Member Info for Oldfortyniner

But "really quite positive" isn't positive enough, it has to be 100%. What got the markets was the negativity around non foods and particularly Argos. That needs sorting.

I read this week of the struggles Asda has with its debt and where this might spill out for other chains like SBRY and TSCO and thought it would be good to top up here at a suitable point. Out of the blue came today's opportunity. Nice.

What a relief to see the result!

Interesting to look at the number of votes cast today compared with at the AGM. In very round numbers today was about 46M votes in all. The AGM had about 46M votes for its resolutions but 28M from a certain party voting against. It looks as though today the 28M stayed at home!

January as a time frame for relisting is a bit open ended, but given that funding of operations has been a major factor in the lead up to this meeting I don't think they'll be hanging about in getting things done.

Under the Write Off thread people were bemoaning the potential loss of value in their shares. However at this moment in time our shareholdings are as they were when the listing was suspended, and at the AGM when a certain party's votes wrecked the special resolutions in the AGM which would have enabled the company to move forward.

We now have the opportunity to keep the company afloat in another General Meeting but, as Mark RoLlins points out, if the ordinary resolutions to be considered here fail, TGR faces potential administration. If that happens our shares will definitely have no value to write off.

Although ordinary resolutions require a lower threshold to pass than specials, the responsibility is still in our hands as shareholders to make our voting rights count. Passing these resolutions is the only way we can give this company another chance and hopefully restore some value to our investments. It's the only hope we have.

For shares held by name on the company register you can vote by proxy form until 2nd January. I guess most of us will have our shares held in nominee accounts on one or other of the many platforms for PIs. I can only comment on HL where the cut off date is 31 December. All the platforms will presumably offer similar facilities to express your wishes. At HL on the 'My Accounts' page there is a 'Shareholder Meetings' link where you can express how you wish to vote. I suggest we should all do so and pronto. If I may paraphrase the well known old army poster "Your Company Needs You!"

GLA and Happy New Year! See you in 2026, I sincerely hope.

As someone who's been invested here right from the initial IPO 5 years ago, almost to the day, I too have a holding, the size and value of which is now going to be much smaller than it started. I don't see those shares achieving anything like my average cost of 30p for some long time, if ever. So in what I say here, I'm not looking at this through rose tinted glasses, I'm sharing the pain too.

What we need to keep in mind is that the damage done is entirely attributable to the previous management with SP at its head. Not only does it seem that the company was being bled of its income by the reliance on Shishir's own companies for services and for sales, but a significant part of the latest funding needs is down to serious lack of maintenance and underinvestment in operations. That does not sit comfortably with the claims SP used to make in his presentations to shareholders where he claimed the merits of having him at the helm were his prowess in the graphite industry and his understanding of the business.

Whether or not this company goes to litigation to recover anything will, I'm sure, be driven not simply by moral justification, but likely realisable benefit to the company given the cost of doing so. I think we can well do without any spurious conspiracies about a lack of commitment from the new BoD to resurrect the company or of collusion between them and SP. It is on their efforts to turn the ship round that we are reliant.

If we bemoan that our shareholdings have been whittled to nothing by the recent fundraising, the same will surely be the case for SP, assuming he will have been excluded from participation. I would certainly expect that his ability to sway a vote in a general meeting, in the way we saw at the AGM, will now be greatly diminished, and the company will be able to get its proposals passed. The way we, even as small shareholders, can help is to make sure our voting rights count in any vote.

So I think the way to protect my existing investment is not to write it off as a dead loss, but to reinvest as the company hopefully comes to recovery. That strategy for any of us would depend on our appetite for risk, while not over stretching ourselves. We're in here after all because we took the risk in the first place.

I assume you mean the previous, previous owners, aka Ben Cohen and Jerry Greenfield, rather than Unilever. The eponymous Ben and Jerry are not even on the independent BoD of B&J's, but clearly still have a voice. I can't but agree with your sentiment and it was their potential for causing problems that made me chary about investing here, but I did none the less. Unilever had problems with this strange organisational structure and I hope it is something the new company can sort out in one way or another.

Not quite right, Bree1. What Mark Rollins said in the RNS of 6 October was "We expect to file the audited accounts and annual report for the year ended 31 March 2025 around the end of this month.". So the question is does 'around the end of October' extend to nearly the middle of November?

He did also say "We will update stakeholders later this month regarding the resumption of operations at Vatomina, funding, the re-listing of the Shares and conversion of the loan notes due this year." We haven't had any statement yet about relisting but it does show that there is some pressure to get things done before the end of the year.

There is now what looks like a filing on the SEC EDGAR database, authorised date 4th November. I guess therefore there is nothing to stop the go ahead on the December date proposed.

