Member Info for okenia

All resolutions passed. Placing of new shares at 0.12p Number of shares to be issued = number already in circulation (so doubling the number of shares in circulation due to the placing). >>>> Massive placing at 0.12p which in itself is a massive discount to the current ~ 0.68p share price. Glad to hear *any* rational argument why this is worth buying at the current SP.

Double or quits here WGC? (likely to be the only way I'll make money on EVO) First glass of merlot: price to be below 1p by end of next week. Second glass of merlot: today's meeting does not agree a placing at any price other than 0.12p

That is just the most brilliant post I've read in yonks :)

Bet accepted :)

"and appoint, conditional upon Admission, two new directors, "

AGM announcement: "Although the Board has considered a number of opportunities within its Existing Investing Policy, it has come to the conclusion that the Existing Investing Policy may be unduly restrictive when considering suitable opportunities to create value for Shareholders. Therefore, the Board has resolved to expand the Company's investing policy in order to potentially maximise Shareholder value by adopting the New Investing Policy, and appoint, conditional upon Admission, two new directors, and raise further funding by way of the Subscription to enable the Company to make investments." So no, not yet - needs to be approved today (ie now).

(etc etc - go look at the RNS for the full text)

Here it is, c/o the 28 Aug RNS The Company's proposed New Investing Policy, which is subject to Shareholder approval at the General Meeting, is set out below: New Investing Policy The Company's proposed New Investing Policy is to invest in and/or acquire companies and/or projects within the natural resources sector which the New Board considers, in its opinion, has potential for growth. The Company will consider opportunities in all sectors as they arise if the New Board considers there is an opportunity to generate potential value for Shareholders. The geographical focus will primarily be Europe, however, investments may also be considered in other regions to the extent that the New Board considers that valuable opportunities exist and potential value can be achieved. Where appropriate, the New Board may seek to invest in businesses where it may influence the business at a board level, add their expertise to the management of the business, and utilise their industry relationships and access to finance. The Company's interests in a proposed investment and/or acquisition may range from a minority position to full ownership and may comprise one investment or multiple investments. The proposed investments may be in either quoted or unquoted companies; be made by direct acquisitions or farm-ins; and may be in companies, partnerships, earn-in joint ventures, debt or other loan structures, joint ventures or direct or indirect interests in assets or projects. The New Board may focus on investments where intrinsic value may be achieved from the restructuring of investments or merger of complementary businesses. The New Board expects that investments will typically be held for the medium to long term, although short term disposal of assets cannot be ruled out if there is an opportunity to generate a return for Shareholders. The New Board will place no minimum or maximum limit on the length of time that any investment may be held. The Company may be both an active and a passive investor depending on the nature of the individual investment. There is no limit on the number of projects into which the Company may invest, and the Company's financial resources may be invested in a number of propositions or in just one investment, which may be deemed to be a reverse takeover under the AIM Rules. The New Board intends to mitigate risk by appropriate due diligence and transaction analysis. Any transaction constituting a reverse takeover under the AIM Rules will also require Shareholder approval. The New Board considers that, as investments are made and new investment opportunities arise, further funding of the Company may also be required. Where the Company builds a portfolio of related assets, it is possible that there may be cross holdings between such assets. The Company does not currently intend to fund any investments with debt or other borrowings but may do so if appropriate. Investments in early stage assets are expected to be mainl

The new investment policy has already been written and released by RNS (it's the default natural resource one that PLMO and others have used). Today is simply to approve it. No reason to think we won't get a "all motions passed" RNS today. What I think you want cadis is not the "what" (what is the investing policy?) but the "how" (how is the investing policy going to be implemented). For sure we won't know that today - AIM rules say they now have 18 months to make investments so as to fulfil their investing policy. Usual DL approach is to buy a few listed companies to achieve this admin requirement (PLMO did Tullow and Ophir if I recall) but then do the 'proper' investment by some issue of equity or other transaction. So compare with AFRI - a few token agri investments to make it compliant with AIM rules, followed by an equity swap to take a 40% stake in PdR's South African business. The PLMO lot are still waiting for that 'proper' investment.

A whole flurry of DL ones. In fact I don't think anyone else has a look-in (but don't quote me on that).

The news bit is at the end of the interview where he says explicitly that he'll be shedding more companies in the next few months to focus on (HH/REM/AFRI). It's in about the last minute or two of the interview (which is now available as a recorded video). I suspect he'll be out of EVO very quickly.

