Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Chart confirmation of a hold above 32.26.
Strong close Friday, plus not much on the ask to 45s.
54 is the first target and lots of recovery above .
Economy re opening ,new board and some very influential directors at that. Ex Travis Perkins CFO.
I think there will be a share offer around 25p for existing holders , so be lots piling in here for the discount.
Eventually with the restructuring I think it will be well above pre covid levels.
Great recovery play and only just starting on its recovery.
Buy n Hold and don't give your opportunity to someone else. JP Morgan buying again open market should be noted.
Good luck all
Sorry if i missed it, just wondering when we should receive an RNS regarding the placing and whether us PIs will have the opportunity to take up on the offer also? or has this it not been announced when they endeavour to inform share holders?
please delete 'other large investors'.
Yeah mistake - they had as £0.53 last week - prob wanting some to panic sell & have popped an extra 0 in by ‘mistake’
We may all have noticed a tendency in previous times to drop back on usually a placing price when it is announced. And there is then the thought that the placing shares may come onto the market if not subject to lock-in. But like other raises at this time, undoubtedly positive under the circumstances, the share prices are coming off a low and eventually finding a place to settle and wait for progress. I do not know the detail of what we shall be asked to vote on regarding the funding, but we have been given a fairly good picture. And we know the base level of 25p has done nothing to deter investors. The price will find a level sometime after the funding hopefully completes in July. On my reading the new shares will predominantly go to the cornerstone investor who has no reason to sell, existing other large investors, possibly of a similar view, then the 'broader range' under the open and preemptive offers - as I see it by definition including pi's. Price - all I can say is it will likely be 25p or over. That being the case, in the shorter term you have to hold shares on a record date to qualify.
It seems to me it may be a case at this time of shares being 'worth' what people are prepared to pay for them. And there will be forward pricing by investors confident in changes already made and the recovery plan to business as even better than before.
I've just looked on simply wall Street app. It suggests Sig are massively overvalued? Like 630% overvalued. Is this an error or?...
Am loading here , .
Big recovery play
Chart confirmation of a hold above 32.26.
Strong close Friday, plus not much on the ask to 45s.
54 is the first target and lots of recovery above .
Economy re opening ,new board and some very influential directors at that. Ex Travis Perkins CFO.
I think there will be a share offer around 25p for existing holders , so be lots piling in here for the discount.
Eventually with the restructuring I think it will be well above pre covid levels.
Great recovery play and only just starting on its recovery.
Buy n Hold and don't give your opportunity to someone else. JP Morgan buying again open market should be noted.
Good luck all
I'm wondering if people can help me here. I'm new to buying shares. Just trying to make some money to offset lost wages. I've had some good luck so far and some bad luck. I've tried to make sense of all the chatter. But I can't. Now is this money raise going to be the way costain have just done it. Which I liked. Get so many cheap shares per amount of shares you hold. Or is it going to be the strange thing that hyve recently done by consolidation from 10 to 4 etc and you have to pay more money to take up your right. I didn't like that one. So I got out. I might sound like a total idiot here. But just wondering .tha is very much in advance.
Buckelfern you say a takeover is coming? Hope you are right, but I personally think if that was the case, don't think the "pipe arrangement" would have ever happened" behind the scenes"
Could not care less what you say you are personally up to.
But thanks for the chat.
@Raleigh
"Now perhaps you will answer mine - your last post makes it all the more important.
Do you argue then that the limited authority of directors extends to cover this fund raise? Please do so. And raise all that cash without shareholder approval. Your quotes by the way. Fire away"
I am not arguing about anything!! I was was merely requesting where you got your quote from!! Yes the one that you now clearly admit wasnt official but your own opinion!!
All I have done is quote from the Chairmans Letter and Notice of AGM page 14 :-
https://www.sigplc.com/~/media/Files/S/SIG-Corp/Annual%20Reports/SIG-AR2019%20webready/SIG%20Notice%20of%20Meeting%202020%20FINAL.pdf
FYI apart from being a customer of SIG, I have purchased 10 tranches of shares from 22nd April averaging out at 23.1p per share. I have "invested" with the view to making a nice little profit on a very much oversold recovery stock over the next 12 months. Yesterday I sold 25% of my holding at 36.4p per share to take some profit. If and when the shares rise to around the 50p mark will sell another chunk and leave the rest to the vagaries of the stock market.
COMPRENDE??
Seen one couple of days ago from ted baker. Offered 4 shares at reduced for every 7 currently owned
No boxing match. The RNS talks of a pre-emotive offer. For some reason Takenorisk wants to waffle around it with articles of association which do not cover the need. Anyone would think he does not want existing holders to have the opportunity of more shares at discount.
It´s like watching a boxing match between Raleigh and Takenorisk ! Gonna grab me popcorn !
I've never been a part of a share offer before, how does it usually function? I'm a current holder here with a half-decent position for me, does the amount you currently own entitle you to a certain amount or what?
I am glad it is the final time. Specifically it is in an earlier post of mine -
quoting myself "It is not an acquisition. It is not a capital investment. Those are the limited circumstances. That is the articles." That is it - alright shareholders? Agree or disagree, they do not have enough latitude within the articles anyway.
