Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
I would not describe the fine as peanuts, as it is over £7M. But they do already have this money as a provision on their balance sheet. That said, this is selling off like there will be a placing. Recent lesson learnt from AGFX. Expect it will be touted as positive, to buy something or develop the business, just like AGFX. Price action is too obvious and Black rock have hung on at 1%. Cant see any other reason for such dumping and lack of buying from DBay etc.
I would say that cash was running out, the sale of Petrel appeared very desperate. I expect they got the court summons for the winding up order, Hastily added FAB as a shareholder, then decided to rejig the executive positions, partly as they couldn't milk any more salary after May (prior year they took 396k between them). CFO resigned as he knew it would go bust, his notice finishes on 10th May. Now they can go bankrupt, but it wasn't on TB's watch as he is now only a NED. He is also not connected to FAB (See holding RNS) as far as companies house goes, so if FAB want to buy it out of admin they can. Whether that is a wise decision or not, well never know. The Chamberlin we knew was systematically drained of cash by the board, maybe it is profitable if run honestly? Game set and match Trevor Brown. I sold out remainder last week at a huge loss.
the placing rns also mentioned using debt, an rcf of about £10m. so i think they have a way forward. they didnt help themselves, with such sp**** details and lack of interaction with the market over recent months. the rns also said that the retail offer was conditional on the placing, so i personally hope that they pull it and do not get humiliated with no take up. it is possible that who ever wanted the placing shares, now may buy in the market, that would make sense.
i think it will take a while for the dust to settle here. maybe they should put the for sale sign up?
hope your doing ok zebbo, i think this will be alright but might take a while, going to be uncomfortable for a bit i think.
Volume for the day is only 2.8M. A lot of that is people trading, I sold at 45 this morning. So I don't read as much in to 'The Market' as others on here. As I said the placing is small - 10%. So its not much dilution. In reality, there wont be many shares that trade below 45p over the coming days. A bit of PR to explain the strategy would help.
At least its only 10% new shares, but begs the question why they couldn't have got this away a little higher. It raises £5M before expenses, which isnt much. They claim to have £8M in net cash. Seems to have been handled badly, letting the price get so low. As for the sell off and Rockwood, seems everyone knew except us. Certainly an aspect to consider here is investor relations.
I am not 100% sure what this money is for?
Thunder2040 - TRIN are already recommending this deal. I cant see this not going through. Most PI's will not vote. Go and look at C4X delisting, that could of so easily been stopped if PI's had voted.
Also, I do not see this as dilution, when they are getting TRIN below its fair value.
From the RNS:
Trinity Shareholders (including those Trinity Directors who hold Trinity Shares) representing 38.9 per cent. of Trinity's issued ordinary share capital (excluding Trinity Shares held in treasury) as at 30 April 2024 (being the latest practicable date prior to the date of this announcement) are supportive of the Acquisition
This is my largest AIM holding. I liked it for the dividends and the likelihood of a take out. Though I have been under water for most of my time holding it (not including dividends). Now back in profit, worth 6% of my entire pension.
Makes me laugh - what press speculation?
I had trouble buying TXP so the drop was manufactured. Bought some TXP, and some TRIN.
Buying TRIN is the better deal, I paid 53p, which means that I got TXP shares for 35.33p
Assuming deal goes through, which I think it will.
TRIN is still around 54p.
Not a fan of TXP but this is an obvious trade and arbitrage opportunity. TP, 60p once the media big this up.