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Clear Capital and Axis clients holding such a big slug could have instructions with their broker to play the market which is easily done I would have thought if volume is low enough and there are traders about and the MMs use their arts. If they are in the know which some of them must be imo, then of course it is market abuse but tolerable if approval is assured.
It sounds like the application for approval meeting with the ministry/Hasina will be made by the committee members who are getting down to the detail. This means the Government take all the plaudits which is OK with me, I like GCM in the background.
£50,000 in warrants money makes the average/share over the year 3.8 p - fat finger for 19/4 entry- is 6.5p/share.
I really hope approval gives a meaningful boost to SP as these raises which was my point in summarising, really do dilute so the higher the raise/share the better. If the raises are above my average entry I assume I am making something on the investment.
I must have been checking before then as don't remember DG Infratech on the register. 13/4 is only a week ago, I know it is possible to examine a websites entries on an earlier date but don't know how to do it. I think a date a bit earlier would be more conclusive ruling out Infratech as part of the fund raise.
Thought I would summarise
14/6/23 placing £500,000 raise 20m 9.6% of new total 2.5p/share to GCM
the Company has completed a Gross equity fund raise of £500,000 by way of subscription for Ordinary Shares with Clear
Financial Statements
29
Capital Markets, at a price of 1.65p per share. At the date of this report the Company is not yet in receipt of these funds
...................bottom of p28/top of p29 Annual Report and Accounts 2023 referring to subscription 2/2/24
issued to clear capital clients 30.3m 12.7% of new total 1.65p/share to GCM
subscription 19/4/24 to raise £2m issued to Axiom Capital clients 30.7m 11.1% of new total 5.5p/share to GCM
over 12 month period £3m raised through 81m shares to grease the wheels at discounts of 41%, 37.7% and 24.6% representing 30% of new total at an average 3.7p. prior to approval.
2023 report; Financing – risk that the Company
will not be able to raise necessary
working capital to sustain its activities
ahead of presenting the Project
Proposal to the government or the
funding required to take the Project
through the government approval
process to implementation stage.
The former financing risk is off-set by
the Company’s track-record of being
able to raise funds through the equity
market. The latter financing risk is
offset by agreements in place with our
Development Partner, PowerChina,
whereby in return for being awarded
EOC Contracts, PowerChina has
expressed a willingness to assist
with project financing. The Directors
are confident that the necessary
funds will be obtained as and when
required. For further details refer to the
Directors’ Report.
https://www.gcmplc.com/sites/gcm-resources/files/2024-01/GCM_Resources_ARA_2023_Final_Glossy.pdf
It was historical from Thursday. I expect there may be some on Monday too. Axis shifted all the subscription shares and I think the 3%+ holder (10,225,527) is new otherwise why update so promptly and that was a third of the subscription and 20m therefore to show up in smaller trades.
Https://www.gcmplc.com/shareholders/share-capital
https://www.dnb.com/business-directory/company-profiles.dg_infratech_pte_ltd.8bc52aacfed8150069c2984e559bf81a.html
right KingClough and some have gone here
The market for GCM will always be opaque imo because of Chinese, Bangladesh and Tang involvement but I maintain the set up will benefit shareholders as the SoD seems to be the only thing on the table and am very hopeful for the green light at Sunday's meeting.
Subscription shares only come into being when Axis sell to clients and GCM get 6.5p/share sold while the clients pay the market price is my guess how it works. Axis can make a fat profit if clients are slow to buy but clients make a fat profit if forward bought or bought today. Maybe a lot of late reporting in this scenario. GCM raise at a guaranteed price while Axis take the risk of being able/unable to market shares at a greater price. Axis do this as joint broker to GCM so act as original share issuer.