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I stopped reading TW"s site last year having grown tired of his aggressive style and useless tips, but is it coincidence that Tim Lord stepped down as CFO this week, having allegedly realised he wasn't up to the job? I can't recall seeing such a thing happen anywhere else. Why leave so suddenly with no replacement lined up? We currently have an interim CFO who is presumably less qualified than Mr Lord. It struck me as odd but it now means both the CEO and CFO at the time of the Nigerian order are no longer in post. I'm no conspiracy buff but is it possible VDTK got wind of this article by TW and cleared out the dead wood?
Wonder if Harry180 got his buy-in at 9.5p?
Harry,
As well as the RNSs I'd recommend Parob's post on Tues at 15.31. Well worth a look (and a rec). Apparently there is support on the chart at 9.5p if you're looking for a better price, but that doesn't mean we'll see it happen. Also, I'd ignore anyone who says the current valuation is based on last year's revenue because they're being deliberately obtuse.
From the sportshandle article posted earlier:
'The lawsuit asks the state to extend the deadline for collecting signatures and to allow those signatures to be valid for the 2020 ballot.'
Since the Tribes' proposal looked set to make this year's ballot before Covid-19 intervened it seems only fair that the state grants them another opportunity. The market doesn't seem to believe it will happen but I've taken a small punt anyway.
They're actually aiming for 1.6m signatures to be on the safe side as they have to go through a verification process which will doubtless weed some of them out. How long that would all take is anybody's guess. How many more deadlines can there be before a 2020 vote is ruled out for good?
Been looking at the numbers in the light of recent excitement in the share price.
Seems NSCI owns 7.2% of PDS Biotech, a company valued at $14m on NASDAQ, valuing its stake at about £800k in round numbers. Spread over 79m NSCI shares is 1p per share. So if PDS doubles in value, NSCI should rise by....1p/share.
Excitement over.
Hello Roy.
Well it's commendably honest and a little alarming but as long as you can ride it out without losing sleep then everything is good. No offence is intended on my part, just trying to piece together the clues to see where MTL may be heading. You're right to say I'm not invested here - I've been waiting months for the debt restructuring to complete but still they can't push it over the line. Missed many trading opportunities in the meantime as the shares raced up to 2p. IMO the plan to do a d4e swap should have been announced when the debt was bought from the senior lenders as it was surely their intention at the time. Now people are caught on that spike and are 50% down. Don't expect them to play fair or to care about your investment and you won't go far wrong, that's my philosophy, one born of painful experience.
Here's hoping you enjoy a swift bounce back in your portfolio.
A convertible note for the new debt owners? Stranger things have happened I guess. Can't think of any right now though.
A few days ago you floated the idea of issuing 2bn shares at 1.5p in exchange for writing off £30m of debt. This I think would value MTL at £180m versus its current £20m mcap since it would give the debt holders an extra 17% of the company for £30m. I'd suggest 4bn shares at 0.5p would be more realistic though I don't expect that to be a popular view. It's just that it's difficult to be too cynical when dealing with big players looking to recoup their investment. PIs are being shafted more and more all over AIM and I don't see why MTL would be the exception.
HawaiifiveO,
Seems they hadn't finalised the d4e details at the time of the update, but not sure what else they could have done. Letting the sp run up then announcing the debt swap would have been highly irresponsible and would have led to a bigger crash at a later date.
Oultonmike, a higher placing price would leave the placees with a smaller percentage of the company than they'll get at 0.1p and make forward selling the first tranche less lucrative. Easy money for them this way.
For sure. But with only £700k to distribute there's always the risk of delays creating extra costs and eating in to that sum. Hopefully though the days of MPAY disappointing investors are over and they deliver the full amount.
But it's not in days is it - that's the problem...
. It is estimated that it will take between three to nine months to complete the Liquidation, distribute the cash surplus to Shareholders and dissolve the Company, however it should be noted that this is dependent on receipt of formal tax clearance from HM Revenue & Customs and settlement of all liabilities. The Proposed Liquidators will be obliged to send a progress report to the Registrar of Companies and to all Shareholders, covering each twelve month period from the commencement of the Liquidation, should the Liquidation exceed twelve months
Just have to see now whether it goes unconditional or whether there's a counter offer. No point selling in the market or accepting the offer as far as I can tell. Meanwhile, how about a whip-round to buy the directors a spine?
Response is already out - no recommendation!. Great work BOD!
Offer docs posted Fri 13/12 according to RNS.
What mystifies me is why some are selling in the open market at 5p when that's the offer price and therefore a worst-case scenario. Obviously it opens the door to Blake picking up shares to edge them closer to the 50% they need. Please heed the board's advice to sit tight until they can respond in a few days time - for everybody's sake.
...but I bought a few more yesterday at 5.37p. The board has a duty to defend the company against this offer and IMO that could mean unveiling a takeover target or maybe a special dividend. Nobody would accept an offer of 5p if the company proposes a divi of 6p, leaving another 5p/share in cash, would they? Downside from here is 7%, upside is ???
All speculation on my part, dyor etc etc.
Almost 11p/share. Surely someone will make a counter offer?