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Started: Sandyman, 18 Jun 2024 14:42
Last post: ROCKETVI, Today 10:04
InvestorACE 🤡🤡🤡🤡 how unfortunate for you 🤡 I just hope you're ramping hasn't lost many others money.
I constantly warned people this would happen, if you lost here you only have yourself to blame, the writing has been on the walls for a lon long time, all those that ramped this should hang your heads in shame. Disgraceful!
Got out yesterday with £1025 loss so not too bad. have a look at POLX, Institutions loading up there.
This decision was made some time ago and the suggestion the company was considering the matter was a blatant lie. Another example of pi's being kept in the dark and fed on sh I te. Sorry 🙏 to all who lost here. Wonder if AIM has ever considered a move to Las Vegas?
Poor investor
Good luck my friend and love your spirit
Started: Elvis2, 19 Jun 2024 07:56
Last post: Elvis2, 19 Jun 2024 07:56
Finally took on too much water ....
Last post: ATrades, 19 Jun 2024 07:53
Oh well, good job i have cpx as that 1k is now gone ! No bounce 😩 gotta accept it and move on
Unbelievable, over half a bil of sales due to complete, They had $250m net assets and raised $60m just 12 months ago. And sale was announced when interest rates peaked to current so can’t blame them.
All while accredited is actually doing ok with turn over increasing.
Now nothing, while having the highest paid management in the industry, sometimes you dont get what you pay for.
Well and truly shafted, and they killed any start of a bounce since the sale announcement.
Ruined by corruption and incompetence.
I hope none of the BOD and their families get new jobs and they feel the pain they have inflicted on us.
Started: flava, 19 Jun 2024 07:03
Last post: flava, 19 Jun 2024 07:03
I'm afraid shareholders are shafted now, including me. I've lost a lot of money.
Started: Onetimepost, 19 Jun 2024 02:05
Last post: Onetimepost, 19 Jun 2024 02:05
Does anyone know to what extent the Bermuda piece makes a difference.. seems to not be as clear cut as usual routes in uk/usa etc
One piece mentioned that provisional liquidation in Bermuda Is a valuable protection for imperilled boards of companies in the zone of insolvency, where creditor threats to commence winding up proceedings can distract from the primary task of implementing a financial or operational restructuring to ensure that the company may continue as a going concern…
No idea from my side but wonder if more to this
Started: poorinvester, 18 Jun 2024 16:33
Last post: poorinvester, 18 Jun 2024 16:33
Google showing 0.10
Market watch 0.13
Lse 0.75
Wtf
Started: Elvis2, 18 Jun 2024 12:34
Last post: newbie2024, 18 Jun 2024 14:28
Wow there is the TR1 but I assumed they would bail faster
This has been so strange even for AIM as it has just dropped and dropped with absolutely no chance of anyone making a penny
Even the likes of HZM had some decent spikes
This RNS was clearly taken as gospel that it would go into administration and suspend immediately with no return at all for share holders
Another institution bailing out so there's 2 massive sellers in the market hence why you can buy size at bid price.
Lol, I did, now all my hard earned savings has gone down this money pit.
Oh well, back to making more chips I suppose....
Didn't you use to work down the chip shop?
Of this money pit
Last post: itisagame, 18 Jun 2024 12:34
It’s simple.
The plan was to leave equity holders with $240m NET assets which with a small fee based business would have been enough to service the remaining $200m debt over time as net assets (insurance policies) mature over time.
Then they said there was probably $65m to $110m left they still had a leg to stand on and generate or raise and restructure the debt in a way it can be paid off over time
Now they have spent everything the company has and do not have the cash flow required to operate the business to completion of the deals.
Although security for main deal is held over Onex shares worth $465m If they liquidate the company Onex can buy it for less and deal is void, and price returned to debt holders doesn’t matter it’s just highest bidder.
In liquidation rqih can also pause payments to many parties which gives them some cash flow while sales finalised.
But current equity sits below bond holders, and other debt holders.
So shareholders have nout.
Could be as simple as there being many a big legal bills that need to be paid to complete the sales and no one will do finalise the work unless paid.
Admin was always the downside risk, just couldn’t believe so many II would let it flop, but it’s a tax write off for them with a line on a balance sheet
There will always be a bounce ! I’ve chucked a spare k in at 0.062
4 days by my calculations!
