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Doc Holiday is heavy in here and I belive has contact to them.
In his last Tweet about this he said April
Surely news must be due. They stated first quarter and it is April.
Have we all given up on this? Has anybody got any news to report?
about time we had an update on progress, anybody heard anything?
sorry missed out Profit before tax which was 6.6m (last year 3.2m)
Megasteel's accounts have just been published on the Companies House website (use the Search option) so are available to read. Results are outstanding and the directors seem excited about the deal and are actively looking for acquisitions once they go public.
Turnover 30m (up from 19m)
Cash at year end 10m (last year 5.3m)
The accounts say that Megastel shareholders will own between 85% and 90% of the new public company
barnard, thanks for referencing the Alan Green interview. I missed this at the time as there were so many 2023 stock picking interviews going on. For anyone who is interested the link is here and TMOR is referenced at 42.00 mins in. It does sound very promising.
https://stockboxmedia.com/interviews/research-talks-stock-picks-for-2023-prem-gcat-maru-fcm-tek-grx-ecr-pow-tmor/
It was on Stockbox link was on Twitter..one of his picks for 2023..another 6-8 weeks we might be there ,it could be a beauty!
Thanks for that Barnard.
Was it this one from December?
12.35 minutes in:
https://www.**********.co.uk/articles/alan-green-talks-about-harland-wolff-more-acquisitions-tertiary-minerals-695267e/
Listened to an Alan Green interview who was loving TMOR and the Megasteel deal. He said the relist at 2p was modest and the future of the company is very bright and one to look at when it relißts as Megasteel..very positive.
Further to the above new warehouse:
Posted by the MD of Sweetnam & Bradley Ltd yesterday on Linkedin with photograph of a pretty full warehouse:
"44,000 square feet of warehousing space and getting very near to being filled with Megasteel Pre-stressed Steel (wire and strand). By the end of February at least one half of the steel strand and wire that you can see in the below photograph will be with pre-stressed concrete manufacturers all over the UK. The purchase of the site is a huge achievement for the Megasteel Group and a demonstration of the ambition and growth of the business. Thank you David Baker and the George Baker (Shipping) Ltd Team. Stevie, Chris and Dan looked after us today and are doing an amazing job of managing and organising the site. Hard to believe that just 6 weeks ago, the warehouse and site was empty. Now its surrounded by security fencing and busy with lorries collecting and delivering daily. Incredible!"
Piece above ended:
"After only six weeks of owning the property, it’s already housing 3500 tonnes of steel wire and strand and the warehouse will have a capacity to hold over 7,000t in total undercover! This is a huge step forward for Megasteel. A huge thanks to David Baker and his team at George Baker Shipping Ltd for the amazing job they are doing managing the site."
Excellent photographs
Megasteel is very proud and excited to announce that we have purchased our 43,000 square ft warehouse in Ipswich, in a prime spot on the Ransomes Industrial Estate. The first steel has started to arrive and is being held in stock, as you can see from the photos:
Https://www.megasteel.co.uk/news
13th Dec 2022 7:00 am RNS Audited Accounts to 31 October 2022
Audited Accounts to 31 October 2022
The Board of More Acquisitions plc are pleased to present the Company's inaugural audited financial statements for the 13 months ended 31 October 2022.
The report will be available on the Company's website.
The Directors are pleased to re-confirm that the total costs for the IPO were capped at GBP50,000 (excl. VAT), as reported on the first day of dealings.
... Chairman's Statement
More Acquisitions is pleased to present its inaugural Annual Report to shareholders.
Launched onto the LSE Standard List on 4 March 2022 with great aplomb, More Acquisitions had from the very beginning a clear plan to find a suitable Reverse Takeover ("RTO") candidate to present to its shareholders. Your Directors set about this task with alacrity and considered numerous opportunities before alighting upon Megasteel Limited. On 23 September 2022, the Company was pleased to announce that it had signed conditional Heads of Terms in relation to the proposed acquisition of 100% of the issued share capital of Megasteel Limited, one of the largest stockholders and distributors of steel for the prestressing and post-tensioning of concrete in the UK. The RTO transaction is expected to close during Q1 2023.
