Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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San. PLY is allegedly a stock exchange expert.
This is clearly a Board Mistake.
If he doesn't know the rules of the exchange the company he's a director of is listed on, then what else doesn't he know?
Guys in fairness this is an AQUISE mistake. The board can be blamed for loads of stuff, and rightly so, but the AQUISE corporate advisor shouldve managed this and a suspension shouldve been advised immediately once assessing the RNS detail. Chap below ;)
AQSE Corporate Adviser
First Sentinel Corporate Finance
Brian Stockbridge
Anyhoo its done now.
San
Okay, thanks San.
Not very comforting that a board member, and "THE" exchange expert didn't know this.
It just gets better and better !!
"rulebook which states that the existing PLC company has to suspend shares when the above is articulated within an RNS"
Which they didn't...
Mustard
A reverse takeover is an acquisition, whether effected by way of a direct acquisition by the issuer or a subsidiary undertaking of the issuer, or an acquisition by a new holding company of the issuer, of a business, a company or assets which in substance results in a fundamental change to the business of the issuer or the issuer’s
group or in a change in the majority of the board or voting control of the issuer.
I think the key thing here is a fundamental change to the issuers business. VLRM will have a licensed stock exchange which fundamentally changes the current business (at the moment a shell company). I would ignore the definition on wiki and go with the Aquise rulebook which states that the existing PLC company has to suspend shares when the above is articulated within an RNS.
San
Darren, would say that its a mixture of incompetence and some questionable behavior. The biggest issue i have is with a certain individual being too close to Richard and having enough skin in the game to cause damage to the SP (make of that what you will with the current SP). Too much wink, nudge and photos on twitter with no substance. I could list incompetence points but might be here a while. It has to improve and have communicated this back to the board members
San
I had pondered that myself Mustard, but assumed I'm just not informed enough to understand the details.
Here's the timeline of events though:
- Complaints about the board's behaviour is brought to the attention of the FCA
- The price spikes suspiciously quickly in the morning (before the RNS is released)
- The RNS is released, vaguely referring to the possibility of some funding (+ yet another extension, yay)
- Selling begins and the morning's gains drop back
- Trading is suspended by AQUIS
- This appears to come as a surprise to VLRM as they clearly didn't have an RNS prepared and it took well over an hour for them to get one out
Perhaps someone much cleverer than me can explain how this is even an RTO.
I thought an RTO was when a non publicly traded company (ltd company) bought a listed company (plc)
Gsx is a Ltd company being bought by a PLC VLRM.
It’s back to front. VLRM is already listed on AQUIS.
I suppose we should blame these MM’s for ramping it to 80p in the first place, just so they could dump the stock and make their margins on the decline. Right?
So San, you agree that there has been a lot of shady behaviour going on with this company?
I ask you respectfully as you have been one of the posters who is invested the same as me but doesn’t get salty when facts are posted.
I’m shocked that the BOD has been able to get away with their conduct. Not just with VLRM, all of the company’s they have been involved in.
Their conduct is nothing less than criminal, they need to be held accountable for their wrongdoing. I would love to enforce justice my way, unfortunately I would end up in prison for doing the right thing.
Aided by? Good grief.
But this is obviously all aided by poor performance by the company, so not denying that
San
Mustard its pretty obvious that there is SP manipulation to drive the SP lower. You can see this through historical level 2 trades and when the MMS flip at exactly the same time in the afternoon, dropping the ask. They don't show the big sell until the end of the day, but know its there because its done off the book. You can see its done off the book because the sell price has been often over the bid at the same time. Its the conversion that's forward selling but the mms are helping to dump the stock without showing a true reflection of the book. They do this to ensure they get their margins
San
Clear manipulation that took the SP from 80p to 2.5p?
Performance of the company San.
Stop this nonsense as if "outside" forces have worked against VLRM.
Yeah, I've written mine off now too. The (awful) better news is, it's £31k, not £40k as I'd put weeks ago.
Stings like mad, but all my own work. Hopefully these shysters are brought to book/justice one day.
If the 40% rise prior to suspension is anything to go by, I reckon the reverse takeover will be a very good thing if it goes through as planned
Of course there is huge share price manipulation. You only have to look at the level 2 movement between MMS and the rounded sells at points in the day to see that there is clear manipulation.
With regard to suspension, this was an AQUIS mistake to not suspend as soon as the RNS was released not VLRM... not sure regulatory review of RNS works on tip off. Either way, we are all speculating and nobody has the facts at their disposal. As said, all we can do is wait and see what happens in early October. All we can do is enjoy the weather ;)
San
A good move. Come on now, lets not strech the credibility.
1) How can it be a good move, if AQUIS forced the suspension?
2) Share price manipulation? Wow, just Wow.
3) Why has it taken AQUIS 18 months to work out their deal is a RTO? Who tipped them off?
Apologise for the San San... My puter is being silly :).
San
I think a happier place is the final sign off. Until thats done this company has nothing by way of a product that can be developed into a revenue generating item on the balance sheet. Am i happier than i was pre suspension, yes, am i happy with the performance of the board absolutely not! They need to turn this around over the next few months leading to Christmas... This is both delivery and bringing back sentiment to share holders and the market in general. If the GSX is successful with funding and a plan then the mcap should be significantly higher on open, but obviously my opinion based on the value of the GSX, funding on the book and a conservative PE x ratio (3 million current value seems very low)
San
San
Sandboy, are you in a happier place now?
Its definitely a good move Mustard. It means that the Share Price isn't manipulated and the only way out of the suspension is failure of the GSX or sign off. They will need to provide a Plan, funding agreement signed off and the GSX paperwork, so no half measures. Its either a yes or no, and no way to rinse for mates rates etc. I see the suspension being lifted in early/mid October after funding clears this month and they can prove a structured budget. Lets see if Patrick can walk the walk as its his turn to step up to the plate and provide his expansion plan
San
San
Are the group members stumping up £1,000 each to conclude the deal?
Like when the Collections entity was launched? Raised the capital from TG members ?
Probably as a huge positive, it’s goof news that we are suspended, we can now finalise the acquisition of a GSX.
I’m not sure when they will wake up and see that we have all been had over.
Is Prophet Pete feeling remorseful yet?
Unfortunately Ed, we all make mistakes when investing. You need to accept it and learn from your mistakes. The lesson here is, stay away from any company that RP and DL are in anyway involved in.
Good luck with your future investments.