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Index rebalance market cap data cut-off
The market capitalisation cut-off date used in the ranking process to determine rebalance changes at index
reviews will be on the Tuesday before the first Friday in March, June, September and December.
For the avoidance of doubt, the share number and close price used in the calculation of the full market
capitalisation will be reflected in the Monitored List as at close on the relevant cut-off date.
For illustration purposes: the market capitalisation cut-off date for the March 2024 quarterly review will
take place at close of business on Tuesday 27 February 2024. The rebalance changes will be announced
after close Wednesday 28 February 2024
With the share price as it is, it looks like EZJ would be 89th by market cap on the FTSE 100 so we would join at the end of the month. If the share price is £5.80, we would be 86th, always assuming the other constituents remain roughly where they are at the moment. If you google `does the share price rise if you get admitted to the ftse` the first hit is from II, which gives a little summary as to why this should give a further share price boost.
Just on the train on the way back from the meeting so brief points. We were all handed an agenda at the meeting. There were a dozen shareholders and probably the same representing various aspects of the company. Nomad, PR etc. First words Robin days were ‘ let’s go straight to the vote then’ . Rapidly shut down by the shareholders! Well done Billyboy. Board agreed then to have the discussion and q&a first. Robin gave a reasonable sum up of the situation and the difficulties. Said that they were really eager to get shareholder opinion on the deal so we’re looking forward to the vote response to gauge that. Moved on to q&a. First question I asked was that they want shareholder opinion on the deal but in order to get that we needed a vital part of information to make a judgment and that was the TEO. So where was it? Robin said that they could not release it until it had been officially filed which it now had. It was therefore going to be rns’d imminently. Billy boy had a bunch of great questions that I am sure will be detailed but the most important elements came at the end of the q&a just before the vote. The question was what happens in the case of a No vote? Robin said that it left the door open to approach other parties but also to go back to renegotiate the current offer. The current offeror had not said that it was this deal or they walked away. Robin reiterated this a couple of times. I got the impression that the strength of the vote will give him what he needs to go back with.
I have just received an email saying that I need to vote by 19th, despite emailing and receiving confirmation that my No vote had been registered. Email below;
Vote Now
Go to ii.co.uk
To view information and vote on decisions relating to your shareholdings please follow the steps below:
1. Visit our website and select Login
2. Open the ‘portfolio’ menu
3. Select ‘voting mailbox’ from the list.
I just tried to phone Medea Natural Resources to get a copy of the valuation. Just an answerphone message. Bit of a strange outfit to use to value a company like ours. Just one director. Dormant until 2018. Notice to strike off just over a year ago and not much of a balance sheet beyond an investment revaluation.
Well in theory they could but that would mean contacting each individual shareholder to see if they want to take up their allocation. In practice they can`t do that as it is too big an exercise, so in order to do a placing to raise funds, they will have to ask the shareholders to remove the pre-emtion rights.
If a company wants to issue shares, it must offer them in the same ratio as the current share ownership. So if 5 people currently own 20% of a company, any new share issue must be offered to the existing shareholders at 20% each of the new shares. This is called pre-emptive rights. Stops you being diluted. If you was to do a big fund raise, it is generally easier and much cheaper (admin) to go to one source and offer shares for cash. In order to do that you need to remove the pre-emption rights for that share issue. Hope that helps?