George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
I think people will focus on the conversion level of the new shares issued, at least to start with. Which should look decent, as they're setting the valuation levels, so they could set it anywhere in theory. The problem will be how the market sees those valuations when it starts trading. It's going to be difficult to weigh up. If it happens!
Judging by the other shareholder meetings they will easily get it passed. No one cares enough to do anything else. It's not the greatest and it will likely perform very poorly in this market, but it's better than expected. Returning cash would be better, but how do you force them to do it.
It's the "fun" of the AIM experience and it just gets worse by the looks of things. This was my last small cap trade and will probably remain so. A fitting end.
It is just going to be a standard delisting announcement though. "Keep checking the website for updates" and all that rubbish. What fun!
A few people have talked about returning cash, but I haven't seen anything that indicates they will. That's not to say there isn't something. There's probably quite a bit of detail I've missed. Would be great if they did, just to put an end to this.
It's another reason it's strange the main shareholders aren't doing anything, as there clearly is a deal to be done (even if poor). Maybe they are banking on a miracle next week, like everyone else.
I would of agreed 6 months ago. Looks an odd decision at this point. I'm sure if you put anything similar to shareholders now, they'd bite your hand off.
The cases I've seen where cash shells have delisted, its been pretty simple. Carry on as normal and continue to look for things to do, just not listed. Which if the last year is anything to go by, it'll be another year hoping for them to do/say something.
It must be too late now. Unfortunately, I fear the announcement is going to be very annoying and vague, with no time line to anything. Best case would be a return of cash, but even that feels unlikely.
It says delisting on the 8th in the results. Maybe the option they'll go for is to delist, the pick up an asset to develop, then list on another exchange. That would make sense and be less restrictive than a rto (there's plenty of asset around). Would be a horrible wait for people holding though.
You'd certainly think they would want to keep the listing going. It's becoming more and more difficult to create this type of listed company. Strange just to give it up, but that's the way it's looking.
I think it'll probably be delisting and a "we continue to evaluate options" statement. Which would make no sense, as a listing is a strong point in doing a deal. I hope it's one of the other options, but it's get to the point where people might have to consider how they are going to get some money back.
Well the major shareholders are all nominee accounts, so it's probably down to loads of pi's not wanting to take action. Maybe it's spread over quite a few and no one owns a large enough amount to feel they can effect things. Frustrating, but I don't have a huge amount in this.
Good point. We'll have to see what they release in the next week or so, but people might have to start looking at their options. I just can't believe the larger shareholders are giving them a free pass. I feel in any other AIM share like this (cash shell) there would be efforts to replace the board by now.
Would be so easy for them to either make an investment (take part in a placing) or return cash before it delists. Worrying if they think delisting is a better option. Have to wait and see like everyone else. Not confident they'll do anything now.
That's the problem really. Pi's are just sat hoping for the best, while they can just let this situation drift for ages. You'd think there would be someone with a large shareholding that doesn't want to see their money drain away.
Unfortunately there isn't any big shareholders to force them to do anything. It might be a case of finding the private investors that have big holdings (they must be somewhere!) and group them together, if that is possible. Might be the only way to see a return.
The NWIG cancellation RNS was out first thing. Just not showing on this site. So Monday morning was the deadline. All the ones that missed the first deadline were the same. No info till it was a done deal. Not good at all, but it is AIM.
Looks like the only proper one to miss out in the end was NWIG. As you would of thought at the start of all this. I don't know why AIM insist on putting investors through the mill like this.
Just think it would be very strange if Tang did all that with GCM, particularly raising money via primary bid and all the while GCM's major shareholder (a company he is chairman of) was going to be delisted the next day.