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Along the way there needs to be an increase in authorised share capital, this probably comes from the £15.9m purchase price, but any increase in authorised share capital has to be voted for by the share holders. So before this can happen the current 1,057,494,834 (Nov 2023 was 632,494,834) shareholders get a say, formality it passes. Ex-Rome holders get 3.2bn shares from the increase share capital in NewCo, which now has 4.257bn shares in circulation. So if you held in November 2023 your holding will be diluted by 85%. Key therefore that the new SP has a proportionate rise or you’re further in the mire.

@Poppyseed. There was £30m authorised share capital divided into circa 2.2bn shares. 1.1 ish in circulation now. How/where do they get 3.2bn shares for Rome ? Happy to be educated.

9th at 09:30am now.

Anybody else sent an invitation to a meeting this Friday and then had it pulled ?

Only another 1.15bn to go

SP will have to go some with the now confirmed 40% dilution. Slight concern that the previous +3percenters have little control now unless they’ve managed to increase their holding..

Only 27% (173.3m) of share holders could be bothered to vote at the recent GM. 425m shares just issued that don’t hold the benefit of a share of any BIT windfall. I imagine the holders of the 425m would mobilise far easier than getting a larger part of the 632.4m.

… will be interesting to see these amended details on the PFP website, shortly hopefully.

Fair not fare opps !

There will be 1,057,494,834 NewCo shares in circulation, and possibly a further 212,500,000 if the NewCo warrants are issued. So a NAV per share could be estimated but this isn’t the SP. Probably fare to say that it will trade below the NAV/share level. Perhaps there is a clue in the RNS and the warrant purchase price of .45p, anyone’s guess at this point.

SY1, all under control.

Believe David Taylor has left

SY1, I’m sure you are right but I find in interesting that some companies get tripped up by the admin. The devil is alway in the (admin) detail.

Not quite sure why AAG would buy IMM and then let it get struck off thereby killing the possibility of the BIT claim the bought IMM to pursue ?

First Gazette notice for compulsory strike-off posted by Companies House.

@LFM I understand the frustration but cannot think what can be said that has not already been stated. Surely being in a position where details are privileged is much better than general statements that could be construed as being no where close to an agreement. Would you be placated by a statement saying ….. we’re investigating options that we cannot discuss in public due to confidentiality ….. Whatever is happening will be under a confidentiality agreement. We know timelines are fluid with PFP, I remain positive that things are in train

Presumably therefore a 60% dilution for existing share holders and an EGM vote to get past ? A yes vote would presumably be based on the NewCo shares being worth more to the holders.

Not quite the same but similarities in taking a government to BIT over mining licenses. Possible yard stick maybe. Hhttps://twitter.com/cadenceminerals/status/1725061769729609966?s=46&t=b6za1ZtTKGiqyeh7V14hBQ extra “H” in the link.

Perhaps I'm the only one who gets excited about this sort of thing but to me good house keeping goes hand in hand with good management. On the PFP website Mr Trew is now credited with a 4.76% holding which would equate to circa 30m shares. This is larger that the circa 17million he held in the past which was 2.71% in reality after dilution although the website continued to state the pre-dilution 3.72%. Hopefully this can all be cleared up with a RNS as the Eckhof situation was. Interesting to consider that the apparent rise in Trew's holding is close to Eckhof's previously stated holding. Of course it could all be typos and careless reporting which would be a disappointing reflection on the current management's attention to detail.

If the SP goes any further south, dilution could be over 100%.