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ManuelDexterity I think you are adopting a shoot the messenger philosophy.
Make sure you shut the door on your way out!
AGE
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This fool will be glad to see an end to this fiasco by the last day in May.minus 73.36% is better than more months of rubbish from the likes of you and most likely 100% of sweet fa after they have drained the pot for all they can.
All the best I’m gone from here.
MD
Reposted correcting typo spelling mistakes as I hate sloppiness!
RNS out re RTO and it is even worse than I predicted.
The Board of AMC must think that AMC shareholders are Cretins to think they can pull the wool over shareholders eyes by carrying out a 1 for 160 share consolidation and then issue £5.5m of new shares to acquire EPL that Companies House records shows a balance sheet as at 31 December 2022 with negative net of £631,653.
A negative balance sheet from an accounting perspective is a liability rather than assets so we are issuing 2.75 as many shares that are already in existence to purchase a liability.
In one of my previous posts I predicted they would they would double the number of shares in issue 1.393 bn shares to 2.786 bn shares which reduces the cash value per share for AMC shareholders by 50%.
However the deal is much worse than my wildest dreams as there will be a maximum of 32,678,150 new shares which is equivalent to 5,228,504,000 old shares so 5.225bn v the 2.786bn I predicted.
AMC is issuing 23,939,986 news shares although my calculations arrive at 23,972,698
We end up with 26.64% of the total amount of shares in issue and the owners of EPL end up with 73.36% for what is a company with negative net assets of £631,653.
Our share of the remaining cash in the company is being diluted by 73.36% and we are buying a company with no assets and a low chance of their novel drug delivery system coming good!
ManuelDexterity suggested that shareholders should vote in favour of the RTO no matter what the deal is however AMC shareholders surely cannot be that desperate and be lacking in sufficient accounting acumen that they would approve such a deal.
As the saying goes “A fool and their money are easily parted!”
A clear demonstration of all that is wrong with the AIM market!
AGE
RNS out re RTO and it is even worse than I predicted.
The Board of AMC must think that AMC shareholders are Cretins to think they can pull the wool over shareholders eyes bu carrying out a 1 for 160 share consolidation and then issue £5.5m of new shares to acquire EPL that Companies House records shows a balance sheet as at 31 December 2022 with negative net of £631,653.
A negative balance sheet from an accounting perspective is a liability rather than assets so we are issuing 2.75 as many shares that are already in existence to purchase a liability.
In one of my previous posts I predicted they would they would double the number of shares in issue 1.393 bn shares to 2.786 bn shares which reduces the cash value per share for AMC shareholders by 50%.
However the deal is much worse than my wildest dreams as there will be a maximum of 32,678,150 new shares which is equivalent to 5,228,504,000 old shares so 5.225bn v the 2.786bn I precicted.
AMC is issuing 23,939,986 news shares although my calculations arrive at 23,972,698
We end up with 26.64% of the total amount of shares in issue and the owners of EPL end up with 73.36% for what is a company with negative net assets of £631,653.
Our share of the remaining cash in the company is being diluted by 73.36% and we are buying a company with no assets and a low chance of their novel drug delivery system coming good!
ManuelDexterity suggested that shareholders should vote in favour of the RTO no matter what the deal is however AMC shareholders surely cannot be that desperate and be lacking in sufficient accounting acumen that they would approve such a deal.
As the saying goes “A fool and their money are easily parted!”
A clear demonstration of all that is wrong with the AIM market!
AGE
Unlikely is the RNS’s said it is an innovative cancer drug delivery company!
AGE
ManuelDexterity there is no opportunity to utilise capital losses on shares held in an ISA so I have AMC shares in ISA and non ISA accounts!
Who is giving financial advice as that is prohibited as none of us a regulated by the Financial Conduct Authority?
I have said in my posts many times that it is up to each individual shareholder to decide how they vote!
You posted the following on 16 November 2023:
I will vote No to all resolutions and hope as many sh’s as possible will do the same.If they haven’t done a deal by now it’s too late STOP Them being able to carry on milking the cash cow and distribute funds between shareholder NOW.
AGE
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One of the things that you couldn’t make up is the amount of paragraphs that just just take up space.
Get it re - listed and sell your shares and get out.Anyone who has multi - millions of this share that are not in an ISA should not be giving advice.They have just dropped themselves in it and are nowhere near bright enough to be trying to drag others along with them
MD
DojiStar the irony of it as they are a PLC AIM Company and they do not respond to emails so being a private company is not going to make any difference!
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....will delist. Then you're stuck with a private company that doesn't respond to emails.
I am just reading through the annual accounts for the year ending 31 December 2023 and had a chuckle at R Schaffers statement in the Corporate Governance section on page 3 in which he wrote:
"The importance of engaging with our shareholders is key to the success of the business, and the Board strives to ensure that numerous opportunities for investors to engage with both the Board and the executive team"
It would be useful if R Shafer would elaborate on that by providing examples of the numerous opportunities.
