Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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So you are saying if they dont allow conversion to Aussie shares- we simply lose the lot ? Just like that ?
I guess you are using Youinvest too :)
I'm glad I had massively reduced my position as I would be really annoyed to have lost the ISA eligibility for the full thing!
I will be emailing them to understand if it would be possible to convert to Australian shares for both the SIPP and the ISA and to keep their respective eligibility. If anybody has already talked to their brokers, I would be interested to hear their answer.
TITM
I just received the following form my broker:
Red Emperor Resources has announced details of a proposed delisting from AIM. This means that the shares will stop trading on the stock exchange.
The company intends to cancel its admission to trading with effect from 19 May 2021. You may continue to buy and sell shares up until this date.
It is currently intended that re-admission to trading on AIM for the enlarged entity will then be sought as soon as practicable (targeting July 2021) following successful completion of the proposed acquisition of Northern Palladium Pty Ltd and capital raising on the ASX in order to restore the enlarged entity's dual listing at the earliest opportunity.
The UK Depositary Interest facility will not be terminated. DI holders who wish to have shares issued to them on the Australian share register, can request the withdrawal of their DI?s. The shares will then be tradeable on the ASX.
To view the announcement in full, please copy the link below and paste into your web browser:
https://www.londonstockexchange.com/news-article/RMP/director-appointments-notice-of-aim-cancellation/14943662
ISA holders should note that following the delisting, the shares will no longer be ISA eligible. Any ISA-holders who have not sold or otherwise moved their shares by the delisting date must transfer the holding out of their ISA within 30 days of cancellation.
SIPP holders should note that unlisted shares are not SIPP eligible. Unlisted shares will be displayed within your portfolio at cost and will not be revalued except where this is required in relation to their holding within a registered pension scheme, i.e. at benefit crystallisation events, reviews and pension transfers (subject to change). In these circumstances, it may prove difficult to value the unlisted shares and, should this be the case, we reserve the right to commission a valuation and charge your SIPP for it.
There may be a limited market or no market at all in the ineligible shares following the cancellation, and sales may require the use of specialist market makers. We accept no liability for the illiquidity of the unlisted shares and reserve the right to pass on any charges we incur in their sale.
Of course, I didn't think about that.
I'll keep my fingers crossed.
Ambiguity aside, at the end of the day we hold shares in the company, not in AIM. If they trade on another exchange, that does not mean our shares are worthless I would say, since the company still exists. I think this RNS goes deeper than trying to "shaft" UK investors. In the end alot of new interest could generated by a re-application once funds have been raised in Aus. Also, a dual listing allows the share to be offered in ISA's and Pensions (hence he "tax advice" comment in the RNS). Still, there is no guarantee...but it isn't over yet.
I certainly hope so.
It makes me nervous when GB is so obviously vague. I want him to tell the AIM holders where we stand, have we still go an investment, or is he divvying our shares up between ASX holders????
Exactly ...our day will come !!
What's another year of nothing when you hold shares in RMP!!!
there's a lot of info ...but Im feeling a bit more optimistic having digested. If we re-list at end of July - its going to take a few monts so we could be looking at almost another year.
confused to say the least ????
You are right Swify to not be negative at this stage. I was feeling overly pessimistic this morning but another share I hold Bou - after two years of RTO limbo looks like it might have completed an RTO deal. There is still a real chance of things turning out ok here.
Yep, some ambiguity for sure; but i am not being too negative at this point. There's alot to see online regarding stricness of rules between AIM and ASX, where the former are more rigid where the process could go beyond the cash shell limitations. With that in mind, and the contractual agreement between RMP and the seller to do the deal by a certan deadline, the RNS supports the notion that this is all to mitigate risk. I certailnly hope so. Then again it states ...."at this time the intention to relist ...etc"
....therein for me lies the abmiguity
I hope that there is something for aim shareholders. There’s mention of cancellation of the shares on aim but no mention that holders would get X shares in the new company. It hints that this step is for the greater good of other shareholders (maybe at the expense of aim holders). Also suggests aim holders get advice from third party about tax position. Maybe I’m being overly pessimistic about this news... time will tell.
HI, I don't thiink UK shares are "wiped"- ...it's just a timing / risk management regarding deadlines IMO, where AIM seem to be stricter thean ASX....I hope I am right !! But again, admittedly there is an element of ambiguity in the RNS
Are we reading the same article? Looks to me like ordinary shareholders on aim have been shafted. Happy to be proved wrong
Even if new shares get re-issued, I am unsure what would be the impact on the SIPP or ISA treatment of these.
I consider my RMP as wiped; if something comes back from it great but I am not convinced.
TITM
Yes looks like they will be readmitted after the deal in Oz is done.
I rather think they will be valued as normal after readmission to AIM in July. It seems this is a move to ensure there are no delays that could potentially force RMP to miss the deadline imposed by cash shell rules
It would suggest to me that the ordinary shares on AIM are worthless
What does this mean for us
Todays ann from rmp.
https://hotcopper.com.au/threads/ann-proposed-appointments-and-notice-of-aim-trading-cancellation.6014516/
Cheers avi15
88E on hold for another year. When will I ever learn ? Another whitewash RNS - thank goodness its just a couple of hundred quid tied up till god know when
88E on hold for another year. When will I ever learn ? Another whitewash RNS - thank goodness its just a couple of hundred quid tied up till god know when
Away from the oil business at last and mow into PGM which is growing in value.
Can see 3p here soon enough particularly if they can reassess increase in material assets.
Yep...there will be more drilling and a lot of research has into extraction methods, which have advanced the economics / viability of the asset generally -if that can been scaled up of course. Coupled with the increasing prices in PGMs , growth looks potentially promising. But you never know, so I still have my exit point, and when it hits that, I'm gone. Having said that I put 500 quid into 88 Energy at 3.75p (like a succor !). Lets see what happens !