Member Info for OilNovice

Very useful to know Geoff - thanks

I would encourage everyone to fill in and post their proxy forms as soon as possible.
https://www.iconiclabs.co.uk/wp-content/uploads/2019/12/Proxy-Form.pdf

This will be your only chance to vote at the AGM without actually attending.
There is an option of 'to reappoint David Sefton as Director' - I believe we should vote against this motion!!

Up to you guys whether you vote for or against the special resolutions...

At least the BOD are deferring 40% of their salaries and not getting bonuses. That is good of them :/

Thechancers - they already have the money through the agreed Finance Agreement which is already in place. They have received four(?) tranches already, on a monthly basis, and must submit a prospectus to receive a further three(?) tranches.

The dilution will only happen if:
1-shareholders approve a loan note conversion at the GM at the end of December
2-EHGOS (the fund) want to convert their loan notes into shares
3-ICON’s strategy aligns with dilution, as part of their prospectus, and they actually put this question to shareholders at the GM

In my opinion, I believe the dilution will happen, but, who knows.

Were there only £500 worth of trades on Friday?!
That has to be a record for ICON, maybe even for the market...

Is it possible to dial in to the meeting?
And cast our vote remotely??
Or even better to send a postal vote??

They already have the cash. They got £1.375m through the Finance Agreement.
The question is how will they repay the FA? Either through traditional loan notes which I believe accrue 5% interest pa. Or they have the option of converting to shares if this passes a vote at the GM.

Chrispye - why do you believe they will not issue more shares?

I agree with nomura, I just can't see how they wouldn't go for placing (assuming it passes at the GM). At this stage in the business, I just can't see them having enough income to cover the commitments of the finance agreement without a placing.

But, I do think the placing of shares is already mostly factored into the share price. There will likely be a drop when the resolution passes, but I don't think it will be big (famous last words!! :/).

I guess we will see early next year!

The RNS also suggests that there will be more non-exec appointments soon.

I don’t want to jinx it, but, we have seen a steady rise now for a few weeks.
Was 0.07 the bottom?
Is there a growing investor confidence?
Will there be more news to keep this momentum?
If this is the turning point, where will it go???

Hi John
Please can you detail why we need £10-£15m contract to achieve a c.500% uplift?
Where do you get these figures from?
What’s your valuation mechanism?

Thanks

It is clear there are people lurking and waiting for news, and ready to 'pump' as people say...
I'm still surprised it went up so much on the RNS yesterday - I do believe that there is more news coming to warrant the last two weeks rise.

My takeaway is that there is a lot of people watching and waiting for positive news. To coin someone else's phrases "this is like a coiled spring that could go pop at any time".

To give a balanced post, there will also need to be an RNS on convening a GM to vote on warrants and whether ICON converts the loan notes of the £1.375m Financing Agreement.
Lots to expect before Xmas.

John - It may just be that they will release a contract update by the end of this week...
My view is that the circa 80% rise in sp isn’t warranted from a website going live... but could be more in line with a contract??!

My take on the website is:
1. They have done something they said they would do. Which starts building confidence in the Board
2. They have clearly spent time and money in the website and its content so it will act as a marketing tool and help drive sales
3. The market reaction (so far) is positive to this news. Even though it is merely a website.
4. Does this mean that the fears of this “just being a shell” have been refuted?
5. There was clearly big buys going on this week and end of last, probably in anticipation of this RNS (or possibly another one coming). The sp has risen from 0.07 to 0.125, circa 80%... which is very positive.

Looking forward to more news. And I do believe we will need more news for this rise to continue.

mannan - market cap currently is about £1,227,847

Assuming there are still 1,637,129,905 shares in issue, and at an sp of 0.075p.

Going by the RNS of 6 Aug being the date of execution of the new Financing Agreement, the BoD needed to have submitted the prospectus to FCA (UKLA) by the 6 Nov. Otherwise no more tranches can be taken...
I wonder if they met that deadline???!!

Not sure if this has been mentioned already, but they have issued a table of all major shareholders (3%+) on the website.

My point being, at the present time, considering the broken promises and lack of communication, this is clearly a gamble. And you have to be prepared to lose everything.

I, like most of you, looked at the company from a start-up perspective (even when it was WDC), in terms of future potential and RNS updates (£1m contract?)... and therefore you cannot analyse the company in a traditional way i.e. profitability, p/e, value etc.

We have all given ICON 6 months to see what they can do and there is an overwhelming negative sentiment (on this bb anyway). I am more positive long term than most on here, but even I have to concede now that this has as much chance of folding as multiplying...

RB - I’d argue the sp definitely plummeted due to underperformance of WDC. They were making under £100k revenue on costs of over £3m. That is massive underperformance, and why the sp dropped to 0.25p.

The drop since then has been due to dilution. And 70% dilution is about right with all the LNCs.

I still think this is the best opportunity for huge risk/reward. Only put in money you are happy to lose. Completely lose.

Exactly applegarth - this is an all in / all out situation.
A very high risk play, with a very high reward potential.

If you can afford to lose the money, this is the punt to go for, in my opinion anyway...