Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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The London Stock Exchange Regulatory body found against the attempted take over but was ignored . Would POG be kicked of the LSE and if so could it just switch to Russia.
Funniest comments I've seen so far
Yup, a fair bit of dross written here, driven by fear. Way overblown. Caution yes, panic no.
Well instead of taking the **** explain why?
Lawrence in the history of LSE that has never happened. Heard there's and asteroid heading for earth
Ermm........ could have been something to do with at one point a 20% dive in the SP
Okay was only asking as Russia seems very autonomous and every ones banging on about Oli Garch who ever he is
By the way your asteroids? You can get cream you know..
Lawrence13, don't read all the things you read n bulletin boards, even from me. The people who write them are faceless, to you. and may have an agenda, Retired Banker, has talked the share price down for the last 12 months, whilst posting the names of shares he thought were better investments. You bought shares in the rights issue at 5p. You are sitting on a nice profit. The company itself has not changed in the last 48 hours, just a large company, using its votes to disrupt. Shareholders will get the opportunity to put those wrongs right.
My personal opinion, for what its worth, is if UGC had call meeting asking for the board to be removed, people would have smelled the coffee, and voted them down, But unfortunately there is a lot of inertia with voting at AGMS, AND THEY TOOK ADVANTAGE OF THAT.
Roll on 3 months time, lets see how things are then. As a footnote, I have not sold 1 share and have no stop losses. If the share price was to drop. I would consider topping up. My opinion only.
Rusty Bucket- did you read articles 19 and 20 of the AGM??? and the approval and disappoval?
It is more than 100% clear from this that the criminal together with his oligarch accomplices intends to via backdoor underhand politics take majority control of the company by issuing 30% of new shares to the directors! This dilution gives them total control i.e.more than 51% of the voting rights. Then they issue thereafter as many further shares as they wish at as low a price as they wish being in control and wipe out the small shareholders. It is criminal and of course WE all need to fight this at the next AGM by kicking out his elected board of directors, reinstalling the old BOD's and revoking article 19 which allows him and his croonies to take control of the company and pocket all the future profits.....Bonum capital is just another oligarch cyprus investment vehicle taking more shares in collaboration with Strukov of UGC. How do you think Strukov made his first $2b by hard work - no by crime/theft just as he is planning now with LSE investors of POG.
mdunsire, that is an absolute load of rubbish !!!!!. The old board proposed that, UGC rejected it.
The reality is we need to have new shares when the convertibles mature, and maybe a rights issue was one of the ways they were going to be able to repay some of the debt.
Newcomers don't give the resolutions to be put forward at an AGM. The present board ( or they were until yesterday ) proposed that. It was rejected by UGC. That would suggest They DO NOT, want extra shares as that would reduce the percentage they own.
Actually there is is something very odd about item number 19 as well which was agreed. It went from £11m worth of shares on the voting slip, to 1/3 (+-£300M) of the share capital after it was voted on in the RNS table. Please take a minute and check this.
I sent my slip back to the share dealer but I seem to remember £11m worth of shares on it. Is there anywhere it can be viewed online? Thanks in advance.
workingstiff,
you can also see this on the documentation in your voting mailbox, if you are with interactive investor. Clearly says £11m
UpDownFlat & Workingstiff,
The reason for the apparent disparity in the number of new shares POG may issue is due to the word - nominal.
The nominal shares of POG have a value of £0.01, or 1p.
£11m will buy 1.1bn shares at 1p.
There are currently 3.313bn shares in issue, so 1.1bn is one third of that total.
Ok thanks kenj,
why would any shareholder in their right mind vote for this ? I voted "No" by the way. So they can just issue +-£300m worth of shares without needing to ask anymore. Great .... Jesus they make it tough to be a long shareholder in the company.
Rustybucket,
whichever way you look at it...whether the old or new board proposing this ..you have to see it for what it is - namely directors buying 1/3rd of new shares at 1p each (and not giving you the opportunity to buy at this price).....where do you think that leaves the market value of the shares? This is theft pure and I am sorry you are unable to see this. This has NOTHING to do with the convertible at all. Our only hope my friend is if the LSE get their act together , force them to make an offer for the company and we all ONLY agree a minimum £1 price tag....!!!
kenj and Updownflat - Thanks both. I am not with III but I found an archived version of the full AGM notice. Resolution 19 says "... up to a nominal amount of £11,034,000". As you say, the key word is "nominal".
Tricky :-)
mdunsire
I dont think they can/will issue them at 0.01p but even if these come into play at current market price. Its still dilution.
so basically the directors get to buy 24% of the outstanding shares in the company (i.e. new shares in issue = 1+1/3 of old value).The 30% of new issued shares= 25% of the newly issued share total. This put the directors and their shareholder backers (the oligarchs) in full control of the company. And by the way they buy this for the pricely sum of £11m!!!
This is pure fraud. The Share price could easily go back to 5p;
Rubbish mdunshire
please tell me why rubbish??
mdunsire,
you are making up hysterical nonsense. Have you got a short CFD by any chance? Where did you appear from anyway!
please respond to my question? Why rubbish?
I am a trained fund manager by the way.
I think you might have the wrong end of the stick here, mdunsire. Resolution 19 would have authorised the directors to issue around 1bn new shares. But has already been said below this is probably to cover the requirement for new shares in the event that the bondholders convert. From the results of the AGM it looks as though UGC voted for this resolution.
If you were to try to read their general intentions from their voting actions (a dangerous thing, I know), this might be positive - in that they intend to keep the company going in its present form, for the time being, at least.
in the event that the bondholders convert???? No this is rubbish. If this was the case then why have they not clearly stated this?
They clearly state that the shares will be issued to the directors. There is no mention of the bond there is there?