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There are now 44 members in the group with a combined shareholding of 116,992,110 shares which represents 8.184% of the AMC shares in issue.
We have comfortably exceeded our first target of 100m shares so next target is 200m and then 300m with the eventual aim of hitting a 30% holding.
I wonder who will achieve their target first will it be our group or will it be the Board of AMC who will finally manage to issue an RNS and documentation re the RTO with the novel cancer drug delivery system.
I repeat what I have written before if it was such a great opportunity then why has a large pharma company not purchased that company, why have they waited for the Board of AMC to squander shareholders remaining cash on the expensive work that is involved in producing the RTO documentation!
A school friend of mine who works in Corporate Finance in the City of London will be going through the RTO document with me with a fine tooth comb!
If you want to hold the AMC Board to account then keep the momentum going by joining the shareholders share action group that was formed for the benefit of all shareholders as well as sharing our knowledge.
AGE
There are now 43 members in the group with a combined shareholding of 100,992,110 shares which represents 7.2506% of the AMC shares in issue.
We have finally hit our first target of 100m shares!
If you want to hold the AMC Board to account then keep the momentum going by joining the shareholders share action group that was formed for the benefit of all shareholders as well as sharing our knowledge.
AGE
Hi matteyo send me an email via gneissifyoucangetit@gmail.com letting me know how many shares you hold and if they are in an ISA or not
AGE
EIDR there are 42 people in the group so difficult to remember all of them with out referring to my the spreadsheet and not every one lets me know what their LSE posting name is.
AGE
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I was one of the first to join. 🙂
Guygabois going out for the sandwiches is an important job as no one likes the wrong sandwiches.
All joking aside that was an excellent email that Crazytowner sent to the NOMAD and AMC.
AGE
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Lead the group? I wouldn't send him out for the sandwiches...
Crazytowner did you receive a response to your email from either the NOMAD or someone from AMC ?
I bet not!
You did not respond to my message about you joining the group and being the leader if you so wish as you have a 2% holding.
AIM Boards work on the basis that shareholders lose interest in their shares if the Board strings things out for as long as possible!
AIM Boards CEO's modus operandi is to talk the talk all perfectly legally within the rules as they hire expensive advisors to advise them on how to do so.
They carry out a number of highly dillutive share placings at lower and lower prices and then carry out a 1 for a 100 share consolidation and then keep repeating the process all over again.
They may also throw in a change in the Company's name for good measure!
Then the highly paid CEO's have the cheek to tell the shareholders that they have to forget about the past which is very convenient for a CEO who has a track record of failing to produce any value for shareholders but just continues to line his own pockets as well as the other members of his mates on the Board!
AGE
Hi EIDR I agree 100% with your comments.
Have you joined the AMC shareholders share action group yet?
If not then please do so as shareholders are able to exert pressure on Boards if there are a large number of members with a large percentage holding.
The purpose of the group is to collectively work in the best interests of all shareholders and to share knowledge.
AGE
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I think it is time that we became more proactive and seek the winding up of the company before there is no more cash left to distribute. Do I remember Geng posting a mechanism by which we can achieve this? I propose that we take things into our own hands now and end this charade once and for all. I, like many others are thoroughly fed up of this and want my meagre return and to be able to wipe this board of directors from my memory.
Crazytowner an excellent email.
I just got completely fed up of emailing the NOMAD and AMC via their messaging system and not getting any responses!
I doubt they will take much notice but once they are aware we have 200 members in our group with over 400m shares they will have no option but to engage with our group.
Just look and see how it turned out for the Board of Scirocco Energy PLC (SCIR)!
AGE
Well if you are doing that then why not join the group and you can be the leader of the group should you so wish.
I only formed the group so that shareholders can come together to act in a coordinated manner for the benefit of all shareholders as well as sharing our knowledge.
AGE
I just noticed that at the bottom of the voting section it says "Please note that this is a revision due to the meeting type has been changed from AGM to OGM. If you have already sent your votes please do not vote again."
Surely you would have thought they would have the common sense to include that comment on the top of the voting page rather than the bottom!
