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As regards TGL's preferred RTO (reverse takeover) target, it seems highly likely in my opinion that it is Deltenna: "A privately held company, Deltenna is profitable and continues to re-invest profits in the development of new technologies and products." http://www.deltenna.com/about-us/overview.aspx There was an agreement in place for GOS Systems to acquire Deltenna with £5M. of the IPO proceeds, so it makes perfect sense for TGL to RTO Deltenna now that TGL has acquired GOS. TGL has been giving out a consistent message for months now that TWO deals were likely to happen, and also that they might be simultaneous, or nearly so. And the fact that they might be simultaneous suggests that they are linked in some way, as GOS and Deltenna are. This would also help to explain Ilyas Khan's selling, as they would need to keep TGL's market cap. down for the RTO to proceed, as the RTO target (Deltenna) has to be bigger than the shell / RTO vehicle (TGL). Deltenna would have to be given more than 50% of the enlarged equity: e.g. 52%, which with about 0.48 billion TGL shares in issue after last week's placing, would take the number up to about a billion TGL shares. At the current TGL s.p. of just 0.385p, that would give a valuation of only about £4M. This contrasts with the valuation which was to be afforded to a combined GOS Systems + Deltenna after the IPO, of £30M. Strip out the £2.5 of IPO cash that was to be left after the Deltenna acquisition, then this would suggest a valuation of £27.5M. without the 'excess' IPO cash: which would equate to a TGL share price of about 2.75p based on my above figures. In addition, GOS + Deltenna in TGL would have the benefit of Stanhill's brilliant business-nurturing abilities and contacts, and the support of TGL's impressive shareholder base. If I'm right, then now that GOS has been acquired then TGL and Deltenna should move fast on the RTO. And I believe they will want to do so ASAP, to avoid risking the TGL share price taking off too much again.

TGL yesterday picked up a company that was intending to IPO last year with a valuation of £30M. ... for under a hundredth of that sum!! I look forward to imminent RTO news to accompany this quite stunningly good value and impressive acquisition. "... THE TIMES Tapping into the market for security July 15 2013 Nic Fildes A company that develops technology designed to tap the phones of terrorists and protect the identity of spies and informants is set to float in London. GOS Systems plans to raise £8 million via a float on AIM that is expected to value the homeland security specialist at about £30 million. ... GOS Systems to list on AIM 15 July 2013 Homeland security technology business GOS Systems has announced its intention to list on AIM to raise approximately £8m, which will partly be to fund the acquisition of Deltanna, its fourth acquisition to date. ... GOS intends to use the remainder of the funds raised at IPO to invest in sales and marketing, which includes opening offices in Singapore and Dubai as mentioned above, as well as for R&D purposes and to also bolster its balance sheet to make it easier to bid for larger proposals. Turning to the group’s financials, for calendar 2012 GOS recorded EBITDA of £0.3m on revenues of £3.5m on a pro forma basis. However, for the current year McQueen told us that the group expects to make a loss due to increased investment, but is confident that the company will quickly return to profitability in 2014. ... " http://waterbridgecapital.com/gos-systems-intention-to-float-on-aim-gets-international-coverage/

What sort of unlisted technology company can a listed company buy for just a few £ hundred K., and/or what sort of stake? Quite good ones, actually. Listed companies are valued at a lot less than listed companies, and at the moment it is a buyers' market. In addition, the seller(s) may receive some additional incentives, such as warrants, or a share of future profits, especially if they are staying on. TERN's recent tech 95% acquisition was for just £ tens of K., but it has been causing considerable excitement. Also note that: 1. TERN's placing to accompany the acquisition was at 1.25p, though TERN was 1.75p at the time. 2. The TERN share price dipped slightly after the acquisition was announced, before rapidly taking off. 3. Within weeks the TERN share price had risen to over 5p intra-day. TERN's acquired of a software company in September was for just £24K. in shares, based on the 1.25p share price which was used for the accompanying fundraising two days later.

