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I am sure re-listing would be very expensive and will be money that should have gone to far better use.It is hugely disappointing for all of us that it should be like this after such high hopes and seemingly lots of offers of finance.Whatever happens now [short of a miracle RNS today/tomorrow] PM has let us down badly and himself.It maybe a bad time to be getting finance and he maybe trying to preserve value but he has had a lot of time to do it and this is a strange way of preserving value.Lets hope all is not lost.GLA
Incidentally, there is nobody in the office today to answer any shareholders concerns at this critical time . The receptionist says they are on holiday and nobody has been in at all this week . No doubt , some on this board will somehow attemp to spin that into a positive ! To me , it looks like they have given up ! And we can only await the final RNS .
Clearly they are going down that road , that is why I raised the costs of listing etc ! I personally think it will be at least £300k , because that is simply a matter of fact , and can very very easily be verified , ! Maybe it will be more or less , depends on the deals they do with accountants etc . It will probably have to be borrowed from somewhere. It obviously has no bearing on us being delisted , it is simply an expensive consequence ! To lose your nomad through their resignation is embarrassing, not to get another one on board in time and to be Delisted is the ultimate humiliation for a listed company in my opinion ! So I'm naturally extremely disappointed with their performance , and to be accused of making up the costs and time of relisting by someone who thought yesterday it was about £20k and now says it's only a couple of hundred thousand , and I've suggested £300k as a guide , suggests it is not possible to have a grown up or sensible discussion on this board , with regard to their future options , assuming they are forced to go private tomorrow and our shares are cancelled !
The cost of listing, although not tuppence, is highly unlikely to have any significant bearing on whether they delist IMO. If they feel they can secure full funding and complete on Mothae then it pales to insignificance so if that's the necessary path then they will take it.
the link bigbite provided clearly shows the cost of listing..... it is no more than a couple £100k also listen one of TW recent bear casts he says a few £100k there. stop making stuff up
We have until midday on Thursday , thereafter we have no chance to avoid being De listed . That is the reality of where we are at ! That's why it's worth looking at the costs of getting back on Aim !
I have to agree with chauvelin. If it was that cheap to list on AIM, why would anyone bother doing a RTO with a shell? The cost of relisting isn't that relevant atm anyway. The point about them not working is odd. I'd expect them to be working but if Chauvelin phoned up & was told they were on holiday, that's very disappointing. PM has been very disappointing after all his extremely bullish interviews in the last 12-15months. It would be lovely to get a finance agreed & NOMAD on board RNS tomorrow or Thursday morning but sadly it's not looking likely
The total average fees on an AIM admission depend on the nature of the company coming to the market, which affects the nature and level of due diligence needed. The base level for admission costs would normally be in the region of £350,000 - £450,000. On top of these fees, the company will need to pay the broker’s fees for raising funds (unless the AIM listing is by way of an introduction), which may be in the region of 4 – 6% of funds raised. The key adviser that a company needs when seeking an AIM listing is a nominated adviser (a ‘Nomad’). We would be happy to recommend Nomads to you and you can find a list of the Exchange’s approved Nomads on their website here. One of the duties of the Nomad is to confirm to the Exchange that the company is appropriate to be listed on AIM and that the requirements of the AIM rules for companies and Nomads have been complied with. The Nomad will carry out due diligence on the company and its directors to assess whether or not they would like to sponsor the company and to ascertain whether the company is suitable for an AIM listing. A company will also need to retain a broker (although many Nomads will also act as broker). Other advisers who will be involved in an AIM admission are lawyers to the company, reporting accountants, lawyers to the Nomad, public relations advisers, printers and registrars who will administer the register of members. We can give a company an indication of likely costs levels, which in part depend on the nature of its business.
Philphil , please have a look at a site like www.withersworldwide.com or just try googling ' cost of listing on aim , or something similar , look at say ten different stockbrokers guidance , and then you will know ! You shouldn't always believe just what you want to believe ! Or perhaps you can speak to the company and simply ask them what they anticipate the cost of relisting will be ? I guarantee it will not be less than 300k . Not difficult to check out at all , take a few minutes .
Big bite , the fees you have posted are the Admission fees charged , sadly the real cost includes endless accountancy reports and producing a qualified prospectus that PRG will have to pay their accountants to produce , if you look at the average cost for getting in to Aim , which you will find dozens of examples of on the web , and plenty of websites that quote 350/450k as the base cost before the various bolt on costs that are being quoted on this board . 5 minutes with Google and anyone interested will see for themselves .
chauvelin you do not know what you are talking about look at the PDF file bigbite linked, it is a couple 100k max. You seem to make alot of stuff up and believe it to be true
It's an expensive exercise getting admission to AIM. , the averaged base cost is 350-450k plus the annual fees , and you have to produce a complete prospectus , plus all the accountancy reports , we may get it done at the bottom end of the scale , but the finance will probably have to be in place . The absolute minimum requirement is for 12 months of running costs to be proved to be available.
Very true my friend, a better outlook for diamonds could certainly help PM get that finance deal he's after. Good luck mate, and GLA PRG holders.
http://www.londonstockexchange.com/companies-and-advisors/listing/fees/aim-fees-for-issuers-2015-2016.pdf Perhaps this will make it even clearer.
Ladies/gents, the link I provided is for admission fees to AIM, not annual fees. That is under the admission fees and is set at £6250 per year. Whatever Mr Winnifrith states, that is what the official website for the exchange states.
Hi JohnnyG, Yes GEMD did great today also PDL.I can find no particular reason for it.Maybe it is just sentiment and an improving outlook for diamonds.Indeed what may have been here if all went as was planned.Even now it may help to get finance if the diamond industry is looking a bit rosier.It is such a shame we have to go through all this grief and uncertainty.Lets hope we can still all salvage something.GLA
Noujay - I can go with your thoughts - however PM has overstepped the mark on almost every sound idea he has had? Lets hope he can finally settle and complete a deal? News this week who knows or early in the New Year?
bear casts'
it is a couple 100k to list TW mentioned that in one of his bear costs so you are wrong again....wrong about the listing fees, wrong about the time it takes to list and wrong about them being on holiday.... Do you really think philip will not have people working on this when he owns shares and Titanium own shares, the world does not stop just because it is christmas.
Holeefook, did you see GEMD's final figure today, up nearly 15% last time I checked. Just think, had PM not messed this up so much, that could have been us.
I think you are just looking at the annual fee payable for the actual listing , not the costs of obtaining the listing , it will not be less than 300k and could be a lot more .
If they increase their shares in issue to 400m i.e funding costs them 123m shares say, then the fee rises to 23k So yes the numbers are not onerous
Here's one I made earlier. . http://www.londonstockexchange.com/exchange/companies-and-advisors/main-market/listing-fees/aim-fees-calculator-admission.html?numberOfShares=277000000&openingPrice=0.04&calculate=calculate So a little over 12k at 4p and at 10p it rises to just under 19k Irrelevant numbers.
Listing costs shouldn't be that high - assuming it would relist at a similar cap than previously. Even if it were with Mothae and at 10p and a 30m cap they would not be onerous. Either way I doubt this is their main concern. As for the proof of funding aspect - PRG basically had the funding in place to the extent it satisfies the govt but it evidently fell out of bed. Unless it's a cash rich outfit then they could just as easily, and will likely, have the same hill to climb.
The listing costs will be anything between £300-500k I imagine , and it will take 3-6months to get . I doubt they will embark on that route without finance in place , and I don't think they have that spare cash anyway , even if they wanted to .