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Terry,
A RTO typically take a few months minimum to progress from the letter of intent / heads of terms signing point to reaching completion.
(Resource sector RTOs, which this of course isn't, tend to take even longer.)
So I would have been surprised if completion here had been achieved this early, which would have been much faster than average.
Especially as we are in the summer lull, and the FCA has been experiencing delays since the COVID-19 pandemic.
So I wouldn't draw any conclusions for the likelihood or not of this going ahead from the time that it's taking.
I would also say that the generally poor stock market conditions since May are helpful here.
As I said here on 10th. May:-
Poor stock market conditions tend to make it harder to IPO, increasing the attractions of the RTO route, and increasing the bargaining power of shells like NZI.
The cash shell TMTA released its final results recently, and this point from Chairman's statement backs up this view:-
26th Jul 2022 7:00 am RNS Final Results
"Results for the period 25 March 2021 to 31 March 2022
... The recent resets of pricing in technology stocks in our view works to the company's advantage. ..."
https://www.lse.co.uk/rns/TMTA/final-results-587ma8gkxqc1q20.html
From NZI's second 19th. May RNS (8.11a.m.), re the RTO work required:-
"The Proposed Transaction is subject, inter alia, to the completion of due
diligence, documentation and compliance with all regulatory requirements,
including the Listing and Prospectus Rules and, as required, the Takeover Code
(the "Conditions"). The Company will update shareholders as to progress made in
relation to the Proposed Transaction as and when appropriate. As a non-binding
LOI is subject to the Conditions, the Company cannot guarantee nor provide any
certainty that the Proposed Transaction will be completed."
"CUTTING EDGE
Innovation
From manufacturing world first to clever safety initiatives, read about how we ensure that TCP is at the cutting edge of plant sales and hire.
At TCP we pride ourselves on our commitment to innovation - something recognised in our collection of awards.
Here are just a few ways we stay ahead of the competition.
Hydrogen fuel cells
We are the proud manufacturers of the world’s first low-energy, hydrogen-fuelled LED lighting tower powered by the BOC Hymera fuel cell. Instead of polluting exhaust fumes, all they produce is clean power and water vapour, making them the ultimate in eco-friendly lighting solutions. And, on top of their zero emissions status, they also produce zero noise, making complying with Section 61 a breeze.
Efficiency
We’ve gone to great lengths to ensure that our products are as economical as possible. For instance, all our LED lights feature a prismatic lens that makes the most of every lumen, magnifying the light output while maintaining a smooth, glare-free beam. It’s also not just our hydrogen offerings that are ultra-efficient, with our diesel options using 75% less fuel than standard mobile towers. As such, they’re capable of running for up to 170 hours unsupervised.
Safety
Safety is at the heart of everything we do. As well as working with respected manufacturers such as Hamm and Ramax, we work hard to make sure that our own products raise the bar on site safety. This dedication is shown by the development of the AMOSS, ‘Automatic Mast Operating Safety System’, that, once fitted, prevents operators from moving the light tower while the mast is raised. It’s a simple, low-cost solution to potentially expensive incidents and has been adopted by lighting tower manufacturers across the globe. Outside of lighting, we also specialise in remote-controlled rollers, insulating the user from harmful hand/arm vibration (HAV).
Fit for purpose
Whether you’re looking for an anti-theft lighting tower that’s ultra secure or one that’s as easy to transport as wheeling a barrow, we’ve got the lighting solution for you. With 30 years of experience across the UK, we understand what our customers need most, and design solutions to meet them. Everything is incredibly easy to use, with towers boasting the likes of multiple tie-down points and single-axis, hand-operated masts. Plus, you can be sure you’re picking safe products, either designed in house or chosen from our trusted manufacturers."
https://www.tcp-group.co.uk/18/21/construction-plant-machinery-innovation
"WHY TAYLOR CONSTRUCTION PLANT
With decades of construction experience, you can be confident renting from TCP:
1000+
LIGHTING TOWERS ON RENTAL
1,400+
PLANT MACHINES AVAILABLE FOR HIRE
30
YEARS OF EXPERIENCE
5
LOCATIONS GIVING UK-WIDE COVERAGE"
https://www.tcp-group.co.uk/1/1/uk-lighting-compaction-recycling-plant-supplier
"Headquartered in the historic Essex town of Maldon, Taylor Construction Plant Ltd offers nation-wide rental and sales from sites across the UK.
With depots in Coventry, Essex, Leeds, Exeter and now Scotland, we are better positioned than ever before to serve our customers. Whether it’s equipment hire and servicing from leading construction brands or our own award-winning off-grid fleet, we’ve got you covered.
We’re committed to providing the UK and overseas with innovative, high-quality solutions, providing value for money while offering market-leading products to increase efficiency, environmentalism and safety."
"Mobile Lighting Solutions
TCP has also developed its own award-winning range of mobile lighting towers that use either diesel or hydrogen fuel cell technology. The Ecolite T and P diesel lighting towers use 75% less fuel than standard mobile towers and are capable of running for up to 170 hours unsupervised.
Our latest development is the Ecolite TH200 – the world’s first low-energy, hydrogen-fuel-cell-powered LED lighting tower.
These H2 towers boast zero site emissions, zero spillage and zero noise pollution, enabling seamless compliance with Section 61. And, with a range of complementary products – such as the ultra-portable WH2 and the ultra-secure Ecolite P – TCP offers a full suite of off-grid power solutions.
It has won a number of accolades including the 2013 ‘Skanska Supply Chain Green Solution Award’, and was shortlisted for the 2015 Highways Industry ‘Product of the Year’. The Ecolite TH200 has also been selected as a finalist for the Essex Greener awards’ 'Most Innovative Product 2015' and the ‘Intelligent Infrastructure Challenge 2017’, run by Highways UK."
https://www.tcp-group.co.uk/13/about