Just been on TipTV saying he intends to step down from more companies in the next few months to focus on HH, AFRI and Sonora. He's shedding companies, somehow don't think he'll be here for long, just enough to raise some funds and get someone in place, then he'll be gone. I think on that basis I'm going to give this one a miss. http://www.***********

Huh? I thought that was in INSP or am I missing something?

And another 4% held by Leeds Uni (where I guess this was spun out from). Some more with the inventors and current director. 41% not in public hands. Ouch. Share information The information below was last updated on 7 July 2014. The Company currently has 174,675,828 Ordinary Shares of £0.01 each in issue. The percentage of securities not in public hands is 41.51% There are no restrictions on the transfer of securities. Significant shareholders The Company's significant shareholders, being those holding 3% of more of the Company's issued share capital, are: IP2IPO Limited (together with Techtran Group Limited and the IP Venture Fund) : 43,112,140 shares (24.68%) Mr Thomas Bannatyne (Director) : 14,714,670 shares (8.42%) Mr M Houghton-Berry : 10,485,070 shares (6.00%) The University of Leeds : 8,119,425 shares (4.65%) HSDL Nominees Limited : 7,033,578 (4.03%)

Maybe DL will buy a rubber plantation and get into the chewing gum scene?

"IP Group is a leading UK intellectual property ("IP") commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, networks, recruitment and business support. The Company's portfolio comprises holdings in around 90 early-stage to mature businesses across the Healthcare, Biotech, Cleantech and Technology sectors. These businesses include Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water." http://www.ipgroupplc.com/about-us/corporate-profile.aspx

My main thought was based on his cock-up with AFRI. 2p, cash shell, gets YAGM on board. Opps, two legacy shareholders emerge from the dust and start to sell down massive stakes. SP gets hammered for ages, ends up sub 0.4p, and this in turn cripples the YAGM equity swap system [YAGM agree to cancel it and take a stake instead]. he got a lot of flak over the collapse in AFRIs SP and even without it the only way his usual way of raising money (YAGM) works is to exploit a rising SP … it's a snazzy hedge-like device. He can't afford for the SP to drift in the early days, it kills the company. Which thus makes me wonder whether he's now had a chance to meet and chat with more of the PLMO significant shareholders, and is getting a vibe that there will be a bailing out. Whereas with EVO that may be very different. Pure speculation and I doubt we'll ever know (but am tempted to ask him in a few years once the dust has settled on PLMO).

The investment policy of PLMO is exactly the same wording as here. Bizarre. I can think of two related possibilities though, both to do with differences in the shareholder support/base.

Randommatt - nope! There's an AIM rule that says that a new AIM investment company has to raise £3m at the time of admission and implement its investment policy (ie buy something) within 18 months. However, a re-badged existing company just has to get the change to an investment company and the policy approved (Friday) and implement the investment policy within 18mo. Do you think in the current climate DL could raise £3m on an idea? Nope. However, raise £200k, buy a few listed shares in the right sector (PLMO bought a few shares in Ophir, to illustrate) and boom, there you go, one nice clean empty company ready to do with as you wish. It's DL's standard way of starting a new company off. Next stage would be to raise some actual funds to do something with (he typically uses Yorkville for this, getting a few £m via an equity swap deal thing) and then either buy an asset (eg the JVs in Sonora for REM) or else do an equity swap to get a stake in another company (which is how AFRI now have 40% of a south african logistics firm).

"However it is still the same company & nothing has changed." That's not true, one of the items on the agenda for Friday is to fundamentally changed the nature of the business. EVO going forward will bear no resemblance to the company of old - first thing will be a name change, and a change of the BOD to a new set under DL. The only legacy issue is likely to be the shareholder base (cf the issues at AFRI when it was formed out of the ashes of a Scottish dental implant company - one legacy shareholder was Scottish Enterprise who then had to exit, and that trashed the SP for a while). If done correctly the new EVO will be as near to a clean slate as you can make it. It'll have DL at the helm, an investing mandate, and a bit of cash to get it started. If this sounds a bizarre thing to do, ask yourself why DL doesn't just set up a new company from scratch, as opposed to all this hassle re-launching EVO. Why go to the bother? (there is a good answer to this BTW, you need to look at the AIM rules for companies to find out).