Great to see a deal looking close: it will be interesting to see how much of the business TGL is looking to acquire, and other details of course. Other deals should follow in due course: perhaps pretty soon. And hopefully a change of name, to reflect the new Touchstone! 03/11/2014 07:02 UKREG Touchstone Gold Limited Update on Possible Investment "London, 3 November 2014 - Touchstone confirms that it is in the late stages of negotiations and documentation regarding a possible investment in a technology company in accordance with the Company's investment policy. If completed the investment may constitute a Substantial Transaction under the AIM Rules. If the investment is completed it will be funded entirely from existing cash resources. Appropriate details of any transaction if successfully completed will be provided as soon as required, however the directors wish to remind investors that there is no assurance that the current transaction will be completed."

By "current fundraising" I did of course mean the one just completed. And you often find that this sort of fundraising marks the bottom. In my opinion 'every man and his dog' will be trying to buy TGL soon! To get a piece of what should be the world's first listed quantum computing company: if you want a potential future Apple or Google, then look no further!

The current fundraising is I believe to "execute" an imminent RTO acquisition, as opposed to providing working capital for TGL to keep considering alternatives, which was sufficient. And it also gives insiders a chance to buy (back) more shares. Note the word "execute" from the announcement: 31/10/2014 17:41 UKREG Touchstone Gold Limited Directorate change and Placing " ...The proceeds of the placing will be used to provide the Company with further working capital in order to execute the Company's investing strategy...." http://uk.advfn.com/news/UKREG/2014/article/64248311 As regards the timing of the RNS; TGL often release RNSes during the trading day, or after close. Stanhill and co. are so fast-acting they they simply don't hang about like other companies: they do, quickly, and then announce it immediately. Witness the fews days that TGL took to delist from the Toronto stock exchange dual-listing, as opposed to the months that BHR took to end their dual-listing.

Nice to see some great TGL news and progress: shows that a tasty deal is being finalised, and the quantum computing aspect has been formally confirmed, which is mega! I would expect TGL to soar this month. (ADA trebled recently on news far less good than this.) Basically, everything I have been posting has been shown to be true, and vindicated. I.e. a stellar deal being finalised, with quantum computing central to what is being targeted. CQCL isn't coming in yet (it's comparatively early stage), but is looking good to be acquired later. Professor Arthur Gibson is of course the research advisor at CQCL: cambridgequantum.com The fact that there could be another quantum computing RTO first also supports the thesis that CQCL would follow, as they will of course be very complementary. TGL has taken the opportunity to raise some additional funds I believe to enable the RTO to take place. (And of course it also gives insiders the opportunity to buy in (more) at a very attractive price.) 0.38p is also a decent price from our point of view, and not at a heavy discount: a mere 20% discount to TGL's closing price of 0.475p on Thursday (30th. October), which was almost certainly how it was calculated. And it increases the number of shares in issue by a sixth, which is not much dilution. A situation like this should be expected to trade at a large premium to the last placing price. E.g. TERN, currently 3.875p, had a placing to fund an acquisition in September at 1.25p, and the share price rapidly multi-bagged. 17/09/2014 07:02 UKREG Tern Plc Tern Plc : Placing, Directors' Dealings, Shares In Issue http://uk.advfn.com/news/UKREG/2014/article/63659700 And concerns about IK's confidence in TGL are now put to bed.