Remember seeing any falls like this has had for last 3 days....relentless...no hint of an intraday bounce either...
Started: poorinvester, 16 Jun 2024 09:30
Last post: poorinvester, 18 Jun 2024 12:20
Fooking hell, I nearly own three percent of this sheeit company. I better calm down otherwise I’ll be filling in a TR1 lol. It’s easy to get carried away here lol.
Offering size almost at the 0.06p bid price extremely weak, pure gambling now
Lots of sells could be buys looking at the price. WTF is really going on
Plus I’m only here for the short term.
Suspension could come anytime. Caveat emptor
Last post: shenners, 18 Jun 2024 11:14
I’d say it’s designed to let friends in rather than out.
Started: rickmeister, 14 Jun 2024 14:58
Last post: PJT12, 18 Jun 2024 10:34
"It appears that Onex and Co. have royally stitch up our BoD, wasted our money and now want the whole business so they can asset strip with shareholders getting nothing."
Spot on!
Rick
I ain’t familiar with everything here but do you really believe that other large shareholders would agree to an alternative proposal from Onex to obtain a part of the business that suits them and liquidates the company.
Maybe I’m missing something but didn’t the RNS state it was an alternative proposal!
Who in there right mind as a large investor let alone ordinary investor approve it!.
I can see why the punters are taking a punt.
Not for the faint hearted but a few big buys at the end!
I don't think today is about the ratio of buys and sells, its about the risk of an RNS next week saying the BOD have thrown the towel and we're heading for admin. I'd be delighted if that doesn't happen as like most here I'm practically wiped out as to my original stake, but I'm being realistic as to the probable outcome.
So nearly 3-1 in favour of buys to sells. Crazy numbers. Whatever people believe there’s some big bets against this being the end. Let’s see how it pans out.
You really have to question the timing of the RNS just when the share was starting to pick up. So if you issue a RNS to kill momentum and the price why have they allowed it to keep trading.
I do wonder if there’s something else going on as it seems very strange. Nearly 60m traded today!
Crazy volume
Looks like it finished at12. With all them buys!
Shocking
Started: checkricky, 18 Jun 2024 10:30
Last post: checkricky, 18 Jun 2024 10:30
Long term holders have been let down big time and the suspension RNS on 13th June 24 absolutely put the final nail in the share it's dead now.. Main bit that killed it of was both options are going have the same loss for shareholders absolute 💯 % stitched up big time and I do feel sorry for the long term holders and anyone that had a substantial amount of shares..
Killer part of the RNS statement was wording to say its over
The Board is currently exploring and evaluating all options that may be available to the Company, including alternative transactions (including the Alternative Proposal) and potential sources of liquidity, whilst continuing to work to complete the original Sale.
Shareholders should note that the implementation of the Alternative Proposal would involve the parent company, R&Q Insurance Holdings Ltd., filing for a provisional liquidation in Bermuda and then completing the sale of Accredited to Onex through that process. The provisional liquidators would then look to realise value from the Group's remaining assets. The Directors believe that in such circumstances there would be very little, if any, chance of any value accruing to the Company's shareholders.
As stated in the Circular, if the Sale does not proceed on its original terms and the Available Net Cash Proceeds are not available to facilitate a financial de-leveraging of R&Q, R&Q will not be able to repay its debt facilities as they become due, and R&Q would therefore be unable to continue as a going concern.
In the event that the Company were to enter provisional liquidation, R&Q would request that trading in the Company's ordinary shares on AIM be suspended immediately. Notwithstanding any suspension of trading in the Company's ordinary shares, the Company would continue to make notifications as and when there are matters requiring disclosure in accordance with the Company's obligations under the AIM Rules for Companies and/or the UK Market Abuse Regulation.
Last post: itisagame, 17 Jun 2024 19:29
From AM bests website, not sure it posted already, was from Friday, credit rating "remains unchanged following a recent update on their pending sale"
"OLDWICK - JUNE 14, 2024 04:12 PM (EDT)
AM Best has commented that the under review with developing implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Accredited Specialty Insurance Company (ASI) (Gilbert, AZ), Accredited Surety and Casualty Company, Inc. (ASC) (Orlando, FL) and Accredited Insurance (Europe) Limited (AIEL) (Malta), collectively known as Accredited, remains unchanged following a recent update on their pending sale. "
Before this listing ship goes under
Started: Bline59, 17 Jun 2024 17:04
Last post: Bline59, 17 Jun 2024 17:04
Please don't rip me off again..............
