RE: Is Pope our protection?4 Nov 2021 11:54
oldholder, I appreciate your views thanks. I note that JKX is not ENW.
I also have some remembrance of what Novy has said in past.
Good outcome for ENW/RPT etc.
However this is from JKX RNS (do we think think this is lies or not?)
"...In addition, the number of the Company's shares held in public hands, known as the "free float", is below the level required by ongoing requirements set out in Chapter 9 of the FCA's Listing Rules. As at the Latest Practicable Date, only approximately 21.9 per cent. of the Ordinary Shares were held in "public hands" (calculated in accordance with LR 6.14.1). The Listing Rules require 25 per cent. of the Company's shares to be in public hands, which for the purposes of the relevant test excludes any shares held by those with 5 per cent. or more, or held by the Company's Directors. There has been an ongoing dialogue with the FCA with respect to the Company's failure to meet the continuing obligations requirements under the Listing Rules with respect to the number of shares in public hands (which includes shareholdings of less than 5%, excluding directors and certain connected parties). The FCA has indicated that it would not grant the Company a permanent derogation from this requirement and that it expects the Company to develop and implement a plan to increase the number of shares in public hands. The Company has sought to implement a plan and has successfully increased the number of shares in public hands by, inter alia, releasing shares previously held in an employee benefit trust, although not to the required level of 25 per cent. However, in order to increase the number of shares in public hands further either Shareholders with more than 5 per cent. holdings need to dispose of shares to "public hands" or the Company needs to issue new shares into "public hands". If the Proposals do not proceed, the Board will need to continue discussions with both the FCA and the larger Shareholders to find a resolution (unless the rules change in line with the FCA proposals described above)..."
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