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Can put you in touch if you'd like. Let me know how to reach you.
Your response highlighted that your out your depth and can add no useful advice
MoreActivist@outlook.com
Try there
Can anyone direct my friend on who needs to be appointed or spoken to about a possibility of a raise and merger to fund an expansion. He has 120mill worth of orders over a 3 year contract and has an operating profit of 35%.
Pipeline for £300mill additional orders in the manufacturing industry. Please can someone point me in best direction
he bought to appease shareholders, the guy is a serial liar, manipulator, con-man….i could go on and on , look at his past company achievements, nothing apart from enriching himself and ******* over shareholders.
31st May 2023
https://www.megasteel.co.uk/news
He probably bought in order to booster the ranks of those who are opposed to the upcoming No Confidence motion.
Mixed feelings about that buy. Shows he believes in the company and the opportunity which could arise, but also I'd want to see the back of him after the latest carry on regarding Megasteel wanting to trouser 100k getting the deal over the line but shafting shareholders at .5p
Who knows why he bought..let's hope it's for the right reasons.
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A deal to acquire a Wiltshire steel company has collapsed amid claims of abusive and threatening behaviour.
The £31m deal to buy the Malmesbury based Megasteel had been agreed by M&A specialist More Acquisitions.
But following an announcement on the stock market regarding the deal the board of the Wiltshire firm were subjected to a tirade of abuse and vitriol.
As a result of the campaign by people claiming to be More shareholders the Megasteel board took the decision to pull the plug on the deal.
More Acquisitions has since published details of the hate campaign in a statement to the Stock Market.
Revised terms of the proposed acquisition were published this week and the board of Megasteel were holding detailed conversations with More stakeholders.
Following the discussion both the More and Megasteel Boards agreed to press ahead with the deal which would have taken place in the autumn.
The statement to the Stock Market revealed unsolicited and unprecedented actions by “individuals other than the shareholders directly contacted by the company” made it impossible to move the deal forward.
The statement said: “In particular, it has become apparent that parties claiming to be shareholders in More have approached Megasteel’s management and owners directly in recent days and engaged in abusive and threatening behaviour which has, understandably, been viewed as totally unacceptable by the owners of Megasteel.
“As reiterated in earlier announcements by More, Megasteel is a cash flow positive, profitable, business, with a year-end cash position of over £10m. There is, and will remain, no financial or operational imperative for Megasteel to seek a stock market listing.
“It is therefore completely understandable, if entirely regrettable, that, faced with an unwarranted tirade of abuse and vitriol directly addressed at them, the board and owners of Megasteel yesterday afternoon formally informed the company that it was withdrawing from the acquisition.”
The statement added: “The directors believe that termination of the acquisition at this very late stage, after over eight months of successful due diligence, is not only deeply disappointing but was also entirely avoidable. But for the completely unacceptable and profoundly offensive actions of certain individuals, all More shareholders would shortly have had a chance to individually decide whether or not to approve the Acquisition.
“It is self-evident that shareholders in More have the right to make their views known to the company and its professional advisers, a right which observers will be aware has been properly and legitimately publicly exercised by a number of company stakeholders in recent days. However, aggressive, abusive and threatening behaviour, targeted directly at Megasteel’s owners and managers, is totally unacceptable.”
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Rod McIllree, executive director of More Acquisitions, said: “The termination of the proposed Megasteel deal represents a massive, wasted opportunity; not only for More shareholders, who have now been deprived of their right to decide on the acquisition, and potentially benefit from it, but also for the wider London stock market. The More board understands and empathises with Megasteel’s owners, whose first direct ‘interaction’ with individuals purporting to be UK small cap investors has proved to be such a distasteful and unpleasant experience.
“The company will now restart its review process with a view to identifying other suitable acquisition opportunities for More.”
Megasteel was established in 1991, initially specialising in steel for the reinforced concrete. Since then, it has become the largest distributor of wire and steel for the prestressing and post tensioning of concrete in the UK.
What makes you think or feel that?
He plays games, and never think he is what he sees, hes nothing but a player and a pumper and a dumper. you only have to read twitter to see some of his pumps and his friends pumps and dumps
I'm not sure BOD would understand your logic Hedgehog. They were played and difficult to trust them now to get another deal for us.
