Expecting a low Sp23 Jan 2023 22:36
From the RNS;-Therefore, to allow the renegotiation to proceed, the following has taken place. Mr Robert McCrae borrowed 17,208,742 shares from a shareholder of the Company. The borrowed shares were transferred to Mill End. Mr McCrae has agreed to repay the shareholder 17,208,742 shares plus an extra 1,720,874 shares, being an additional 10% at a future date to be agreed. Therefore, at the date of this announcement Mr McCrae owns 98,500,000 shares, of which 18,929,616 are to be transferred to the lender at a future mutually agreeable date.Additionally, it has been requested that Mr McCrae transfer 25,000,000 shares to Mill End. It is anticipated this transfer will occur shortly and the Company will repay Mr McCrae for these shares.The Company and Mill End are in the process of discussing an amendment to the transaction to address all above issues.The Board believe this action was taken in the best interests of the Company and its shareholders and that the Directors undertakings given by Robbie McCrae and Gerard Kisbey-Green indicate their confidence in the operations and the ability to raise the required financing.Note the words _to allow the negotiations to proceed To borrow shares from the BOD is a desperate last resort bid to avoid debt repayment failure and the potential for Bankruotcy proceedings. Again Note the words _to allow the negotiations to proceed For those who think their is a Chair their is not.From the RNS The Company hopes to appoint Mr. Simon Grant Rennick as Executive Chairman, subject to certain final commercial negotiations and legal formalities.The Company hopes to announce his formal appointment in due course. In the meantime, Mr Grant Rennick has agreed attend board meetings and provide other services to the Company as "Chairman Designate". Mr Rennick is no fool and will be looking at how he can advantage his potential situation he does not work for free.Unfortunately much as expected thus the sp is going to fall until the identified problems are sorted probably with a much leaner company .The BOD is entirely responsible for the failure so far and will have be replaced as they helped conceal the true picture of events from shareholders in their attempts to get funding-the main reason was the failure of their production forecast which allowed lenders to walk out of negotiations.Now the share price becomes interesting although expecting it to fall its picking the place where it will stop to invest will be difficult as any dilution will be at a seriously heavy discount, assuming their is a a mkt for new shares.
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