Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
Well that was depressing. On the plus side we are now all owners of a philanthropic company....
Profit, have you read the judgement? The default position is wind down and the drop dead date is approaching. Maybe this could be the missing element in your equation rather than the market manipulation that I believe you were suggesting over the last week.
Hopefully it'll work out, there is still time, but it is getting tight.
Blue, if I recall, part of the cause of the miss-selling issues was reliance on automated approvals through the website, I understand that there are going to be more real people involved in this now, so the guarantor loans are going to be higher admin cost. As a new start cash lean business I guess that need to keep operational costs as low as they can. Also, they said there has so far been lower interest in that product. I guess keep it simple, with lowest rate of delinquency possible, and higher customer satisfaction.
Profit, either BOD successfully negotiate a RI or the business winds down and we lose it all. Deadline for completion is in a couple of months and confidence has evaporated. It is all in the news and the RNSs.
It looks like Profit isn't buying enough to keep the SP up. I may be tempted to top up if it goes sub-1p as well.
Complete gamble now of couse, wonder if it would be better odds on the Euro millions now??
Any LTH that sold out recently tempted back in yet?
Stevie, I don't think they intend to wind down if they can avoid it, however it just depends if they have a workable plan B or not. I'm hoping they have something up their sleeves, but then again we may just run out of time and then it automatically goes into wind down.
Did BOD mention whether they thought extension may be possible/desirable? Obviously it would mean going back to the judge....
There's a little over 10 weeks left. In that time we need to have completed a 19-1 dilution and then pay £15M (raised through the RI) into the pot within 10 days of the RI.
I can't see anyone agreeing to wiping off the £15M as there is then no benefit for the claimants, why would they approve this? However, there is no requirement in the judgement for the additional £30M that has been included in the RI, so surely this is where the focus should be. What is the minimum the new business really needs as startup capital from the RI?
Surely, the only feasible option in the time frame (bar a last minute saviour), is to drop the RI down to an amount that we actually have investors willing to underwrite and for the BOD to come up with a tangible business plan to deliver a startup business whilst (ironically) living within our means.
Blueskyboy, lol I ballsed up yesterday then!!!
Wow.. Not sure what to make of that RNS. Is that the death knell, or a or lifeline?
I wonder if moving the £15M out of the RI and making it it a contractual obligation to pay out over a schedule would work better with no loss to anyone. As someone said the other day it will take time to work through all the claimants cases and there is already money in the pot.
Blueskyboy, either that or the ride has driven me crazy!
Unless I have missed something (quite possible), I don't see that anything has really changed in our outlook since before the meeting, yet the SP has dropped 25%. So, it seemed a good opportunity to reduce my average a bit, although a massive gamble of course.
I am hoping that the SP will ease back up a bit once the general frustration, exasperated by the meeting, has worn off a bit and everyone starts to cling on again for dear life.
Anyone have a link to the transcript? I missed the call unfortunately, although by the sound of it on here nothing much has changed....
Magpies, Viking, yes my top up was recorded as a sell earlier!
It's on there now. In a PDF.
Exactly. Problem is they need to insure that the 19-1 dilution happens, so we're in this silly situation where they need to find investors willing to put up £45M just in case we don't come up with the goods.
Daniel, the amount to be raised through the RI (us)is at the moment £45M. This is £15M scheme + £30M future business. The investors talked about are underwriters, whom will buy any unsold shares from the RI. As the 19-1 dilution is a legal requirement for progress, we can't have a partial funding, all the RI need taking up one way or another. The more they want to raise the higher the cost to existing shareholders to take them up.
As long as there's enough cash (or a plan) to keep things ticking over until the RI is complete, then that is enough I'd say..
I must admit I was expecting doom and gloom. I wouldn't have thought that the lending trial would have brought much cash in (expect more paid out for lending than returned in repayments) and old loan repayments were really drying up at the last report. Hopefully there will be some positive nuggets of new information in there as well.
Is it just the Q3 results on Thursday or is there something else we are expecting? I've noticed Thursday mentioned quite a bit on here..
To be fair if Amigo had avoided the fine and the SP soared, the media would be going nuts. Not sure that would help with securing the underwriters and getting the stamp of approval from the FCA.