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Tender suits the bulls because your existing shares are greatly strengthened by the tender (in essence a buy back) a fully subscribed tender and you’ve basically doubled your holding based on current MCap.
Just boils down to if you see the MCap ex div rising organically or not…
At 40p you’d not be able to tender as many shares
NGR1616
In my view a tender a 40p would be far more appealing it would have rewarded those who supported the 37p placing back 2022 and at £40m would have reduced share capital by 100m allowing concentration and the share price to quickly recover should commercial deals be signed.
What they have done us pitch the tender price way too low where there is little incentive to accept it.
Ok - worked out what happened there. Apparently the "less than" symbol is not allowed and all following text is cut off!
(dammit!)
...sort of sub-10p price we might have ended up at post-dividend or the 17p we seem likely to reach post-tender. If sitting tight and waiting for good news either way, I think I'd rather have just received the 10-12p per share originally suggested.
(not sure what happened there)
...sort of
"The only thing that will lead to a rerating of the EV ii believe is demonstrating meaningful progress in commercialising materials and seeing a build up in recurring and sustainable revenue levels…not mechanisms around returning cash to holders. "
Agreed, this is what most of us seem to be sitting tight, waiting and hoping for. Given the sort of significant (dare I say transformative) rise in SP that would hopefully result, I don't feel it would matter too much whether this starts from the sort of
I argued there would be a rise pre XD but I acknowledge the price would drop XD
Ngr i seem to remember you arguing that the shares would be the same after they had paid a special dividend ..several times. Along the lines of the shares will go up after they announce it by the dividend amount then fall back to the same level after. I never understood where that came from but you seem to be on the right page now.
The only thing that will lead to a rerating of the EV ii believe is demonstrating meaningful progress in commercialising materials and seeing a build up in recurring and sustainable revenue levels…not mechanisms around returning cash to holders.
There will still likely be an adjustment post tender ..less so than a straight dividend.
Hamoodi Vs LOAM in court tomorrow no remote access.
In person only ..trying to find a way what goes down.
Being held
https://www.judiciary.uk/courts-and-tribunals/business-and-property-courts/commercial-court/circuit-commercial-courts/london-circuit-commercial-court/
The fact is there’s really no solution for giving capital back on a business that’s valued on cash that doesn’t have a downside. Special dividend do crashes the price XD but same shares in issue. Tender gives back less but cancels shares meaning potentially more responsive to news. A hybrid of the two netts out the same really.
Thanks all, appreciate the info. Yet another disappointing turn of events having invested in this share, with haphazard outcomes and failures to come through on promises and expectations.
For anyone who says "well that's share trading," that doesn't make it acceptable or palatable. I'll be likely to keep my shares I think, and write-off what I'd planned to do with the payout they'd loyally kept us waiting on for months.
Don't worry, she still got her share.
Plus a special dividend.
;)
Yup they announce a contract signed the day after the buyback is completed, share price rockets, and we find via a TR-1 notice LOAM sold down at 24p only to buy back alot lower and a day before the commercial contract is announced with the share price rocketing back up, and usctetail investors get right royally shafted once more..déjà vu a repeat of last years Samsung settlement debacle ffs!
24p may be a low offer compared to some people's expectations, the point is that it is a higher price than the market is willing to pay now. It is therefore worth thinking about. The price is only likely to reach 30p if there is a general market upturn or if there is significant unexpected news. Possible, but very optimistic, imo. The other possibility, a lower future price, is equally likely, arguably even more likely given the uncertainties of the next few months, including major elections.
The lesson from the settlement with Samsung is that in real, hard cash terms, Nanoco's patents are worth considerably less than they have been pretending from the outset, including during the entirety of the litigation. They are not worthless, but they are (based on this, the best evidence available) nowhere near the goldmine they were purported to be either.
I had a tender offer from my Mrs on Saturday night, but unfortunately I'd drank too much Guinness.
I suppose by grabbing back shares from holders directly they don't have to pay trading fees had they grabbed the 30m shares off the market.
I was hoping this would go to 30p this year so 24p is a low offer.
See how much Nano can suck up!
As I understand it, the "tender offer" is effectively a form of share buyback (a small part of it is an actual share buyback). At 24p the offer is considerably higher than the current share price. The market, therefore, seems to be indicating that 24p is generous, so it's worth considering. The current share price should be regarded as already including the benefits of the "distribution", which has now been demoted to a mere chance to exit at a higher SP, a radically different option to that previously suggested by the board, imo. It seems likely most shareholders will probably not sell, so they will have to distribute the money in another form anyway, rendering this "more effiicient" method a waste of time and money?
"And what happened to the once-off payment per share that was mooted last year, then bumped to early this year, and then..? It was supposed to be around 10-12p per share iirc. Please tell me this isn't in place of that!"
Yep. This is it, I'm afraid!
"Any ideas as to who made quick money from the excitement of the legal proceedings ?"
The lawyers?
Thanks and that's pretty much what I thought it'd be. So is there any distinction between the buyback and the tender offer? Or are they the same thing?
And what happened to the once-off payment per share that was mooted last year, then bumped to early this year, and then..? It was supposed to be around 10-12p per share iirc. Please tell me this isn't in place of that!
Any ideas as to who made quick money from the excitement of the legal proceedings ?
I just can't see any value at all in selling at that price unless you were just in it to make quick money from the excitement of the legal proceedings . Maybe this is the boards point.
In your situation, you can sell all your share via the tender process (less than 2000 all shares can be tendered, the 38.5% rule does not apply) with no selling fees for 24p each. If you do not tender then you just keep your shares.
Hope that helps.
Dr Christopher Richards signature is just about as clear as anything he says and does !