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I've received a reply from my broker indicating that transferring the registration of my shares to Australia might be possible and, if it is, would I like to proceed? Not quite the clarification I was asking for! I imagine it's the only way to enable me to trade my shares in the future but I would've preferred a definite answer including the costs involved. As for ARCW's assertion that NGL is about to dilute shareholders by issuing yet more shares - I hope they don't. The reason for the suspension in the first place was supposed to be down to a cashflow problem - surely a short-term loan from major shareholders would solve the problem? And what's happened to the Chinese miner who was supposed to invest in NGL - I'm sure they could buy the company with their petty cash.
You still own exactly the same amount of shares as you did before the suspension, and they are worth exactly the same. The only difference now, is they will be priced in Aussie dollars and you will sell them on ASX if your broker provides that service. I believe your broker will also buy more for you in the unlikely event you want more. Basically you are in the same boat you were before, but it is now a ball ache to keep a track on them and sell or buy if you wish.
still waiting for my broker to get back to me on the situation and where we shareholders stand,like you I`m sitting on rather a heavy loss here and not going to just walk away,I can`t believe that if the company continues to trade we are not entitled to anything,surely we must be entitled to have our shares transferred to asx or have some sort of compensation or it makes a mockery of the stock market,i understand that you pay your money and take your chances and if a company goes under you lose the lot but as norseman has not gone under and if it continues to trade at some point we must get something. if I hear anything I will post here to keep people informed and hope others will do the same if they have any information.
Thanks to you all for keeping us informed. This is the first time I have posted anything on this site.....but yesterday's announcement really made me feel sick ! After listening to the likes of Tom Winnifrith ? plugging this share for years, I am ashamed to say how much money I have lost, and feel that us P I's have been screwed. So if there is any chance of switching to ASX, please can you post How You Do It ?
If of any help. I have spoken to nominated advisor, there are no plans to re list on AIM at the moment, but if your broker offers the service they can still be sold for you on ASX.If you have a AJ BELL Sipp, I can tell you dealing fee is 29.95 and you have to do it by phone. It sounds like there will be pretty significant dilution to raise future funding, so when they re list on ASX they are likely to drop like a stone, as they would have here anyway. So either take the hit or put them under the bed for a few years. Bad situation, but at least you still have a sellable holding. Good luck picking a better company next.
In the words of Black Adder,clucking bell.Shafted yet again.Now I know how it feels to be mugged in broad daylight.
definitely not content to give up,i can`t believe that shareholders in a company are not entitled to anything because they have been cancelled on aim even though the company has not gone under,surely this cannot be legal that we are not entitled to anything if the company continues to trade in the future or what is to stop other dual listed companys from going into suspension for 6 months get kicked of aim and carry on trading,they would be laughing. I must admit it seems to be abit of a coincidence that the day the doca gets agrees this happens,smells fishy to me. anyway from what I have been reading on other boards I think shareholders can transfer there shares from aim to asx,just waiting for my broker to confirm if this is the case,so may not all be over for now anyway not that I have any hope that this shower of sh!! will ever get its act together and be around for long.
Are the rest of NGL's UK shareholders content to give up? We still own shares in the company.
NGL's website (under Investor Relations) mentions a facility for transferring the registration of shareholdings from London to Australia and vice versa so maybe all is not lost. I've emailed my broker to ask for clarification. I'd be interested to know how many UK shareholders will be left high and dry if transferring to the ASX is not possible. Is there scope for compensation for our losses from the AIM Regulator?
Cancellation of an AIM listing is supposed to require the approval of 75% of shareholders but AIM Regulation may use its discretion to waive the requirement for shareholder consent if an AIM company‟s securities will continue to be traded on a comparable dealing facility. Is the ASX a comparable dealing facility? I look forward to clarification of whether AIM shares are tradeable in Australia or are UK shareholders simply wiped out?
Have written to NGL contact email asking if there is anything we can do to maintain any value in our shares, like transfer to ASX, and if so how does one do it and what does it cost. Not hopeful. Seems ridiculous that we haven't produced accounts because we couldn't while in administration and because of that Aim have said 'That's it, no more, goodbye'. YCNMIU - I've lost my small holding, I suppose some must have lost much bigger.
Thanks pablo2 not good news but more informed now.
Apparently it's a coincidence that it all gets sorted with DOCA and at the same time under Aim rule 41 we get kicked off Aim. The company has argued to continue and apparently David Steinepreiss has lost loads of money too, but that's it ALL GONE.
Anyone know what this means ?
Just spoke to the Nomad William Vandyk, Northland Capital Partners Ltd - because the shares have been suspended for so long(7 months) and the accounts are outstanding, AIM have decided, in their wisdom, to chuck NGL off Aim and the shares are NOT tradeable and will NEVER be. The ASX shares may be reinstated on ASX but all AIM shares are now worthless. It may be possible to transfer your holding into ASX shares. You will still remain a shareholder in the company and will still receive certain information and be able to vote - Oh, thank you very much. The company cannot get back onto Aim without a complete and full new application which seems very unlikely. The company was unable to do the accounts as the Administrator prevented access and although AIM granted an extension once, it won't again and all our money has basically GONE.
Latest Rns is that it then? Shares gone?
My hl account shows they still suspended but my app to monitor all my shares shows an increase.in any case they are untraceable at the mo
Mad to think this was once 80p a share and an investor darling. Alas I've got a small stake here and don't even see a mere point of light in this very long and never ending tunnel.
no change showing in my account i havnt a clue whats happening
Anyone esle see activity against this share on their account, it has shown up as valuated today though there is no RNS that I am aware of?
Thanx for the info hope yet!
Spoke to 'William Vandyk Northland Capital Partners' (Nomad?) and he states the company is no longer in administration and although there is no guarantee the shares will yet be re-listed, today's announcement is another step towards this, giving the control of this subsidiary(CNGC) back to the director's. Various meetings, e.g the one not quorate last week, have to be held and legalese things got through, but the big hurdle is the Bod being able to show they have sufficient working capital to make this a going concern. Anyway, very hopeful IMO and shares could be relisted within a few weeks, all being well.
DOES ANYONE HAVE ANY INFO ON WHATS HAPPENING
Some people think NGL is worth investing in and I feel the same way. I'd be happier if the Chinese made an offer but I'll be thankful for simply being re-listed.