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This is going to move up fast anytime now.
Not many shares available.
How generous, you can’t buy when its 1.85-2p but now it’s 1.85p-2.5 you can buy at 2.46p. Zzz
Let's hope bond holders will buy the remaining 10% of Rainmaker, which they should of done in the first place.
I'm not too concerned about a lowball offer - now that there are multiple parties interested (rather than just Rainmaker) then another party can just offer a slightly higher price, assuming they value Team Internet high enough following the recent disruption.
The 2p seller seems to have cleared now.
Sorry wrong board
I have had a response from e mail sent read below
Dear Simon,
Thank you for your email. We have, of course, taken note of the purchase of 8.01% of the shares in Thomas Cook last week by Neset Kockar, founder and owner of Anex Tourism Group.
When announcing the proposed recapitalisation on 12th July, the Board considered all the options available to it at the time, with the aim of maximising the value to all stakeholders. However, if the Board receives a deliverable alternative proposal, which has appropriate financial backing, which sufficiently addresses the high levels of leverage in the business in the timeframe available, and which puts the business back on a stable footing, then I can assure you that it would be considered alongside the recapitalisation proposal that we are currently working on.
Kind Regards,
Alex
Complicated one for sure,
Possibly a low ball offer on the card,whether BHs would agree to that is another matter,looks likely theyll receive a haircut,and not sure how that leaves sharholders.
Tel Aviv actually opened up, they are being dragged down by a big seller at 2p on LSE.
The alternatives are described in the RNS:
1. Selling Team Internet to a 3rd party. (It is interesting that Rainmaker is collaborating with this - does this mean that they are releasing Matomy from their requirement to purchase the last 10%?)
2. The bondholders negotiating the purchase directly with Rainmaker. The RNS doesn't say how this would go, and I have no idea either.
You would have thought so,but theyre not liking todays new in Tel Aviv,currently down 40%
So negotiations have faltered for the sale of TI,so I presume can discount the sale at $35M,I dont know what the alternatives are here now for MTMY,the bondholders I guess will get another vote,too much uncertainty and hope this doesnt end with a total wipe out for shareholders.
share price is totally undervalued
Evidently a volume surge in Tel Aviv,perhaps a resolution close of the sale of TI,maybe not
Decent buys going through,not having any effect here,did notice an event notification last evening but unable to find out anything.
Your tip looks good
Certainly a surge in volume
Thanks Cold,will take a look.
Keep an eye on Tel Aviv
Flightman, take a look at LOGP for news this week. I'm in since last week with a slightly higher average than you can currently buy. Moves quickly so a few buys might see it tick up, I'd buy in stealth mode while it's still quiet
Tight free float. Will likely bag on permit and funding. Backstop extension up to this Friday and fully expecting news by then. DCCAE cleared the requirement for an EIA so none needed. Means permit can be signed off.
Survey vessel is also on the way and has refuelled in Great Yarmouth and had change of personnel.
Good luck
Getting frisky,someones loading up there.
Positive outcome maybe before EGM,how otherwise can these bonuses be justified.
Seems dead here but noticed a handful of largish trades on Tasa a couple of days back.
All hinges on TI sale
Not sure what justification there is for the special bonuses...
Notice is hereby given that the Extraordinary General Meeting of the Company’s shareholders will
be held at 08:00 (London time) / 10:00 (Tel Aviv time) on Thursday, August 29, 2019 at the
Company’s Registered Office, for the following purposes:
(1) To approve the Company's Amended Remuneration Policy.
(2) To approve the terms of employment of Mr. Sami Totah, who currently serves as chairman
of the board of directors and as interim CEO.
(3) To approve the Company's engagements in D&O insurance Policy.
Special Bonuses to former senior executives for the sale of the Company's activities
(4) To approve a special bonus to Mr. Ido Barash who served as the vice president of strategic
development and general counsel of the Company.
(5) To approve a special bonus to Mrs. Keren Farage who served as the Company CFO.
(6) To approve a special bonus to Mr. Gil Klein who served as the managing director of Mobfox and a C-level executive at Matomy Media Group.
Its looking more and more like the shareholders are been shown the back door and won't be long before it's locked, next move I believe they will delist having excepted a lower offer after all its wheels within wheels , and the only one to pay the taxi fair is the share holders hope am wrong but having looked at this after the bond holders were turned down its pretty clear they have no funds to pay down the bond holders and if this was going to happen it would of been now so that chance is been and gone but for some bond holders this has been all the time they needed to exit amazing the world of finance .
Potentially good return off 3p Mcap £3m
Either:
- Rainmaker buys Team Internet for $36m. This could happen within weeks, and shareholders will do well out of it.
- Rainmaker offers less than $36m for Team Internet. Matomy can just say no to this but pressure from bondholders might force them to say yes. I think shareholders will do well so long as the offer is somewhere above $23m.
- Rainmaker doesn't buy Team Internet. In the long term this may be the best scenario, but in the short term this means all earnings must be used to pay off the bondholders whilst the shareholders wait for their dividends.
These are the only scenarios I think are likely, but we can only wait to see which one will happen. It is worth throwing into the mix the fact that the income from Team Internet may go up or down as well.
whats the next step now?
Results of the Bondholders Vote
Further to the previous announcements made by Matomy Media Group Ltd. (LSE: MTMY, TASE: MTMY.TA) ("Matomy" or the "Company") on July 2, 2019 (RNS 2347E)) regarding the convening of a bondholders meeting by the trustee of the bondholders (Series A) of the Company ("Trustee") that was held on July 8, 2019, with a proposed resolution to approve a contingent demand for an immediate repayment of the bonds if an amount of US$ 4.5 million is not paid within 45 days (the "Proposed Repayment Demand Resolution"), the Company hereby announces that the Trustee has published the results of such bondholders' vote, according to which the Proposed Repayment Demand Resolution was rejected.
The bondholders vote was quorate (79.3% of the bonds were represented). 52.79% of the bonds that voted, voted to reject the Proposed Repayment Demand Resolution and 47.21% voted in favour of the proposed resolution.
Interesting take on the position, but I feel the bond holders have just come to terms on the situation they have allowed them selfs to fall into ,with rain maker making no head way with the buyout one does think was this all the delay factor that matomy needed to reposition themselves back in the game ? The bond holders left no other way for the management of matomy to go there one priority was to get there money back regardless of any other investors, and forgotten that the board representatives has a duty to all holders some of them with a lot of influential ties. Where do they go from here who knows but asking the board or should I say demanding for earlier repayment from matomy will I feel fall on death ear,s they have'nt hired the best legal brains for no reason, they were in hindsight expecting this outcome, non of these issues amount to anything without some sort or income, but as we know most of the income for matomy comes from rainmaker and there income or most of it comes from September to January. Matomy has been knockout but gets saved by the bell and is looking to go to the next round to equal the score all in my opinion of coarse but time will tell.
How prescient, wongtogo - there's an RNS over on the Tel Aviv stock exchange. The bondholders want a repayment of $4.5m within 54 days, and if that isn't paid they want full repayment. Clearly, they don't want Matomy to pay for the last 10% of Team Internet, and are gambling that Rainmaker will follow through on their offer of $36m. Obviously, Matomy can afford the repayment of $4.5m but it would reduce their options somewhat.