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So if we chase up the price while RF is still holding (or acquiring) shares, we just put more money in their pocket when they sell.
Whoever drafted this scheme is a smart cookie.
Whoever signed up to it is .. words fail me,.
One final question. Do we know is RF obliged to sell their shares at the market price, or can they do private deals with their friends?
It won't be long and RF will be gone. I'll raise a big glass when it is confirmed they have left the building. Then roll on news!
COME ON SAR!!!!
Elcap
Surely if sareum only get 10 a share and not the price RF sell at there would be no need for this clause in the original RNS
In the event the principal amount of Deposits outstanding (and any associated interest) has been fully repaid at the Maturity Date and the Investors still hold any Placing or Subscription Shares, such shares will be disposed of in consultation with the Company and 95% of the net sale proceeds will be remitted to the Company.
Exactly Blue; so they have just been given another 3M shares - If they sell them at 50p they that is £1.5M and so they get no further shares and have to give back 95% of £860K (1.5M-£640 owed) which would be profit
But for me I still do not understand how the 2.9M shares equated to a reduction of only 160K (800K-640K (Remaining)) ... Pizz Poor maths or accounting somewhere ..
GLALTHERS
I've given up trying to understand the deal. All I know is they are nearly gone.
And when they are gone, IMHO the Share Price will respond accordingly.
Hello Aber the RNS stated after 2.9 mill shares were given to them we still owed 800 k . They obviously sold them by more than 10p say 14p and brought the 800k down by a further amount to 640k.
That's my take anyway
Yes but even if they sold 2.9M at 10p each that is £290K but only £160K was deducted ... that is my confusion
... and if they did not sell them all and now have another 3M then we should get a TR1 for 3% crossing of holding
So I am still confused
It's pretty obvious that the small beer we are talking about to terminate RF could easily be paid by Sareum and that the demand / appetite is here from PI's to invest again via a bigger WRAP style fund raise if required to cover any short/medium term finance. Why the SAR Bod are clinging on to this deal is very peculiar when in the real world you would just re-pay the money owed and walk away. It is time to terminate this awful deal once and for all.
Blue - the phrase you refer to is only relevant if there has been no subsequent placing. The 10p ceiling only applies to shares issued after this 10p placing.
I do agree though the sums in the RNSs are confusing, and the true cash position is, I suspect, clouded by late reporting and forward selling.
BA, call me cynical but it's called "mates rates". By keeping the SP low for a while creates cheap Sareum shares at mates rates. They then release positive SDC1801 data & or other good news and the share price soars. It's a win win for those that bought in at these prices who will then multibag probably by x 10 this year....
Good luck, Brighty
Basil, for once I'll stick up for the board. Paying back RF with shares is the oath of least resistance. It is the path that will dilute the shares in issue by the least amount. I honestly don't get this desire to throw money at the board and dilute your own holding even further. The only real winners are those who had very low averages anyway. They have enough cash to get to the point where a deal can be made. If the data isn't good enough to do that. It never will be, no matter how much cash you throw at it. They might as others a have stated here, see what the last 5.9 million shares when sold do to the amount outstanding, then pay off the remainder with the spare cash. RF will need buyers so if you want cheap shares with no dillution, buy the RF shares.
It looks as if we are being walked down this morning with a sub 16p sell to come from RF.
The new shares will hit the market Thursday. I think the 2.9m have been sold otherwise we can expect a TR-1 informing us that RF own over 3% of Sareum.
Similarly, we may get a further RNS informing us that RF have exercised their warrants. No RNS to this effect on Thursday will mean that the warrants remain intact.
I agree that the RNS was confusing with the numbers and perhaps will become more clear on Thursday.
An operational/ Trial update on Thursday would be good and would certainly accelerate the disposal of RF shares. Until we get further clarity the RF shares will act as a drag on the sp
Aber, no TR1 needed yet. Shares havnt been admitted to market yet.
Really confusing this deal, why did RF crash the share price, surely would have been better to hold till data , and get higher price, why did they want money back so quickly,have they kept any back to sell at later dates , or do they have to sell before a certain date..
Me thinks mpl50 has an agenda and it is a nefarious one.
Why , been here 13 years , simple question.
Then i suggest you read through the posts of the last month and all will become clear.
RF's previous 2.9m shares were admitted to trading 2 days ago since then the SP has risen over 20% don't see this as problem they will be cleared quick / demand is there at these prices and News is due...
We might get an RNS for the warrants but IMO. RF will recouped the cash they gave Sar through selling free shares. The warrants are the profit. They could wait until a pound SP, then buy the warrants for 10p. It win win for them.
Yep - all smoke and mirrors. It doesn't matter too much and as I write I am standing corrected from my earlier post as the sp has started to rise.
I sincerely hope that all of this will soon be a distant memory
Ah well Nathsprof we will have to agree to disagree.
Yesterdays late reported in 825k shares RF balance dropping fast...
So I think that accounts for the drop from £800k owed to £640k.
In 4 days between RNSs now 1.7m late trades reported, by my calculations would be worth about £160k off balance (under vwap rule). If this is correct it means the 825k from yesterday has already been taken off the balance. This would make sense, since RF would know how many they were selling yesterday before anyone else!