Exciting news on Friday evening from TGL for the weekend. The company has appointed a hugely influential new director, raised new funds to execute a RTO (reverse takeover), and (for the first time) has confirmed that it is evaluating a quantum computing RTO: 31/10/2014 17:41 UKREG Touchstone Gold Limited Directorate change and Placing "...The Company continues to evaluate opportunities in a number of sectors including the applications of quantum computing technologies...." From KiwiMonk's ADVFN thread "TGL - A Quantum Leap - $26 Billion Market - £2m Mk cap (TGL)": KiwiMonk 31 Oct'14 - 18:48 - 1692 of 1762 6 0 "Now thats clarification! No Deal with CQCL, but the Lead Senior Advisor of said company, on board as non-exec, to advise ( give kudos!) to other tech ventures they are looking at : INCLUDING THOSE IN THE QUANTUM COMPUTING WORLD where mega hundreds of millions per company have changed hands. A little placing to power them through to RTO COME ON!" GB442 1 Nov'14 - 21:49 - 1743 of 1762 5 1 "Having had time to digest yesterdays news it does not appear to be as bad as I first thought. Obviously the share price will be affected in the short term as a result of the placing. I do find it quite frustrating that a communication quashing the CQC RTO rumours did not come a long time ago. Having said that, the original intentions of the board probably involved CQC. For reasons that we can only speculate on, now is obviously not the right time for such a move. On a positive note the company now has the added expertise of Prof Arthur Gibson to look at potential investment opportunities which will help TGL pick the cream of the crop! "The Company continues to evaluate opportunities in a number of sectors including the applications of quantum computing technologies." - This is the first time the company has indicated it is looking at quantum computing which is encouraging for shareholders and will put TGL on the radar of new investors. I would rather the company invest in more established quantum companies for now and CQC jump onboard later once it is ready, imho it would have a much greater impact on the share price. Needless to say, I will be looking to top up my holding on Monday morning!"

In 2014 Ilyas Khan has actually increased his holding of TGL shares by over ten million. This year Ilyas Khan has bought nearly thirty million TGL shares. 29,170,276 to be exact, in four separate tranches (taking him up to 56,083,855 in total), for an aggregate costs of about £101.7K.: 1. Subscribed for 3,273,588 shares: 21/01/2014 07:00 UKREG Touchstone Gold Limited Issue of Equity and Corporate Update "London, 21 January, 2014 - Touchstone Gold Limited ("Touchstone" or the "Company") (AIM: TGL) (TSX: TCH) is pleased to announce it has entered into an agreement to grant 6,547,177 non voting partly paid units ("Deferred Units") at a price of 0.932 pence per share by way of private placement.... The Shares are to be subscribed equally between Robert Buchan and ECK Partners Holdings Limited, which is beneficially owned by Ilyas Khan. ... " 2. Subscribed for 21,696,679 shares: 22/04/2014 07:02 UKREG Touchstone Gold Limited Placing, director change, strategy & TSX delisting " ... The Company is pleased to announce that it has raised a total of US$1,740,000 via the issue of 175,832,276 ordinary shares of no par value at 0.275p (the "Placing Shares") and US$929,589 of convertible loan notes (the "Loan Notes").... ECK Partners Holdings Limited, a Company beneficially owned by Ilyas Khan, has agreed to participate in for approximately US$100,000 of Placing Shares...." 3. Bought 1,700,000 TGL shares in the market: 23/04/2014 13:02 UKREG Touchstone Gold Limited Holding(s) in Company 4. Bought 2,500,000 TGL shares in the market: 25/04/2014 10:41 UKREG Touchstone Gold Limited Holding(s) in Company Since then he has sold 18,250,000, taking him back down to 37,833,855. If he obtained an average of about 0.557p per share, then that means he has taken out the £101.7K. he has invested this year. This may have been a partial consideration, which would suggest that his selling is now over. (It's also more likely that news of his selling would come out once he had finished.) But I also feel that there have been other, more strategic considerations here, which have prompted the I.K. selling. What's clear is that the shares have been hoovered up nicely, and that I.K. was only selling into strength. I.e. providing shares for those who wished to buy at about this price, while keeping a bit of a lid on the share price. In my experience this sort of selling is always a very positive sign.