AGE
Just a reminder to all SCIR shareholders to make sure you vote for both resolutions as the last day to vote is 1 May 2024 which is tomorrow.
For those of you who use ii as your broker if you have already voted then double check to make sure that it says already voted as I voted for in favour of both resolutions and I received an email to say my vote had been recorded last week however when I double checked today to make sure my vote was processed the ii system said "Not voted"
The facility to receive an email confirmation to acknowledge your vote must be a recent upgrade function as it was not there when I previously voted.
AGE
Crazytowner thank you for pointing that out I had assumed that they would pay out all of the remaining cash in the company plus the difference between the sales proceeds net of selling costs less the first special dividend so there would be no cash in the company and then it would be wound up.
I should have realised that Robin Young would want to keep his gravy train going as who would want to give up a part time job when you can earn $305k pa!
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Agneissearner,
"If the RTO is not approved then the Board should pay a second special dividend"
I think you need to re-read the wording. The second special dividend is for the remaining sale proceeds less costs.
There was a significant cash balance prior to the sale that they have not committed to distribute!
Crazytowner thank you for pointing that out I had assumed that they would pay out all of the remaining cash in the company plus the difference between the sales proceeds net of selling costs so there would be no cash in the company and then it would be wound up.
I should have realised that Robin Young would want to keep his gravy train going as who would want to give up a part time job when you can earn $305k pa!
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Agneissearner,
"If the RTO is not approved then the Board should pay a second special dividend"
I think you need to re-read the wording. The second special dividend is for the remaining sale proceeds less costs.
There was a significant cash balance prior to the sale that they have not committed to distribute!
Crazytowner you stated in your post on here on the 4 March 2024 that your own second special dividend would be in the region of £100k and you no doubt received all that in your ISA account so the tax treatment for non ISA accounts is not relevant for you.
My special dividend was £63,693 which is a substantial amount of money and of that amount £44,793 was received in a non ISA account.
I note your comments below:
"So where is the sensible place to focus? Recovering as much remaining value from the company as possible or trying to get an unlikely answer on the tax treatment for individuals."
The focus has to be on both with the tax advice being sought first and then the payment of the second special dividend being subject to it being a return of capital.
Because of the failings of the Board in not having sought tax advice prior to the payment of the special dividend I will have to make disclosure in the white box section of my tax return that I received a foreign dividend but i did not include it on the foreign dividends section of my tax return and HMRC are going to amend my tax return to include it.
I will then have to pay a substantial amount of dividends tax and iI will have to submit an appeal and then I will have to attend the First Tier tax tribunal to argue my case.
This could all have been avoided if the Board would have sought legal counsels opinion on the tax treatment.
AGE
Crazytowner,
If the RTO is not approved then the Board should pay a second special dividend.
There is no need to implement a Members Voluntary Liquidation as is happening with Scirocco Energy PLC (SCIR).
Th payment of the special dividend is of course subject to the Board receiving advice that it will be a return of capital and not income in the hands of shareholders and therefore subject to UK dividends tax.
SCIR are having to carry out a MVL becuase it does not have sufficient distributable reserves to be able to legally pay a special dividend as it is a UK domiciled company and therefore it is subject to the English law and the maintenance of capital principle so dividends can only be paid if a company has sufficient retained realised profits that have not already been paid out.
AMC is different to SCIR as it is a BVI Company and so it is subject to BVI law so there is no prohibition on paying dividends out of capital as long as the Board are satisfied that after paying the dividend that they are able to meet the solvency requirements.
GP Jersey the largest shareholder together with 120 members of the SCIR shareholders share action group had an 80.18% vote in favour of the resolution that the directors put in place a strategy to return the company's cash to shareholders and to sell the company's material assets and return any cash proceeds from such disposals to shareholders.
The above was achieved despite the Chairman recommending shareholders to vote against the resolution.
AGE
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Agneissearner,
You say that the point of the group is to be prepared to take action once the RNS is issued re the RTO.
