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https://www.thearmchairtrader.com/london-broker-alexander-david-securities-liquidation/
Ah yes, the renowned and respected advisor David Scott...
Truth is, this lot don't know their a*** from their elbow.
I've had a number of conversations with both Michael Ellwood and David Scott on this subject. I share the frustrations of other shareholders at the lack of public visibility of the reasons behind this.
I have been assured by Michael that this is a distraction from getting on with identifying an appropriate RTO candidate, and that it is not due to the following;
a) remaining in suspense because of a new imminent deal, simply as a matter of convenience. Rather, ME would rather see it returned to market, even if it meant going back into suspense a short time after once a deal can be progressed.
b) there are specific reasons which are being addressed, primarily by David Scott, but backed up by Michael Ellwood
c) Progress is being made, though no certainty still being given on timescales.
d) I have also been assured that there is nothing nefarious, dodgy or otherwise suspicious holding things up, which is probably in the backs of every shareholder's mind (fertile ground for paranoia, in the absence of clarity over the specific situation that they're trying to resolve - rather that they find themselves in a slightly unique situation which is taking considerable effort to resolve.
e) I have expressed that it would be a good idea for some sort of communique to be sent to the shareholders, or published on their website once the situation is resolved, explaining some detail about the nature of the situation that they have found themselves in, if they wish to retain positive sentiment from their shareholders... ME i think is receptive to that idea....
Hopefully we'll hear more from them soon
L
So we are still in suspension.
The BOD must surely be informing us of:
a) we are working on another collaboration and therefore we might as well stay in suspension.
b) when we will be coming out of suspension if a) does not apply.
A bit naughty don't you think?
Is this allowed if a) does not apply?
you have some knowledge or experience of the board?
L
And the limbo continues….
L
I'd like to buy more shares too Lazygun :)
A) I’d like to buy more shares :)
B) I’d like to see them resume trading as I don’t want it to turn into another Cameron party/lionsgold debacle….
C) it’s a confidence/trust thing
L.
NZI's 18th. November RNS didn't actually say that they had applied for a resumption of trading, just that they were going to:-
"As a result, they have concluded that it is in the best interests of its shareholders and the TCP to cease talks with TCP and request that its shares resume trading."
https://www.londonstockexchange.com/news-article/NZI/termination-of-acquisition-talks-trading-resumption/15721068
They may have just spoken to the FCA first to discuss the matter, without putting in a formal application.
And such an application and trading resumption can sometimes take weeks.
In the meantime, NZI could potentially arrange a new RTO ... so potentially there may not even be (much) time to desuspend in the interim.
Why are you so keen for them to desuspend, Lazygun?
In my opinion they would be better off staying suspended, if they are actively involved in potential RTO negotiations.
They applied right back in November, but the FCA requested that full accounts and interims were provided first.
I believe it is now with FCA for final confirmation. No indications of any further hurdles…. So should be pretty soon now.
L
From NZI's second 6.1.23 RNS:-
"Update on resumption of trading
The Board can also confirm that intends to publish its Interim Results to 30 September 2022 by the 16 January 2023 and following those being published will then apply for the lifting of the suspension of the Company’s shares to trading on the Standard Segment of the London Stock Exchange.
Update on activities
The Directors of NZI continue to see a number of prospective transactions in the renewable or clean energy technology sector, in line with its existing acquisition strategy. In the event that a prospective transaction becomes viable the Directors will notify shareholders."
https://www.londonstockexchange.com/news-article/NZI/release-of-final-results/15786050
This suggests that the company only applied to the FCA, to resume trading, after the interims were published two days ago.
sounds like NZI are just waiting to hear back from the FCA now ref return from suspension. Hopefully soon.
L
Good points Hedgehog.
Also note that due to recent changes in listing rules, 'newer' main-listed shells like MCI cannot arrange a sub-£30M. market cap. RTO, unlike NZI.
To summarise:-
• 'Pre-existing' main-listed shells that listed by 2.12.21 can still arrange a sub £30M. market cap. RTO (minimum only £0.7M.), up until 1.12.23 completed FCA submissions;
after that they can still arrange RTOs, but subject to the £30M. minimum.
• 'New' main-listed shells can still float with a sub £30M. market cap. (previous minimum only £0.7M.), up until 2.6.23, if they completed their FCA submission by 2.12.21.
- But these shells will be subject to the £30M. RTO minimum.
This clearly gives shells like NZI more flexibility.
And as the supply of older main-listed shells like NZI gradually dries up, their scarcity value increases, with the smallest RTO candidates fighting over this diminishing pool of available shells.
NZI is also far further down the road to arranging a RTO than new shells, and will have an existing list of RTO candidates to choose from, from its work since it listed in September 2021.
Medcaw Investments (MCI), another small shell, floated just before Christmas, and highlights NZI's value compared to many other shells.
MCI raised £0.45M. net in its float, at 10p/share, and its current market cap. at 8.5p is £1.46M. (compared to £1.34M. for NZI at its suspension price of 2.2p).