Thanks for reporting on your phone call Bampster. The reduction of Ilyas Khan's TGL holdings to a bit below 10% is interesting. The 10%/90% threshold can be very significant (it's the cut-off level in 'squeeze out' actions), so this could well be a deliberate move to help reduce any issue of a conflict of interest with a CQCL RTO into TGL. It's also worth remembering that Ilyas Khan's shareholding in Cambridge Quantum Computing Ltd. means that he would obtain many additional shares in TGL upon a CQCL RTO into TGL. A lower TGL market cap. at the moment the RTO is arranged would therefore (other things being equal) result in IK having more shares in the enlarged entity than otherwise. To that extent, selling TGL shares pre-RTO may well be balanced by obtaining more TGL shares in the RTO as a result. In effect therefore the selling is more like buying. Overall, I would say that recent checks and news on shareholdings suggests that a RTO is now very close indeed. And if the TGL share price has deliberately been kept artificially low for one or more reasons (e.g. award of share options at the time of a RTO), then that should change dramatically in the event of a CQCL RTO here. An instant multi-bagging at the time of a return from suspension would be very possible (e.g. as in the returns from suspension of VMP and WRN this year). I sympathise with your wish for confirmation of a RTO target ASAP Cheseycustard, but I believe that confidentiality restrictions wouldn't permit that before an agreement is signed (at which point the share should be suspended prior to shareholders being given full details). Everything does point though to CQCL being destined for TGL though, and I believe that the company would have denied it if it wasn't the case.

Ilyas Khan and his Stanhill merchant bank have a well-deserved reputation for big deals. In view of that, then that's certainly what we should expect here with TGL: a large, high-growth technology RTO (reverse takeover). Quality targets will want to work with a quality shell, with shellmeisters and shareholders who can be of real assistance to their business, and that's precisely what we have here. So even conservatively, I would expect TGL's share of such a RTO to be valued at upwards of £10M. ... if not immediately, then relatively soon afterwards. Which is over four times TGL's current market cap. at 0.6p. And that should be just for starters, with medium and longer term growth following on from that. With Cambridge Quantum Computing Ltd. as an integral part of the enlarged entity, I would anticipate a NASDAQ dual-listing at some stage, and/or a takeover by the likes of Google or Microsoft etc. If that happens, then I would think that a market cap. of hundreds of millions (as I.K. achieved with WEC and ZOL) is quite possible. This being the case, TGL looks to be quite absurdly undervalued at just 0.6p. Even allowing for a steep discount for an element of uncertainty, and the time value of money, then I would still think that current fair value is at least double the current price. This steep undervaluation is probably a pretty temporary state, brought about by market makers persuading the largest outside shareholder (MAM) from the gold company days to part with its shares, combined with the recent market correction. But with that stock gone, and markets recovering, then this buy opportunity may not last long.

The very end of my last post was cut off for some reason. So here is the end of the post in full: Such a strategy makes perfect sense, as it helps existing shareholders to support share price increases that have been made, to the benefit of the company and themselves. And this I believe should be the template for TGL: 1. New shareholders brought in at a low share price, so that they and other 'insiders' effectively control the company. (TGL did this in April.) 2. Large share price appreciation follows, fuelled by an expected or actual RTO (reverse takeover). (This is currently underway with TGL.) 3. Additional funds raised at the new higher levels.

