Member Info for 3littlepigs

Thanks TicoR

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.

TicoR - don't misquote the company. They didn't say deal closure in the coming week, they said the loan facility will be finalised in the coming week.

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.

Tesla is a battery company (right now the best in the world) hiding behind a car manufacturer badge.

Tiburn, what is a "sale and be gone" instruction? I haven't heard of this before?
Thanks.

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

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!

If I were Art's M&A team I would work with the Treasurer to line up the financing, ready for signing, and once all other pre-condition for sale were complete I would sign the loan agreements and immediately submit my draw down notice to to the lender. Assuming funds settled within 3 days, we'd complete within 3 days of signing the financing. In my experience, the lender will only permit draw down of the funds to complete the deal; you can't sit on the money for a few days. The loan will no doubt be secured against the asset or over the company. I therefore suggest that an RNS could announce financing complete and draw down notice submitted, deal expected to close in X days time with all conditions to closing satisfied (i.e. it's nailed on). If he doesn't deliver it in this way then in my view he needs a better M&A and Treasury team or CFO. As the company grows I would expect future acquisitions to come with underwritten debt facilities at the point of deal announcement.

Bojo talking about LFTs now. Very generically though, but interestingly mentioning saliva based tests. Patrick also saying they have a role.

Ah. I stand corrected then. It'll be an American lender. Cheers CawCaw.

Tiburn, that’s not what Jamie is saying. The last rns states that the Riverfort loan has been repaid. This clears the way for the new loan. My guess is the new loan will come from one of the larger Canadian banks, but I could be wrong.

Hi, I’d genuinely like to know how you arrived at today being award date as I’ve bring trying to work it out from the tender docs. I thought last Friday was award date but no announcement for 10 days until contract signed.

The date I have been working to for an announcement of the £912m tender is 10th Feb, based on the 10 days needed from contract award to contract signing/announcement. As an eternal optimist, I hope that Abingdon's conference call might be timed to coincide with announcement of the tender award. But it could be for any other number of reasons!

If you read the last RNS it implies we need to complete our audit of the Plan of Development, then submit it to MRPAM. Then we can submit our application for EL. I’m therefore expecting 1 RNS for the Plan of Development submission, possibly another RNS for the EL application followed by a third for... drum roll... granting of the EL. I could be wrong of course; I’m just giving my interpretation of the steps set out in the last RNS and what I think are RNS’able actions.

Thank you for making the clarification re "signed". I was trying to find the tender documents earlier to work out when signing would be - can anyone help me? My recollection was that tender closed 15th January, w/c 18th was review, w/c 25th is clarification questions, with decision at the end of the week, followed by a 10 day period for contract legals at the end of which contract is signed (and presumably RNS'd). If what I have said is true then bews would be out in w/c 8th February. Can anyone confirm or correct my analysis and possibly provide a link to the tender docs? Good luck all.

That’s because you bought at too high a price!

I have to say, a detection method that could distinguish between bacterial respiratory infections and "the flu" would be fantastic, especially if all you had to do was give a saliva sample and wait 5 minutes. The number of people (and I'm as guilty of this as the next person) who go to the doctor and ask for antibiotics to clear up their "illness" is huge. Doctors are very good generally at pushing back and stating that if its a virus then the antibiotics wont do anything, but then they miss the real bacterial infections.

Would the notification of the intended award of a contract be reportable immediately in an RNS?