On Admission, the MCI had a cash balance of £702,393, according to its prospectus on its website.
First Day of Dealings on the London Stock Exchange PRN 21.12.22 08:00:00
"Medcaw Investments plc, a company formed for the purpose of undertaking an acquisition or acquisitions in the life sciences sector life sciences sector, focusing on companies developing medical or wellness technologies and therapies, is pleased to announce that, following the publication of its Prospectus on 16 December 2022, a total of 17,132,095 ordinary shares of £0.01 each in the share capital of the Company will today be admitted to the standard segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange plc.
Dealings will commence at 8:00 a.m. today under the TIDM ‘MCI’ with ISIN number GB00BM8SQP62 and SEDOL BM8SQP6."
https://www.londonstockexchange.com/news-article/MCI/first-day-of-dealings-on-the-london-stock-exchange/15767500
10.50 -% (-)
MCI ORD GBP0.01
https://www.londonstockexchange.com/stock/MCI/medcaw-investments-plc/company-page
So the TCP deal is indeed off the table now.
But NZI still plans to effect a RTO this year, and should have enough cash to arrange this.
"INTERIM CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIODED
30 SEPTEMEBR 2022
Net Zero Infrastructure Plc, a special purpose acquisition company formed with
the intention to acquire renewable or clean energy technology companies and to
finance, develop and promote those environmentally sound projects
internationally, is pleased to announce its unaudited interim results for the
six months ended 30 September 2022.
Chairmans Statement
Since the Company's year-end in March 2022, the Board continued to search for
suitable acquisition targets.
On 19 May 2022, the Company announced that it had signed a heads of agreement
with Taylor Construction Plant Limited ("TCP") to acquire the entire issued
share capital of TCPL. On 18 November 2022, the Company confirmed that it had
reluctantly withdrawn from talks to acquire Taylor Construction Plant Limited.
Due to market conditions, the Directors of NZI believed that they could not
raise the funds required to complete this transaction. As a result, they
concluded that it was in the best interests of its shareholders and those of
TCP to cease talks with TCP.
The net assets of the Company, after costs for the aborted transaction are £
879,679.
The Board still aims to effect a transaction in the renewable or clean energy
technology sector, in line with its existing acquisition strategy, in the 2023.
Financial Review
For the six months to 30 September 2022, the Company reports a net loss of £
285,605 (2021: net loss of £173,915). During the six months to 30 September
2022, the Company continued its strict financial discipline, incurring a net
operating cash outflow of £307,879 (2021: inflow of £66,800). The Company held
cash at 30th September 2022 of £888,038 (2021: £66,800). ..."
Let’s hope they’re returned from suspension tomorrow now then…Interims seem a little better than I was expecting…L
The interims will consist of the interim report with the interim financial statements, and I would think that it is the 'report' part of this that could be delaying things.
NZI will want, if possible, to give an up-to-date indication of whether the TCP RTO is still 'live' or not.
Allied to this is the issue of whether it's actually appropriate for the company to de-suspend or not.
And even if the TCP RTO itself is 'dead', if there are other potential RTO negotiations occurring then I think it would be better to stay suspended, in the circumstances. Because of the overall recent and ongoing uncertainty.
yep an still not published.
it'll be interesting to see if theyre released tomorrow .....
l
as of wednesday they were on track for interims by monday
l
from what ive gleaned from mike ellwood, i dont think they are still in talks with TPC
of course that might still change in the future... who knows. there are a lot of other opportunities out there though. i think NZI will simply move on to something else..
l.
So why come out of suspension if the company is still in talks with TCP?
Good to receive an update, and for the annual report and financial statement link to be RNSed:-
https://www.londonstockexchange.com/stock/NZI/net-zero-infrastructure-plc/company-page
As you would expect, this is the same report and financial statement submitted to Companies House on 12th. December, which we have already seen.
So NZI's 1.12.22 Chairman's statement in this is talking as if the TCP RTO is still live, despite the 18.11.22 'termination of acquisition' RNS.
And the second RNS today is to a degree qualified in this regard:-
"The Directors of NZI continue to see a number of prospective transactions in the renewable or clean energy technology sector, in line with its existing acquisition strategy. In the event that a prospective transaction becomes viable the Directors will notify shareholders."
This could suggest that NZI & TCP haven't been able to agree terms that NZI currently considers viable for it, but that this could change.
Re the suspension: as I posted here on 22nd. November, I'm not even sure that it's necessary or appropriate for the company to return from suspension at the moment.
Not if there is a lack of clarity about the TCP RTO.
Thanks for heads up Lazygun.
https://www.londonstockexchange.com/news-article/NZI/release-of-final-results/15786050
So, finally an update. Full results published.
updaate on return to trading - publish of interim results - unaidited, followed by resumption of trading - target - 16th jan - so a week on monday.
l.
When I spoke to the FCA although soecific details must remain confidential between the FCA and the comoany, they do actually scrutinise accounts submitted by companies….
So there are occasions where trading resumption could be delayed if they had questions
L.