They may have tried to join AQSE to buy more time to close a rto deal and stay listed and avoid suspension post 6 mths. I believe if you are listed on AQSE as a SPAC you have up to 2 years to rto. I think this is what QTZ has.
RNS To me this looks like this request was rejected in the absence of any explanation
My tuppence worth.... De merger looks to signal that GC is looking to turn RMS into P2F exclusive strategy. So if this goes ahead, I would expect a name change of company to come next to reflect new business model and this could rid it of the tarnished brand RMS has now become.
But GC himself is becoming known as a notorious maverick bod, who is primarily a clever scientist with potentially lots of ideas, But with not a great deal of commercial accumen or experience To lead a company to sustained profitable model.
Interesting to note that this demerger of Gyrometrics requires share holder approval , so intrigued to see where loyalties lie With shareholders now compared to voting last time out that was essentially became a GC vs TB popularity contest.
Anyway - mkt cap is £20m, £5m should be still in bank and no clue if their masks are being sold to Generate revenues or charitable donations to places like India (based on what GC said at Sunday Roast....).
Looking like the value of the shell is putting off target companies, especially if their float value is pretty conservative
To do a rto a target company is giving up more of its value than it should to do a rto in cash shell which essentially is only worth 1.9m, but is carrying a value of £4m due to hype surrounding bod.
My guess is sp here needs to go down to 0.6 or 0.7 max for deal work. Only way it’s getting there is once deadline is reached on 6 July and no deal is done. Sp will drop prior to suspension form market and then Bod had 6 mths post suspeension to get deal done with no external market factors manipulating sp.
One last thing on this lads that may impact relist sp is the last fundraise that was done for £14m prior to deal, The 4.3bn new placing shares This represent were not put in open market prior to suspension and were given a 12 mth extension
They represent approx 30% of total shares (14Bn), so this could cause significant churn and overhang if they are released at point of relist, but just something to note as they could be released at some later stage which would be better for us
It came under Corporate Actiion section of my portfolio, so can only assume it was a mechanism that had to be triggered to provde brokers a minimum notification of an imminent Relist.
The fact a specific date was not announced, leaves it pretty open, but if they don’t make relist by end of H1, I think I read somewhere that they may have to submit Q1 2021 returns to enter into prespectus as year end returns will have expired. I think they need financials that are not older than 6 mths for purposes of prospectus, but I may have misunderstood this,
But either way, the auditors need to move their arses on this as they are the ones ones holding this up and it’s been suspended longer than necessary
In terms of relist valuation, does anyone know if we will get visibility of the prospectus prior to relisting? At least then we will have a fighting chance of at melting to estimate a relist value,
Then the question is with all the investor following, how will this then open up. Will it open up on new propectus valuation and then over course of day or two spike or will it Open up much much higher for an absolute selling frenzy.