Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Seems strange no RNS on the fate of the listing .
You just never know what's going on behind the scenes.
I hope for you guys there's an approach from another entity to take this listing .
Nice one GB! Hopefully we'll have an update very soon. They should be keeping investors in the loop about it all.
I have mailed the administrators for an update on proceedings. Bit strange we are seeing news flow on asset sales but nothing issued to share holders. I would like to understand why the change to a cash shell and whether a vote will take place if liquidation is pitched. I hold more share than all bar one director so let’s over turn any vote! Force them to keep the listing!
Haha no I was thinking the same
Their head office certainly doesn't create a good advert for a window company, does it!
It’s ashame there’s so little chat here now.
Looks like the administrators haven’t messed around in securing a sale of some of the assets.
https://www.business-live.co.uk/enterprise/safestyle-uk-customers-orders-fulfilled-28073239.amp
If the LSE page is accurate I hold more than all bar Alan Lovell albeit they will have paid far more than I did for my 860k shares.
The interesting thing here is if we are going to vote for liquidation, I along with some other have more shares that nearly all of the directors bar one.
Some big names in the Major Holders, if they know that nothing is being returned then they may favour a push for an RTO or at least guide it that way.
For those interested, I have written to the LSE requesting more details on the suspension, what the requirements are to lift and what the parameters are that makes this case different to other Cash shells which are trading.
I understand there is most likely a need to have directors appointed to the cause and further things to be ironed out before moving forward as a shell.
Accurate but keen to understand why you feel this route was chosen? Update be surprised if there is some discussions going on we aren’t partial too. Discussions away from a direct sale of the business as it was, but more around picking up the listing! Vultures will be looming
Hi Bond, in respect of your question to me.
This is a cash shell, because it is a listed holding company that has lost control of its subsidiaries. So it technically has no operations, but it does have a listing, albeit, it is suspended so getting no benefit from that at all.
OK Crawshaw
sorry to miss you
look at INSP Web site,
tell me news coming?
Don't be so desperate Earl.
Gordonbennett
look at INSP
Mcap tiny
website updated
Superb, If we are lucky enough to come out of suspension and make a few pound here I will happily treat you to a beer in the city!
I am hopeful we will get a little more colour here soon, it has been relatively fast paced so far so fingers crossed. Like you I don't see any purpose on the company becoming a cash shell as ultimately it will cost money in fees and directors wages. They could have just done admin and a delist.
Morning GB. Good to hear Scotland is having a good autumn! I'll be in Edinburgh at Xmas, hopefully! It's finally stopped raining here in the south lol
Magorium, if what you say is true then why did they tell us we're a cash shell? What was the point?
The RNS was pretty superfluos then. We already knew the company was going into administration. Why bother even mentioning that we're a cash shell now if the shares will be cancelled automatically? As I said before, the RNS made no sense to me. I hope we get another RNS soon to clarify exactly our position. The fact that the directors are obtaining legal advice tells me they don't quite know what will happen next either.
Had thought we may see an RNS today. Not sure why we haven't resumed trading and will continue to do so until a share holder vote happens.
Apologies seems my predictive text got the better of me there. I am sure you get the jist…
Grand thanks bond! Some fantastic autumn weather up here in bonnie Scotland!
Agree difference exist and lets me honest very few cases are the same when they are this bad.
From what I have read on the FCA website I see no reason for a suspension to remain now. There’s certainly no need to protect shareholders they missed that boat a while back! Liquidation is unlikely to happen over night and may drag out for some time.
No Gordon unfortunately, this is finished. It's not an ITS scenario as they had zero debt. They sold the business for a significant discount, and had surplus cash proceeds, to stay trading whilst their inept BOD pushed for an MVL.
This business is effectively bankrupt and needs to salvage whatever assets it has to repay debts. Hence why the administrators have been appointed and will now look to liquidate any assets this has to repay the debt. It looks very unlikely their will be any proceeds for shareholders... I expect cancelled shares will be the next update. AIMHO.
Hi GB. Had a good weekend thanks, and I hope you did too.
Yes, looking forward to seeing how this unfolds. I agree, no reason for us to remain suspended until a vote happens.
Of course, if we remain an AIM listed company for 6 months then that costs money, so wondering how that will work. Also we will need to retain directors, and they'll need to be paid too. ITS had £500k left after the sale, with about liabilities of around £220k, if memory serves me. And two directors remained.
Good luck all. Let's hope for a positive outcome for those of us still holding shares!
Not* i
Wonder if we will see a trade resuming RNS tomorrow… don’t see any reason why it should come now if it is to come. Fingers crossed
Hi Bond,
Hope you're having a nice weekend.
I agree, I certainly wasn't expecting it yesterday am. I thought we were dead in the water but now its seems quite interesting. As you say ITS was sold, I think we have leapfrogged that part. What is clear now is that they want to liquidate and state similarly to ITS there is no desire to RTO/Change to an investment co.
Lets hope trading can resume in the shape of a cash shell for that 6 month spell. Just because they have stated their intentions doesn't mean someone else with grander ideas wont come along and pitch an RTO. This would create value for the creditors which they clearly need given they are on their knees.
Very strange RNS. They're saying we're a cash shell now, but as soon as the liquidators are appointed, they'll cancel the shares on AIM? Yes, this could be another ITS situation. Of course the difference is that with ITS, the business was sold. Here we have a company going into liquidation. What that means for the shares seems unclear right now. Will they have to lift suspension until that happens? Or until there's a vote? I guess we'll find out soon enough.