Haha! Cool as steel is just guessing, badly. The existing COPL listing doesn’t cancel until 21st April so the earliest we can relist is 22nd. Until we get a prospectus we won’t know but educated guesses on this site suggest 4th May.
RE: Confirmation of Cancellation finally22 Mar 2021 15:36
Why can’t we reapply for readmission of the new entity 2 weeks before the cessation of the old entity? It would be neat to see the old die out on the Friday and the new company readmitted 3 days later on the Monday.
Like many, I was surprised by the mention of dividends in the video, but I know why he’s said it. Obviously this is putting the cart before the horse. As said by someone else further up the thread, we are a growth stock, we need to first generate cash, then with cheap debt and sensible leverage, we need to buy more cash generating assets. Over the next 5 years, each acquisition should get bigger until we are generating £250m+ cash a year. Then with a market cap of £3bn we can start paying a dividend. Until then, a dividend would be a poor use of company cash in my opinion.
In any larger cap share there would be a very clear correlation between the share price on the 2 exchanges. Quite simply, the Canadian exchange price should be the CAD equivalent price of London price and vice-versa. The only reason we haven’t seen that is the result of the Canadian exchange only offering price increments of 0.005.
If there was one reason to do a share consolidation (or whatever the right term is) to reduce the number of shares by, for example, a factor of ten, from 14Bn to 1.4Bn, this would be it. The share price would naturally increase by a factor of 10 on both markets, but the Canadian market wouldn’t have the issue of 0.005 increments causing it to make lumpy step increases; it could become smoother in its price movements.
Having worked in the finance team at a listed business that went through a rights issue and then a move from AIM to main market (I know we aren't AIM!), both of which required a prospectus, my comments on the re-listing timetable would be:
i) A prospectus is a massive piece of work and the reporting accountants will want absolutely everything to be in check before they sign it all off, hence the detailed IFRS audit on the December numbers;
ii) Once a prospectus is in issue, you don't want a huge time gap until re-listing since any new material news that gets announced or leaked could (not would, but could) force you to issue a new prospectus, which is a balls ache.
I sincerely hope that the bulk of the prospectus was written 2 months ago and that the only remaining part that needs adding is the audited financials. I would also hope that the FCA has already seen a draft of the prospectus, pending financials and they don't draw out their own audit of the business. The main areas I would expect the FCA to focus on would be material contracts in Nigeria and US, full disclosure of our JV relationship in Nigeria and the associated disputes which are being resolved.
RE: Todays 3rd RNA - Delisting and relisting16 Mar 2021 15:37
IG gave me the same answer. I also sought assurance that their Corporate Actions Team would be looking at this, in case, on re-admission, they do a 1 for 10 consolidation to reduce the number from 16Bn to 1.6Bn.
The RNS was at 7.00am. It was on LSE at 7am, it was on the London Stock Exchange website at 7am and I got it in my inbox from HL at 7am. If you didn't see it, you need to look harder. Suggesting the company delayed the RNS until 8.15 am is ridiculous.
Cawcaw, how have you calculated the long stop date? Using business days or calendar days? What start date? I ask because I was called out here about a week ago when financing was released for saying the deal would complete in the next month. Like you, I thought the long stop was in March. However when I look to the deal announcement rns it says the deal effective date was 1 December and the long stop is 90 days. If that’s calendar days then we have a deal long stop of 28th Feb.
No intention to spin. The long stop date is 31st March so it could plausibly take that long. I hope it comes in earlier. The reason for my post was really to make it clear that the RNS does NOT say the deal will complete in the next week, it says "The quality of the assets we are acquiring has allowed the Company to attract the debt necessary to complete and we are working with the Lender to complete loan documentation in the coming week." It's the loan documentation that will be completed in the next week. We then wait for the conditions precedent to be fulfilled and then close the deal.
My read of this is the Bank's committe have signed off, therefore the financing is approved. In the next week the banks lawyers and the company's lawyers will sign the paperwork. The RNS mentions some fairly straight forward pre-conditions that need to be satisfied (financial statement audits). I would assume therefore that we will wait for those audits to be signed off (in the coming month) and will then submit a utilisation request on the debt facility to draw down the funds and complete the deal. I do not read the RNS as saying that the deal must complete next week.
Great post Charlie. On the $4m at closing, I’d assumed that the company would issue new equity to the vendors, so on reading your post I’ve gone back to the original RNS. It doesn’t say either way how they will satisfy the $4m equity. Given the debt facility has the headroom to provide the required $4m I hope they use it, but I think it’s up to the company which route they take. I’ve heard some fairly derogatory remarks about Art on this board, taking care of his wealth investor friends; would you put it past him to issue fresh equity despite having the cash at hand? Really hoping we get financing news in the next 48 hours. Good luck all. 3LP
RE: UK Quarantine - All the makings of a farce.12 Feb 2021 11:25
Surely, at a minimum you make all quarantine hotel staff test via an LFT as least 3 times a week. This is quarantine! This is the point at which you stop it coming into the country! Not the point at which you let it slip out into the UK!