post: rivierasunshine, 23 Nov 2021 08:10
According to yesterdays RNS, LCAM (Vidacos) appear to have increased its holding by over 5 million shares. Although there is more cash left in the business to result in a final payment in excess of the current share price, would an II bother? Maybe there's some news coming.
Started: Leadership, 16 Nov 2021 10:02
Last post: Leadership, 16 Nov 2021 10:02
Something?