Member Info for mcmullank

Even at 7 million, the 250m shares improves the balance sheet of the company by £17m without the benefits from the SOA. In my simple mind, this works out to be 6.8p per share.

If the preference shareholds are being asked to convert their £15m of preference shares at 10p per ordinary share, there will be another 150m shares issued. I also cannot see that the preference shareholders will agree to convert their shares at 10p if the investor group is injecting capital at less than 10p. Therefore there will be 250m shares issued and the company will reduce their liabilities by £15m and increase capital by £10m

The RNS from the first fundraising stated that the company had an option to raise £10m at 10p. It was mentioned that the preference shareholders would be required to exchange their £1 prefs for 10p ordinary shares. According to the RNS this is proceeding, so it looks like everything is being put into place to satisfy the additional support requirements for the £10m placing. The share dilution will happen but this may be offset by the rise in value of holdings IF the £10m is raised at 10p

I wouldn't go about calling people doughnuts when what you are posting is incorrect. The RNS was posted today but the transaction was on Friday 26th. Can you please try to ensure that you posts are accurate, people in glass houses and all that.

The documents are not being sent out until next week so we won't know the details of the SOA until then. A meeting will be arranged for the creditors to attend and then we should know if they have accepted or not. There is no fixed timescale for this process.

after 2 price monitoring extensions.

A trader and investor only differ in timescale.

Depends on how much the + is after 2p, the risk profile of the owner and the expected return. eg. Someone who purchased at 2.2 and wanted a 20% return could have had it numerous times over the last month. If someone is wanting a 50% return, they could have had this over the last month.

Please point out the negatives from the RNS today. Did it say that the winding up had been granted or that the court did not approve the proposed SOA? Can't see that we are any worse off than two months ago when there was no guarantee that the winding up would not be granted and the company secured the £10m

You are not locked into this share, you can easily sell them.

ASTO go to banking creditors asking them to take a haircut and preference shareholders asked to covert to equity. ASTO go back to court, get the SOA approved and before the support group have to stump up the £10m, the T/O is announced (either Seacor or Arcapita). The company is sold with reduced liabilities and the existing shareholders increase their return without investing extra money. All IMO of course, but this is just the beginning. In answer to some questioning why use an SOA, it includes the ability to force secure creditors to take a haircut whereas a CVA doesn't. Read into this what you will!!!

Currently showing my holdings at a price of 223.00! I'm a millionaire on paper.

Average trade size today was 55k. Not exactly large holdings.

Maybe why there financials are in such a mess: 120m contract to generate 40m in the first 5 years = 200m????

Not accusing, just drawing similarities with JJB here.

Not me, I am riding free shares that will be waiting past Thursday to see the outcome. Possible positive note though is the similarities with JJB who implemented a CVA twice to reduce costs. The benefit of the SOA is that it allows the company to reduce it's obligations to secured and un-secured creditors which cannot be done with a CVA nor does it need a majority of all creditors to agree. I said before this announcement that I can see the dilution happening and then a takeover offer being made. The question is really what do the Investor Group want for their 10m. Given that the investors are also creditors in this business, there may be a forcing of a haircut on the banking creditors.

I see that you haven't answered the question earlier when I stated that the RNS announcements so far have indicated that the 10m will be at 10p per share. Can you remind me what the JJP placement was at relative to the SP at the time?

I am only stating what is in the information released so far. I see you on the JJB boards, so you tell me what the last fundraiser for JJB was pitched at compared to the SP at the time!

The equity raising would not be intended to be at not less than 10p per share according to the RNS on the 18/03/2011 and text from 21/03/2011 RNS: As a contingency to ensure that adequate working capital is available in the future, the Company has received indications of financial support from funds advised by North Atlantic Value LLP (a part of J O Hambro Capital Management Group) ("NAV"), Gartmore Investment Limited and Utilico Investments Limited ("Utilico") (the "Investors") that they would be prepared to provide additional funding of up to GBP3.33 million each, GBP10 million in total, in consideration for a further issue of ordinary shares at a price of 10 pence per share. This support would be available at the Company's request until the earlier of the Company notifying the Investors that the support is no longer required and 12 months from the date of this announcement (the "Support Period"). In addition, the Investors and the Company intend to allow other shareholders to participate in such issue as far as reasonably practicable. So it appears to me that the support is available to the company at 100m shares for the £10m. In addition to this, the RNS on the 21/03/2011 stated: In the event that the Company seeks this financial support from the Investors, the Investors have agreed amongst themselves that they may seek from the Company that the GBP15 million of preference shares of GBP1 each in AssetCo Abu Dhabi Limited be redeemed in exchange for an issue of ordinary shares at10 pence per share and cancellation of the warrants issued at the time of the issue of such preference shares. We may find that this is what the scheme of arrangement is for.

That was the mid-price. The closing price is taken from the un-crossing trade which yesterday was 3p.