Member Info for mountainous

@cekim, up 3.05% at the moment on T212, looks good so far.

At the very least, this could have been published as a news release like they’ve done before if cost was such an issue.

I can’t imagine RNS being do grossly overpriced…

@lpd, are you saying that Cineplex hired a private investigator to see what was going on behind closed doors as Barbara was making her judgement? Unless if the private investigator was a clerk working with Barbara or someone close like that, I fail to see how a private investigator would be able to even come close to getting that sort of info?

@lpd, the leak about the court case was not from our side, if any leak did occur it would have been from the court’s side, because CINE found out (at most) a few hours before it became public knowledge. The court judgement is dated 14th December and the news emerged late on the 14th, with CINE releasing the RNS on the morning of the 15th.

Our sp was dropping fast many days before the 14th, well before the result of the court case was known to CINE or Cineplex, so in my opinion something was leaked along the line internally. It couldn’t have been CINE or Cineplex though.

Love a little bit of investigation :)

@Chipstacker, good morning and thank you for updating us.

We were told last week that all shareholder concerns are forwarded to Mooky, so hopefully it should go to him. Fingers crossed they will fix up on that.

Is there a cost to distributing an RNS?

Seems fairly simple to just send out an RNS saying ‘with regard to the Cineplex litigation, we now have a confirmed date of Oct 12 & 13th and we anticipate a result by Q1 2023. We are still positive about the result and still strongly disagree’ or words to that effect.

They did this last time with the Cineplex appeal. They waited until they had all sorts of other information and then confirmed they filed the appeal. A few of us were anticipating some news of an out of court settlement with the fact that the deadline had passed with no confirmation of filing.

@Reppyrr, Bond certainly did, that rise was fantastic. To the best of my memory, there was nothing else that the rise could have been attributed to.

All depends on what happens with Cineplex, it’s a question of whether investors will be willing to invest in a company that still has a huge legal liability over their heads…

I think at the very minimum we should have been relayed the date that has been set. We found out during the weekend, so RNS should have been out this morning. It would be great if they told us that, but it is what it is.

Next year I will be more strict with myself lol

@BlueBuxton, no I haven’t. I have taken that one on the chin, perhaps Alicja thought that I no longer had a question, and plus she asked ‘any further questions’ after the last one, so I will take liability for that one :)

I am planning to hold forever as long as the company survives and continues to do well (which I anticipate it will).

At this price, you can buy so many shares that dividends will be a huge addition to your yearly budget if they get reinstated and if you buy enough in my opinion, that would be fantastic.

Anticipating it to take many years, but I’m happy to wait :)

With regard to COVID, do you see countries spending more money on COVID-19 treatments in the future, seems everyone has forgotten about it these days…

I remember as soon as Boris announced the lifting of all measures the vast majority of the testing centres shut?

Fantastic results for you all today, big congratulations to all LTHs!

I opened a small position at 25.4p and certainly reaping the benefits of that today.

Just wanted to ask about what comes next? I see a lot of talk about an EUA being sought, what do people think about SNG as a whole, is it still an investment that you see going well in the future?

I am looking to buy this week personally, I am also expecting a further fall across the markets tomorrow or at some point during the week. I am happy to buy at Friday’s closing price of 23.5p, and will keep an eye out on the price to perhaps increase further.

Everything is leaning on this court case, now there is no doubt that this is coming and sooner than planned. We may see a bit more volatility this week as people make a decision to either close their CINE positions or open a position to take a risk.

Let’s see what happens, this is the final stretch CINE holders!

Fingers crossed @FunInvestor, let’s see what happens. I will be staying no matter what considering how down I am already lol

The only other part which is close is when Israel sent an email to HSBC stating that CINE would not complete the acquisition of Cineplex prior to July 1st, but again this could have been the subject of a’ without prejudice’ discussion, CINE may have been in discussions to delay the closing of the deal until a later date that may have worked better for both parties. Plus, Israel made an immediate attempt to retract the message, so it may be the case that it was insider knowledge at the time.

Once again, it is more likely than not that CINE was hoping to leave the deal, but there is no concrete evidence of such in my opinion.

@FunInvestor, indeed it may appear that way, but my understanding is that there was no concrete evidence. If any of them said, ‘yes, deal is completely off and not taking place’ to satisfy the condition that lenders had imposed upon them for the RCF increase, then it is indefensible. But I didn’t see anything like that.

The closest I’ve seen is Nisan reassuring HSBC that there was no double exposure and that there is ‘no deal at 34’. Again, this could have been the subject of many ‘without prejudice’ discussions, hence why Nisan said that. But Nisan never said ‘ok, we will terminate the agreement according to your wishes’. I haven’t read the entire judgement yet, so please let me know if I’ve missed something.

Indeed, it is more likely than not that CINE wanted out of the acquisition, but without evidence or an admission of that allegation, you can’t just go around and automatically assume the worst of people. That is my view.

Reading back, she made an awful lot of inferences. Nisan said in a text message that they are considering all options and then Barbara appears to instantly believe that it meant CINE was trying to exit the transaction. You never know what those options were, during the ‘without prejudice’ discussions, it is very well possible that Mooky and Ellis were considering a new deal at a lower price than $34, that could have been what Nisan was talking about when he referred to ‘options’.

But of course, Cineplex paying back debt whilst everyone else isn’t is completely normal to Barbara. Barbara makes some compelling arguments in her judgement and it’s clear that she knows how to talk the talk, I just hope that the appeal judges look at all the evidence. I don’t know if CINE is going to get the counter-claim that they are owed money, but I’m very certain that $1.23bn is a crazy sum of money.

Let’s see what happens :)

Section 1.1 of the Arrangement Agreement, taken from Barbara’s judgement:

“Ordinary Course” is defined in s. 1.1 to mean actions “taken in the ordinary course of the normal day-to-day operations of the business of the Company…consistent with past practice.”

It’s just so simple. Cineplex were not only acting contrary to ‘Ordinary Course’ compared to pre-pandemic, but they were acting contrary to it even during the pandemic. Whilst others were taking out more debt to desperately survive, they were happily paying back debt to avoid breaching the RCF and other obligations in my view.

Whole thing was an absolute farce, many of us were laughing at the Cineplex lawyers.

@Fredster, now that a date is set in stone, my only thought now is that Cineplex MAY still make an out of court settlement if they see that the court proceedings go bad for them.

So if anything is to come, then it would probably be between the end of the court date and the release of the result, and that is only if the court proceedings go very bad for them. All in my opinion.