My posts cover my views - obviously not yours. But we do not know what yours are. Perhaps you will post how you see it all fitting, the relevance and limitation of articles of association specifically in this case including why the limited circumstances are not as I read them and put them on this board ) the wider placings and open offer incorporating a preemptive offer, and why there will be a vote on whatever comes next. I have nothing to add to my posts, or alter. It is all reasonably straightforward to me, But I am sure your contrary views will be welcome, if you would just post them to put things right.It is a question of DYOR as they say.
I have answered yours.
Now perhaps you will answer mine - your last post makes it all the more important.
Do you argue then that the limited authority of directors extends to cover this fund raise? Please do so. And raise all that cash without shareholder approval. Your quotes by the way.
Fire away.
Chart confirmation of a hold above 32.26.
Strong close Friday, plus not much on the ask to 45s.
54 is the first target and lots of recovery above .
Economy re opening ,new board and some very influential directors at that. Ex Travis Perkins CFO.
I think there will be a share offer around 25p for existing holders , so be lots piling in here for the discount.
Eventually with the restructuring I think it will be well above pre covid levels.
Great recovery play and only just starting on its recovery.
Buy n Hold and don't give your opportunity to someone else. JP Morgan buying again open market should be noted.
Good luck all
Raleigh for the fourth and final time put up or shut up!! Where does it officially state "The limited circumstances do not extend to the purpose of this fund raise"?????
Your comment if unsubstantiated could have an adverse effect on the shareprice and that is why it needs clarifying for not only me but all PI's.
Regarding the Directors "authority" enclosed yet again for your benefit is an official SIG quote. It is not an arguement,it is not assumed, imagined or my opinion!! IT IS FACT !! Please read it!!!
"Resolutions 14 and 15 will give the Directors authority to allot ordinary shares in the capital of the Company pursuant
to the authority granted under Resolution 13 above for cash without complying with the pre-emption rights in the
Companies Act 2006 in limited circumstances".
Do you argue then that the limited authority of directors extends to cover this fund raise? Please do so. And raise all that cash without shareholder approval. Your quotes by the way.
Raleigh for the third time please just show me where it says"The limited circumstances do not extend to the purpose of this fund raise" or retract
And I prefer to not go down the road of when is a pre-emptive offer not a pre-emptive offer.
This is from the current articles.
"This disapplication authority is in line with institutional shareholder guidance, and in particular with the Pre-Emption Group’s Statement of Principles (the “Pre-Emption Principles”). The Pre-Emption Principles were revised in March 2015 to allow the authority for an issue of shares for cash otherwise than in connection with a pre-emptive o er to include: (i) an authority over 5% of a company’s issued share capital for use on an unrestricted basis; and (ii) an additional authority over a further 5% of a company’s issued share capital for use in connection with an acquisition or speci ed capital investment announced contemporaneously with the issue, or has taken place in the six month period preceding the announcement of the issue."
But there will be a new authority by way of articles on June 30th., also including DISAPPLICATION OF STATUTORY PRE-EMPTION RIGHTS (RESOLUTIONS 13 AND 14)
Resolutions 13 and 14 will give the Directors authority to allot ordinary shares in the capital of the Company pursuant to the authority granted under Resolution 12 above for cash without complying with the pre-emption rights in the Companies Act 2006 in limited circumstances.
This disapplication authority is in line with institutional shareholder guidance, and in particular with the Pre- Emption Group’s Statement of Principles (the “Pre-Emption Principles”). The Pre-Emption Principles were revised in March 2015 to allow the authority for an issue of shares for cash otherwise than in connection with a pre- emptive offer to include: (i) an authority over 5% of a company’s issued share capital for use on an unrestricted basis; and (ii) an additional authority over a further 5% of a company’s issued share capital for use in connection with an acquisition or specified capital investment announced contemporaneously with the issue, or has taken place in the six month period preceding the announcement of the issue.
It is not an acquision. It is not a capital investment. Those are the limited circumstances. That is the articles.
But, there will be a shareholders meeting to separately authorise what they intend to do, because they do not have authority within the articles. I have no idea, nor do you, of what resolutions will be tabled separately to what we know will be in the AGM by way of authority to allot shares.
Therefore, I turn to the RNS, and references to shareholders approving, by vote, whatever they seek. That includes a pre-emptive offer.
Raleigh if you can show me where it states "The limited circumstances do not extend to the purpose of this fund raise", then without any doubt I would be a lot happier in the knowledge that we have got more than a sporting chance of being included.
If you have unintentionally misquoted or misinterpreted (it happens to the best of us!!) fair enough but please let us have the source of your comment or retract it.
Raleigh sorry just been out!!
"Do you then maintain there will not be a pre-emptive offer, contrary to the RNS?"
I honestly dont know because the wording in the MOA leaves it very much open to interpretation!!
By the wording "open offer" I read that it will be a free for and that because of the expense, inconvenience , administration and timescales of including PI's that we will be excluded. If we were to be included I would have expected that by now we would have had a firm indication!!
Prior to RNS last Thursday evening all II's will have been notified of intent of offering without us poor buggers being involved so I honestly feel that we will be excluded.
That is purely my opinion of course!!