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The key is whether they are designated an Alternative Investment Fund or not. It doesn't say they are on the website and they are obliged under AQSE rules to make it clear if they are.

If they are an AIF they could only list on the Managed Funds sector of LSE which isn't much better for liquidity than AQSE. However if they are not an AIF they can list on LSE. Inevitably the FCA would take a close look at their operations in assessing suitability but there is nothing specific in the LSE listing rules that precludes the listing of a crypto focused business

Those are the rules for companies that were not listed as SPACs but have become one via asset disposal

Regarding cash balance I expect the remaining directors will take equity in lieu of fees otherwise the runway shortens significantly. That leaves the Public Interest Entity audit (which start at about £30k) and the listing fees. £100k should be just about enough for the two year runway the company has to do a transaction

As you say, it's important to understand the listing rules

The rules are that an LSE company has 12 months to transition to a shell and a further 12 months after that to conclude a transaction. 2 years in total

So, loads of time

The market cap of shells and the agreed valuation for an RTO are not well correlated. Take a look at recent LSE RTO transactions such as Mustang Energy and you'll see that an empty shell with no continuing directors transact at £1m plus

GILD is LSE listed, not AIM. Generally LSE shells with no baggage on the balance sheet tend to be valued at between £1m and £1.5m in an RTO

GILD has some attraction here as it has a diverse retail base so there is decent traded volume for an acquiror to ride on the back of

Took a position in this yesterday. If they can get an RTO should be 2x-3x

Cykel is valued at 19m and Mustang is 1m so after the acquisition Cykel shareholders have 95% of the shares and Mustang shareholders have 5% of the shares

So Mustang holders remain as is and Cykel shareholders get Mustang shares in exchange for their Cykel shares to an amount where they hold 95% of the shares in issue.

and there it is, as sure as night follows day...."strong buy" recommendation from *************

No, accrued pre IPO fees were taken in shares. Even the brokers on the fundraise took shares instead of cash

They give quarterly crypto portfolio info and they have announced that they have the legal steps in place to commence a share buyback at some time in the future

Here we go again. Winnifrith pumping, no doubt Align will start pumping too. Allow them both to exit and then allow the share price to fall again for a rebuy and repump later
Rinse and repeat. This share is a vehicle to transfer cash from PIs to the pumpers

Read them again. 3m raised and the Director accrued fees at IPO converted to equity at the IPO price

You're highlighting the wooly, undisciplined thinking typical of many private investors. Say a PI had bought 10,000 shares at 30p, costing £3,000. Today these can be sold for about £300. Many PIs look at this and say "its not worth selling". This is the wooly thinking, its turned into a blind punt. There is every chance this goes to zero so take the £300 is the disciplined decision

Har Chris, the problem with that thesis is that if BTC recovered to USD55k the current, well financed competitors will be installing capacity like it's going out of fashion. So the mining difficulty will do through the roof and this kills off the weaker competitors
Argo is dead in its current form. The issue for holders nursing large losses is why did the BoD decide to announce the LOI when they were under no obligation to do so? Had they chosen not to announce (and thereby not announce it falling through) the share price would still be around 30p, supported by lower Texan electricity prices. They could then have done a placing to shore up the balance sheet at, say 25p
If I was sitting on a big loss this would be the first question I would ask the Board and, unless there was a satisfactory answer I'd be looking at a class action

Given the LOI indicates that a raise will be at 20% discount to the SP this will not recover. Nobody will buy in volume in the knowledge that either (a) the raise will be 20% to the SP so they are automatically on a 20% loss (b) the investor walks on the deal. No investor is going to pay premium on current SP

The question is who decided it was a good idea to announce the LOI? The company was under no obligation to do so and it was obvious that saying there would be a placing at a significant discount to the SP (a price indicated in the RNS but everyone knows that will be renegotiated lower). Had they not announced the LOI the share price would be much higher now

Sure there is. Previously they have announced a debt line sufficient to bring the mines into operation. Now they don't have that debt line, otherwise they wouldn't have to announce they had insufficient funds for 12 months. Therefore the debt funders have either totally pulled out or they are sufficiently uncertain so that the company has to reflect that in its statements.

But no RNS announcement of this. Despite previous RNS announcements specifically referring to the debt financing

Well at least the recent sell off from 2p is easily understood, BMV is such a leaky ship re pre-RNS transactions

Company has no cash. The fact that they have had to disclose that they have insufficient funds to continue 12 months means that the line of credit from Korea has evaporated or at least cannot be relied upon. Discounted placing on its way

The inference from your comment is that there is insider trading taking place, is that what you sought to imply?

Classic Winnifrith/Align playbook...

Encourage newsflow, tweet out supportive statements.....create liquidity....sell......drive price down.....buy......rinse and repeat

Expect a few more cycles of the small cap washing machine, transferring money from punters to them

Why didn't they just go back to Auric for more inexpensive, non-dilutive finance?

Desperation finance....

For every 1p increase in the share price from 2p, the providers of £650k finance stand to make £1.3m profit. Either the Board of BMV are the worst negotiators in the World or they were desperate