Member Info for mathsprof

I cannot envision any way that RF will not clear the debt by selling off all the shares they are given by SAR.

EG - 200k shares sold every day for 10 weeks would raise £1m @ 10p.

I don't think SAR have any option to withhold shares from RF, the way I read the original August RNS.

Yes its 10% more dilution, but I expect the shares will only appear in moderation, not all at once.

10m shares is not many for the market to absorb, even on top of the current placing. In the last 4 days 16m have been traded - probably in excess of 4m again today.... Say half are sells, and the majority are those dumping placement shares or RF ones and it doesn't look too bad.

The only thing is - they are now 10p warrants.

All looks good for the SP to hold up or perhaps steadily advance in the days to come.

There seems to be plenty of appetite for shares at 11p at present, and sellers like RF and placees that want to "dump" their allocation are not in a rush to flood the market at present.

Indeed, with almost 16m traded in the last 4 days, up to 8m unwanted shares have already hit the market.

Although the new shares only hit the market tomorrow, in practice, there is usually a great deal of forward selling.

I expect nothing dramatic tomorrow!!!

The 1.29b shares is the total number of shares in Corp and plc together. Of those the smaller numbers (217m) etc are the shares in the plc. (UK)

Because the Corp has been purchasing plc shares on the open market, it now holds these UK shares as non-voting shares. I don't know about the Carnival Investment ones - I think they may be something to do with the company in Bahamas. This is a subsidiary of the Corp, and so will also be non-voting.

All other shares in the plc are voting shares. Just to confuse things further the UK shares have no voting rights for the Corp, so therefore trade at a discount, usually of around 10-15%.

Aber - I am a stock market investor and probably can afford more than TM orJR. They may not own other stocks - or simply have no cash at present. It doesn't bother me.

I want Sar and my investment to succeed, and supporting the offer will help. If offer and placements are oversubscribed the SP will subsequently rise.

It's good to support the retail offer. They need the new cash

Yes, emai, received at 1204. But they didn't yet reply to my message earlier!

Many thanks ZA. I'll check my email now, but the code is great.

Anyone with AJBell? No message yet from them??

Potnak - I don't think Sar have any choice as to when they issue more placement shares to RF. See from initial August RNS:

· If the Investors have disposed of all the Initial Placing Shares or subsequent Placing Shares during the term of the Facility and amounts remain outstanding, the Investors can issue subscription notices to the Company to receive further subscription shares (the "Subscription Shares").

My reading of this is that its RF who decide. Perhaps they are now hoping to be paid in cash instead of having to sell many more very cheap shares?

It practically has in a year! Don't forget the SP 52 weeks ago was 625.8p

But I think you probably mean double from here? My eoy target for 2027 is £24.70 , which, given inflation and dilution would be equivalent to its all time high . So my answer is, yes its possible.

Agree with your last comments. I need a bit of patience to see how the funding transpires.

Hi PCS.

Yes, RF get a 4.5% placing fee straight off for each deposit, and have already had £50k implementation fee in shares, so the 5-10% is an extra. They may well still hold the best part of £1m shares not yet claimed, which could currently be issued with ref to our measly SP.

As for the 90k trade. All the buys today have been well above 32.72p, and almost all the sells have been blue!

But ye, will RF have the cash for deposit 4?

Just a reminder, this is why they make a profit on their sales: They get "10% discount to the average of the lowest 4 daily VWAPs in the 15 trading days preceding each relevant subscription notice " credit for each sale.

But RF are dumping shares at any price! 90k today @1615, which is what triggered the buys at the end of the day.

RF make their 5-10% (or whatever) profit on every share they sell, irrespective of the SP. So it is in their interest to sell as many as possible to maximise the size of the 4th deposit. It will presumably give them another batch of warrants at a low price. This is where they could make a killing.

So I expect a few more days of heavy selling by RF, and then an RNS to tell us about the 3rd and potentially 4th deposits.

Finally 30p-40p. But what a ridiculous spread!

If RF wanted to keep the 5 day VWAP down, they would just sell a large chunk!

It's crazy. 32.8p to sell and well over 35p to buy.

Why not post a realistic spread, eg 32p - 38p ? Do they want any trade today?

It is about time the spread was quoted in pennies or 2ps rather than 5ps.

I suspect RF method of selling does not involve advance orders to the MMs.

As soon as they have decided to sell the next £50k the MMs will be happy to sell below 35p

1 Missed out the 10% of £2.47m.....less £0.96m etc