Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Yes RGO (RF) really are gone. No more companies will ever be subject to their predative finance, since they are being wound up by the new owner.
But the sad fact of AIM is that some new finance company is bound to spring up with similar schemes?
Looks like my calculations were slightly out, but it was and is always impossible to know exactly how many RF had sold. The remainder can be sold for any profit they can get over the 10p placing price that now kicks into the selling agreement from the August RNS. (Unless SP drops again below 11p - perish the thought!!)
This means to raise £220k, sells of around 2.3m are needed at the current rate.
So some of the new 3m have already been sold and accounted for. My guess is they the next batch they get will be the exact amount they have already sold to clear the debt. Early next week, presumably.
It does help to read the original RNS.
The credit comes to SAR at the point of sale, the issue price is not important.
At present there is a WVAP rule (4 days in last 15), and SAR are credited at 10% discount to this irrespective of selling price.
RF are not out yet.. They still have £220k of shares to be sold. Today is this last day (by my calcs) that SAR only receive 9.5p for them. So I expect there will be another big late reported sell on Monday.
But it wont be long. Don't expect any massive rises for a few days!
I would be very surprised if we don't get an RNS tomorrow telling us that RF are getting more shares. I suspect that the current 3m is almost sold.
Caution - we are still only being credited about 9.5p a share, due to the vwap rule, and this will continue to the end of the week (ie it will last for 15 trading days after the price hit 10.25p), so 3m shares pays off around £285k.
It wont take long to clear all £640k.
So I think that accounts for the drop from £800k owed to £640k.
In 4 days between RNSs now 1.7m late trades reported, by my calculations would be worth about £160k off balance (under vwap rule). If this is correct it means the 825k from yesterday has already been taken off the balance. This would make sense, since RF would know how many they were selling yesterday before anyone else!
Blue - the phrase you refer to is only relevant if there has been no subsequent placing. The 10p ceiling only applies to shares issued after this 10p placing.
I do agree though the sums in the RNSs are confusing, and the true cash position is, I suspect, clouded by late reporting and forward selling.
Ben. It doesn't work like that. The price they are paid is determined by the lower of a 10% discount to the vwap of the lowest 4days in the last 15 and 10p (the placing price). So we'll never get more than 10p now for any of these shares.
RF have not acquired any of their shares at a fixed price. Only when they sell them is the price determined. Currently under the 4 day vwap rule this is probably around 10p. So they have sold 1.6m shares and £160k has been credited to the balance since the previous rns. There's no way of telling how many more they need to sell or how many of their allocations were gorwsrd sold.
What matters is the total still owing and that was reported as £640k today.