The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
I did not say I was happy with the SP performance. But I understand why they are doing this. AIM no longer fits the investment strategy for this company. An EGM can be called at anytime.
Willowman I presume the BOD wall crossed and canvassed the larger shareholders in advance of this decision. On that basis the larger shareholders should also be classified as incompetent as well? Clearly MTR want to take this business forward and not just sit on their hands. The main market listing was not forthcoming. All shareholders are entitled to their opinion and vote on the resolutions or even sell up and leave.
I don't think the MTR BOD had any option. They clearly wanted a main market listing on the LSE to facilitate a change in their investment policy. This was not forthcoming. I think it paves the way for some sort of Corporate Transaction which would not have been possible on AIM without it being designated an RTO. they would have wall crossed the major shareholders as to this decision. There are very few funds that hold MTR.
Automatically switched into CDI's from what I understand. I imagine MTR will post all the details on their website and the process that will be required to ensure that they can be traded.
IG markets, II, First Equity and I am sure there are others.
Agreed. That would make it at 60% discount to NAV! Market makers short?
Interesting. Looks as though MTR are looking at one or a number of corporate activities that would have been difficult to navigate through AIM! So some sort of business acquisition. In an AIM scenario it probably would have constituted an RTO of some sort!
Agreed. I don't think we need AIM in the current format unless MTR gets a main market listing on the LSE. The ASX is more flexible when it comes to investments. No need for derogations or class tests! No need for a NOMAD or Broker etc....
Good to see Michael McNeilly continuing to buy and taking his holding to 1.5m.
Agreed TF1. However, having Sprott on your register can be a double edged sword. They are out to make money and would be quite happy to lend out their stock for a fee. The Commodity Discover Fund (Willem Middelkoop) are rumoured to have made a packet from lending out their Cobre (CBE.ASX) holding when the share price tanked a few months ago. The Commodity Discovery Fund and Sprott were on our register. Not sure if the Commodity Discovery Fund is still there but Sprott have reduced their holding considerably.
Looks like an another Director buy for 100k this morning!
Agreed. The Royalty will only increase in value as A4 comes into production followed by A1 and any other discovery.
That’s my take as well JB.
Correct JB. HL’s compliance function felt that MTR should be categorised as a fund/investment trust and consequently an EMT (MIFID) template had to be completed! That was all resolved by MTR back in August I think. Unnecessary bureaucracy in my opinion!
KA not many heads left that can roll! A total of 4 full time employees now left and that includes the CEO and the CFO! As you say a good start. Two directors will go by the first quarter with a saving of around £250k. That leaves two non executive directors and one executive director. A much more slimmed down board.
Spot on trawl