Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Revolution Bars Group starts takeover talks with potential buyers, 8 May 2024.
The group has decided a formal sales process could deliver a “better outcome for stakeholders” than a mooted restructuring.
Rob Pitcher joined Rev Bars Group in June 2018, his tenure was for 6 years, due to expire June 2024. He also holds a position of Director at U.K. Hospitality Ltd.
Good post bigbad.
Agree most of it except you point on the board. Pitcher and crews salary is obsence for such a small cap. His salary is more material than his shareholding and they are all conflicted.
I hope they do the right thing and recommend anything over 3p as opposed to the recovery plan.
Hope you are right and sell order gone.
Interesting one
Banburyboy, my opinion and nothing more …
I believe the current board have played a good hand securing financing for the restructuring plan. This has created the opportunity for the company to be offered for sale without being a ‘distressed seller’. If a suitor wants to buy the company they will have to pay ! (Not steal out of administration)
I believe the current board will sell at the right price, remember a number of them were purchasing shares 5p, 6p, 7p over the last year - clearly they saw value in the company.
Eldose Babu the largest shareholder was aggressively purchasing shares 5p -5.5p in December.
The restructuring plan would suit Luke Johnson and the other two investment vehicles. At present they do not have the final say here, they will have in September if a sale doesn’t happen and the restructuring plan goes ahead - My opinion is a sale will happen, the restructuring plan will not happen, which is not a given anyway (subject to court approval)
The bank will have significant influence as to the direction of travel here. Their priority will be to have their money repaid, the outstanding debt. A sale at the right price will be the safest and quickest way for this to happen.
I do find it interesting the SP hasn’t moved on news of 32 potential suitors signing a NDA (and Nightcap disclosing their interest) . Shares in other companies would have risen significantly on this news alone. I am however quite pleased about this as it removes the temptation to sell at a price which may be regretted.
I believe the SP will open significantly higher one morning on news of a formal offer being received (an offer will happen without doubt imo). I see the SP opening one morning significant higher than the 2.99p you were contemplating selling at, purely my opinion.
Better news today from " JD Wetherspoon " as the younger customers spend, spend, spend in Vodkas ...
"British pub group JD Wetherspoon expects profit at upper-end of market view. The younger customers spent on vodkas such as Swansea's Au Vodka and XIX flavoured vodkas."
This is a fascinating situation.
I'm not a fan of the restructuring proposal and did not take up the rights as (1) it keeps highly paid board in place (2) mega dilution as 1.2bn shares most in three major investors hands.
On the positive it gets rid of the poor bars at limited cost and has a bank write down.
Any bidder would have to settle bank debt.
- Peach standalone is worth bank debt which means the rest could be had for a relatively low sum so 280m shares 5p a share £14m. Debt free synagies from another pub group seem reasonable to me. Soreally hopeful of a better offer.
HOWEVER - the big deal is the potential vote on what offer to take. At present the big PIs will vote for a restructure [ they get a greater share of the pie] not a 5p offer which is better for small fry.
What I'm not sue is who makes that decision so how could the board tell me a 5p offer was not as good as their restructuring.
The interest is amazing and I removed by 2.99p sell order for my 175k of shares ( number not value). Average 3p
The restructuring plan is a good backstop but hoping for more
Oh dear! It looks like I've hit something sensitive...
Revolution Bars Group, the struggling AIM listed pubs and bar operator received 42 serious expressions of interest in buying assets either brands or assets, of which 32 signed confidentiality agreements.
We are going to wake up one morning and the SP will be significantly higher imo. I am of the opinion the entire business will be sold, originally I thought between 5p - 5.5p a share, could be higher with the amount of interest generated. 32 signed confidentiality agreements is extremely positive.
Lights on I say - 32 parties in the formal sale process has to be good news, with Nightcap waiting in the wings!
'next leisure boom'
rofl
the whole sector is in collapse
increasingly less money to be made from burgers and pints
rolling bankruptcies over the next 5 years more like it absobed my laregr groups follow my a major collaspe
the simple maths doest lie
lights out
If there is no bidding war that is...
I'm all for restructuring, mind you, the BOD has to change prior.
I see the potential (this is bloody cheap if managed well) and get out just before the peak of the next leisure industry boom - 7-10yrs imo.
Triumph - these assets, shorn of an expensive and useless management team, head office and listing costs is worth a good amount of money. What potentially takes it significantly above the current share price is competition between bidders for the assets. I would agree with you if this were a bilateral transaction but we know at least two possible buyers, Nightcap and Luke Johnson et al who you have to assume would step up to buy the whole thing if their restructure looked like it wasn’t going to happen.
Ohhh as expected, things are starting to warm up here. The company do have some decent assets, and can see the appeal of them.
However, i see no scenario where any bidder will be able to cherry pick the best parts of the business. Of course, any asset sale will need to be approved by the lenders, and this approval will cost big to cover the losses from the worthless chaff.
I am confident that unless a very...very generous offer is made for individual bar brands, it will be an all or nothing situation as it would be a headache for the lenders to break this up. This is not a liquidation, and the lenders are willing to allow this company to continue trading so i see no reason why lenders will sell best performing assets unless at a significant premium.
As things stand, an offer of anything above 1.45p for the entire company is a favorable outcome to current shareholders and would recommend current holders to accept (that is unless you believe in the turnaround plan to yield results, which i personally don't).
Talk regarding bids at 5p make no sense. Why would anyone bid over 3x more than what the company itself values the business as it currently stands at?
Any offer above 1.8p would be very generous indeed. At 2p, SHs would be crazy not to bite the hands off the offeror.
Why would anyone pay 15-20p for something currently priced at 1.65p?
You normally get a 20-30% premium over current price, no more
Now then!
Don't go and upset the addicted shorter...
Passage nearly but not quite.
The bank have allready supported the restructuring and contributed via a write off which leaves SH with an SP of today 1.5.
They would prefer all there money back from a sale and quiet a few party's are interested.
Fundamental difference is bank is 100% supportive of company continuing.
Question is will that be
- a bid and hopefully more than 1.5p
- the existing restructuring and CVA which guarantees the funding if you read the terms for two years.
So wipe out definitely won't happen.
Unravelling just like McColls
cashcall to preserve the business as a going concern to attract bidders through the sale process
then company entered a CVA and shareholders got wiped out
If it goes for that price at least a third of the major stakeholders will not be happy...
IMO it'll go wholesale for between 15p and 20p...more if sold off in parts...
You have to assume that the Nightcap management team could make a better fist of this than the useless Keith Edelman and co. Time to pass the baton on…
Banburyboy, Net Bank Debt was £21.8 million at 10 April 2024, not £28m.
PE firms also circling.
Also keep in mind Eldose Babu significantly purchasing shares in December 5p -5.5p region.
I’m of the opinion a bid of around 5p-6p is received, and excepted. Lower bid initially which is rejected and subsequently increased by 30%. Is usually the way these events unfold.
The assets of course will have to get re-evaluated.
Everybody needs to win...
So £32mil, 249.45 mil shares, 12.8p a share?
133mil in assets supposedly according to the RNS
FWIW I was of the opinion it's worth about 50mil-debt
To add AS it will be Echew pending the concusion of the outright sale.
Ian - I agree £50 if they then go straight to admin not out of the question.
as - I'm assuming the money for the raise is returned with or without interest.
Can see how they could participate.
Absolutely convinced a good bid 4-5p would be voted down.