RE: Taylor Construction Plant (TCP)6 Aug 2022 14:57
Terry,
A RTO typically take a few months minimum to progress from the letter of intent / heads of terms signing point to reaching completion.
(Resource sector RTOs, which this of course isn't, tend to take even longer.)
So I would have been surprised if completion here had been achieved this early, which would have been much faster than average.
Especially as we are in the summer lull, and the FCA has been experiencing delays since the COVID-19 pandemic.
So I wouldn't draw any conclusions for the likelihood or not of this going ahead from the time that it's taking.
I would also say that the generally poor stock market conditions since May are helpful here.
As I said here on 10th. May:-
Poor stock market conditions tend to make it harder to IPO, increasing the attractions of the RTO route, and increasing the bargaining power of shells like NZI.
The cash shell TMTA released its final results recently, and this point from Chairman's statement backs up this view:-
26th Jul 2022 7:00 am RNS Final Results
"Results for the period 25 March 2021 to 31 March 2022
... The recent resets of pricing in technology stocks in our view works to the company's advantage. ..."
https://www.lse.co.uk/rns/TMTA/final-results-587ma8gkxqc1q20.html
From NZI's second 19th. May RNS (8.11a.m.), re the RTO work required:-
"The Proposed Transaction is subject, inter alia, to the completion of due
diligence, documentation and compliance with all regulatory requirements,
including the Listing and Prospectus Rules and, as required, the Takeover Code
(the "Conditions"). The Company will update shareholders as to progress made in
relation to the Proposed Transaction as and when appropriate. As a non-binding
LOI is subject to the Conditions, the Company cannot guarantee nor provide any
certainty that the Proposed Transaction will be completed."
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