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In respect of the issue of new shares to facilitate the share capital reorganisation, 36 new shares will be admitted immediately prior to the share capital consolidation. Further, 100,000,000 ordinary shares, which have previously been issued and announced but were not admitted due to an administrative oversight, will be admitted. There is no change to the anticipated new issued share capital as announced in the Company's circular of 22 May 2019 as a result of this admission.
um - anybody?
-- BB --
I can see why people might vote against 3 and 4. But I wonder why 2 didn't pass?
is this 100,000,000 pre or post consolidation?!
-- BB --
isn't that a good thing? therefore no need to fundraise?
-- BB --
Potentially. But the board sought permission to issue new shares. Approving 2 but not 4 would have lets them do that if they have a need - just have to offer us first.
I thought they wanted to issue shares to buy assets. With their hands tied I think we may have problems.
Presumably they can't even issue stock for warrant conversion?
The Sheikh must have had a vote. So he must have voted against? Unless he abstained for whatever reason.
It will be Pre-Consolidation - so not a major worry
surprised at 3 & 4 in all honesty - usually that would be a given.
my only thinking here is that the SHEIKH vote is the only thing stopping that, but then to what purpose other than to make sure he gets an offer of shares first or virtually giving him some major control (30% of Shares will have a major effect on everything) - going to make things a lot harder to implement any material changes and investments but i would feel that this would mean its the Sheikhs way or not at all
It will likely mean only items the Sheikh wants to support can realistically progress
there could in all honesty be a clash of heads coming
board now have hands tied - so any opportunity is going to take a lot longer to implement
opportunities often require speed which MXO now don't have the ability to do - it will take a month or two just to get to the presenting to shareholder stage by which time the opportunity may have gone
his name is on the door ...
-- BB --
i think overall it is good news for shareholders blocking the resolutions
i said earlier i assumed they all would be passed - why the rise before was false
some big sells straight after RNS
It does seem the Sheikh has a plan here, but what we don;t know
it does mean that while current BOD are in place, there is going to be some real issues in progressing anything meaningful which could be detrimental
I do think this means the Sheikh will takeover, possibly sooner rather than later.
Jango, absolutely not a deramp, I want this to fly higher than anything else. I've been collecting all the way down since PPA days, which you won't remember. A genuine question that's all and answered.
Sorry Gaz, was referring to Dan's post on this thread not yours !!
Multi bagger of the year, once in a life time chance after consoledation not just 30p but we will see £3 coming months with only 44 million shares after consolidateion.....IMO
mrjango
i think for shareholders its decent these were blocked but it does mean that anything thats going to materially change the company is going to take a lot longer to progress
you also have a BOD that aren't going to benefit as much if the company does well - its like having a pilot of a plane who doesn't care if it crashes with no incentive to land it, every cloud has a silver lining -
im thinking the following
appointment of Non Executive Chairman next month
attempt to remove Board of Directors
attempt to go private
attempt for Sheikh to takeover
whats your thoughts on that?
I agree with your thinking, except, I do not think the Sheikh wants to go private, he has that in his other interests already.
I think he want's to...
1, Build a Billion $ public company as a trophy.
2, Attract large investors along the way.
3, Use ADM as a vehicle to house his African interests.
4, Show the business world what he can achieve.
Some Billionaires buy football clubs for a hobby.
Just my opinions.
Great post and echoes my thoughts exactly.
Fantastic news today,.
Anything else going to happen today? Hasn’t blasted off but it hasn’t massively tanked. Got to be a positive
Dan I do think you are actually seriously ******ed
mr jango - I agree with your thinking. Why would he want to go private? He wants to show the world what he and his country can achieve. ADM is simply H.H's version of UK based Caledonia Investments (Cayzer family) - In reality its a monster private office!! When will he show his hand...?
ADM name change and consolidation approved.
Once his main man is on board, fireworks will fly.
mr jango - I agree with your thinking. Why would he want to go private? He wants to show the world what he and his country can achieve. ADM is simply H.H's version of UK based Caledonia Investments (Cayzer family) - In reality its a monster private office!! When will he show his hand...? When we have a board "reshuffle" and H.H. is in this will rocket. News imminent I suspect....