You'd think Roberts would be made of sterner stuff, being a man of steel. But I don't believe much, if anything of what BOD says. The shareholders they spoke to were nit in favour but simply decided to see what the final deal looked like before they would say NO.
From today's RNS:-
"Following this exercise, it became clear that broad support existed amongst shareholders to continue with the proposed Acquisition, with them making a final decision upon the publication of the final prospectus and at the subsequent General Meeting."
There may have been support for the acquisition per se, but not necessarily on the 0.5p terms.
I haven't seen one poster say that they would vote for the 0.5p option: the closest is JustHereForHemo earlier today who is broadly neutral.
Why would anyone vote for giving away the asset (i.e. TMOR) for half it's minimum current worth for a RTO?
The difference to TMOR shareholders of 1p v. 0.5p is clearly 100% more, but only adding c. 2% to the enlarged equity.
That's because the price being paid for Megasteel doesn't change, you just issue half the number of shares at double the price; and TMOR's share of the enlarged equity nearly doubles from 2% to 3.9%.
As at 31.20.22, TMOR's cash was £1.151M., and it's first year costs from 4.3.22 were capped at £50K.
It's market cap. at 1p would be £1.25M.
Can't help but feel the issue regards abuse is nothing more than a cop out, telling me businessmen are offended by abuse, come on...
If they use a value of 0.5p instead of 2.25p then it means they need to issue 4.5 times more shares to pay the circa 31m GBP.
So there is a bis difference.
24th May 2023 12:04 pm RNS Update on Proposed Acquisition of Megasteel
" ... faced with an unwarranted tirade of abuse and vitriol directly addressed at them, the Board and owners of Megasteel yesterday afternoon formally informed the Company that it was withdrawing from the Acquisition. ..."
https://www.lse.co.uk/rns/TMOR/update-on-proposed-acquisition-of-megasteel-lhq7fm45bwyvavh.html
Can't be too disappointed about a 0.5p RTO being aborted, however good an investment it may have been from there .
Obviously Megasteel were at best lukewarm about floating, and to a degree abused that by insisting upon rip-off terms, that there is no way would have been supported by 75% of the TMOR votes cast.
TMOR aggravated the situation by blatantly lying in Monday's RNS with this piece of statistical nonsense:-
"The Directors believe that this material reduction in valuations retains the relative post-completion ownership of the Enlarged Group ..."
So while I don't condone the abuse, I can understand it. It would have been better though to have been constructive, and see if the RTO price could be raised to 1p (which would cost Megasteel just an additional 2%.)
So I agree, a wasted opportunity, but one for which TMOR's board and Megasteel are primarily responsible.
Its is not Docs fault, and no he does not play games, he will have been just as miffed as the rest of us.
I am not convinced the deal was as bad as is being made out, from what I take from it Megasteel were valuing TMOR at less than current mCap or ~ 0.5p per share which IS a significant discount, but the mCap/SP is just a reflection the SP when trading was ceased and not based on anything hard or substantial, if they started trading tomorrow there is no guarantee SP would not drop to 0.2p which would make 0.5p a bargain.
I am not saying the deal on the table is good or bad, but there are positives, one I see is removal of fundraising which in this market where any fund raise = punishing dilution thats a good thing. The next point is that VALUING TMOR at 0.5p for the purposes of the takeover does not mean that we get 0.5p per share that we hold, we STILL hold our shares. When the enlarged new company starts trading there is ZERO guarantee about what the opening price will be. IF the takeover bring significant value to TMOR (or whatever ticker they switch too...) then it could still gap up to 1, 2, 3p etc.
On paper, very quick scan easy to assume we were about to be shafted but honestly IMO its not as black and white as that, and regardless, looks like the shafting is not happening anyway so atleast they have listened to shareholders, rightly or wrongly.
Correct me if I’m im wrong but it seems that Megasteel were the ones who F**** over the BOD and they were left with no choice but to agree to those terms inorder to conclude the deal.
yes the deal could have been better but it seems the BOD were between a rock and a hard place.
Don’t blame the player, blame the game 👍
I am sure the pumper doc can afford to loose the money, he said he was done with aim and then came back never trust the guy he plays the game.