The Annual General Meeting is held at their solicitors office so that is a once a year opportunity so hardly numerous.
The Oxford dictionary definition of the word numerous is greater in number: many!
I would be interested to hear from the 53 members of our share group as to how many have tried to contact members of the Board yet the Board members did not even have the courtesy to reply.
When you send them a message via their website they do not bother to respond either.
The memorandum and articles of association were set up with a requirement that shareholders must have at least 30% of the shares to ask the Board to hold a General Meeting where as for UK Companies it is just a 5% shareholding!
The above examples clearly demonstrate that the statement about the importance is not true as if it was the Board would take the time to respond to shareholders messages!
AGE
Chessmaster that is some what of a defeatist attitude as well as an insight into your thoughts on Robin Young being our CEO.
Shareholders should never be put in a position where they feel they have to vote in favour of a deal because they think they have no alternative but to vote for it.
If the RTO does not provide sufficient realistic potential in order to create value for AMC shareholders then they have every right to vote against it and for the Board to go back and renegotiate better terms for AMC Shareholders.
Never let any Boards steam roller shareholders into voting for something that is not going to reward them sufficiently well for the risks involved!
I think the Theranos fiasco for which the CEO Elizabeth Holmes is serving prison time is a clear demonstration that some members of Boards do not act in shareholders best interests.
A quick summary of the Theranos fiacso:
In 2014, Theranos a blood testing startup pitching a supposedly revolutionary technology was flying high.
While existing technology required one vial of blood for each diagnostic test conducted Theranos claimed to be able to perform hundreds of tests (supposedly over 240) ranging from cholesterol levels to complex genetic analysis with just one pinprick of blood.
Elizabeth Holmes aged 30 the founder of and CEO of Theranos raised over $700m in investment from the likes of Larry Ellison and Tim Draper and had become the rising star of silicon valley and was valued at over $9 bn and it is now worthless!
As the saying goes "A fool and their money are easily parted!"
AGE
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I see no point voting against the proposal regardless of what it is as its the only way I see of getting the oppprtinity to monetize the remaining capital I have here.
We may even see an initial increase in valuation if the story brings in some pharma punters.
Refusing any offer will simply allow Young to spend the remaining few million seeking other potential opportunities and holders will then get nothing so I don't see any other viable option of monetizing the remainder of my investment here other than accepting the offer
"Also I think they'll reorganise the shares for the rto. So that shares in issue will change dramatically and the price set. Could get quite confusing to work out."
That is why I formed the group so we can share group members knowledge and views on the RTO.
As I said there is strength in numbers and my friend who works in investment banking in the City of London and myself will simplify the detail in the RTO document.
I would encourage anyone who is an AMC shareholder and they have not joined our group yet then they are welcome to do so via gneissifyoucangetit@gmail.com letting me know how many shares you own and if they are held in an ISA or non ISA account.
It takes time and effort to create an effective shareholders group and the key to success is to plan ahead and be ready for any eventuality.
If the RTO is such a fantastic opportunity then with our combined knowledge we will be in a position to assess whether it is or it is not.
If it is then each member of our group will individually decide if they should vote for the RTO .
If we do not think it is the best interests of AMC shareholders then we will each individually decide if we should vote against the RTO .
AGE
AGE
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It all sounds very similar to what avct are investing in. It wouldn't surprise if that's a private company they own a stake in and that's going to be listed. All guess work though. I'd look more into it, but can't be bothered any more.
Also I think they'll reorganise the shares for the rto. So that shares in issue will change dramatically and the price set. Could get quite confusing to work out.
Have a look at Hemogenyx (Hemo) and Valrix (Val) and see how may share dilutions their poor shareholders including me have had to endure over the years!
Look at the share price graphs for both of them!
AGE
Wakeyinvestor I would have thought that it is a Private Limited Company so it is not on AIM listed.
I have already used google to identify the the private company could be using the wording that Robin Young used in the RTO RNS's but to no avail.
This would be the reason why they are interested in an RTO as AMC will acquire their shares based upon a high valuation on a pie in the sky fantastic investment opportunity for AMC shareholders!
Having an RTO with AMC who are AIM listed allows them to raise additional capital via dilutive share placings!
AGE
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Might be worth a search of say AIM listed Pharma companies with a market cap of less than £4m that meet the criteria specified in the RNS.
Brookieby69 you would have thought the Board would have sought shareholders thoughts on whether they should squander shareholders cash on an RTO or they should pay a second special dividend as stated in one of the RNS's .
I will wait and see what the RTO admission document says and then make a decision on whether to vote in favour of the RTO or against.