In the view of the Directors, this proposed transaction represents an extremely exciting opportunity to bring a high-quality profitable long-standing British engineering concern to the market and provide, one hopes, healthy returns to More Acquisitions' shareholders over the medium term. The Board looks forward to bringing this transaction to a successful conclusion as soon as possible and will keep shareholders abreast of developments in this regard. ...
https://www.lse.co.uk/rns/TMOR/audited-accounts-to-31-october-2022-opcbag215kv22ph.html
Great news
RTO transaction is expected to close during Q1 2023
In particular with reference to More Aquisitions and Megasteel from 28 minutes:
https://youtu.be/HVs4rAAnLe4
ROC yesterday announced a proposed RTO at 7.86p: a 67.23% premium to its 4.7p suspension price:-
15th Nov 2022 3:56 pm RNS Potential Reverse Takeover & Suspension of Listing
"Rockpool Acquisitions Plc, the Special Purpose Acquisition Company ("SPAC") formed to undertake the acquisition of a company or business headquartered or materially based in Northern Ireland or alternative transactions with suitable targets, including those that may not have a direct connection with Northern Ireland , has entered into heads of terms ("Heads") relating to the proposed acquisition (the "Acquisition") of the entire issued and to be issued share capital of Amcomri Group Limited ("Amcomri"), the holding company of a fast-growing, acquisitive group of quality UK Engineering and Manufacturing businesses. ..."
https://www.lse.co.uk/rns/ROC/potential-reverse-takeover-suspension-of-listing-ryf9u6tg0kix1sg.html
Anyone kicking themselves at missing out of TMOR &/or ROC could do worse than to take a look at ARA.
Currently 5.5p, market cap. £577.5K. at 5.5p, a significant discount to its cash, and with low cash-burn.
13.4.22:-
"Withana describes Aura as a blank slate, one that makes one or several targets to become a substantial company. He says we’re talking “about 300, half a billion or higher in terms of size and market cap� and “our ambitions are to have a well traded, well covered and liquid stock.�"
https://total-market-solutions.com/2022/04/aura-renewable-april-2022/
Anyone any idea how long this process may take?
I think we’ll be looking at an uplift of around 200% which ain’t half bad in these markets. Tmor will do an rto with mega steel, not sure if they’ll rebrand at a later date? Will have to wait and see. It’s certainly a market that will grow in the current climate. Hopefully the uk metals market can start focusing on uk homegrown stuff and not crap Chinese steel which is full of carbon and nowhere near as strong. Hence why all steel I beams are now twice the gauge
If the deal goes through do our shares stay as TMOR shares,or Megasteel?
Just trying to understand what happens to our holding in TMOR when 2.5bn shares are issued..
TMOR had 125m in issue (from memory) so do we receive 2.5x our TMOR holding to take up the new 2.5bn shares?
Sorry if this sounds dumb but not sure about how the mechanics behind it work. TIA.
Anyone kicking themselves at missing out of TMOR could do worse than to take a look at ROC, which could potentially be 'doing a TMOR' during the coming quarter.
Currently 6p, market cap. £763.5K.
From ROC's annual report earlier this month:-
"ROCKPOOL ACQUISITIONS PLC CHAIRMAN’S STATEMENT
I hereby present the report and financial statements for the year ended 31 March 2022. During the year the Company reported a profit of £56,654 (2021, loss of £36,077). As at the Statement of Financial Position date the Company had £1,206,254 of cash balances. ...
Following the termination of the Greenview acquisition the Company applied to the FCA for the lifting of the suspension of the Listing of the Company’s shares, and that suspension was lifted on 27 May 2022. The Company is now actively engaged in seeking alternative acquisition targets and anticipates being able to make an announcement regarding its progress in that regard within the next few months.
I would like to thank all those who have assisted the Company during the past number of years including advisers and creditors for whose support we remain grateful. I would also like to thank the shareholders for their patience during the very long period in which trading in the Company’s shares was suspended.
I look forward to a positive year ahead which will hopefully see significant progress for the Company and, potentially, the completion of an acquisition.
R A D Beresford
Non-Executive Chairman
6th September 2022"
"Performance of the Business and Position at the End of the Year
The Company reported a profit of £34,215 for the year ended 31 March 2022 (2021 – loss of £36,077).
The Greenview loan and accrued interest were fully repaid during the year. Net assets as at the year-end were £909,264 (2021 - £875,049), with £1,206,254 in cash balances held at that date (2021 - £24,983).
Loans of £88,226 were outstanding at the year-and (2021 - £85,976)."
https://www.rns-pdf.londonstockexchange.com/rns/4682Y_1-2022-9-6.pdf
"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/
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
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
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