focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
"From the ashes of disaster grow the roses of success".
Or perhaps I should say: " ... can grow an ASHI-like success" ...
The shell company ASHI floated at 3p per share on 6th. June this year, market cap. £1.841M., compared to net cash of £717K., including its net IPO proceeds.
That didn't look cheap, but to its credit it has suspended (at 2.75p) for a DOUBLE RTO, valued at over £175M. including ASHI's shell value, just two and a half months later:-
17th Aug 2023 8:10 am RNS Heads of Terms Signed
"Heads of Terms Signed
Proposed Reverse Takeover of Cell Therapy Limited
Suspension of Listing
Conditional Acquisition of Cell Therapy Limited
Ashington Innovation (LSE:ASHI), the Special Purpose Acquisition Company (SPAC) established to acquire businesses primarily in the technology sector, is pleased to announce that the Company has entered into a non-binding term sheet (the "Term Sheet") with Cell Therapy Limited ("Cell Therapy") pursuant to which Ashington Innovation will acquire 100% of the total issued equity for £135 million in an all share transaction (the "Transaction"). Cell Therapy is a clinical stage biotechnology firm with a portfolio of patented cellular medicines with a lead program that successfully completed an early-stage human clinical trial in heart failure. ... "
https://www.lse.co.uk/rns/ASHI/heads-of-terms-signed-2z1etekcmhfmp97.html
24th Aug 2023 7:00 am RNS Heads of Terms Signed for the Acquisition of Calon
"Heads of Terms Signed for the Acquisition of Calon Cardio-Technology Limited, subject to the Completion of the Reverse Takeover of Cell Therapy Limited
Ashington Innovation plc (LSE: ASHI; FSE: 6FW), a special purpose acquisition company, is pleased to announce it has entered into a non-binding heads of terms agreement with Calon Cardio-Technology Limited ("Calon"), to acquire 100% of the outstanding shares in Calon in an all-share transaction. The acquisition is subject to the completion of the proposed reverse takeover of Cell Therapy Limited ("CTL") ...
Following recent discussions, on 23 August 2023 Ashington entered a non-binding heads of terms agreement with Calon for the acquisition of 100% of the issued share capital of Calon for a purchase price of £39 million ..."
https://www.lse.co.uk/rns/ASHI/heads-of-terms-signed-for-the-acquisition-of-calon-uxanjn1i7k94bxu.html
Looking good here!
Recent Share Trades for More Acqu (TMOR)
Date Time Trade Prc Volume Buy/Sell Bid Ask Value
23-Aug-23 15:54:27 0.598 500,000 Buy* 0.50 0.60 2,990 O
23-Aug-23 15:51:10 0.5784 597,251 Buy* 0.50 0.60 3,454 O
23-Aug-23 15:50:15 0.5766 601,023 Buy* 0.50 0.60 3,465 O
23-Aug-23 15:46:58 0.565 164,410 Sell* 0.55 0.65 928.92 O
23-Aug-23 14:37:13 0.60 89,637 Buy* 0.50 0.60 537.82 O
23-Aug-23 14:11:39 0.598 82,205 Buy* 0.50 0.60 491.59 O
23-Aug-23 13:41:14 0.598 82,205 Buy* 0.50 0.60 491.59 O
23-Aug-23 13:33:45 0.598 82,205 Buy* 0.50 0.60 491.59 O
23-Aug-23 13:19:45 0.598 78,275 Buy* 0.50 0.60 468.08 O
23-Aug-23 11:38:40 0.5885 500,000 Buy* 0.50 0.60 2,943 O
Yes Banksy, lots of TMOR buying today.
And understandably so: TMOR is not only trading at below its current level of cash (at its current s.p. of 0.55p/share) which is very unusual for a shell; but it also has exciting near-term RTO deal potential, which you would expect to be at a large premium to the current s.p.
Cheers Hedgehog 👍
" ... Megasteel weren't willing to pay a share price for TMOR ..."
Amendment:-
That should say a FAIR price for TMOR.
I think that they're capable of striking a fair deal, yes Barnard.
I think that with the revised Megasteel deal, Megasteel weren't willing to pay a share price for TMOR, and TMOR's board should not have pandered to their attempt to rip us off.
But if the board negotiate with a party who IS prepared to pay a fair price, then there's no reason why that can't be agreed.
Also remember that the board won't be paid until a deal completes, so they have no incentive to spin this out, but every incentive to complete a deal - but it has to be one that TMOR shareholders will approve (75% of the TMOR votes cast required):-
4th Mar 2022 7:00 am RNS First day of dealings
" ... No ongoing director salaries - The Company's directors will receive no salaries or consultancy fees; compensation will only be received by way of a success fee on the completion of an acquisition approved by shareholders. ..."
https://www.lse.co.uk/rns/TMOR/first-day-of-dealings-ksvo8psg7tcb0np.html
"From the ashes of disaster grow the roses of success": from TMOR's current sub-cash valuation, the right deal could give a very good return from this level.
