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This is becoming a joke, the BOD are quite useless and are milking the remaining cash.
I have emailed the Nomad 3 times over the fiasco but no reply, around 6 months ago I rang them and suggested they need to ensure fair play and implied that the BOD were burning cash and seemed to be prolonging the process, the Nomad was non committal but tried to reassure.
You are not telling me that no-one was interested in a cash shell with around £5m in the bank, a listing on AIM and the IEX at the time of suspension. No way.
Someone posted on A@VFN that they knew of a Co that approached ZMNO early into the process concerning a RTO but the entity was rebuffed and not wanted according to the poster.
I was expected a cash distribution of 4.4p a share but how much is left now is anyone's guess.
Very unhappy, would go to the AGM if it was more local.
Interims will be out for June also and the exact cash value per share will be known.
Might be time to grill them a bit. Put a bit of pressure on them - Colin Tucker, Pat Landy
seems my suspicion about the initial deal off article was right. AGM on 27 September at 11am.
Wonder if they're woeking on another RTO or working on returning cash
"(unless the no certainty line is a precursor to save face and the 'del off' PR coming next) "
https://www.irishtimes.com/business/construction/zamano-advances-reverse-takeover-talks-with-homebuilder-1.3560466
"Advances Takeover"
(from the Times who on Sunday said it was off)
Confusing or what
It may well be a simple response to Zamano press release , which also might turn out to be buying time to tell shareholders its off.
Good point on shareholders however - the Furlongs own the major holder here and will be keen to get deal done (wealthy family)
Hard to say who to believe the Company or The Times.
The RNS can be read positively or negatively full of caveats.
I would have thought the Nomad would ensure accuracy however.
I would like to know who is paying for all this 'due diligence' + costs of advisers, I suppose the saving grace for the minnow shareholders is that the majority of ZMNO stock is held by larger players, they usually look after No1
the_sage19 Jul '18 - 19:34 - 624 of 625
0 0 0
That is a fudge of an update if ever I have seen one, interestingly they have not provided a timeline for another update. This could rumble on for an age, all the time shareholder cash is being eaten up by BOD and city cronies.
Typically there are now reports that the the advisors to the house builder may prefer to list it separately and not via the ZMNO cash shell, of course these advisors will make more money that route.
Can see what is coming here, the deal will not proceed and by the time the next to useless ZMNO BOD update cash will have dropped from around 4.4p a share to around 3p a share.
Let us prey the RTO concludes but the signs look ominous.
Very interesting that the company released that press release almost to refute what the Times had said.
Documentation "well Advanced" !
(unless the no certainty line is a precursor to save face and the 'del off' PR coming next) but they're suspended so they shouldn't care about saving face and if the deal was off they just would have said so
It's all a bit confusing, the The Times said yesterday the reverse takeover with the house builder is on hold yet tonight Zamano say...........
Parties remain in on-going negotiations
Preparation of the necessary transaction documentation is well advanced.
Detailed discussions regarding the terms of the Potential Transaction have taken place
But add.......
It should be noted that there can be no certainty that zamano and the Target will reach agreement on final terms which would be acceptable to the Parties, or that the Potential Transaction can be concluded.
All the time this goes on Zamano cash is being eaten up leaving less available for distribution should the RTO not proceed. It would have been 4.25p a share.
https://www.investegate.co.uk/zamano-plc--zmno-/rns/potential-reverse-take-over-transaction-update/201807091640490697U/
It is annoying this Co continues to miss it's self imposed deadlines, shareholders should be kept updated.
On the plus side IF the RTO with the house builder/developer completes it could offer multiple returns on the suspension price.
If the deal had broken down then we would have been informed by now, on the other hand if it completes the re-listing could occur in Q4 or late Q3.
The proposed reverse takeover transaction referred to above would require the approval of shareholders
at an extraordinary general meeting. Details of the shares to be issued to the counterparty and the new
investors in conjunction with the reverse takeover and capital raise referred to above, together with any
return of cash to shareholders, will be communicated to shareholders by the end of June 2018 at the
latest.
https://www.thetimes.co.uk/edition/ireland/zamano-considers-reverse-takeover-deal-with-house-builder-seamus-ross-ffstz0bv9 Here comes a TRIPLE!!!
Interesting news today, reverse takeover but into what sector and with whom? With 5m Euros in the bank I thought this may appeal to someone, note there have been many expressions of interest to reverse into ZMNO but so far nothing has satisfied the BOD that it would add value beyond the circa 4.3p cash distribution. If it is into a 'glam' sector it could return shareholders more than they bargained for. Happy to have held on, so far at least!
