Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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Not sure if this has been shared
https://www.proactiveinvestors.com/companies/news/1019885/tru-precious-metals-secures-3-million-investment-for-golden-rose-project-with-ormonde-mining-1019885.html
No mention in TRU's announcement of any form of transaction beyond Ormonde becoming a shareholder and "Control Person"
https://www.trupreciousmetals.com/news-page/tru-announces-proposed-cad3-million-strategic-investment-from-ormonde-mining-pl
Nice interview with TRU on Proactive Canada.
Not sure what Death's motivation is on here but I disagree with their narrative. I also think there's another piece to this jigsaw yet to be announced. Let's see....
Are they effectively going to run off with our shares as we will not be able to trade them.
Mmmmm yes I'll cling to my hopes for now but fear you're right. Seats on the TRU board and the influence of substantial shareholding effectively enables ORM to rely on the TRU listing and there's no indication of merger/combination anytime soon or at all...it does point to ORM going private for the medium/long term. Money for such pojects will be needed in short order too which will likely come from placing on unfavorable dilutive terms for existing small shareholders. Generally the way.
An off market trading facility is also probably wishful thinking, too expensive for too small a market. It'll likely be hard for little guys to exit.
Oh well, let's see what the details announcement comes up with.
Well the facts are otherwise but you are intent on remaining hopeful so good luck to you. The clock is being deliberately run down to automatic delisting on 7 August after which it will be sayonara, no more RNS, no more entertaining chats on here, and the failed cinema owners in charge here will only do the minimum required by Irish company law for shareholders, maybe.
The TRU proposal is an RTO under AIM and euronext rules and the cancellation is only referring to the AIM and euronext listings. Moreover this AIM/euronext cancellation is proposed because TRU has a listing.
So I do still wonder and hope my ORM shares stay listed somewhere somehow. The next announcement about the reasons and effects of the cancellation will hopefully clarify.
You may be right (ORM as a private shareholder in listed TRU may be what's coming) but I don't think the announcement's saying ORM has to delist everywhere, just that it will on AIM/euronext.
It's really much simpler than that I'm afraid.
The RNS makes reference to RTO but that's just regulatory language. The delisting of ORM is a condition of the TRU investment - that's the opposite of an RTO!
I fear you'll be right DS.
The TRU proposal is an RTO under AIM rules. I wondered though how it's treated under the Canadian/TSVX regime and might ORM shares automatically become TRU shares. Eg if it's an RTO and TRU backs into ORM then it's ORM that relists on TSVX? Might it work the other way round eg ORM into TRU, maybe 30%+ delivers the same end result but us getting listed TRU shares? I'm very unclear about this.
One crumb of comfort is that I don't see any running down of ORM.....yet. Eg no debt, and I take at face value the Peak and TRU deals are for fair value. But like you say....what would come next if off market with debt/dilution etc.
Death are you telling us our shares are going to be worthless?
Fundra it will stay private as a shareholder of Peak and TRU as far as has been proposed.
What RTO? In an RTO a company with assets gets backed into a listed cash shell. That's not being proposed here. As proposed ORM will be an unlisted company with minority shareholdings in two other small companies. That won't qualify as an operating exploration company nor an investing company to allow relisting.
It's a private investment vehicle controlled by a failed cinema businessman, with zero liquidity for shareholders. There will probably be a big rights issue or something to dilute everybody else out.
I'm concerned about dealing my ORM shares going forward, what happens to them as a result of these proposals/deals? I was wondering are they exchanged for TRU shares in an RTO process and if so will we then automatically hold TRU shares and be able to sell them on TSVX assuming there's a platform non-Canadian holders can hold TSXV shares on? Or will ORM now just stay private as a shareholder of Peak and TRU? Can anyone shed any further light?
GLA
Surely as part of rto orm shareholders will get 35% of the enlarged Tru group....
That's what's happened in previous RTOs I've been involved in...
The next announcement covering the effect of the cancellation will hopefully cover how to deal ORM shares going forward. If ORM isn't relisting anywhere it would be nice if they set up an off market dealing facility, having listed on AIM, encouraged us in and then effed us around for years. If the TRU proposal constitutes an RTO under Canadian/TSXV rules this might also mean ORM will take over the TSXV listing and ORM shareholders can then deal if they can find a platform where they can hold TSXV shares. Any one know? Otherwise it's private limbo. If any one wants to buy mine privately do let me know btw!
I have no interest in TRU and will exit asap. ORM will be kicked out of my isa now sadly. Fwiw (probably not much) I also suggest vote against this if it leaves ORM private with no dealing ability. They could dual list.
Because the subscription is subject to shareholder approval so an EGM is required, cancellation is a condition of the subscription. Cancellation is going to happen regardless.
If they plan to do that then why bother convening an EGM and drumming up support from shareholders?
Why don't we wait to see the detail first.
Sure the other 75% can vote but you'll never get the numbers to beat a single 25% block. It's a moot point because trading on AIM gets cancelled by default after 6 months of suspension, which is 7 August.
The shares don't get cancelled, just the listing. Your shares still exist but they will be in an unlisted company. Happens all the time when AIM companies fail. There's been no reference to any distribution of TSX shares.
We may be offered a nominal value for our UK listed shares.
It will be interesting to see what they propose.
Not long to wait now until the next RNS.
Where we stand if we end up with Canadian listed shares. My current broker only deals with UK listings. Then what happens?
They can’t just cancel our shares.
We will have to vote on any resolutions.
I can see ORM offering shares in TRU in Canada as part of the deal.
Either way , we will have to vote
What about the other 75%. What is the point of voting if they're only counting 25% of it.Are you invested here or just making trouble.If you are what can we do to stop this.
Of course it will. There is a 25% shareholder who controls the vote and the board. Besides, all they have to do is wait until 7 August and trading gets cancelled anyway, no need for a vote.
Well i somehow don't think that will be passed by the shareholders when it comes to a vote. Do You ?
Nothing. You'll have shares in a private investing company that you can't trade.