Zoltav, LP Hill, Audioboom, and Concha have all raised money over the last few months at very healthy share prices. In all four cases the share issues were for a share price of at least ten times the share price low, and much more than that in the cases of ZOL, BOOM, and CHA: 18/06/2014 08:01 UKREG Zoltav Resources Inc Completion of Acquisition & Admission to AIM "...Raised US$65,946,418 from ARA Capital, Crediton Invest and Matteson overseas through the issue of 41,216,511 Ordinary Shares at US$1.60 (100 pence)..." 09/09/2014 07:00 UKREG LP Hill PLC Subscription and Board Changes "...Kijani Resources Limited ("Kijani Resources"), an existing substantial shareholder in the Company, has subscribed for 1,000,000 new ordinary shares of 0.1 pence each in the capital of LP Hill (the "Subscription Shares") at a price of 40.5 pence per Subscription Share (the "Issue Price"), to raise approximately GBP405,000 before expenses (the "Subscription")...." 01/10/2014 13:31 UKREG Audioboom Group PLC £8m Placing to support growth strategy "Audioboom Group plc (AIM: BOOM), the digital social media audio platform, announces that it has raised GBP8 million from new and existing institutional and other shareholders to fund the growth of the business. Highlights -- GBP8m raised through the issue of 64m new ordinary shares at 12.5p per share ..." 22/10/2014 07:01 UKREG Concha plc FINAL RESULTS FOR THE YEAR ENDED 30 JUNE 2014 "NEW EQUITY ISSUE AT 4p PER SHARE TO RAISE GBP4m ISSUE OF WARRANTS TO POTENTIALLY RAISE A FURTHER GBP8m AT 8p PER SHARE ..." In the first three cases at least part of the funds came from pre-existing shareholders in the company concerned. In this respect, TGL's recently expressed excitement at the support and leverage of their shareholders looks like a quite striking signal: 30/09/2014 17:45 UKREG Touchstone Gold Limited Interim results "...The new board is delighted to be involved in what we believe to be a very exciting time for the Company as we look to capture some of the significant opportunities that exist in our initial area of focus. Our initial focus has been on the technology sector and we are currently reviewing a number of significant possible investment opportunities. We are extremely excited to have the support and leverage of our shareholders, and we look forward to updating the market on our progress in due course...." Such a strategy makes perfect sense, as it helps existing shareholders to support share price increases that have been made, to the benefit of the company and themselves. And this I believe should be the template for TGL: 1. New shareholders brought in at a low share price, so that they and other 'insiders' effectively control the company. (TGL did this in April.) 2. Large share price appreciation follows, fuelled by an expected or actual RTO (reverse t

Peterhouse Corporate Finance technology shell Touchstone Gold (TGL), founded by current major shareholder Ilyas Khan, is like a combination of twelve-bagger LP Hill (LPH), twenty-baggers Audioboom (BOOM) & Zoltav (ZOL), and thirty-bagger Concha (CHA) before they really took off. A repositioning mining company with legacy assets like LPH. A home for an exciting high growth technology RTO (reverse takeover) like BOOM. An Ilyas Khan RTO vehicle like ZOL. And a Peterhouse tech shell like Concha.

Market corrections can create buy opportunities, as with TGL's recent fallback. But TGL has now recovered to 0.6p, and looks to be climbing again. The uptrend of the last 6 months is still in place, and a great RTO is expected imminently, so there is every reason to be very confident here.

TGL recently said that they were excited to have the support and leverage of their shareholders. Also that they were reviewing a number of significant targets. 30/09/2014 17:45 UKREG Touchstone Gold Limited Interim results "...The new board is delighted to be involved in what we believe to be a very exciting time for the Company as we look to capture some of the significant opportunities that exist in our initial area of focus. Our initial focus has been on the technology sector and we are currently reviewing a number of significant possible investment opportunities. We are extremely excited to have the support and leverage of our shareholders, and we look forward to updating the market on our progress in due course...." They've been doing this since at least April, so news should now be very close. Their initial preference may have been dropped, but I believe that was some while ago. TGL might be packaging together more than one business prior to the RTO, i.e. Cambridge Quantum Computing Ltd., and another complementary tech company. This would create an entity bigger than TGL, for the RTO.

The current market correction is paradoxically good for TGL. Because the deflating tech sector, and pulled IPOs, is a double-edged sword: bad for sellers, but good for buyers: which is clearly good for Touchstone. The weaker tech sector should give TGL a stronger hand in any RTO negotiations. In these, TGL would effectively be the buyer, probably paying at least in part by the issue of new shares to the tech company concerned. Sector weakness should mean that it has to give out less equity than otherwise. Indeed, with some tech IPOs having been pulled, TGL may be able to take the pick of the bunch. It's significant that technology companies have been approaching TGL, rather than vice-versa, and that there was significant such interest within just a week of TGL's 22nd. April announcement. That shows the profile, contacts, and finances of the team behind this. Personally, I'm reasonably happy with the share price at about half a penny, but I do feel sorry for those who bought in on the recent spike. I hope that they won't compound their bad luck by selling out and missing out on future gains. How long would you wait for a ten-bagger? Market corrections often throw up stellar buy opportunities in quality situations, and I believe that there is currently one here. I note that volume is picking up again now.