SO year end cash shell (no liabilities ) - cash 5,050,000, at EUR GBP = �4,444,000 cash and with 99.451 million shares in issue = �0.0446 per share. Only �300,000 (�264,000) running costs per year. = �0.0026 per year so end 2018 would still be �0.042 per share PLUS the upside of an RTO which they are in the early stages of looking at.
Time for a EGM to get the cash returned
Need an announcement from company - they'll be suspended by 08 March as the 6 month ("do something or suspend") period will be up. Cash back please (�4.80)
to see some continued 50,000 buys here. I think they have until 7 March to do something with their Shell Status. Return cash or RTO. Cash value is £4.80. Worth a punt right.
It couldnt get more boring could it?
ZAMANO PLC ANALYSIS Shares in issue 99,451,244 Share Price £0.0440 0.05 0.176470588 MCAP £4,375,855 0.046195652 Cash after sale per RNS £4,836,000 (€5,300,000 less €100k for liquidation / return of cash) Discount to Cash 10% EUR / GBP £0.93 Return on current 4.4p Share Price 10.52% With all upside from getting an RTO'd business in here
esp with parity beckoning
"Brexit pain for holidaymakers as pound expected to fall further against euro Investment bank Morgan Stanley predicts pound-euro parity by early next year Friday 11 August 2017 16.18 BST British holidaymakers should brace themselves for more Brexit pain when they change their pounds into euros, with a leading investment bank forecasting the currencies are on the way to parity. Sterling is trading at €1.09 after collapsing from €1.31 on the day before the UK voted to quit the European Union in June 2016. … Morgan Stanley believes the dilapidated British currency has further to fall, and is pencilling in pound-euro parity in the first three months of next year, when £1.02 will buy just €1. … Piling on the misery, the bank described Britain’s economic prospects as “bleak” as it heads for what appears to be a calamitous exit from the EU, with Tory ministers unable to provide clarity on their vision for life outside the bloc. Theresa May, Philip Hammond, Boris Johnson, Chris Grayling, Liam Fox and Michael Gove have given contradictory statements about Conservative plans for trade, customs, tariffs, immigration, air control, a transition period and countless other facets of Britain’s divorce. “The UK economic outlook looks bleak, with stretched household balance sheets, Brexit negotiation uncertainty potentially weighing on business investment, and net exports growth staying subdued despite a weak pound,” Morgan Stanley analysts said. “On the politics front, risks have also increased, with the Conservative party showing split opinions on the UK’s Brexit position, revealing inner party tensions.” In contrast, the eurozone is on the up, with its economy expanding twice as fast as the UK in recent months. ..." https://www.theguardian.com/business/2017/aug/11/brexit-pain-for-holidaymakers-as-pound-set-to-fall-further-against-euro
Morgan Stanley are predicting pound-euro parity by early 2018, which could dovetail closely with a ZMNO return of cash to shareholders, increasing the sterling value of ZMNO's euro cash significantly by that point. So the expected EUR5.3M. gross for distribution to shareholders &/or an acquisition would equate to £5.3M. (on the basis of £1 = EUR1 in early 2018). There should also be some interest accruing. Ongoing costs should be relatively minor once ZMNO's operating business is gone, so potentially the cash return could be over 5p per share. An acquisition could reduce the payout, but with the bonus of using the value of ZMNO's listings. E.g. perhaps about 4p per share returned to shareholders, with about a million quid or so retained to accompany a RTO. In conclusion, a good defensive share in case of a plunging sterling and stockmarket, but with good upside based on the expected cash payout, and still with the spice of a potential RTO. And remember that the annualised percentage profit from any cash return in 6 months is actually double.
"Pure cash Shell - 18% discount Tue 08:52 ... Cash after sale per RNS £4,732,000 (€5,300,000 less €100k for liquidation / return of cash)..." Rifteastafrica, Thanks for flagging up that there will still be some costs after the disposal, albeit probably relatively minor unless perhaps there is an acquisition: I should have made that clear in my post on Monday so apologies for that.
Shares in issue 99,451,244 Share Price £0.0400 MCAP £3,978,050 Cash after sale per RNS £4,732,000 (€5,300,000 less €100k for liquidation / return of cash) Discount to Cash 16% EUR / GBP £0.91 Return on current 4p Share Price 18.95% After all liquidation expenses / return of cash expenses of about €100k taken in, there's an 18 - 21% return here IF you can get shares at 4 p. (with the upside of RTO) At a price of 4.25 p, its 12% cash return (with the upside of RTO)
ZMNO has risen 0.25p today, to 4.0p, market cap. £3.98M. In comparison, the expected EUR5.3M. for distribution to shareholders &/or an acquisition equates to £4.82M. (£1 = EUR1.1). RTO prospects are in for free, with a healthy leeway besides.