Will they have sorted out the hoo-hah with Ben & Jerry's by then?

Accounts signed off leads to relisting; relisting leads to conversion of CLNs; conversion leads to warrants being taken up; warrants leads to cash coming in; cash coming in means ability to move projects forward.

I'm sure the BoD will be every bit as keen as we are to see all this come about.

Don't forget that, assuming all the CLN holders take up their share warrants, there will be another £4.5M coming in just from the 2025 issue.

Welcome all! This IPO has been kind so far, coming in at the bottom of the price range means more shares obtained for the money.

BBC News:

Elite military has taken power; president has left the country courtesy of France, Parliament votes to impeach him anyway, Military promises elections within two years, but it was they who brought this last president in anyway!

The good side seems to be this is meeting with general approval from the people.

Fingers crossed.

I'm no longer a ULVR holder but will be interested in TMICC when it makes the light of day, and think it should do well as a stand alone company, with a 'but'. I'll be interested in what the prospectus says, both generally and about Mr Cohen's expectations which could be a drag on the price if he carries on agitating. His principles didn't stop him selling up and I don't believe he can justifiably keep trying to dictate the policy now he's let go of the company.

I think Bree1 and Crocqman make valid points. Certainly without the new BoD we would really know the meaning of the word 'disaster'. Even so I was a bit alarmed that, having raised £2M more than expected in the previous CLN round, we still hit the funding buffers as swiftly as seems apparent, so disaster isn't far away.

The BoD has come in for some stick none the less, particularly for not communicating. I put this down to getting on with it rather than pontificating about it.

We now have two vital steps coming up. First is an update during the month on resumption at Vatomina, funding, re-listing and conversion of CLNs. Let's hope for good things. Then around the end of the month will come the filings for YE2025 without which there is no progress.

All these should take us further out of reach of the clutches of SP, which of itself must be good.

Do we know anyone else who might wish to wield 27-28M votes in such a potentially devastating manner to attempt to defeat major resolutions in the agenda? Special resolutions 15-22 were defeated and these were crucial to the conversion into stock of the loan notes, on which the recovery of TGR depends. Fortunately it seems our new management team had the foresight to bring with them a plan B. Another confidence building sign that they have the success of this venture, and its shareholders, at heart!

It would be reassuring to have some sort of ballpark indication of how long the next set of accounts, and therefore relisting, will take.

Pixie, you're not alone, there's a few of us about, and SP has a lot to answer for! However something should start happening pretty soon as there are fixtures that depend on the relisting happening.

For instance the loan notes don't pay interest on the loan made before conversion unless the company is not able to convert the notes into shares and issue them by 31st July. Before that can happen, I think there also will need to be some process to approve the issue of the necessary shares. If the company doesn't achieve that then interest is due at a rate of 12%, and backdated to the notes' issue date. On £4.5M that's a tidy £45,000 per month. As it's payable not as cash but in the form of rolled up shares think in terms of an extra 1.2M shares to add to the issue on a rolling basis.

I'm sure the frustration that's getting to us all isn't simply the seemingly interminable wait for information, it's that in the meantime we're all utterly powerless with the suspension in place. I do believe that lifting that can't be far away now and then we'll all be able to benefit from the turn round. Here's hoping!

Sounds good! Thanks for your help.

Bree,

Do I take it you got your information by emailing the company? If so, did they put any more detail on it, or would that be treading into 'inside' information?

I'm surprised that a number of contributors to this board don't seem to be able to move on, or don't seem to understand what is happening.

The old guard of SP has gone and a new board of directors is getting to grips with sorting out the mess of accounts SP left behind and refused to give the new board access to those systems. Once sorted this will enable the shares to be relisted, a vital step. They are also raising capital to make the company work. Yes, of course, this dilutes everyone's holdings but without it there isn't a functional company. There are convertible loan notes in at least three issues, the latest of which aimed to raise £2.5M and has actually reached £4.5M according to the RNS. There, surely, is a statement of hope and confidence in the new BoD to get the business back on track. I'm sure they will also be looking at the ins and outs of taking steps to recover from SP whatever there is to recover, as these would legally be assets properly belonging to the company. If there is nothing I doubt they'll throw good money after bad just to make a point.

Risky,

I think the BoD had the end of April as a target to issue the accounts, not a guaranteed deadline. Maybe the accounts are now ready and we'll see something next week? In any case I think your mistrust is misdirected. Surely it's the former management, now no longer part of the BoD, to whom you are referring, who caused the pretty pickle from which the current BoD are trying to extricate us all.

Tyke is right; whether it's to offload or accumulate, we're all stuck until the company regains its listing.