Surely you realise that the time to make your wishes heard is prior to any RNS so that the company has to at least consider what shareholders want when tabling what would happen should a No vote occur.
The company certainly wont consider what zero percent of shareholders have said they want!
Crazytowner the spreadsheet I have shows how many shares people own and which accounts they are held in and a large number of the 42 people who contacted me have shares in both an ISA account and a non ISA account.
I am therefore basing my views that the tax treatment of the special dividend is extremely important upon facts yet you are basing your view on a bed & ISA assumption because this is what you have done but other shareholders who are not as financially astute as you have not done so.
You have confirmed that you have never received a direct reply from AMC yet you have advised me to be more proactive by emailing both Robin Young and the NOMAD.
Do you not think that you as a 2% shareholder deserve to receive a response from Robin Young or the PR firm?
You are providing facts that are contradicting the advice that you gave me.
AGE
The point of the group is to be prepared to take action once the RNS is issued re the RTO.
There are number of other issues to be addressed such as why is Robin Young paid $305k for a part time job.
Why why does Robin Young not provide an email address so that shareholders can contact him.
Why does no one in AMC bother to respond to messages sent to them via the messaging system on the AMC website.
Why has it take them 9 months to issue any news about the RTO
Why did the Board go ahead with the preparatory work for an RTO as it is very expensive to carry out an RTO as solicitors, accountants, PR firms and other highly paid consultants are involved in producing the documentation.
I recall the fiasco with the announcement of the payment of the special dividend and the same day Tom Winnifrith wrote about the delay an RNS was issued and the timing of the issue was is too much of a coincidence so it is logical to deduce they were forced into issuing it.
Let's take Ascent Resources intention to bid for AMC as an example and read the wording that they used in their RNS issued on 1 June 2023 below:
The board of directors of Ascent Resources Plc ("Ascent" or, the "Company"), the European and Latin American focused natural resources company, is pleased to announce their intention to bid for the entire issued and to be issued share capital of Amur Minerals Corporation ("Amur" or, the "Target Company") following a period of protracted discussions with the Board of Amur.
Ascent submitted a non-binding indicative proposal to the Board of Amur in November 2022 to acquire 100% of the issued and to be issued share capital of Amur
Despite multiple conversations with the Board of Amur and multiple follow up correspondence, the Company has as yet been unable to elicit a written response to their offer.
Looking at the timeline you will see that AST started the process in November 2022 yet AMC only issued an RNS at on the 1 June 2023 at 1:05 pm the same day as AST's RNS was issued at 7:00am because AST had not received a response after 7 months.
Key words are multiple, protracted, unable to elicit a response!
Unable to elicit a response seems to be a recurring theme with AMC .
AGE
Crazytowner,
Have either AMC or the NOMAD responded to your emails yet?
If not then when did you email them?
Have you contacted either of them before your recent messages and did you receive a response?
You keep on stating that the tax issue are going to affect very few but you do not provide any information to support that assertion.
Based upon the information shareholders sent me re the number of shares they own and which type of account they bought the shares in I can see that the tax implications of the special dividend are extremely important to a large number of them.
You keep on making excuses for the Board as to why they have so far failed to provide tax guidance and so shareholders are left in the dark as to whether they should include the dividend received in their non ISA accounts in their income tax return.
It is clear to see from an RNS that they sought tax guidance re the implications of the sale of Irosta as they stated there are no tax or withholding tax issues but it is logical to conclude they did not seek specific tax guidance on the payment of the special dividend that they authorised as if they would have asked for it then they would have put it on the AMC website.
There are significant penalties for failing to include also sources of income and gains from your income tax your return and AMC's total dividend was £25.07m and a significant part of that was paid to individuals who own shares outside of an ISA.
Do you honestly think the Board's of AIM Company's are interested in what individual share holders have to say to them even if you have 2% of the shares?
AGE
Per Companies House records for Arlington Infrastructure Ltd
10 Jul 2019 Cessation of Paul Terence Gazzard as a person with significant control on 3 July 2019
AGE
Reverse Take Over (RTO)
Google?
AGE