SND.L Share Chat (SND)

We now have the details of the proposed EGM and likely delisting date, which, given how close they already are to the 75% threshold is likely a formality now and SND will delist from 21 August.

Around 28% of the company is still held by smaller investors, including PI, so it's a minority, but not insignificant. Given the firming up of the dates, I've been re-testing my thinking about how this might now play out and I think there remain a number of outcomes for PIs from the point, which I've set out below. I'd be interested to hear from others about whether there are any others that I've not thought of.

In the short term, the only things that are likely to lead to any improvement in the SP are either a takeover offer from a party unconnected with current proceedings, or ROX offering to buy up any remaining shares before the delisting. On the former, I think that remains a possibility, albeit that the window of opportunity is narrowing. In some ways it would make strategic sense for a takeover offer to come when the SP is at its lowest, but it could also be argued that the current SP is largely irrelevant, as any offer would anyway need to be materially above 10p per share for ROX to accept it. That said, even at 10p SND is ridiculously undervalued, so it remains a possibility. On the latter, I can't see why ROX would make an offer before the delisting, as any such move would probably fall foul of the waiver (and in fact, I think I recall reading somewhere that they either not allowed to trade, or have undertaken not to).

After delisting, both the above possibilities remain, but I think an offer from ROX after the delisting is a distinct possibility. While it's positive that a matched trading facility is being put in place, realistically I think there is unlikely to be much liquidity and trading on a day to day basis. That doesn't mean that the shares won't be tradeable, but it will be very difficult to determine a fair price, other than when we get the statutory information in the accounts etc. So it would be easy for ROX to make an offer quite quickly (which could be above or below 10p a share) that some shareholders would find attractive.

Beyond that, a takeover is always a possibility and you would think that would become more likely over time, as the business grows and becomes profitable again. There is also the possibility of relisting in the future, which is likely the most distant option for shareholders in terms of timeframes (likely 3 years minimum, I would guess). That said, ROX must be banking on one of these two options, as they will need an exit event to realise their gains, so this probably represents the scenario with the greatest returns.

So, those are the options for PIs as I see them - there risk in holding through into delisting (specifically that the minority shareholders gets squeezed out by future corporate actions), but that does not come without reputational risk for ROX, so it's a finely balanced decision.

Good post Sorcerer. I intend to hold as ROX have bought at 10p. Any of the scenarios You mentioned could play out, but I believe that they intend to re-list at some point in U.S. As You have mentioned, it may take a few years as a LTD Co to do this. PI`s wiped out in panic or they dont want a de-listed Co. The risk for Me is worth holding as ROX will want a good return on their investment. A takeover offer would be very welcome though. Now averaged at 3.8p so hope this is the low.

Hi all, if the matched bargain facility is removed at some point in the future after delisting does this mean it's impossible to sell your shares unless the company relists somewhere else?

"whilst the Company’s CREST facility will remain in place immediately post the Cancellation, the

Company’s CREST facility may be cancelled in the future and, although the Ordinary Shares will remain

transferable, they may cease to be transferable through CREST (in which case, Shareholders who hold

Ordinary Shares in CREST will receive share certificates);"

I will be holding whatever knowing that ROX have put £m`s of funding into this at 10p a share. They will either re-list in the U.S. or a takeover offer will be made. May be holding a while for this to happen, but You will still have the same amount of shares in SND. See quite a few punters willing to take the gamble on this at lowest ever prices. Hope it comes good for You.

Why would they want a long-term position in a delisted company?

Same reason people invest in start ups.

But it's an end-up; sort of like an opposite of a startup.

Not really, nothing has ended, is still trading - just going private.

As for the question about why you'd invest in a private company, same reason anyone buys shares in any company, whether plc or not: the belief the shares can be sold in the future at a higher price.

The II I mentioned that supported this plan has fronted a few million quid at 10p a share and now own half the company, they seem to have decent conviction on that trade. The illiquid nature of private companies means they're not for everyone, but the company are offering a facility to trade shares after it delists.

I would say though if you're squeamish about owning shares in private companies, which seems to be the case from your posts, stick to plcs. In the meantime I'll be seeing what happens to the share price between now and 21st August.

As yourself and the other poster implied, nobody would be squeamish about holding shares in a private Sondrel if the plan is to list on Nasdaq. However, there's no evidence that that's the plan. Just the rumour.

The issue I have is that, as someone who bought a small number of shares in this company last week for 2.20 per share, I'm aware that there are many people holding big bags, who are seeing red. Therefore, there is a lot of motivation there to spread about false rumours to pump the price until 21 August as these people sell their bags. They will want to mitigate their loss. Everyone's been here longer than me and the share price at the present time doesn't reflect any faith that it's going to America. In fact, there's more indication of a crisis of faith. For example, Curren's holdings have been halved and he's stepped aside. Rox would have required him to do that. Chubb is ex-Royal Navy - why get an ex-RN CEO? 2 possibilities: (1) you're after the defence procurement market; (2) you feel you've been misled and messed about, and now you want a no-nonsense CEO.

To sum up, I think Rox may have been misled by hype and false rumours, just like any retail investor. However, I, personally, haven't made my mind up at all. Just curious as to whether you think this gets relisted (in America) in the future.

Taken a punt as CGH and DEST did 200% in similar circumstances

Vote on Monday will pass as they have 75% BUT I think insiders will be greedy between 12th and 21st August

10p funding

Someone is grabbing the free stock.

The 100,000 buys last 3 or 4 days looks like insiders

Nope they do not have 75%…they have 72.45% so they are short

The Directors consider that the proposals are in the best interests of the Company and its Shareholders as a whole and, therefore, unanimously recommend that you vote in favour of the Resolutions at the General Meeting as each of the Directors intends to vote, or procure the vote, in respect of, in aggregate, 124,943,504 Ordinary Shares to which they or their connected persons are beneficially entitled, representing approximately 72.45% of the Company's issued ordinary share capital.

Latino

Thanks for the correction

Either way ..a company that helped with the Musk company brain transplant should be worth a least the 10p that insiders funded it with via CLN

I can then decide on 21st August whether to risk the POSSIBLE move to NASDAQ

More block buys

I saw your post 404 and purchased some

Your rationale makes no sense because, like the others, you're just spreading rumours. I'm more than 30% up on this stock so what I'm concerned about is when to sell. It seems to me you and the others are going to pump this until 21 August and get out some time between now and then. I don't take your rationale at face value because you, like me, have no reason to believe it's going to relist in America, or that Neuralink was involved in this company, etc. We're in the same boat, buddy, except I'm honest.

Seems we may go a lot up today

"except I'm honest" Lol

Added another small amount

The real spread is finally much better. .2.68-2.7

JakeSnake

Lol, get a grip. What rumours exactly have I spread? And where have I been dishonest? This is a total first for me, nobody has ever questioned my honesty.

Absolute mystery why you feel the need to reply to every post I make on here. All because I stated my opinion on the stock, and reasons for the trade I made, that's what these boards should be about.

But every time I've posted on this board this week now you've replied to me - only my posts - in an increasingly agitated state each time haha. Ignoring all the b*llocks all across this website, instead focusing on my take, getting more and more angry each time.

In fact it looks like every post you've ever made on lse is in reply to me lol!

If anyone looks at your previous posts they will see you expressed the same doubts as I did, in my post. That's why I'm not too happy with you tbh. But it's not personal and everyone should be happy since we're in significant profit now. No need to overreact - it's just a discussion.