What are your thoughts here hedgehog do you think the current BOD are capable of striking a fair deal?
I can't see them stepping down but surely want this to work.
An RTO is simply an alternative way to float on the stock market, and some of the world's largest companies have come to market via this route.
Including WPP, current market cap. c. £8.076 billion:-
" ... WPP plc is a British multinational communications, advertising, public relations, technology, and commerce holding company headquartered in London, England. It was the world's largest advertising company, as of 2019.[4] WPP plc owns many companies, which include advertising, public relations, media, and market research networks such as AKQA, BCW, CMI Media Group, Essence Global, Finsbury, Grey, Hill+Knowlton Strategies, Mindshare, Ogilvy, Wavemaker, Wunderman Thompson, and VMLY&R. It is one of the "Big Four" agency companies, alongside Publicis, The Interpublic Group of Companies, and Omnicom Group.[5] WPP has a primary listing on the London Stock Exchange, and is a constituent of the FTSE 100 Index.[6]
On 14 April 2018, Martin Sorrell retired 33 years after founding the company. Roberto Quarta is chairman.[7] Mark Read is CEO.[8]
History
The company was founded as Wire and Plastic Products plc to manufacture wire shopping baskets in 1971. In 1985 Martin Sorrell and Preston Rabl,[9] searching for a listed company through which to build a worldwide marketing services company, bought a controlling stake.[10][11] ..."
https://en.wikipedia.org/wiki/WPP_plc
NZI (Net Zero Infrastructure) shows how the timetable for a replacement RTO can be accelerated after a previous RTO is aborted.
There was a period of just three and a half months between NZI returning from suspension following the abortion of its Taylor Construction Plant & Solar Highways RTO (14.2.23), and the unveiling of its LINE Hydrogen RTO, with accompanying resuspension (1.6.23).
The NZI s.p. also bounced 32% from its post-suspension low.
TMOR in comparison has already been back from suspension for two and a half months.
(Coincidentally desuspending on the same day that NZI resuspended, i.e. 1st. June.)
The incumbents will have an existing list of RTO candidates to choose from, from their work since TMOR listed, which can accelerate the process.
So they may well believe that they unveil something in time for a delayed EGM.
It's healthy to have a bit of competition for the two directorships at TMOR.
Whichever pair wants to be elected should have to make a compelling case as to why shareholders should vote for them at the forthcoming EGM.
Though if a pair of proposed replacements has an exciting track record, then that alone could excite the market.
And the incumbents may feel that they have to deliver something tangible ahead of the vote to fight off strong challengers, which could perhaps be why they have used stalling tactics to delay the EGM.
It could all potentially make for a nice win-win situation for TMOR's share price, whoever wins.
31st Jul 2023 5:32 pm RNS Half-year Report
"Unaudited interim results for the period ended 30 April 2023
More Acquisitions plc ("More Acquisitions", "More" or "the Company"), is pleased to announce its unaudited interim results for the six months ended 30 April 2023 ("the Period").
Financial:
• The Company recorded a loss of £360,481 and had cash balances of £782,250 at the end of the period on 30 April 2023.
Post Period:
• The search for a suitable acquisition target resumed following the withdrawal of Megasteel Limited from the proposed RTO.
The Interim Report will shortly be available to view on the Company's website http://www.moreacquisitions.co.uk/ ...
As laid out in the prospectus, the directors will receive no cash fees for their ordinary duties prior to completion of an acquisition. This policy, together with keeping other operating costs to a minimum, is designed to reserve the highest possible proportion of cash resources for investment in an acquired business and therefore helping to maximise the return on investment for all shareholders.
The company continues to search for an acquisition target and will be providing further updates concerning the acquisition search process in due course. ..."
https://www.lse.co.uk/rns/TMOR/half-year-report-gs1irn4ah5cwmv7.html
Noisy today ….@DDS_DocHoliday
Unfortunately the directors are hell bent on staying on. They couldn't give a toss about retail investors & are pathological with the truth.
The shell MCI changed two of its three directors in March.
And then earlier this month it unveiled an attractive potential RTO deal, combined with a completed placing at nearly double its pre-existing s.p.
So if TMOR's directors can be replaced by people who could very potentially do better (& at the moment the bar is set pretty low), then that should surely make sense to all sensible, independent shareholders.
7th Jul 2023 4:12 pm PRN Potential acquisition of near-term Lithium production asset
" ... Medcaw has today raised gross proceeds of £400,000 at 8p per share ("New Ordinary Shares") through an equity placement to various high net worth and institutional investors introduced by GIS Global Investment Strategy ("GIS") ("Placement"). The Company has therefore allotted and issued a total of 5,000,000 new Ordinary Shares in the Company. ..."
https://www.lse.co.uk/rns/MCI/potential-acquisition-of-near-term-lithium-production-asset-3abtddio02ebwe2.html
Only a fool (apart from the directors) would have been happy, Barry5.