I've just noticed this on Stanhill's website (Stanhill.com): "Sweet Virtues Wins Virgin StartUp Foodpreneur Fest 2014" Which takes you to the following: "Virgin StartUp Foodpreneur Fest 2014 – meet the winners The Virgin StartUp Foodpreneur Fest 2014 set out to find the hottest food startups operating in the UK right now and we were completely blown away. We know entrepreneurship is booming in the UK but this competition proves that food startups are providing the fuel for this explosion of creativity. We were inundated with top quality entries from street food stalls, restuarants and innovative products that are all looking to disrupt and improve the way we eat. After hundreds of applications, thousands of tweets and days of judging we managed to settle on eight finalists who were invited to pitch their businesses to Sir Richard Branson and his panel of judges including, Melissa and Jasmine Hemsley, founders of Hemsley+Hemsley, Paul Lindley, founder of Ella’s Kitchen and Mina Holland, editor of the Guardian Cook magazine ... The Winners revealed ... Best healthy food business – Sweet Virtues Healthy chocolate. It sounds too good to be true, right? Carey Davis-Munro is changing the game with her Truffles that come loaded with five super fruits in each one, including chia seeds, maca, lacuma and ginseng – plus high-quality dark chocolate packed with antioxidants. ... " Congratulations to Ilyas Khan for backing another winner. For some time now, Stanhill's website has said this: "Current early stage ventures backed by Stanhill include Sweet Virtues and Cambridge Quantum Computing" Sweet Virtues has proven to be a winner in an exciting area (healthy chocolate!), despite a troll's previous superior attitude towards it, and I'm sure that CQCL will be too. And I'm equally as confident as to where CQCL is heading.

Hi Trev. As a trader you may have sold too early, but you can still now buy back in for less than the price you sold for. Market corrections often throw up stellar buy opportunities in quality situations, and I believe that there is currently one here. Stanhill are the ideal people to have running a shell, because as a merchant bank specialising in corporate deal-making involving smaller companies, they have the necessary contacts and muscle, and people will come to them with potential deals. And I and others believe that there is a particular agenda here to make back the significant money Ilyas Khan and Bob Buchan in particular have invested here. (Ilyas Khan may have stepped down as a director in April, shortly before coming a director of CQCL, but he is still head of Stanhill.) The general rule is that the bigger the deal, the longer it takes, and I'm certainly expecting something with an enterprise value of at least £50M. here. Add the fact that it should be a "high growth technology" RTO, and on any reasonable assumptions then TGL should multibag from its current 0.525p. Whereas the downside from here looks minimal, with the company well-funded to complete the RTO, and excellent support at about the half penny level. TGL recently said that they were excited to have the support and leverage of their shareholders. Also that they were reviewing a number of significant targets. 30/09/2014 17:45 UKREG Touchstone Gold Limited Interim results "...The new board is delighted to be involved in what we believe to be a very exciting time for the Company as we look to capture some of the significant opportunities that exist in our initial area of focus. Our initial focus has been on the technology sector and we are currently reviewing a number of significant possible investment opportunities. We are extremely excited to have the support and leverage of our shareholders, and we look forward to updating the market on our progress in due course...." They've been doing this since at least April, so news should now be very close. Their initial preference may have been dropped, but I believe that was some while ago.

Rumours have been circulating since the spring that TGL is working on a huge deal. Easy to say, but the 400%+ gain in the share price (intra-day), on massive volume (over a hundred million shares traded in one recent fortnight), do tend to back it up. I would not like to be out of TGL when it is suspended pending completion of its RTO: a large high-growth technology company injected here would likely see a resumption of trading at a very nice premium to the current share price (0.525p). Depending upon the size, quality, and terms of the deal, a few pence a share could be possible relatively soon after trading recommences. Today was a bad day for shells - quite a few seem to have fallen badly. A reflection of the state of the markets - nothing to do with TGL. But sentiment can turn rapidly.