Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Volume is low and the VWAP is 8p. Last trade was at 7.9p so my read is MMs are using the confusion to work out where the liquidity lies. That is exactly what they are supposed to do.
I agree that recycling old tweets about shareholders is unhelpful here.
There are some who bring mining expertise.
There are some who bring financial/transactional expertise.
There are some who have a good grasp of the history.
Some are calm and measured.
Some are not.
Some constantly look for reassurance.
Others are patient and help the new people here.
And some are not and do not.
There are some blatantly unhelpful posters but the vast majority add something, even if it's just a yeehaw.
Many add value, some don't. That's life. Welcome to the World.
Peggy I knew you wouldn't disappoint!
Nobody should be expecting cash from Casa. It's not the event and it's not relevant. And, in my opinion, it's not going to deliver. It never was, and it should never have formed a significant part of anyone's investment thesis.
The reason the shares don't go up more, or run into profit-taking on any good news, is because most AIM investors are clueless retail muppets.
So if you want to do better than the average AIM retail investor, don't be a clueless muppet. Most importantly, do not look to the clueless muppets to provide leadership. You will be disappointed.
Just my opinions, not to be relied upon.
I'm not an M&A expert but I believe that gaining board approval for a takeover is a key part of any process. It seems to me that the surrender of these options fits with discussions around board support for a proposed transaction. Pure conjecture and may well be wishful thinking on my part. Not to be relied upon etc. etc.
I know he's annoying but he's not stupid and I would like to hear China's rebuttal. It's good to have a sense-check on what we might have missed. I do not think there will be any money for Casa and I don't care. But it does seem blindingly obvious to me that we are close to a bid for this company. I would love to hear some intelligent opinions on why I'm wrong! Or I'd love to hear someone put forward an alternative theory for why management have just cancelled their options. Was it, perhaps, to avoid accusations of a conflict of interest? Is there a legal thing I haven't understood?
Longfell my view until today was that a JV was the most likely outcome. Today's news, in my opinion, indicates a potential acquisition of the listed entity. If Anglo were going to JV one or two territories they would set up Newcos and capitalise them jointly with Arc - they would not care about management options at the Topco. What surprises me is that the SP is not higher, but that has been the case consistently with ARCM. There is a lack of institutional or HF focus because it's so small. Most retail investors, understandably, find the news flow confusing at times. This is all conjecture by me and should not be relied upon. DYOR, best of luck.
Longfell the number of options outstanding would make a big difference to Anglo as it has an impact on the price they would pay per fully-diluted share. By cancelling their options today (presumably at Anglo's request) management are saying they are ok to take 7p over 3 years plus whatever additional upside Anglo are (presumably) offering, as part of the negotiations. Ergo, whatever deal is (presumably) on the table from Anglo must be better than 7p, payable over 3 years. This also implies that we must be close to an event, as management (presumably) would not unilaterally cancel their options unless they had something pretty solid from Anglo.
If management have just agreed to cap their options at 6.94p, in my opinion that effectively sets the floor on an AA bid.
So what would you need as upside to make you agree to cancel your options in return for 6.94p over 3 years?
The answer in my view, is substantial. Giddy up.
Pure speculation on my part but management do not typically give up share options unless they are getting something in return. My guess is that Anglo have presented a proposal that would be ludicrously good, indeed too good for management if they held on to all of those options. The conversation would be something along the lines of "we are ok with a price of Xp per share" but we just can't been seen to put £XXm in your pockets."
If my wild guess is right then this would be EXTREMELY positive for ordinary shareholders.
People have different motivations for selling and I am not drawing any untoward conclusions. ARCM is +75% in the space of a few weeks and it is unsurprising that some investors want to "take a print" here on part of their holding. I think it is unlikely that the Chancellor will make any material changes to the CGT rate today, but he might. A number of UK holders will be sitting on large unrealised gains taxable at 20%. My view is that some of the selling has been motivated by investors wanting to lock in the certainty of that 20% rate ahead of the speech today. Just one reason among dozens of completely innocuous scenarios.