RE: Just in case you were wondering what's just happened.3 Nov 2022 21:33
Previous comment “Hopefully IDE won't approve any additional borrowings from Mxc that could be later converted to more equity. Given they own most of the company now, there should be some regulation to prevent that from happening - else it would just be giving them a licence to print their own money.”
I don’t think any loan from Mxc is restricted by regulation, as long as they deal with it as on previous occasions, and subsequent conversion to shares would require another such declaration ( possibly also with takeover panel consent, as just done this time)
“MXC Capital is deemed to be a related party of the Company pursuant to the AIM Rules for Companies (the "AIM Rules") as they are a substantial shareholder and because Ian Smith, CEO of MXC is Executive Director of IDE.
Andy Parker, being the sole independent director for these purposes considers, having consulted with the Company's nominated adviser, finnCap, that the terms of the related party transaction are fair and reasonable insofar as the shareholders of the Company are concerned.”
But ignoring technicalities, it becomes even stranger than now for a publicly listed company.