Google: pitcole ltd
For further info on the company you have to pay.
Pitcole Limited was set up on Monday the 21st of December 1998. Their current partial address is Dublin, and the company status is Normal. The company's current directors have been the director of 51 other Irish companies between them; 33 of which are now closed. Pitcole Limited has 5 shareholders. This Irish company shares its Eircode with at least 7 other companies.
Two employees.
Installation of electrical wiring and fittings.
Application will be made to the London Stock Exchange for the Implementation Fee Shares, the Facility Fee Shares, the Historic Fee Shares, the Riverfort Conversion Shares, the Altair Settlement Shares, the Pitcole Settlement Shares, the First Tranche Fee Shares and the Supplier Shares, being in aggregate 3,254,950,491 new Ordinary Shares (the "New Shares"), to be admitted to trading on AIM. Dealings in the New Shares, which will all rank pari passu with the Company's existing Ordinary Shares, are expected to commence at 8.00 a.m. on or around 23 November 2023.
Following Admission, there will be 14,783,204,492 Ordinary Shares in issue. The Company holds no Ordinary Shares in Treasury. This number may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
The New Shares will represent 22% of the Company's enlarged issued share capital following Admission
Each of the YA-RF Lenders, Pitcole and Altair have undertaken to the Company that they will not convert any amounts under the New Funding Facility or exercise any warrants over Ordinary Shares in circumstances which would trigger the requirement to make a mandatory offer under Rule 9 of the Takeover Rules of the Irish Takeover Panel.
I think DP has already alluded to about a loan, If Eqtec default then the company is toast. So the only alternative is to strike deals with companies regarding equity, guaranteeing that they don’t bring Eqtec down. This allows said companies to unload their shares.
Eqtec are in a financial bind until there is some monetisation events of a reasonable amount.
Is it plausible that DP was hopeful that the share price was going to stay at the June 2021 level and possibly going up, thereby trading off a small percentage of Eqtec under the 2 year agreement. Or has DP been gambling with shareholders equity and has now backfired with little revenue coming in and having to work a deal with Altair.
Still will not stop the dilution of the share.
Give and take.
So after the consolidation of 100/1, your remaining shares are then spit, for every 10 you hold 9 will be redesignated to deferred c shares, which will have no economic value.
Is this correct
Just rechecked the previous Rsn
Proposed restructuring of existing debt facilities and entry into new facilities for additional funding of up to £3,000,000, with reductions in operating expenditure
So once they have reduced your holdings 1000/1 they will then issue more shares to (I think it is equal to £3m) dilute your holding again.
Immediately after the Ordinary Share Consolidation 9 (nine) out of every 10 Ordinary Shares of ?0.01 each will be redesignated into 9 (nine) deferred C ordinary shares of ?0.01 each ("2023 Deferred Shares").
Does this paragraph infer that once your 1000 shares have been consolidated to 10, this 10 is split into 1 ordinary share and 9 deferred shares which are then referenced as the 2023 deferred shares which then are worthless? Which would leave you with 1 ordinary share out of 1000.
Am I understanding this correctly.
Just a thought on re-reading the “narrowing the spread”, who would gain the most by a higher bid price?
I could suggest holders who have millions of shares to offload.
The Capital Reorganisation is proposed in order to achieve a higher market price for the Consolidated Ordinary Shares to a more appropriate range for the Company. The Board believes that the Capital Reorganisation will improve the marketability of the Ordinary Shares by way of a higher share price and hopes to reduce volatility in the Company's share price by narrowing the spread of its bid and offer price. In addition, if the Capital Reorganisation was not implemented, the Company is prohibited from allotting shares at a discount to their nominal value, and this is addressed by the Capital Reorganisation.
Who is responsible for the share price volatility ( must be us small shareholders buying and selling and forcing the price down) lol.
Or could it be DP’s (wink,wink) deals with Altair to keep the company afloat.
Are we getting tied up debating about the intricacies of this.
As I see it the company needs to borrow more money to survive.
More debt (robbing Peter to pay Paul comes to mind) is the only way the board are looking at this.
Agree with your last paragraph Dr P. Why would the major copper miners increase supply just now, better to wait a year or two for the price to rise.
From about 2 years ago when GM left this has just been a merry go round of RNS’s, hype, dilution, excuses again again again.
The share fall was blamed on GM selling up for tax reasons etc. on hindsight what a load if baloney.
I think this is now primed for a management b/o in the near future, used pi’s money to get where they are.
Why has DP lasted so long in the job?
Where have all the knowledgeable posters gone?
About a 28% spread, so impossible to trade.
I’m not going to say the tech doesn’t work in a few environments, but not what we have been eluded to.
Anybody know why there is a short notification when there hasn’t been any change?
Regarding your 4th paragraph, I thought the Nomad had to verify any RNS statements that the company issues where at least factual and truthful. Difficult to verify any future developments that the company wishes to issue as these could always go sideways or fall totally short, as is at the moment the case with Eqtec moving from testing labs to MDC’s.
I now can’t see the profitability of this at scale, certainly for shareholders, possibly for banks, the directors and continued employment of the workforce.
We have had black rock sellin off, then BSC selling. So who else?
If it’s valued news, it should have been RNS’d