After so many of buying AIM shares I have yet to see an AIM Company where the Board have acted in shareholders best interests!
The RTO is some what of done deal as far as the Board are concerned as they have spent shareholders cash on expensive lawyers and accountants and other consultants to do the due diligence and produce the RTO documentation which has to have cost in the region of £200k to £250k.
A good friend of mine who works in investment banking in the City of London is going to go through the RTO document with a fine tooth comb with me to identify the benefits that the Board of AMC and the Private Ltd Company are going to receive from the RTO e.g LTIP's, Executive share options with very generous exercise prices etc etc etc!
If I should hazard a guess the Board of AMC will increase AMC's shares in issue from 1.392 billion to at least double that amount and then use those additional shares to acquire the shares of the private Ltd company.
There will then be double the amount of AMC shares and so the remaining cash in AMC has to be spread over twice as many shares so the AMC shareholders before the RTO takes place will see their share of the cash in AMC reduced by 50% .
A novel cancer drug delivery company will have intangible assets on its balance which we will acquire in exchange for agreeing to dilute our cash per share by 50%.
Now that is what you call "Magic" as Paul Daniels used to say!
I would be interested to hear what other AMC shareholders have to say in case my understanding is not correct.
By the way the Board have still not provided tax guidance re the tax implications of their decision to pay the 1.80 pence special dividend!
AGE
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Based on today's announcement, guestimated cash as at now is £3.8m/£3m - so about 0.2p per share (perhaps shareholders would see 0.15p after costs),
OR, vote for the RTO and become a pharma company? The Board should put this to a vote urgently.
Ilovesushi good to see our shareholders share action group got a mention in an article by Tom Winnifrith (the sheriff) in Share Prophets!
I received my special dividend from AMC on 14 June 2023 so in just another 5 days it will be 11 months since AMC shareholders received their dividends.
How much longer are AMC shareholders going to have to wait until Robin Young issues an RNS re the RTO?
AGE
There are now 53 members in the group with a combined shareholding of 118,010,770 shares which represents 8.4725% of the AMC shares in issue.
AGE
Yet another day goes by and yet no RNS from Robin Young re the RTO!
He is paid 835 USD per day!
AGE
For those AMC shareholders who read the LSE AMC board but they have not joined the group yet then you are welcome to do so.
As the saying goes "There is strength in numbers!"
Let's try and hit the Groups next target which is to have a combined holding of 200 m shares!
Please email me via gneissifyoucangetit@gmail.com
AGE
For those AMC shareholders who read the LSE AMC board but they have not joined the group yet then please do so.
AGE
Correction:
For those AMC shareholders who read the LSE SCIR board but they have joined the group yet then please do so.
AGE
As a member of the SCIR Shareholders Share Action Group I would like to take the opportunity of thanking GP Jersey for requisitioning a general meeting so that the remaining cash and future proceeds from Ruvuma are returned to shareholders via a members voluntary liquidation.
On a rare occasion sanity has prevailed in the AIM market!
The Board of SCIR have been taught a valuable lesson and that is to make sure they listen to shareholders legitimate concerns and that they take the appropriate action as shareholders will up the anti if there is poor shareholder engagement and they do not produce shareholder value while continuing to receive a level of remuneration based on the basis they are!
Power to the SCIR shareholders!
AGE
Thank you LL Bantam.
Please email me via gneissifyoucangetit@gail.com
For those AMC shareholders who read the LSE SCIR Board but have not yet joined the group then please do so.
If you want to see a Shareholders Share Action Group in action then read the recent RNS's and posts on the LSE Scirocco Energy PLC board (SCIR).
Thanks to the kind support of GP Jersey the largest shareholder our shareholders share action group comprised of 120 members achieved votes by poll of 80.19% for the Directors to put in place a strategy to return cash to shareholders via a members voluntary liquidation and then today we achieved votes by poll of 94.60% and 94.20% to delist the company and turn it into a private Ltd company.
The Board of SCIR have been taught a valuable lesson and that is to make sure that they listen to shareholders legitimate concerns and that they take the appropriate action as shareholders will up the anti if you continue with poor shareholder engagement and you do not produce shareholder value while continuing to receive a level of remuneration based on the basis you are!
Details in SCIR's RNS
Consequently, the last day of dealings in the Company's Ordinary Shares on AIM will be 16 May 2024 and the Cancellation will take effect at 7.00 a.m. on 17 May 2024.
MVL Next steps
As set out in the Circular published on 23 February 2024 (the "Circular"), the process of returning cash to Shareholders is highly likely to be implemented via a members' voluntary liquidation ("MVL"), which will involve a further general meeting being called by the Company in c. 2 months' time to seek approval from Shareholders to appoint liquidators. Existing and prospective investors are encouraged to read the Circular for more information on the MVL process.
AGE