For RM to attempt to get a £100K. bonus, for selling TMOR to Megasteel for over £100K. less than TMOR's cash, was clearly very self-serving, and not in the interests of TMOR shareholders as a whole.
Now at just 0.55p TMOR is trading at below its current level of cash, which is very unusual for a shell.
And if an exciting new 'shellmeister' becomes involved in an undervalued shell as a director &/or shareholder, this typically results in a good rerating upwards.
So base-jumper you're happy with what's been going on at the company and how the directors conducted themselves during the latter stages of the Megasteel negotiations when, within a month, we were asked to accept that the value of our shares would reduce by 75%. BOD couldn't bring it home so why not have new directors who can.
Oh and by the way, the Cowboy is not in charge but simply another shareholder, albeit a relatively large and vocal one. He is not putting himself up for office , merely putting forward names of suitably qualified individuals who I hope will be voted in at the forthcoming EGM
Watching this circus is like a good season of East Enders. great entertainment in an otherwise s£!te market
Or maybe "our cowboy" just lost because he is a clown and no one wants him in charge?
Hilarious!
10th Jul 2023 2:56 pm RNS Result of AGM
"More Acquisitions Plc is pleased to announce that all resolutions were duly passed at its Annual General Meeting held today.
All resolutions were put to the meeting and approved on a poll and the results are detailed below. ...
The total number of shares on the register at 10:30 am on 6 July 2023, being those eligible to be voted on at the AGM, was 125,000,100 . ..."
https://www.lse.co.uk/rns/TMOR/result-of-agm-85ziu36rxgol5e2.html
So Charles Goodfellow and Roderick McIllree have been re-elected as the directors of TMOR, albeit with the votes of under half of the 125,000,100 shares in issue.
TMOR has moved up 4.76% to 0.55p, from 0.525p.
Shareholders probably didn't like the idea of leaving the company without directors, even for a temporary period.
In an EGM with credible alternative director(s), the outcome may be different.
Which is perhaps really why TMOR has refused to process this EGM request.
The pressure will now be on for them to unveil an attractive replacement RTO for Megasteel pronto, or to be replaced by a director or directors who can.
Thanks for sharing that piece, Tony.
The Mail on Sunday has a huge circulation, so today's piece will bring TMOR onto a lot more radar screens.
They say that no publicity is bad publicity, and it's not often that micro cap shells receive this sort of exposure.
The directors should be allowed to get on with their stated intentions as in RNS dated 31st May 2023
"Trouble at More Acquisitions AGM?
The word on the street is that things could kick off at tomorrow's annual meeting for More Acquisitions, set up to hunt for and buy a firm focusing on the green transition.
Tensions have been high between a few shareholders and the board ever since a deal to buy Wiltshire-based Megasteel collapsed.
While attention will be on the annual meeting, some investors want an extraordinary, one-off get-together to vote on unseating directors.
There are claims that a notice to requisition a meeting was submitted – but the firm says it has not received a request meeting the basic requirements for it to be processed."
https://www.dailymail.co.uk/money/investing/article-12278369/CITY-WHISPERS-Pressure-Rolls-Royce-bull-run-runs-steam.html
Not dissimilar events to TMOR at BIDS at the moment:-
"Posted on July 5, 2023 by staff
Activist shareholder bids to oust Bidstack directors
An activist shareholder at Bidstack Group plc has tabled a resolution to remove chief strategy officer Lisa Hau and non-exec Glen Calvert as directors of the in-game advertising platform.
The company’s share price has dropped from £2.78 just prior to the start of this year to between 80 and 90p in the last few days.
Nicholas Hargrave (pictured), founder and CEO of equity investment business Moulton Harrox – which has been vocal in its criticism of the Bidstack board for months – is behind the move to oust Hau and Calvert.
Shareholders representing 5.25% of the issued share capital of the company have sent a total of nine letters to the board requesting that it convene a general meeting to consider resolutions to remove Calvert and Hau and to appoint Hargrave as a director. ..."
https://businesscloud.co.uk/news/activist-shareholder-bids-to-oust-bidstack-directors/
Only six more trading days left before the AGM now.
It will be interesting to see if anyone buys more shares just beforehand, in order to increase their voting rights.
Especially considering what great value TMOR looks at the 0.525p level.
At just 0.525p TMOR is now trading at well below its cash level, and looks a real buy opportunity.
You would think that a RTO could easily be priced at a penny or more, which could be a nice doubler from the current level.
And any positive news and the s.p. could rebound very strongly from this level.