Member Info for Broxburn68

It's nice they paid £1 so that shareholders can participate on preferential terms in an IPO for a technically insolvent company. Mr Luke of Vox seems such a nice guy too.

The only way to know if the soup tastes good is to dive in I suppose. I think Linda's just a clever decoy for us middle aged men. I can understand the connection with elongation however...

https://youtu.be/PamLRfujJaM

Following the cessation of discussions with VOX Markets Limited ("VOX") and Align Research Limited ("Align"), the
Directors are considering the future of PCGE and the options available to it.

After carefully considering how to maximize benefit to shareholders PCGE has agreed with VOX preferential rights for
PCGE Shareholders to participate in the VOX IPO. These rights will be available to shareholders on the register at the
close of business on 11th October 2019. As consideration for these rights and the payment of £1 PCGE has released any
and all claims that it may have against VOX for withdrawing from the transaction. PCGE has also assigned to VOX all rights
to sue Align Research Limited for withdrawing from the transaction with PCGE.
PCGE shareholders on the register as at close of business on Friday 11 October will receive correspondence from VOX in
due course.
Professor Michael Mainelli has resigned from the board of PCGE due to a substantial increase in his commitments
elsewhere. The board are grateful for his service and contribution to the Company.
Additionally, First Sentinel Corporate Finance has resigned as Corporate Adviser to the Company. Accordingly, the
Directors have requested that the shares in PCGE be suspended from trading on NEX Exchange immediately. Further
announcements will be made by the Company in due course.

https://www.pcge.com/10-news/157-update-to-the-market-14-october-2019.html

There's been a good rise on high volumes on the Bolsa and to a lesser extent here too. I wonder if it may be to do with The National Court having made its decision in our favour on the administrative appeal filed by Ecologists in Action. Can't find anything to confirm this, but maybe "El Blog de Jesus" gives us some insight here. Probably best to not read too much into the claims against the state though IMHO.

Paul, please feel free to improve on the google translation. Hope the lessons are going well. Deseándote buena salud y felicidad to all. Broxy.

https://jesusenlared.blogspot.com/

3rd October 2019

"The National Court will imminently publish a ruling that can open the door millionaire claims against the State.

The shadow of the Beaver is elongated and hangs over another controversial project related to energy: the exploitation of a uranium mine in Salamanca that has been promoting the Australian group Berkeley for ten years . The National Court is about to make its decision on the contentious administrative appeal filed by Equo and Ecologists in Action in 2016 against the prior authorization of installation granted by the Ministry of Industry to the project on September 17, 2015. Then José Manuel Soria (PP) was in charge of the department as Minister and Alberto Nadal as Secretary of State for Energy. In the event that the Hearing fails in favor of the appellants, Berkeley could claim millionaire amounts to the Spanish State as has happened in the case of the closure of the Castor gas warehouse."

There must be some significance with Dwight Mighty coming back on board with regard to the RTO. I've had a look at his involvements on Companies House (CH) and note that he has a company called Modwena Sports Advisors Ltd . It's a fit for the RTO tax losses scenario, possibly.

This company has a negative balance sheet (no money); maybe he has intentions to float this company on AIM? He may be viewing an RTO which would be worth c. £6.128m to the new company against future profits.

The other companies he has been director of which would fit are in the process of being struck off at CH though. He's been closely involved with CSM, which has Essentially as a brand; perfect fit. CSM is an LLP but there's a possibility that there could be a spin off maybe? He has had close involvements with CSM , so the contacts are certainly there.

He's best known as a financier. What this would mean in an event of an RTO would be admission of the new company and almost certainly a placing to raise funds. Floating on AIM allows access to equity finance that's not generally available otherwise, so placings would normally be the first step. I also note that the articles of HNG/TLA were changed on 9 July through the removal of pre-emption rights. This means that the HNG can place below the current 2p par value of the shares.

It would be good to hear any other opinions on this.

https://essentiallygroup.com/
https://www.csm.com/capabilities/brands

Disclosure: I'm a former shareholder with TLA, sold out Jan 2017.

Others may be Hy-Pro International or Saracens with the NW link, but I don't think any meet the criteria... That's my guessing over! If these were feasible RTO opportunities, would something not have happened by now?

https://beta.companieshouse.gov.uk/company/02724532/filing-history
https://beta.companieshouse.gov.uk/company/03110665

Are you thinking of the Foundation for Leadership Through Sport, which has Nigel Wray as director?

https://beta.companieshouse.gov.uk/company/07309852

Apologies to all for a significant mistake in my post last night. Tax losses available are £32,254,000 after the sale of the Australian business, which alters the position considerably.

The caveat is that these losses can only be used in an RTO which involves a business in the same trade as TLA/ HNG. In other words, holders here are looking for an RTO with a non-listed sports events/ management business. An RTO into a different type of business will result in the losses being unusable.

Best of luck, and please accept my apologies again.

Tax losses per the last financial statements as at June stood at $54,902,000.

This would be a very useful sum to carry forward to set against future profits indeed, but the rules clearly state that the losses can only be used against future profits of the same trade. As HNG is no longer a trading company, but purely a cash shell, I would think that the carried forward losses will not apply here unfortunately. They would most likely be utilised by the subsidiaries which have been sold off. There was no entry for carried forward losses in the proforma balance sheet after the sale of the Australian business.

