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Continuation of email from Greg
'will be shares at the costs we incurred (i.e. x 1 not x 2.25).
In the meantime, we had no other credible RTO offers and I support the views of the shareholders that liquidation is the best route to salvage what we can from the situation (versus another year of nonsense with no guaranteed happy ending). The current market is generally suppressed also.
I am pressing as hard as I can to get everything wrapped up but even this is frustrating.. currently resolving HMRC.
We’ll get there soon and I appreciate your understanding that investing in shells is a high risk strategy… the winners were the shareholders that came in at 1p and exited when the shares were at 3p (almost 3 x cash value). I’m hoping that the SM247 share price will be healthy when we distribute and shareholders may hold or sell at their own discretion. As you can guess, I am not enamoured by the board of Smarttech but have a vested interest that their business is successful for the time being at least.
Best Regards,
Greg
P.S. I bought shares at 1p and I’m also locked in :-(
Hi, yep im here from CCAP, i didnt see the outcome of the June GM, so emailed Greg to find out what was happening, in fairness to him received a fairly full and frank response...
'Thank you for your email.
There was a GM on 2nd June 2023 and all notices were sent to shareholders by our registrars (I suspect that your shares may be held in a Nominee account and they did not inform you if you were unaware of this meeting?) https://emea01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fconduitycapital.co.uk%2Fwp-content%2Fuploads%2F2023%2F05%2F10052023-CCAP-REACH-Notice-of-GM-020623.pdf&data=05%7C01%7C%7Cb8501544fd4d42bde00308db9f12b66e%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C638278674946812027%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=ZfNAxtl363el%2FdADM1HJSWK535FZFOMaT%2FrY8S4p0Sc%3D&reserved=0
The business of the GM (circular) is available on this link;
https://emea01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fconduitycapital.co.uk%2Fwp-content%2Fuploads%2F2023%2F05%2FCCAP-GM-Circular-2023-100523-revLAW1-final.pdf&data=05%7C01%7C%7Cb8501544fd4d42bde00308db9f12b66e%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C638278674946812027%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=W7D%2FgggWwZ10N1KxkikbxroQwB9v6Qd4TYEml%2B2kF7s%3D&reserved=0
The sole resolution was NOT passed and as a consequence we have engaged with a firm of liquidators to solvently liquidate the company and distribute the assets of the company (primarily or solely, shares in Smarttech PLC (SM247)). The process is proving time consuming as we have to get HMRC clearance that there are no tax liabilities before the liquidator can be formally engaged. We are almost there and the next communication will be from Price Bailey (acting on the liquidation) to formalise the process by further shareholder consent.
I hope that the whole process will conclude within the next six months and SM247 shares will be distributed proportionally to all the shareholders of CCAP. This will be a capital event and the most tax efficient method to most shareholders (whom I assume will be higher rate tax payers). This is versus distributing the shares via dividend that we explored.
If you need any further clarification, please let me know.
Thanks and Best Regards,
Greg Collier'
followed by:
You’re 100% right - it was a disappointing end to a lengthy RTO process. Sadly, Smarttech (’SM247’) ultimately realised they didn’t need us (after gleaning our expertise and time for a year) and reneged on the terms we set out in good faith. The liquidation effectively gets CCAP shareholders shares in the target company (SM247) but not at the original agreed level (which was 2.25 x our cash). We were reimbursed for all our directly associated costs with the RTO (but there are other costs to support a PLC) and the outcome (after further
Nice rise today, all going in the right dirwction and some solid buying.
Would like to join a #CHLL telegram group if anyone has a link.. would love to be part of the CHLL community as i try and crawl back up to average of 25p.. 🤦♂️
Yep, also an ECFC fan, more fun than a yid at the mo! Yep looking for CHLL telegram group link... lth
Could you ping a link? Tia
As a spurs fan that suits me fine! 🤣 have you got a link?
Lth, just wondering if anyone knew of a CHLL telegram group? Tia Jade
Probably should have hit it at 120p!! lols
Hi all, Hemo holder and enjoying the ride! question slightly off topic so apologies... currently using HL for trades but looking for a better site where i can day trade (aim), reasonable fees and level 2 access, any thoughts/recommendations? Thanks in advance
Hi all, great forum, have enjoyed popping in and seeing what people are thinking. I've been buying SYN for a few weeks now in bundles, average at 58p now, have been seeing alot of red for a while but feels like a corner has been turned. Appreciated all the solid work thats been carried out on the chat, credit to all of you. GLA