Started: Claims12, 17 Jun 2024 14:45
Last post: Claims12, 17 Jun 2024 14:45
See Slater now halved their holding over last few days.
Must be regretting voting against the 175p buyout offer 2 years ago.
Found this quote “ In terms of process it’s ludicrous and in terms of price it’s nothing like what we’d accept,” the report quoted Slater chief investment officer Mark Slater as saying.
Expecting Bermuda liquidation announcement soon I think.
What a disaster.
Started: checkricky, 14 Jun 2024 21:35
Last post: checkricky, 15 Jun 2024 21:20
I know and as some of you know they have been struggling since mid 2022 and kept a lid on things assumed in the end and combined with the sale of assets everything would be OK during 2023 and 2024 however it's not gone to plan and big money is now over due...
This is going back to when R&Q required the funding to shore up its balance-sheet, after announcing around $30 million of adverse reserve development, a circa $90 million charge related to impairing a structured reinsurance contract that had been capitalised an a balance-sheet asset, and having used “meaningful” cash to fund additional reserve strengthening that was required, making the new funding essential.
It's shareprice started to fall way back in April 2022 and the holders who got caught out kept on selling at a loss or averaged down a few times thinking it will come good only to be let down badly with the worst RNS a nightmare for any investor...
I have been there a before and you get the feeling things can turn around from deaths door only to find out the hard way it's over..If the shareprice was much higher they would of been able to do something however that's not possible either now
Some impulsive novice trader's will buy without doing any homework or reading the last few RNS articles thinking they can make a quick 10 or 20% and they may buy a few grands worth a few times before understanding what they have just done... MM are very clever they don't give a flying rat about buys out stripping sells regardless size or amount they just drop the price regardless, and also widen the spread 25 to 50% that's telling you something.
Look I honestly hope it works out for all the trapped shareholders and like I said it's going to take more than a silver lining or a load of luck now.
I would say if a investors shareholdings are worth only a few hundred pounds now from tens of thousands pounds invested, it may be worth holding onto your shares, if you can afford to do that, just incase after a bit of luck and the sale of the assets shareholders may get a sniff of something... However if you're thinking of buying I would say think very very carefully and read the news articles and think about it,, out of the 2 options available both will leave shareholders with nothing.
Checkricky
I hope for shareholders something better can be worked out. Surely with all the money raised over the last few years etc and assets they have there must be something possible to head off liquidation!.
Why do you feel there’s so many buys to sells!.
Why is someone gambling big. Like a £20,000 buy!.
I truly hope the shareholders have last laugh and something happens.
So basically if they sell off assets they can't offer any value for shareholders nothing for shareholders or very little which means nothing zero in a more polite way
If they don't get what they want for assets they are bust and that also means nothing for shareholders. So basically they are finished it just a matter of time and the suspension RNS will confirm this.. I hope that this is not the case and there is a silver lining somewhere... Read notes below from share news tab
Discussions with Onex about a potential sale of Accredited, through R&Q's 100% equity interest in holding company Randall & Quilter America Holding, have been ongoing since October 2023.
Among the options discussed is the provisional liquidation of R&Q Insurance in Bermuda and then completing the sale of Accredited to Onex through that process. It would also request to suspend trading in shares on the AIM market.
"The directors believe that in such circumstances there would be very little, if any, chance of any value accruing to the company's shareholders," R&Q announced.
In the event that a sale does not materialise, the company would be unable to repay its debt facilities and would therefore be unable to continue trading.
@Jamrock
Not sure if anything will be left for shareholders in the case of Onex its in black and white that shareholders will not get anything. Shareholders are alway the last to get anything if anything. I would say if you have any funds invested it maybe worth holding on to what you have as it's already destroyed the shareprice. However for new investors looking to buy without understanding the financial position it's basically suicidal and game over as you will get suckered in thinking you might be able to make a quick 10% however the spread and costs will hammer you double that and your gona be under water straight away. You might have an early morning bounce on Monday morning and the would be my que to get out provided no RNS on suspension..
