Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. 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.
It's absolute comedy they are running a listed entity let's be honest. Haven't got a clue what they are doing, as has been shown from the start and the shambolic attempts at acquiring assets.
How long does it take to update they couldn't get the required funding?
I think that was evident at the point they RNS'd the potential opportunity...
Have to say Truth, you have grown on me.
By April.
Lack of information really isn't ideal.
No prospectus, no idea what the acquisition value will be, no idea what the price they will raise at.
I saw an article suggesting it will all be finalised by
cant wait to here from ellwood on how much more we've ****ed away on pointless advisory fees for dead deals that had no chance in the first instance.
could not run a hot bath.
Thr latest RNS suggests the target company is liable for the DD costs on this transaction, but do agree, this is going to need to explore a placing to keep a listing shortly if it doesn't go ahead.
If it delisted and returned capital I doubt there would be much to distribute to shareholders after the costs of winding the company up. Which also begs the question, how will they fund working capital and expenses for a transaction? Doesn't seem to be much cash in the business.
I'll be very suprised if this can get any benefit for shareholders now. Feels like damage limitation.
I'm usually optimistic, but I've seen no cash shells generate any benefits for investors.
Feels like they are just cash cows for Directors/Advisory Firms.
I have spoken with Mike Elwood and think we may have some updated announcement within a week or so
L
Delist? Main market cash shells are very rare and as a consequence are valuable in their own right. Even if this latest deal falls through, you don’t delist. You find another deal, or get other directors in and get fresh cash in and do some other deal …
L
Any danger of a delisting and getting some capital back please Ellwood? Absolute shambles.
the reality is the board and ellwood dont know their **** from their elbow....
regardless of the funding environment this is a total **** show. advisers are criminal (literally) - whole thing is a disgrace. best of delisting and returning whatever cash is left. shouldnt spend another penny on advisory fees.
Shells just appear to have have a torrid few years, and with interest rate increases spooking the equity markets, the difficulty in raising money for such small companies, with promising projects just hasn't come to fruition like people may have thought it would.
It's easy said that this always looked to be a failure in hindsight, but how many chances should a board get to deliver an RTO and future value to shareholders?
This is soon to have had 3 bites at the cherry. Is it third time lucky? I'm not sure.
Or is he still lining the pockets of our Shyster advisers???
The Letter of Intent
The LOI is non-binding save for, inter alia,due diligence to be completed by 16 February 2024, the costs in relation to the Acquisition are to be borne solely by QuiaPEG, exclusivity restrictions that cover QuiaPEG engaging in discussions or agreements with third parties on alternative transactions, and other customary terms of an agreement of this nature, such as confidentiality and governing law.
Not sure what's next on the agenda here, but they missed the DD deadline without an update. I'm not sure if that's a positive or a negative!
Sagetrade. I'm thankfully not invested here for precisely the points you make.
As an outsider looking in I always felt this deal was beyond the capabilities of the parties involved. I feel for the people who got sucked into this one.
Lazy, I agree regarding the difficulty in securing equity funding for small cap businesses, but as you also highlight, deals are still being done.
Unfortunately there is likely disparity on the valuation of Line Hydrogen vs what the existing directors think the business is worth.
With interest rates at the levels they are, investors need stronger gurantees of the prospective returns they are chasing from speculative investments... Does Line Hydrogen provide that? I'm not entirely sure, given lack of any accounts/financials, which is concerning to me as a holder in NZI.
Wish you a Happy New Year in advance and hopefully a strong return for all holders in NZI for 2024!
Hmm. I must admit I’m a little disappointed with progress or lack thereof….
Markets have been tough certainly, but deals are still being done in the city.
Axis are the brokers involved in securing the funding for the deal, but I can’t help wondering if they’re the best placed to get it over the line. If it was me, I’d be trying to cast my net as wide as possible. I’m not entirely convinced that everything that could be done , is being done.
Maybe we’ll have good news early in the new year…..
L.
sage, it's a main market listing not aim and would like to think that the advisory firm in questions has shored up its dealings having had the fca on their ****s.
.... but get your point regarding the lack of action from shells delivering rto's over the last 24 months, still advisors, directors earning their compensation regardless of outcome...
Nope. Still progressing. Funding arrangements have though, proved difficult last couple of months.
L.
Gone remarkably quiet, has it fell through?
We’re only into the 4th month. Normally these things take around 6 months or so.
FCA have been in receipt of a 2nd draft of the prospectus for about 3 weeks now, so I’d anticipate us hearing something pretty soon now.
As I’ve said before the only thing I could see holding it up is whether the financiers get spooked by the recent escalations between Israel/hamas. A wider escalation of that situation could have knock on effects on markets globally….
Let’s hope it stays contained….
L
This one has been taking its time Lazy.
I did think listing by September would be very optimistic given the DD surrounding an overseas business. I wonder what's holding it up.