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I am intending to call/email Tom Grace later to day (as invited) to voice our concerns.
If anyone could let me have the details of the main points/facts that I should be raising with him concerning this attempt by the Patels to rob us of future fair value for our holdings I'd be most grateful (as it would save me trawling through the chat board for these details)
Thanks
MB
Hi Marty,
Well done on establishing contact.
With Q4 / Full Year results due on 29th March there will be barely enough time to consider these before the Court Meeting on 4th April given, especially that PI have to vote in advance of the Court Meeting date anyway.
Accordingly, I would like to see a further postponement of the Court Meeting or at the very least a directive from the Panel that the Court Meeting cannot go ahead unless the results are issued to the Market as scheduled on 29th March.
In the absence of a market announcement of results we would be in the crazy position of Bidco (via Patel) having more information than the company’s shareholders.
Good luck with your phone call.
Following on CeeD's post, you may already be aware but just to stress, the 29th is Good Friday, a bank holiday, and 2nd April is the first working day after Easter. This is incredibly underhand as many people go away and / or do not bother to look at emails or their investing accounts over bank holiday periods.
Quite simply they are shysters
Matty
I had a similar email to yourself from Tom. I am likely to write to him. I am still collecting up points but, having checked, a major one is the complete lack of information (beyond Q4 numbers) on the operational business since the bid. The contrast with recent prior years is very stark eg by now there would have seen R&R statements, WK drilling/resource statements and an update on Singida.
Also recent Annual Report dates have been 29 March 2023, 4 May 2022 (COVID relaxation), 2 March 2021 and 28 Feb 2020.
Hounddog10
Yes the obvious withholding of information from shareholders here has always been the big issue as far as I am concerned. It's illegal under Aim rules and a Regulator doing their job would have called it out for what it is. I have lost count of how often I have reported this to
Aim Regulation, and am certainly not disposed to do so again as its clearly a waste of time.
I don't think they'll have done anything illegal just stretching of the timeframes which they will be allowed to do. when you invest in a company and they aren't doing great, want to change in their favor its interesting to learn how well design, the rules in place are, there to suit and help the board of directors. the law is stacked towards the owners, boards not the investors, that has always been the case and the owners of companies wrote the laws originally!!
The withholding of information is where the Nomad, brokers and advisers need to step in. Their reputations are on the line. A Regulatory reprimand wouldn't look good when they're out pitching for new work.
Hounddog10
Well my email finally sent (far to long to publish here) but will report back if anything comes from it.
(I basically just ran through all of the past posts on here since the 'offer' announced and pulled out the main gripes and bullet pointed them. There was a lot of it so whether he'll read it all I don't know?)
I'm sure when you email him you'll do a far better job than me, but so long as he takes on board what our gripes are (and acts upon them) it's all good.
(However being a 'regulator' I won't be holding my breath! 🤨)
Email just received from Tom Grace at the Takeover Panel, who wants me to 'call him to discuss'
(Not too keen to respond to me in writing for some reason it seems?)
I will call tomorrow and report back.
Just had a chat with Tom Grace (really nice pleasant guy!) and whilst he was very sympathetic to our current predicament unfortunately they only get involved with the actual application of the Takeover Code and unless there has been a clear breach of some aspect of the Code they are unable to assist further.
He did however say that he had already spoken to the NOMAD and made them aware of the complaint received about the lack of clarity around the validity of the votes that we have been asked to cast.
Other than that nothing more to add, other than I did say I'd report back here so that they wouldn't receive any further enquiries concerning aspects of the take-over attempt that they couldn't get involved with.
(Well I tried!)
Mattyboy, will you be following up to see if there was a discrepancy between the 2 voting periods after all the shenanigans that played out when were were asked to vote again. I guess a few people on this BB would be interested to know if that also went in Patels favour. Not that it changes anything :(
Afraid not Laney as I thought this might happen so I sold out at 14.2693p just before the vote.
(Might just drop my contact at The TakeOver Panel an email just to let him know that the T/O vote 'passed', though what good it will do is anyone's guess!?)
Would have held on but I wanted to put it all into SAR (which had an 11.00am Monday deadline for their latest share issue) so as to reduce my average over there from £2.55 to 96p!
So sorry for all of those who have backed SHG for so long only to get shafted at the point where the rewards start to flow (especially those still underwater!) but AIM is corrupt as f8ck I'm afraid, so you just have to 'pay your money and make your choice' I suppose!?
My two major holdings now are GGP (2,004,528 shares) and SAR (84.441 shares) which are both 'Sh8t or Bust' shares, and once these have played out I'm soooo done with AIM!!!