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Update on the Company's investment in Fast2Fibre - 9Sep 2022 - Investigate
On 31 March 2022, Ridgecrest announced its investment of £300,000 in Sparkledun Limited ("Sparkledun"), the parent company of Fast2Fibre, in the form of a convertible loan note (the "Initial CLN") and that it had agreed to subscribe for a further £200,000 convertible loan note (the "Further CLN") in Sparkledun on the same terms as the Initial CLN, subject to Sparkledun raising at least £1 million as part of a separate equity fundraising.
In advance of Sparkledun completing its separate proposed equity fundraising, Ridgecrest has now made an additional investment of £250,000 in Sparkledun in the form of a new convertible loan note (the "September 2022 CLN"). The September 2022 CLN, that supersedes and replaces the Further CLN which has been terminated, is unsecured, carries an interest rate of 10% per annum (payable on redemption) and, unless otherwise agreed between the parties, is to be repaid by 31 December 2022. Ridgecrest may elect to convert the principal amount of the September 2022 CLN and all accrued interest into a minority interest in the ordinary shares of Sparkledun at a price (subject to a downwards adjustment in certain customary circumstances) of £32.05 per share.......more
https://www.investegate.co.uk/ridgecrest-plc/rns/company-update/202209090700087952Y/
Correct
£300k March into F2F
Further £250k
£950k for further investment and their portion of RTO and listing costs
Love the optimism, I'm in for a reasonable chunk here so here's hoping.
No worries.
That’s pretty much it, yes. They had around £1.5m when cancelled if memory serves me…
Hopefully a wise investment and Sparkledun can seal some deals in Saudi, Germany and maybe elsewhere before the RTO in 6-9 months time, so we have clear value and list above 2p equivalent with potential for greater growth in the year to follow!
I read it as a £750,000 investment in F2F. So that and the £940,000 in cash is everything?
Ty for the response btw
They’ve invested it in F2F !
Ridgecrest's current cash balances are approximately £940,000.
Anyone know what they spent all the money on? As far as I'm aware the previous take over fell through... so where is all our investor cash?
Boom, relax, get your rods out, go down the Yare or the Bure, there's f all we can do. I'm going down the river Tuesday, weather permitting.
Proposed RTO Q1 or Q2 of 2023. Looking promising again. Not holding them to it but a least it’s a glimmer! Could end up a wise decision with the current market state.
Patience key but looks potentially very positive and at least we now have a timeline and some markers to look out for. Happier now Boom?
https://www.londonstockexchange.com/news-article/market-news/company-update/15621615
nope
Any snippets from the telegram group? Anything of interest.
Waiting is fine, it’s the wondering when the wait will end and what the hell is taking so long that’s doing my head in now. If they’d just tell us what the delay is and when they will be able to update then that would be ok. This limbo is disrespectful to shareholders really. And it’s far too frequently the case with AIM companies (now private)
And they state they’re confident of returns on their increased investment in F2F (amongst other companies). So again, suggests things aren’t dead here
It has been delisted for a good while and is a private company as is Sparkledun.
I'm not catching the "privileged information" quote.
Big holders told "its progressing well and confidence is high" is hardly privileged
Ha ha! Cheers Boom !
You may well be right. The lack of update is worrying and could mean they (Sparkledun) can’t get the funds together in the current market. I accept that’s a possibility.
But I know telegram members have been enlightened / strung along by larger holders who say they were given privileged info from the brokers in July suggesting that things have progressed well and funding is a more or less a formality. Those holders suggest RDGC are apparently “very confident” the RTO will happen. So I’m remaining hopeful / deluded!
No one
Has anyone managed to trade these in the grey market??
The next update (if / when it comes!!!) is critical now. Brokers allegedly (nothing official in writing from brokers) put out info via Q&A with selected shareholders few weeks back suggesting deal for F2F close - save for raise of £2m which was at late stage. But no more information since suggests may have hit the skids? Let’s hope it’s just transactional delay and Mr THESIGER will, this month, be providing a positive detailed update with timetable of corporate actions to complete the RTO, IPO and list on AIM by Q2 next year!
I think they are only just shy of technically commiting theft and fraud.
This has become like watching a poor film on a Sunday afternoon boring . if this ever gets back to market i do hope that they work a bit quicker .they really are the best in the business but i need to be Convinced at what.
not happy. 30k in this.
What is annoying is the non update that was uploaded to the website. I was expecting it to be updated pretty quickly with an actual update..
It’s hard not to given the lack of news. What exactly the delay is on updating us, I’ve no idea. Track of record is poor so really hoping it’s third time lucky for RdGc and deal sealed. Longer it goes on though, I’m concerned there’s another snag!
LSE do not allow links. I got warned yesterday for posting one.