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Looks like there's a glimmer of hope for you guys.
This may well unsuspend,you just never know.
Hope you are able to get something back.
Gla
That was my view Latino but others felt differently. This weekend I will go back through how its played out. I recall a sale of the business for 1.2mil and shortly after the announcement to cancel the shares and liquidation which was vetoed. To me the sale price is irrelevant, could be 1p and clearing the debt. The buyer of it’s also said they had no interest in perusing any reverse takeover’s. Very interesting now!
It’s appears very similar to ITS, the company is now solvent as it has no business. It will have to be put to shareholders for a vote, however like ITS it could easily be approached by new BoD wanting listing on AIM in the cheap…watch this space
Well it's suspended and paying a listing fee, so my guess is next there will be a vote to delist. Will be interesting to see what the institutions vote on that matter. I can't imagine there will be any new directors joining the board until they have fully liquidated the subs.
Agree let’s see what comes next
Cash shell is a lifeline for investors here, could be speculative
Understood, gives us a little bit of hope…
Certainly more promising than where we were last Friday, I had expected admin and a takeover from a chancer at £1
The original directors of ITS were definitely useless and made no effort to RTO, they were happy coasting doing nothing while in charge. There we had a solvent wind vote, that being rejected by shareholders enabled different team to approach who actively wanted to RTO. Fwiw it was trading throughout this time (apart from temporary suspension for voting).
Safestyle board equally useless so if you get opportunity no harm in voting against whatever they propose, but unless they have ringfenced funds in the plc practically speaking imo to phoenix it would need a cash injection.
Understood. Will the proposed liquidation not still require shareholder approval, 75% I believe?
I was of the impression ITSARM also told the market they had no intention of seeking an rto or similar move at the time.
The trading company of ITS was acquired (albeit for a small amount), which then left the plc cash shell which crucially was solvent, that enabled it to carry on paying for the various filing fees, even director salaries for a while, enough time for a different team to come along and propose RTO. Liquidation is a different kettle of fish.
I'm not 100% certain myself, I'm simply trying to interpret it - like you.
Is that not essentially what Itsarm attempted to do after taking over from Its in style? Apologies if I am being naive here not an expert in liquidation.
What does seem favourable and again apologies if being naive but it doesn’t seem like the BOD have any swagger in a vote here!
Considering they've explicitly stated they have no desire to undertake an RTO, they should now seek cancellation which will require shareholder consent.
Is this not now quite similar to what happened with ITS? Will shareholders get a vote against a voluntary liquidation? I recall they were still tradi. During thy period…
"Where an AIM Rule 15 cash shell does not intend or wish to undertake a reverse takeover in
accordance with rule 15, it should seek to cancel its admission in accordance with rule 41 (in
the case of a disposal requiring shareholder consent under this rule, this should most usually
occur concurrently with the shareholder approval required for the disposal). In such
circumstances, the AIM company, taking the advice of its nominated adviser, should consider
whether funds should concurrently be returned to shareholders, seeking the approval of
shareholders where appropriate or necessary."
https://docs.londonstockexchange.com/sites/default/files/documents/AIM%20Rules%20for%20Companies%20%2801012021%29_1.pdf
Or is it suspension until an rto is announced which is unlikely? I am slightly confused as there’s plenty other companies who operate on aim as cash shells and aren’t suspended…
Cash shell, I wasn’t expected to see that this morning. Does that mean we will essentially resume trading as a shell? Quite clear at present there is no intention to do an RTO but I don’t suspect that to be a decision for the current board as they have essentially lost control. Maybe barking up the wrong tree…
Ironically, it sounds remarkably like you're the one trying to make up your losses with desperate cross-ramping.
Make up your losses you can thank me later
10million in a month is a loss for them
Sorry for your losses here GB. The only ones who made money were shorters and MMs. The price fell in a straight line pretty much since 12p. Zero trading opportunities for the rest of us.
Completely agree with their treatment of their employees. What kind of a company does that?
I think with QBT, the placing is out of the way now and I believe the placing shares were likely forward-sold, hence the massive drop from last Wednesday's high. Volume yesterday was 140m, new shares were 122m, so I think any overhang will clear very soon. Sentiment is super high and I feel we're on the cusp of a deal. £2m in the bank too.
Anyway, SFE has been a disaster and hopefully a learning experience for all of us. I hope anyone who lost here makes up those losses somewhere else!
All the best!
Totally agree bond! Lost all faith in AIM, I won’t be back investing in it again that for sure. Further to the sh…show with SFE I was stung on a placing over at Qbt today. I was 200% up at one point last week, today I took my money and ran! Sick of being skinned here.
Sorry to all genuine holders and more importantly employees who were treated like crap here.
Not good! Well done to MMs who made a killing at our expense on Thursday! Very short-sighted of them as many of us will be incredibly wary to buy into AIM stocks again. There was lots of buying on Thursday afternoon and yet the bid remained 0.45p or below. We weren't even able to day trade it. They must've known what was coming and yet completely shafted PIs. Sold us shares which were completely worthless. Even McCoils had a bounce just before the afternoon admin RNS from 0.9p to over 1.8p. You had to be quick to sell but at least that was there. SFE didn't even give us that chance! Bar stewards the lot of them!
Game over we have lost the lot