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Not quite the energy transition sector I was hoping for!From todays rns Key Proposed Terms;Dependent on the exercise of warrants by More Acquisition shareholders as part of the Proposed Acquisition.Happy for someone to explain in a little more detailGLA
The great nature of yesterday's news is fairly self-explanatory.
If TMOR hadn't been suspended pre-opening yesterday, it would probably be top riser for the weekend.
That should still be to come though, if the RTO proceeds.
And quite apart from the initial premium for TMOR, Megasteel itself looks like a potentially cracking growth share, that could potentially multibag in the longer term from its listing price.
Thanks and well done to TMOR's management for arranging such a cracking potential deal.
I make the premium 150% though, not 214%: i.e. a premium of 1.35p over 0.9p, to give a RTO price of 2.25p.
Whereas the RTO price of 2.25p is 250% of 0.9p.
Wolf,
These are at least some of the warrants concerned, set out in the 1st. March RNS below.
The vast majority are 'investor warrants', exercisable at a price of 1.5/warrant: if all the investor warrants are exercised, this would bring in £3.75M. cash for the company.
So presumably there are new warrants too as part of the acquisition?
"Tuesday 01 March, 2022
More Acquisitions
Intention to Float on the London Stock Exchange
RNS Number : 1029D
More Acquisitions PLC
01 March 2022
... Investor Warrant Instrument
The Company issued, conditional on Admission, 250,000,000 warrants equally to all investors who participated in the Placing ("Investor Warrants").
The Investor Warrants give the right to subscribe for one Ordinary Share at £0.015 per Ordinary Share, a 50% premium to the Issue Price. All Investor Warrants may be exercised for a period of 5 years from the date of Admission. The Investor Warrants have an accelerator clause which applies if the Company announces and signs a sale and purchase agreement within 60 months of Admission. The Company will serve notice on the Investor Warrant holders to exercise their Investor Warrants in this event. When the Company serves notice, any Investor Warrants remaining unexercised after 7 calendar days following the notification of the notice will be cancelled.
Broker Warrant Instrument
The Company issued, conditional on Admission, 6,250,005 warrants (equating to 5 per cent. of the Enlarged Share Capital) to Peterhouse Capital ("Broker Warrants").
The Broker Warrants are exercisable at the Issue Price, £0.01 per Ordinary Share, the Placing price. All Broker Warrants may be exercised for a period of 5 years from the date of Admission, and conditional on Admission. The Broker Warrants are non-transferable. The Broker Warrants have an accelerator clause which applies if the Company announces and signs a sale and purchase agreement within 60 months of Admission. The Company will serve notice on the Broker Warrant holders to exercise their Broker Warrants in this event. When the Company serves notice, any Broker Warrants remaining unexercised after 7 calendar days following the notification of the notice will be cancelled. ..."
https://www.investegate.co.uk/more-acquisitions/rns/intention-to-float-on-the-london-st
Thank HH100… so in theory the sp should move forward over the near term to 2.25p as new money coming in is 2.25p? Also, any dilution caused by new shares and exercise of warrants ?
Thx
GLA
"PRESTRESSING WIRE & STRAND
Megasteel is the largest stockholder and distributor of steel for the prestressing and post-tensioning of concrete in the UK. We specialise in the distribution of steel for the prestressing of concrete, and while our products disappear into concrete and are never seen again, they are vital in providing prestressed concrete with its strength.
We are not owned by a steel mill, and act as an entirely independent steel supplier. We are very proud of our reputation in the industry as a highly dependable, straightforward and long term business partner."
https://www.megasteel.co.uk/