Lets keep our feet on the ground1 Dec 2016 11:38
Hi All
There have been an increasing number of very negative posts on the BB lately - understandable of course as PIs are nervous.
I spoke to GB and Cairn by phone recently and am confident that the company and the Nomad are working together to resolve the issues.
One thing I wasn't aware of, was that it was not the Stock Exchange that initiated the suspension, it was Cairn. Cairn have to be sure that ONZ has a high enough proportion of its capital invested in the right sort of investments for it to progress beyond it's first year. As ONZ's Nomad, Cairn are obviously in a good position to advise the company on precisely what it needs to do to be relisted - and they are working to seek a positive outcome.
ONZ have been continuing to make investments, but none are of a significant enough size to warrant a specific RNS. Whilst some PIs may think that ONZ only made a few trades in it's first year, the actual number of trades was sizeable and in excess of 100, and that is why an RNS is not issued for each one and many are 'batched ' into key updates.
As others have indicated, it's not clear whether ONZ intend to go down the RTO route with N4 or not. GB cannot and did not disclose this, but from what I gleaned, this is a potential option.
GB hopes to update shareholders - still - 'within the next couple of weeks'. Work is progressing but i's need dotting and t's crossed.
I'm going to retain a hopeful and positive stance for now until we hear further. I hope this helps some folks, although I appreciate it does not say much more than has already been said. ATB
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