In relation to Onex I don't like how it's states in the RNS shareholders will basically get nothing unbelievable
Shareholders should note that the implementation of the Alternative Proposal would involve the parent company, R&Q Insurance Holdings Ltd., filing for a provisional liquidation in Bermuda and then completing the sale of Accredited to Onex through that process. """The provisional liquidators would then look to realise value from the Group's remaining assets. The Directors believe that in such circumstances there would be very little, if any, chance of any value accruing to the Company's shareholders.""" A few lines has basically killed it off for good.. I do honestly feel sorry for the shareholders who have lost everything and left with basically next to nothing and if they can afford to move on good luck to them..
Checkricky
So do you believe the
Other large shareholders would approve Onex plan that wipes them out!. The reason I ask is because it says Onex is an alternative plan.
I truly don’t see how this ends other than shareholders lose but I’d also say I’ve seen companies come out with an alternative plan and the shares rise substantially. It’s definitely a nervous time for shareholders but I truly hope something happens and those who averaged down get an opportunity to recoup something. It’s a sad situation and how it got into this position is another story
Started: Anon.y.mouse, 14 Jun 2024 13:53
Last post: poorinvester, 14 Jun 2024 16:05
Thank You Jamrock and Newbie. :-)
Poor investor
I understand you but equally wish you all the luck in the world.
I’d love to see a rise into the close for especially
Lol poorinvester I genuinely hope this does a good 50% spike just for you!!
If this was Superdry you would own more shares than Dunkerton with all these top ups lol
Jamrock, I’ve just bought more so will not reveal my holding, just in case it goes tits up lol.
All I’m seeing is buying going up v selling and no movement!
Started: Elvis2, 14 Jun 2024 15:49
Last post: Anon.y.mouse, 14 Jun 2024 15:59
Just wait for the print, might come after hours, might be Monday. But it'll go ballistic if the volume stays high.
And not even a small increase...
Started: GeordieShores, 14 Jun 2024 12:52
Last post: jamrock, 14 Jun 2024 14:05
This is better than watching the Grand National.
If only the investors turn out to be Maximus
I don’t think I’ve seen a share with so many buys and not seriously bounced.
Imagine a RNS positive to surprise short sellers.
Then we’d have drama
All it takes is two or three of the II selling at the same time against each other on market orders to drop it this far.
Most of the company is owned by TR1 listed II.
Feels like liquidation is the end result but as other say
Good luck with the high risk day trades, only bet what you can afford to lose.
The advantage of a basement mcap is high liquidity for large stakes to move around.
Thank you Jamrock. ATB
Poor investor
I love the drama and truly wish you well.
Fair play to those with risk and nerves you deserve a 10 bagger
Started: shwe, 14 Jun 2024 09:42
Last post: newbie2024, 14 Jun 2024 12:48
I'm not getting involved BUT I'd be amazed If there wasn't a bounce off 0.14p to at least make 10%!
This would be very unique if no chance for anyone to make a profit even from a quick trade
There's a big seller once done might get a bounce 98% down in a few days aim is so risky maybe worth a punt at this price
12.5 to sell and 14.20 to buy at the moment.
100% spread showing.. live spread looks more like around 25%
MMS trying to finish this off
No sign of that runt Discodog I see
A
Started: Bline59, 14 Jun 2024 11:44
Last post: Bline59, 14 Jun 2024 11:44
Still seems a lot of interest this could recover .
Started: poorinvester, 14 Jun 2024 11:20
Last post: itisagame, 14 Jun 2024 11:42
Well there atleast 6m more under 0.2 available if you want them.
Just bought some more. At this rate I’ll be filing a TR1 lol.
No risk no reward.
Last post: Lifesab, 14 Jun 2024 08:38
You can’t take it with you….
Started: GeordieShores, 14 Jun 2024 08:36
Last post: GeordieShores, 14 Jun 2024 08:37
* and lost
No one bought at 0.25 so everyone down at the moment.
Like someone said, it's same as placing a bet (but I've placed much bigger bets than £300 and list, but have still enjoyed myself 🤑).