The value here will probably rest with providing access to AIM for a reduced cost in an RTO.

https://www.gov.uk/guidance/carry-forward-corporation-tax-losses

Hi Kitlow, they can't place as things stand as the par value of the shares is 2p, which is below the current SP. They would need to call an egm to alter the Articles of the company to facilitate a placing.

Hi Giovs, it means that the company has assets of £514,000 rather than a cash balance of $2.3m as posted by others here. This $2.3m figure was taken from the statements in June and does not take into account the sale of the Australian business, settlement of debts etc.

What holders must be looking for here is a swift reverse takeover and that the position as it is does not drag on for several months. The RNS states that the company has been left with enough funds to meet their financial liabilities for 12 months, that's all.

One plus, and it's a big plus, is that the main shareholders, eg Nigel Wray, are very well connected in the business world, so an RTO is by no means out of the question. The gamble is whether this will indeed happen and if current shareholders will retain value if and when there is an RTO.

Hi Billthebank, the figures that most accurately give you the cash position for the company are those in the Proforma balance sheet in the RNS, which reflect the position after the sale of the Australian business. This occurred after the period end in June.
A pro forma balance sheet summarizes the projected future status of a company after a planned transaction, based on the current financial statements.

Trade and other receivables: £72,000
Bank and Cash: £616,000

Trade Payables: £174,000
Net Assets: £514,000

FYI:

Proforma after sale of Australian business:

Trade and other receivables: £72,000
Bank and Cash: £616,000

Trade Payables: £174,000
Net Assets: £514,000

"Following the sale of the Australian business the arrangements agreed with the Group's lender to settle the borrowings leave the Group with sufficient financial resources to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements".

"The Company has 12 months from the date of the sale of the Australian business to complete a reverse takeover, during which period the board intends to keep costs to a minimum in order to preserve cash. If it is not possible to complete a reverse takeover or should funds not be available to sustain the company during the foreseeable future, the going concern position of the Company would be at risk".

Announced for 20 November. Opinion polls suggest a similar outcome, maybe with a slight increase in the socialist vote but still no majority...

https://www.reuters.com/article/us-spain-politics/spain-to-hold-fourth-election-in-four-years-on-november-10-idUSKBN1W20VG

RNS out in Australia - FIL Investment Management have ceased to be a substantial holder. This explains the dark pool trades (1m sold on LSE to 11th September). No RNS here yet, though. I wonder who's taken their offloaded shares...

https://www.asx.com.au/asxpdf/20190916/pdf/448kxm0byg7nl6.pdf

Latest factsheet from Junior Gold published yesterday. Thought it worth sharing as I find this a useful opinion/ update on the current situation...

https://www.juniorgold.co.uk/fact-sheets/

"The smaller capitalisation gold and silver mining shares outperformed the sector materially in the last three months. As the gold price currently consolidates around the psychologically important level of $1,500/oz, we have seen some profit-taking. We view this as a normal development in the early stages of a new bull market cycle, as early traders seek to protect some of their substantial gains and new investors take the courage to buy into the dips of prices. We do not yet see many generalist investors getting into smaller mining shares but, as the momentum develops, trading volumes tend to increase and thereby attract greater interest. The most important effect of the recent sustained move in gold and silver prices is a transformational impact on mining companies’ cash-flow generating capacity. As many investors wait to see confirmation of this effect in periodic financial reports by the miners, there is a lagged response in re-rating valuations. Some of those miners with higher operating cost structures benefit disproportionally in this environment as the percentage gains in their profitability are bigger. These are typically smaller, single asset companies, whose prospects rapidly improve."

Not too sure about your share transfer scenario flundra, but I suppose a TR1 announcement will reveal all soon enough.

If there's something I've learned on holidays abroad, it's certainly that there is a multidude of ways to scramble eggs. Some I've tried, some can wait for just now if it's all the same...

Yes indeed, I have a similar view there. There is a good case to be made that shares such as Cameco, UUUU, URE, etc all look cheap at present. The upside if U does take off is much greater. You're maybe aware of this chap already, but he gives a good, if very bullish, news-flow with regard to the uranium markets:

https://twitter.com/quakes99?lang=en

Haha, I tend to agree that many Scots/Brits abroad are best avoided. Can't see the point of getting ****ed out of your nut in a beautiful place and making a complete embarrassment of yourself. Idiots.

I've been in and out of YCA as well, but generally feel a bit less sure about U at the moment due to the oversupply scenario. It's definitely a much safer play as you say, but whether it's really much better that a fund such as Geiger Counter is open to debate. I've been out here too since January as well for balance, but have retained a keen interest in the project. There are several countries where politicians and populism get in the way of common sense and getting things done.......

Yes Paul, there's been a lot of talk about the uranium bull market for a good while now, which is why I invested here in 2016. I tend to agree that the case for Uranium doesn't feel as strong as it seemed at that time due to an overhang in supply, but on the other hand there's no doubt in my mind that nuclear power is a vital part of the energy supply. It seems like folly to me that this is being overlooked by many governments (thankfully not our own) due to "green" populism.

If you are interested in my heritage, perhaps I can forward you my gran's recipe for ****-a-leekie soup. Delicious.