Member Info for Globex

That's the €600m question. Everything hinges on how trading goes, I would say next 18 months are quite critical for the company. If trading goes well and Remainco is spewing out the kind of free cash Moulding has promised, maybe the company maintains a decent credit rating and refinancing is doable on reasonable terms next year. If trading goes the other way, who knows?

On HL GM vote option appears in usual place, when you login go to investor mailbox.

The big expansion into Germany really started under Alison Brittain, so if you are interested worth digging out press releases and interviews from time of her tenure. They had a small number of hotels there already, then became cash rich after Costa sale and used that to leverage up to buying a few German chains.

I don't think it's any historic legacy, more that they identified it as a strong market with growth potential, and similarities to UK market meant they believed could apply existing model.

Whoever you opt for, would recommend confirming they are listed under 'Retail Brokers' here: https://jpjenkins.com/partners/

Cong genuine question. Have you considered enrolling in an adult education literacy type course? Might help with the old reading comprehension.

Another thing they'll be weighing up is if/when administrators get appointed, they will have extensive power to examine in detail prior 3 years financial comings and goings.

Burrows would have to look them in the eye and give an account of where all the money went, including his and his family's salaries. Wonder if there's a smoking gun to be found within that £11m+ going out the door within 12 months? That spend always seemed curiously high for a company of this size, to put it mildly.

It does have the feel of a game of Russian Roulette. At this stage the board will have to be paying attention to their duty to not trade insolvently. Once it's accepted creditors can't be paid from cashflow they would have to pull the trigger, and we know it's close to that stage.

Creditors include employees so that could explain the Hail Mary of taking shares in lieu of cash to stagger on a bit longer.

To be honest I'm weighing up same thing myself. I think this will depend on our own circumstances and potential opportunity cost of holding.

The difference is pretty marginal now but what's kept me holding until now is just that it will still be that tad higher come deal day. One other small factor would be dealing charge depending on broker if selling now, whereas buyout fee free.

Cong

I'm not sure why you're trying to pick a fight but you've misunderstood. I was simply answering plazahot's question about what happens to Ingenuity shares not taken up. In the event of that, as per RNS those top 10 holders have said they will opt to "receive more than their respective pro rata distribution".

I don't see what your issue is.

"But you make it sound like he's got special rules and able to get ingen shares without losing any thg shares"

Have you actually read the RNS I quoted from?

Where did I say no cost?

Cong

" previous comment by 404 seems disingenuous."

How, exactly?

@plazahot My reply is not about the option open to regular shareholders - it's answering your question about what happens to Ingenuity shares not taken up following that option.

No he gets to keep his RemainCo shares, or in other words to have his cake and eat it too. Any Ingenuity shares not taken up will be picked up by them at a nominal value - but frankly when you look at small print of way the private company will be structured it seems that's happening either way.

"A group of existing investors drawn from the top ten shareholders, and each of whom has indicated their intention to invest in the Placing, have indicated their intention to elect to receive more than their respective pro rata distribution of IngenuityCo shares if there are insufficient elections from other shareholders"

https://www.londonstockexchange.com/news-article/THG/update-on-ingenuity-demerger-and-proposed-placing/16709558

Looks like that old chestnut of an Aim P&D spike, quite textbook really.

Sorry scenes for a company with management that promised as much as this lot did.

The agreed buyout price is 1,110p.

The reference they made to 1,140p total included a 30p final div which has been paid now.

Look at 28.2 in articles of association. The loophole they are using is that don't need permission to issue shares in a different class with potentially different rights from rump shareholders. They can also freely issue 10% to employees.

Separately in shareholder agreement the "Emergency Issuance" gives them carte blanche to issue shares, then ask if other shareholders want to be included only after the fact.

Minority shareholders here will be playing against a deck where 5%+ know the cards being dealt (via monthly management accounts), and 20%+ is ultimate God tier, whereas everyone else has to wait 9 months(!) after a financial year end to have any kind of clue on how its trading.

I would argue that the share price drop was quite a rational response to placings which increased share count dramatically, lack of sales, horrific cash burn, a board member selling large volumes of shares, Burrows mistakes including nepotism, misleading guidance on CiRT sales etc, and then what really killed it them admitting they were going to run out of cash in early Q1.

Whereas the share price increase was irrational - based only as far as I can tell on a few bulletin board P&Ders.

Looks like it's aim silly season where main critera for reaching the leaderboard seems to be being on the brink of insolvency.

In OBD's case that RNS shouldn't really come as a surprise to anyone who's been paying attention here.

As expected, looks like some shareholders will be more equal than others. What's the betting Moulding ends up 20%+ and meeting criteria for 8.1.3.

"

The Company shall provide, grant access to and deliver:

8.1.1 to each Shareholder, the audited consolidated accounts of the Company no later than nine months after the end of the relevant Financial Year;

8.1.2 to each Shareholders holding not less than five per cent. of the Shares:

(a) monthly management accounts of the Company no later than 30 Business Days after the relevant month end; and

(b) all information that such Shareholder may reasonably require for its Tax, antitrust, legal or regulatory purposes, and

8.1.3 to each Shareholders holding not less than 20 per cent. of the Shares, any information in the possession, or under the control, of the Company which such Shareholder may reasonably request.

"