George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
‘Kooba - It’s an application hearing - I’m not a lawyer and could easily be wrong but I don’t think that’s a “Full Monty” court case just yet?”
You are right i was just aware this was the first time it had come to court and commercial court advised that it is being held today in person.
https://www.gov.uk/government/publications/business-and-property-courts-rolls-building-cause-list/business-and-property-courts-of-england-and-wales-cause-list
More details now up on website.
So a sort of mini trial with arguments to see if it proceeds.
10:30am
Court
Application hearing
Hamoodi v.LOAM
Richard Pearce sitting
29
":48
Loam in court today facing Mr Hamoodi who is alleging they dealt in the market whilst they had a board position and had information not in the public domain. See how that goes."
Classic insider trading along with RG...all in the frame and there is a clear track record of these two partnering on other ventures...IMHO...see how things turn out..as yet unproven just allegations which may or may not hold water and even if proven would that change the result for us fleeced retail investors!..🤔
Kooba - It’s an application hearing - I’m not a lawyer and could easily be wrong but I don’t think that’s a “Full Monty” court case just yet?
Loam in court today facing Mr Hamoodi who is alleging they dealt in the market whilst they had a board position and had information not in the public domain. See how that goes.
Don’t even try and work out we’re nano is going just follow loam , don’t even bother debating things on here because the board are absolutely corrupt, when loam buys just follow them it’s easy , how they got away with misleading the shareholders I will never know , we fell 50%in a year , then the cheeky bastards offer you a decision to vote on someone already decided letting you think you matter, you don’t , it’s disgraceful
It’s not his company ..it belongs to all the shareholders.
2 of the NEDs are also taking money out.
Look maybe he is desperate to buy a holiday home or make provision for his family , who the hell knows.. but they bandy around transformational inflection points and the massive short term opportunities and potential ramp up in production and being in the best financial position ever to get the IP commercialised ,just odd to head for the first exit at this point at what is still a modest premium to the cash value . As to creating a liquidity event that was likely a more tax efficient exit for large private holders ..then a tender such as this is far better for Pickett than a dividend. He was consulted!
Kooba I’ve chewed this one over myself.
I don’t think you can take too much of a read off it. He’s been essentially ‘locked in’ for years. Selling his stock on the open market would’ve sent alarm bells with TR1s etc. this is a chance for him to extract some value right now and still maintain, in relative terms, a big holding.
This is one of those rare moments when value can be extracted without it sending shockwaves. I don’t blame him considering how long he’s held his shares and if he wants to give himself a payday, it’s his company and that’s fine by me.
I don’t think it really tells you much about the future direction of travel. That’s the conclusion I’ve reached anyway.
The wider market surely will judge their actions rather than their words given their "disappointing" conclusion to the settlement.
Is reasonable to think Pickett certainly knows the size of the first commercial order and a fair idea where the sensors are to be used imho…whether he knows the ultimate commercial use case and the customer is another matter…the board as a whole still seem to claim they don’t.
He has made a decision and it is possible that other shareholders are better informed with the March 27th Interim results ..it should be possible through the smoke and mirrors to be able to work out how much this first order amounts to as it was received and invoiced during the first half. Since receiving the order though as previously mentioned the company’s paid for research did not adjust forecast revenues for the full year so it really might be quite modest.
@Kooba
Fully agree - the timing IMO isn't helpful given the uncertainties for "ordinary" shareholders that still exist around the size and nature etc... of the first commercial orders in the companies history. Very odd indeed but natural greed amongst those that wield the power isn't.
*..so Pickett has made a decision…
Pickett total renumeration for 2023 £478k
Our Brian got a cool £660k
Source 2023 report and accounts page 77.
I’m sure they are hitting the vital KPI ‘s that have no impact on the share price again this year to ensure further
This in a Financial year where the shares halved and the company was still operationally loss making this is very comparable to some ftse250 companies that are actually afforded some enterprise value rather being valued at likely less than cash and fire sale value of IP and fixed assets.
It is entirely discretionary for all shareholders including directors ( save for executives where there is a policy commitment to increase their holdings to 200% of basic salary) so Brian has made a discussion whether thats part of tax planning or because he wants to reduce specific exposure who knows. But he has done quite well over the years in terms of taking money out of the company in renumeration when other shareholders have seen poor outcomes and value erosion.
If he believes the company narrative of mass consumer device adoption and the ability of the company to deliver revenues from existing production facilities that will see this company making £10m’s of recurring profits in the next few years then whatever the reason selling a chunk now is odd.
Nigel Pickett possibly considered it’s about time he was rewarded now and still have 60% of his holding for future growth. There’s a multitude of reasons he could wish to liquidate for.
I aim to increase my holding by buying back in….assuming that I get a good quote
NGR1616. If you’re bullish on Nanoco’s prospects why are you intending to participate in the tender offer. For that matter do you not consider it odd that the CTO is also participating, having largely held through far more turbulent times. This sends a bearish signal to the market, no?
Nanaoco you say are not trusted and out of desperation managed to convince two highly respected leaders in their field to join the board as NED’s? Is that what you are suggesting ? 🤪
I think the tender offer amount is reasonable, as had the board declared a higher tender offer, then they would have been accused of handing easy money to II's that bought in at much lower amounts.
I think they should have offered a cash dividend as an option though, as that would have fulfilled their intention of offering shareholders a choice. They may well end up having to offer a cash dividend if there proves to be insufficient interest in the tender offer.
Should say ' been lost' .
Obviously appointed in a desperate attempt to restore some trust.
They can see the potential and just hope they can provide this essential ingredient that's missing.
No trust that’s why the two respected NED’s are joining…
I'm not sure there's very much confidence left to be undermined.
Regards trust, don't think there's any left at all !
"I find it hard to envisage they're going to be able to buy £30m worth at 24p. We'll see I guess."
If I let my imagination run riot, I do wonder whether this is a play to force a revaluation of the SP. If they offer 24p and get few or no takers, wouldn't that become the new bottom of the trading range (at least until capital is returned by some other route)? The counter to this is that it would undermine confidence in the BoD because they couldn't get a simple tender offer right!
"In my view a tender a 40p would be far more appealing..."
Agreed - they could still have cancelled 23-27% (depending on whether 10p or 12p per share was returned) of the shares in issue. The current offer leaves anyone who bought into the placing with the choice of realising losses or getting nothing out of the Samsung settlement which, arguably, they played a significant part in by supporting the fund raise at a critical moment.
"What they have done us pitch the tender price way too low where there is little incentive to accept it."
It's almost as if they don't want PIs to participate, isn't it? The major investors, who were consulted, clearly see some benefit for themselves in this approach. It's never particularly helpful to try to second-guess their motives but there aren't many plausible scenarios that leave me particularly optimistic here.
I find it hard to envisage they're going to be able to buy £30m worth at 24p. We'll see I guess.
A tender moment for Nigel :
https://www.youtube.com/watch?v=n-X3Wy-svIY&ab_channel=XTCVEVO
A cool million - better than a bucket full (1Kg) of dots !