Member Info for Fevertreeman

90% of staff not 905

Read my latest msg just for you.....explaining why the mechanics are what they are in US

SEC Primer for you

SEC is gate keeper for US capital markets.

1. Government shutdown means SEChas furloughed 905 of it staff, leaving a skeleton crew c.300+ and they are not processing IPOs. i.e not reviewing filings.

2. SEC doeesnt want the US capital markets to freeze up so they are happy to consider SPAC/IPOs going ahead and pricing without the SEC review . Normally what happens is that Pricing is done the night before, but SEC allows companies incl blank cheque ops like ours to price 20 days in advance of the proposed listing date; ...this 20-day rule provides a way for companies to go public during a shutdown, bypassing the SEC review.

3. SPACs have used this 20 day rule allowing them to bypass SEC review to assure on accuracy /full disclosure. If thats missing & mistakes in the filing docs, then Cohen & MKA/CrownProp could face legal action.

Well lets see where we are come Dec 31st shall we?

Give it a rest......the facts are the facts. This is a great business prospect; W&A have managed it well limiting dilution, getting grants, Maginito tie-ups etc; super business model if they can get all the parts in sync; really undervalued then the world woke up in last 12 months; valuation has rocketed but still behind US analogues....lots to go for. Lots of expetation built into sp currently expecting SPAC to land before YE; thats unlikely given (1)US govt shutdown ongoing which impacts SEC mechanics (2) YE in 8 weeks, leaving tCohen c4-6 weeks to pull trigger assuming (1) resolved....which it isnt. Even if it is, US institutions will be squaring off their year ends, so unlikely to want to make decision this close to year end. So yes SPAC postponed is my view

I mean general turbulence in the sector combined with likelihood that SPAC is delayed till Jan.....

Poor management of the message from our chaps. I think that we will all have the chance to buy back lower for a few weeks, as air gets let out of the REM tyres in teh US, and traders bank profits.

Agreed

Dont patronise me! Suspect I have infinitely more experience of capital markets than you do my chum.

Hmmmm... I can tell you, having sat thro endless drafting meetings of listing particulars, I wouldn't be so sanguine. This could well get thumped for a while yet.

Exactly - what does concern me somewhat is that Will & Alex didn't spell it out in clear enough terms in Friday's RNS. Why? Well (1) Could it be they themselves have not been reassured by the Malawi govt, sop they cant be definitive, hence the lack of clarity or (2) they have got the necessary reassurancve but dont want to raise head above parapet and potentially antogonise the political class there

Cohen & Co will definitely disagree with your statement. They have to market this to the Americans....this is an unwelcome development that will need explainig to the Americans. If this is mishandled, that will definitely affect the valuation of the SPAC.

Totally agree....but this is an unwanted extra intrusion..

Agreed- the issue is do the Yanks understand that....as I said Cohen & Co wont be happy if MKA has not been on top of teh local politics, and are suddenly 'surprised' by the announcement

Lets hope that Cohen & Co are on top of this...and it is covered properly in the Risks. Alll vewry well saying that shareholders shouldn't be concerned but the Yanks whose world view stops at the Jersey shore could well see this differently. Lets hope MKA has been on top of the politics, and more to the point, that this doesnt suddenly throw a spanner in the Listing particulars or valuation assumptions..could be in for a bumpy ride. MKA should actually clarify in RNS.

Either folk are getting out ahead of Rachel from Accounts' "Turn the Lights Out " budget, or s/thing else is afoot...is our major shareholder deciding to exit?

WIll & Alex can leave all that to Tregear...they dont have the bandwidth and its a potential political minefield esp if they are hoping for large govt backing

In my professional capacity I would definitely have advised them not to respond to interview requests, which in this case will focus not on MKA but on the issues around supply, Chin and Pensanto....Always a risk that one of them inadvertently says wrong thing. May well be that they were contacted for interview, and wisely turned it down. They have enuff on their palte - their focus hpefully is 100% on getting Cohen to get the SPAC done over next 10 weeks...clock is ticking

Ambitious!

Yup the long stop date to get it done before they have to think again I think is end March