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It seems to me that the real reason that the company failed ultimately was due to Bell getting arrested and the fact that the contracted company (with Screenetics large value contract) would not want to deal with a Bell who is funding the business. If we, as shareholders, were going to pursue Bell then perhaps it should be on the basis of bringing the company into disripute. There is separately the issue of the misinformation in the announcement in August last year, which is an issue against the two directors not acting in the shareholders interests and the issue of Bell's statement to 'delist', which I still dont understand how he was able to RNS this given he was simply a shareholder, albeit holding 23% of the holdings?
Just announced. http://www.lse.co.uk/AllNews.asp?code=55jbc5aq&headline=Ultrasis_Says_Screenetics_Placed_Into_Administration_Assets_Sold
The approximate price needed to get back into FTSE 100.
Outlook Aug 14: The Group has made significant progress in the last twelve months and is on target to continue its growth trajectory to month on month profitability in 2015. We believe that the positive momentum gained in recent months can be maintained and substantial growth can be achieved in the next financial year. The Board is continuing to deliver its strategy and will look at further acquisition, partnership and client opportunities where we can add value. In our last Annual Report we stated our objectives were to implement the agreed strategy resulting in increased revenues, a return to profitability and increased shareholder value. These will continue to be our objectives for the future as we drive the business forward.
Now gone.... Outline terms of the New Contract: · The contract term is for a minimum of 3 years · The Board expects the New Contract to involve the assessment of over 80,000 people over the 3 year period · There is no minimum contract value although the Board believes the potential value to Ultrasis to be in excess of £8,000,000 over the term of the New Contract
I was to understand that they had 10 working days and then they needed to appoint administrators. As usual no news?
A Company Voluntary Arrangement should be approved by at least 75% of the creditors by value of debt who actually vote and 50% of shareholders. Creditors can vote in person at the meeting of creditors or more usually by proxy form. Does anyone have any knowledge or experience of companies who have applied for a CVA and what the outcome was for shareholders?
Given that Bell had put forward to raise over £5m, albeit so he could repay to himself the outstanding loans, he wound have held around 75% of the value of the company, That means he had calculated that the company was worth well in excess of that. Following the BoDs August 14 trading statement they must now be viable, which means they could apply for a CVA (Company Voluntary Arrangement), which can mean that shareholders with the BoD still control the company. "The Group has made significant progress in the last twelve months and is on target to continue its growth trajectory to month on month profitability in 2015. We believe that the positive momentum gained in recent months can be maintained and substantial growth can be achieved in the next financial year." CVA (Company Voluntary Arrangement)
If bell is the owner of the residual company.
I'm convinced that Bell was an easy option that would have secured that the current BOD became rich quickly. Now that Bell is no longer an option then maybe they will start to look for genuine investors?
This could be the making or breaking of Ultrasis for existing PIs.
Further to the announcement of 31 March and the suspension of trading in the Company's shares, the Board has now been informed that Mr Bell is no longer in a position to participate in the proposed Fundraising and therefore as a result the proposed Fundraising will not proceed. The Board is in discussions with various parties as it seeks to find alternative sources of funding. The Company has received valid acceptances in respect of 264,067 Open Offer Shares from Qualifying Shareholders in respect of the Open Offer. Given the Fundraising will not proceed, the amounts lodged with Capita pursuant to the Open Offer will be returned to Qualifying Shareholders as detailed in the Circular. Trading in the Company's shares remains suspended pending clarification of the Company's financial position
How can a sharehold who owns 22% of a company say that the company will delist when they have NOT got approval from the other 78% shareholders? Surely this must be against some regulatory bodies rules as this was the major impact of a ten fold value of the share?
Further to the announcement of 31 March and the suspension of trading in the Company's shares, discussions with Mr Paul Bell are ongoing. The shares remain suspended. Assuming the Company is able to proceed with the proposed Fundraising as detailed in the circular of 17 March 2015, it will need to provide a further update to ensure that Independent Shareholders are fully informed, prior to their approval being sought regarding the Waiver. Accordingly, the Board intends to adjourn the shareholder meeting convened for 14 April 2015 (and the associated AGM). The Company will update shareholders as further information becomes available.
..but at least we're free.
Have things got so bad since the following was posted? Check out the profile of kevin hillocks the md of screenetics ---"on target to acheive phenomenal growth 2014/15" https://touch.www.linkedin.com/?sessionid=8711608871460967&as=false&rs=false&can=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fpub%2Fdiarmuid-o-donnell%2F73%2F3a2%2F820#profile-background-detail/234290741/name:xAQQ/
market.abuse@fca.org.uk
My view is that Bell is out of this and we should all vote NO to the proposals. If the company need more money then current shareholders should be able in the short / medium term be able as a group raise the necessary funding to keep the company going. That said we ALL need to know and understand the complete picture. It's an excellent opportunity to get this information at the AGM. If we as shareholders feel the company is still viable and potentially profitable then we can look at options to raise money at level terms amoungst existing shareholders. Thoughts?
I don't understand how the shares can be suspended and the rights issue allowed to continue until Bells situation is known - surely this must breach regulations? So if Bell does not or cannot fund (due to authorities freezing his funds) then it is likely we will all lose the extra monies we have put in to pay for the rights issue as well as the value of our deflated existing shares. Sounds like another gamble we have to potentially make without knowing anything about recent trading & income and not knowing whether Bell can even provide the funding in HIS proposal.
We put in for our allocation and extra shares £500,000 and Bell does not. Does that mean the £500,000 goes straight to Bell to repay part of the overdue loans he has already made to the company. And then bell takes out any other assets leaving the company high and dry?