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Anyone go to the Vox breakout room and ask Martin Luke any questions ?
Well if they don't issue an RNS tomorrow it's unlikely they will say anything.
Guess they could still talk and issue an RNS first thing Monday morning but I'm expecting very little.
CEO of Vox will be taking questions.
If RP took out deferred shares last year for this RTO how much longer do they need ?
So Pouldon will be appearing at the UKIS show on Saturday,brave man!
So what's he going to say to all those that invested and held up to the recent suspension?
Guess he will just say they are in advanced negotiations with Vox and Align and can't say much more due to Aim rules,the excuse he's given for the past two years!.
Hope holders get something back from this shambles,those that stuck with this at least deserve it.
Hope someone here is going and will report anything said.
Ok, thank you.
It’s kind of what I had gathered but as we apparently only have 1.2 b shares I couldn’t work out what was going on.
Whether we have 1.2b or 1.9b to start with I expect any restructuring will truly shaft every holder. :-{
GLA
yes, PCGE can now issue 4,755,511,897 any type of shares. Not for less than 0.1p per share.
*can’t do so, not can! A company can’t issue shares below nominal value
They became part of unissued share capital when they were acquired (with no payment changing hands) ie shares that the company has the authority to issue but has yet to actually issue. Means the company can issue an additional 2.82 billion shares without the need to seek any permission to do so - but that has the same 0.1p nominal value as the issued shares, so would require a capital restructuring to issue any of it, as it can do so below par value.
Can anyone explain this RNS in basic English as to me at present it’s not clear and confusing, thanks in advance.
Acquisition of deferred shares
PCG Entertainment Plc (the "Company" or "PCGE"), announces that in accordance with the resolutions passed at the Extraordinary General Meeting ("EGM") on 15 January 2018, the Company has today acquired all of the Company's outstanding deferred shares of 0.4 pence each for nil consideration.
Under the terms of the issue of the shares and the terms of the Gibraltar Companies Act 2014 these shares are returned to unissued share capital.
The effect of this transaction is that whilst the authorised share capital remains unchanged at £6,000,000 the unissued share capital increases from £1,935,559.49 to a total available of £4,755,511.90. This means that the authorized unissued shares by number increases from 1,935,559,489 to 4,755,511,897.
I'd be very surprised if they are able to discuss the finer details - such as what it means value-wise for existing holders and how big a chunk they might get of any new company. At least it will give people the chance to ask about being funded for corporate costs up until the point when the RTO is expected to complete!
‘PCGE will be hosting a breakout session at UKIS. The RTO will be one of the focal points’ Should get more info then!
I would expect that they will claim that there are confidentiality agreements in place (which is very likely the case) and that specifics can't be discussed until it is completed, or otherwise. I still see funding the company and its corporate costs in the meantime as being a potential issue and would be interested to see what the remaining cash balance here is (the County Court Judgement wasn't a great sign and it seems very unusual for them not to have been notified of proceedings). Unless the company significantly cut back on expenditure since the last set off accounts, then I think that it might have to raise funds from somewhere whilst it is suspended in order to meet its PLC costs, especially if the RTO takes time to complete - I'm sure that is something that it would be able to tell shareholders though if they were to ask. If I was a holder I might be concerned that if funding was required, then it could come in a form that would dilute my holding at the time of an RTO - especially if there was any sort of convertible element to it. Worth considering anyway.
When trade resume then may be new low because Richard will show again that is not capable do the deal. If this this lone then who knows... This deal may be terrible may good - depends what is your average. Looking forward hear more about during UK IS. PCGE is on the exhibitors list and people nonsense asking whether will be PCGE presentation. I can't imagine keep it silent - especially because trade is hold. Richard can say everything about the deal!
i have to write off 12k :-(
I feel the same
I've a feeling things will drag on, I'd be surprised if there was a settlement before year end.
Hard to say -All depends Rto can take a few months ( paper work etc) One factor Is discussion of the deal Another factor shareholder voting for the deal Aim rules hand book Reverse takeovers 14. A reverse takeover is any acquisition or acquisitions in a twelve month period which for an AIM company would: — exceed 100% in any of the class tests; or — result in a fundamental change in its business, board or voting control; or — in the case of an investing company, depart materially from its investing policy (as stated in its admission document or approved by shareholders in accordance with these rules). Any agreement which would effect a reverse takeover must be: — conditional on the consent of its shareholders being given in general meeting; — notified without delay disclosing the information specified by Schedule Four and insofar as it is with a related party, the additional information required by rule 13; and — accompanied by the publication of an admission document in respect of the proposed enlarged entity and convening the general meeting. Where shareholder approval is given for the reverse takeover, trading in the AIM securities of the AIM company will be cancelled. If the enlarged entity seeks admission, it must make an application in the same manner as any other applicant applying for admission of its securities for the first time.
How long before shareholders are likely to see a return due to this rto?
His audio views of pcge https://twitter.com/dds_docholiday/status/1108996028366290944?s=21
You can ask him at the UK Pile Of Shit Show
You have to wonder where the funding will come from to keep the lights on whilst an RTO is being completed - it will still have corporate overheads and must be nearly out of cash? Maybe a loan from one of the RTO parties that is then converted into shares in the new entity and technically would dilute existing holders - obviously can’t do anything directly in PCGE shares as it currently stands (not at below nominal value anyway), but could unwind any debt as part of the issue of shares in the new entity.
Not a good deal IMHO but will see what comes of it . Was working on something totally different, can’t go into details but I believe it would have been a much better outcome . Will see what happens now and would love to be proven wrong but don’t trust RP anymore and don’t believe he is capable of doing a good deal
The question to ask is why the private companies (Align and Vox) would pay any more for PCGE (in terms of what shareholders here get from any deal) than it would cost them to set up a new AIM listed PLC from scratch - the listing is the only value that I can see here, and it is already trading at around that sort of market cap.
Changing the subject, as feel it could be good personally.
An rto of another company would mean we become another company altogether, it won’t matter what assets or funds pcge has.