Member Info for Hammer11

Lol! Thanks cowboysteve. I was the big lad at the back!

That is what Robin said. TEO to RNS`d shortly. I asked if it wasn`t putting the cart before the horse to have the vote and then release the TEO soon after.

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.

`The problem with share is that a 60% drop takes a 200% rise to get back....who would be a pi:)`

I think you may need to check your maths on this one.

Should make for an interesting opening on Monday!

I reckon that you have smoked them out TDT. Looks like they have broken cover and gone on a buying spree.

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.

Want not was

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?

Well fancy that. Rejecting the pre-emptive rights resolution. That must have taken a bit of co-ordinating. I personally think that is good warning shot to the board to pull their finger out, whilst not causing any real damage.

Hi MD, Sorry but just couldn`t make it. Just FYI, I know several people are interested in the COG and Strip ratios. I have seen enough to know that we have a world class asset. What ticks me off is the lack of adherence to stated timescales. All the mood music late last year was that the TEO would be filed by the 1st Dec 2020 deadline, and we then find out on the 25th Nov that it would be late, but filed in Q1. Then silence until 20th August. That is just not good enough. In the Q&A Robin stated that the final TEO should be released certainly by the end of this quarter. I just wanted to have a face to face rant at the board regarding their corporate responsibility on meeting stated timescales, get a reaffirmation that the final TEO would be released by the end of Q4 in line with Robin`s latest assurance. Just going to let them have a piece of my mind really. Pretty annoyed that I couldn`t make it.

I`m going to make my way there if I am out of a meeting in time.

Hi All,
Not sure if anyone is interested, but as far as I am aware, the closed door advice issued by the Chartered Governance institute came to an end on 17th May 2021 and whilst the company can advise non attendance, they cannot prevent attendance by shareholders . I have spoken to Fieldfisher LLP (the venue) and the AGM is booked in a large room, and they will not be preventing any shareholders attending and can legally not do so anyway. The RNS is misleading as it seems to suggest that we cannot attend, but the formal notice is different. It only `encourages` non attendance which is all they can legally do. I am in London on the morning of 6th for a meeting and if i can get away in time, will be showing up at the meeting with my few million shares.

We should get notification of the AGM in the next couple of weeks. We can put it to the board then...

Lol! Promised myself I wouldn`t buy any more of these. I have enough already to make a small fortune when it flies, or need more than 1 bottle of wine if it doesn`t!

TDT, why don`t you buy 1,000,000 and see what price you had to pay?

I like the sound of that! Maybe they are the ones who have been stake building recently.

On another note, I watched the Magnificent Seven remake last week whilst on an exercise bike. Poor substitute for the original...

Well those are some chunky buys!