The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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With SNRP expect the unexpected!. I have suspected for some time that Private Investors have been set up as the senior management and new large shareholders battle it out for control of the valuable assets (possibly being set up for an MBO for a ridiculously low price). There has been very little consideration or attention given to the provision of good quality information for Private Investors in SNRP for a very long time. That is unlikely to change for the immediate future. It looks like the suspension and resignation of the Nomad is just more evidence of the boards inability to discharge their fiduciary duty to all shareholders (rather than just select 'insiders').
It might be months before they find out about an IPP.
my worry is if the appointment process sint quick could they turn this around within a month so was hoping it was a buyout!
I don't know but once they get another Nomad it should be back to business. I'm sure there will be some more surprises to come... :-)
input here would be greatly appreciated on how you see the situation - thanks
so how do you see this panning out?
Pay attention.... from the RNS.... In accordance with AIM Rule 1, if the Company fails to appoint a replacement nominated adviser by 7:00AM on 24 July 2014, the admission of its securities to AIM will be cancelled. I believe this is because the LSE suspended them and it wasn't voluntary......
are our investments gone?
so where now - is it just a painful wait to admin?
Forgot to pay the bills......
you seemed to be in the know that this was what was going on - any idea where we stand now - have we got a new one lined up seems ridiculous so soon after funding
Resignation of the Company's nominated adviser and joint broker
anyone heard anything at all good or bad i admit im apprehensive but it seems very strange that they would raise funds to make them more secure, sort out the winding up and then run straight into trouble? logic would say this should be good news i.e. buyout but gut feel is nervous wonder what a fir buy oput price would be - they have a brilliant asset of significant importante to SA, prevouly up at around 30p with only 5% of asset explored many holders would be in higher but i fortunaley have low average and 238K shares so i would be happy with any offer above 6p 10-12p would feel about right by me what dont want to see is a long drawn out supension pending some resolution of an irregularity
why the dotted posts? it is really annoying to have to click a single dot!
Hopefully SNR will have it sorted quickly. Plays a very important part. Shouldn't have ignored/overlooked it.
It's only Thelo who need paying isn't it? Not quite
Yes, they had a lot of heavy covertible notes that needed to be paid for, They have had a rights issue to pay for that and are in the process of teaming up with a partner to start up the De Wittekrans mine and renegiate contracts with Transnet and others, I only thought the other day that they said their re-listing was scheduled for the middle of June, thats what made me think of a possible link.
Was COOL a voluntary suspension?
Is this the case with SNRP? In hindsight it looks like the Nels may have been the smartest guys in the room....having sold all their shares at a decent price they could probably buy a large chunk of the company back for a fraction of the price. The directors and management team's incompetence over the past year has been incredible ... given the quality and value of the asset involved.
COOL is still suspended, they were due to relist around middle of June. They were in a similar situation to SNRP and were in the process of being refinanced. Does any one see a possible merger of both companies?
‘If an AIM company ceases to have a nominated adviser the Exchange will suspend trading in its AIM securities. If within one month of that suspension the AIM company has failed to appoint a replacement nominated adviser, the admission of its AIM securities will be cancelled.’ This rule would deter most AIM companies from removing their Nomad! Even changing Nomads requires a lot of management time and extra costs as the new Nomad completes its due diligence process. So, choosing the right Nomad in the first place is very important. Http://www.aimzine.co.uk/aimzine/1008/1008_A1/1008_A1.htm It's all down to moola.........
What happened to Zoli Macanda-Simbodyal?
New Elitheni board on today.... not who they said it was to be in one of the latest RNSs..... Http://www.elitheni.co.za/board/
I wonder how well the Nel's will do out of this situation SNR are in? It wasn't so long ago David was shouting from the rooftops about how good this company was, only then to go and sell all his shares!
I understand that there will be an after hours announcement. Does anyone know if the suspension was called by AIM or SNRP?