Member Info for CaptNemo

Anyone know when (or IF) the H1 numbers will be published? Do we assume that the delay is due to 'creative accounting' trying to make them look as good as possible?? This (IMHO) is the main reason the SP drifts south - this lack of certainty/clarity - no one likes bad news but no news is sometimes worse.

Just added my support to Rodders Jones excellent attempt to get rid of our pathetic CEO, clueless FD and non acting Chairman. They ALL need to be replaced by people who have the best interests of the company and it's shareholders - ie us, at heart.

https://www.sanderson-out.org/

What I think will happen in the not too distant future is that SF will make a bid for all of the outstanding shares. They are now past the point where they were required to pay 22p or 11p in the new post shafting world, so they can and almost certainly will bid a much lower price. All those institutional investors who got in at 3p would probably be happy with a quick 100% profit and sell at 6p. My guess is that we will see an offer price between 5p and 6p and that the BoD will rubber stamp it and SF get all of the goodies for very little - in the olden days this was called piracy.

It means that we are getting screwed, some lucky bugger got wind of this yesterday and dumped over 2 million shares at 6p just after the market opened - no wonder.

It's a 50% dilution - your shares will now be worth (with luck) 50% less than they were yesterday. Barstards.

Well we finally have an AGM to look forward to, on the very last day of June. I assume that the last act of the AGM will be a magic trick - where $25m will be pulled out of a hat!!!!

The fact that we are now less that 20 working days away from the deadline for raising the money via a rights issue and there is NO word of how this will be done is ringing some very LOUD alarm bells. Anyone care to guess what is going to happen because I have no idea anymore.

A rival bid would be great news, but I'm not going to hold my breath, and much as I'd like a dividend or two I think they would be better off paying down the debt with any spare cash.

Looks like the spread on this stock keeps getting worse, 20.8% this morning, no wonder there is no trading going on......is this all part of a sinister plan? Does our current BoD have a hand in the MM pricing??? Or, am I just being paranoid??

20p would work :)

Like almost everyone else I was pleased to see the RNS yesterday, finally some clarity and real good news, almost all the bad news out of the way - with the possible exception of the finer points of the $25m raise, and the SP reacted very positively - for the first half of the day, but then tanked.

So, what am I missing? Anyone any thoughts on why the SP tanked and appears to have tanked again this morning ? I also looks like HL has gone 'tits-up' this morning and I cant get any real time valuations on anything.

I too think the latest RNS has a good vibe to it.

I've pulled out the relevant wording from the last three RNS on the extension, see below. Today's announcement sounds like they are almost there and it's just a few minor details that need to be ironed out (IMHO).

Mar 1st - Discussions with the banks remain positive and the Company is confident that an agreement, favourable to both GMS and its lenders, can be reached in the near term.

Feb 1st - Discussions remain positive, yet not conclusive, and the Company continues to believe that there is a reasonable chance to reach an agreement in the course of the coming weeks.

Dec 31st - The Company is pleased to report that discussions have been positive, yet not conclusive and the Company anticipates that there is a reasonable chance to reach an agreement in the course of the coming weeks.

Now, let's see if it has a positive effect on the SP :)

Sunday is the first day of the working week in the ME, so we might get some news then, but it's odds on that it'll just be another extension - standby to standby, very typical of the oil field :)

Just because the pandemic is starting to be controlled in this country, and we have Boris's grand plan for a return to a more normal life does not (IMHO) mean that there will no longer be a need for PPE. There might be a need for less of the cheep useless PPE that we see many people wearing at the moment, BUT there will ALWAYS be a need for PPE in hospitals and I'm sure they would prefer to use a product that had an antiviral layer - rather than one that did not.

So, I think there is a future for the business but management have got stop ******* everything up and start running the business, some good news would also help.

ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ

4C - not all the trades showed correctly on here yesterday, my top-up was listed as a sale ......

GLA

4C - agree - lets club together and buy the rest of the company - lol.

Actually I've just doubled my stake, I've been with GMS for a looooong time and I'm still here. I think (and firmly hope) that there will still be some residual value for existing share holders once the bank issues are resolved and I would not be at all surprised if the next RNS was just a statement that talks are continuing.
GLA

4C & Cam - another possibility could be that the BOD are prohibited from selling or buying except at specific pre-arranged times, this is the case with some companies - anyone know if it is the case here?

Personally I always like companies where the BOD/CEO have a decent share holding, especially if they have bought it with their own cash rather than it being given to them. This is not (sadly) a guarantee of success but it does at least encourage company and share holder interests to be aligned. In the case of GMS it would be great to see the BOD put some of their money on the table but I'm not going to hold my breath.

Thanks 4C,
I assume we are going to end up with section 2 of Appendix A, as I do not see GMS coming up with a $75m repayment in the next few days .
· If the US$75 million prepayment referred to above is not made and the shareholder resolutions necessary to authorise the issuance of the warrants are not passed, in each case by 31 December 2020, the Banks would be entitled to call a default under the Agreements.

So the banks are entitled to call in the loan, but they do not have to, my guess is they will keep talking as SF would take a major hit if the banks took everything.

Does anyone know the exact terms of the bank paper that is supposed to be due in 4 days time? And, what happens next?????

Not even that many trades, very quiet today.
I have to assume that SF has been having some discussions with the banks regarding the loans, otherwise why go to all the trouble of taking over the BoD. Who knows, they might even have a plan.....

@ JoeSalto - thanks for the link, an interesting if somewhat depressing read as it was THE FIRST TIME hydrogen had been discussed in depth by our parliament - talk about being behind the curve!!!