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Millions of buys !
Let's hope they are staying quiet as they are in negotiations to do a deal in the best interests of the company and its shareholders. Have to give them the benefit of the doubt , until we know better !
Companies act 2006
The second major duty of a company director is to promote the success of the company. This is probably the most well-known of the 7 duties
The duty states a director must act in a way that they consider, in good faith, would be most likely to promote the success of the company for the bene?t of its members (shareholders) as a whole. When making decisions, directors must also consider the likely consequences for various stakeholders, including employees, suppliers, customers and communities. They should also consider the impact on the environment, the reputation of the company, company success in the longer term and all of the shareholders (including minority shareholders).
Our aim is to continue to acquire businesses on a select basis which will support our current product suite and aspirations in the UK market."
Hmmm
Another scenario
Depress the share price, hoover up more than 50% at a bargain price , force a sale at fair value ( 5p ?) , take it private - done and dusted - made a profit but no fortune !
From the iod website
The role of the board includes
“Accounting for the company’s activities to relevant parties, eg shareholders”
Are we, as shareholders, not entitled to some explanation from the BOD
In view of the facts that the chairman,(listed as a director on companies house website)and the non executive director via his position as CEO of Braveheart have divested considerable shareholding interests in Remote Monitored Systems, as they can see no future value in the RMS group as a whole ?
Built us up then knocked us down ! Excerpt from August RNS obviously $$$$$$$$ changed their minds
RNS Number : 8808W
Braveheart Investment Group plc
21 August 2020
The directors of Braveheart believe that by combining the two shareholdings of P2F in RMS, and thereafter retaining a significant interest in RMS, the business prospects for P2F can be more rapidly exploited and resourced thus enabling Braveheart to continue having an economic interest in P2F without the continuing requirement to fund P2F. The directors of Braveheart intend to retain the RMS Consideration Shares for the foreseeable future.
Last line of last paragraph sticks in my craw
RNS Number : 8808W
Braveheart Investment Group plc
21 August 2020
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.
21 August 2020
Braveheart Investment Group plc
("Braveheart" or "the Group")
Conditional Sale of Pharm 2 Farm Limited holding to Remote Monitored Systems plc
Braveheart Investment Group (AIM: BRH), is pleased to announce the conditional sale of its 51.72% holding in Pharm 2 Farm Limited ("P2F") to Remote Monitored Systems plc ("RMS") for a consideration of 310,354,815 new Ordinary Shares of 0.2p each in RMS ("RMS Shares") ("Consideration Shares") ("P2F Sale"). When taken together with Braveheart's current holding of 199,637,990 RMS Shares, on completion Braveheart will hold 509,990,405 RMS Shares, representing 37.12 per cent of the enlarged share capital of RMS.
The P2F sale is conditional, among other things, on the Takeover Panel granting a waiver of the Rule 9 obligations arising out of the P2F Sale and the independent shareholders of RMS approving the whitewash of Braveheart's Rule 9 obligations at a general meeting. The P2F Sale is also conditional on the completion of the simultaneous sale of the 48.38% holding held by Dr Gareth Cave. At the closing mid-market price of a RMS Share on 20 August 2020 of 0.38p per share, the Consideration Shares have a value of approximately £1.18 million, which compares to a book value of £356,000 at 31 March 2020.
It is intended that upon completion of the P2F Sale, RMS, Braveheart, Dr Cave and SP Angel Corporate Finance LLP, as the RMS's nominated adviser, will enter into a relationship agreement.
The directors of Braveheart believe that by combining the two shareholdings of P2F in RMS, and thereafter retaining a significant interest in RMS, the business prospects for P2F can be more rapidly exploited and resourced thus enabling Braveheart to continue having an economic interest in P2F without the continuing requirement to fund P2F. The directors of Braveheart intend to retain the RMS Consideration Shares for the foreseeable future.