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Just received a Corporate Action notice from my broker confirming the number of warrants to be issued to me etc, and stating that this is still subject to a vote at a GM. Still no date for that GM though! I emailed the company last week to ask about this but have received no response. Maybe they're planning to do it on boxing day or something to ensure it goes through - the date to be announced on xmas day?

If they would let you buy any that is!

Bargain basement time again. Large low-risk profits to be made from here!

Gap in the chart from last Thursday's open filled (if you believe in these things). Anyway big struggle to buy a few more this morning - had to go NT and split the order into 3!

Clearly they must think its got a good chance of £1p+ in the next 6 months otherwise the 80p warrants will be useless. Anyway speaking of which I have a large part of my holding in my non-ISA investment account which i'd like to transfer to my ISA for obvious reasons. Does anyone's broker allow this to be done without sellinh, transferring the cash and then buying back? Mine doesn't seem to but obviously with the typical spread on here and risk of another RNS at any time that's not a very desirable method.

I've just checked and you're quite correct. He did say in the results that he was not going to seek re-election at the next AGM due to him getting on a bit. So it is quite interesting that something has now changed his mind. "To end on a personal note, I have decided that it is time for me to pass on the Chairman's responsibilities, and I shall not seek reelection at the coming AGM.I have enjoyed the role ever since Mercom Capital PLC (formerly Mercom Oil Sands PLC) was admitted to AIM on 29 May 2012, a period which has been both turbulent and exciting throughout the resources sector. However for the last few years (since my 70th birthday) I have been gradually reducing my portfolio of responsibilities and I think it is now time to bring a fresh mind to the Mercom Board. I wish my successor and fellow Directors every good fortune in the years ahead."

http://www.mercomcapital.co.uk/ourboard.html

It appears Patrick Cross is the current chairman - he signed off today's circular. Are you sure he stood down earlier in the year?

So if the Proposals to be voted on at a GM do include appointing Simon Fry, which is implied by the announcements, then that suggests the GM will be over and done with this month. Would be good to get clarification though.

If the AGM was the GM at which shareholders vote on the Proposals, then these would be included in the AGM circular - but I don't see them there?

That implies the GM at which shareholders vote on the placing etc. must be before the AGM doesn't it, as appointing Simon Fry is one of the other things requiring shareholders approval at the GM?

Feel guilty that I went all paranoid the other day when we were at 12p - I guess that means I'm over-invested - which after today's news I'm not at all bothered about lol!

Yes you're right, 6 months not 1 year or so. For some reason for 180 days I read 18 months!

So assuming this £5m @ 20p (+ warrant proceeds) is instead of the previously proposed £11.5m @ 18p - that's a lot less cash - why? 80p warrants is certainly exciting talk but it appears the market is taking a 'believe it when I see it' approach at the moment. Certainly hope to transfer some more of these into my ISA in the next few weeks as if everything goes ahead as planned it's fairly apparent with 80p warrants that they must presumably be expecting to get the sp up to £1+ in the coming year or so.

This is a very illiquid share, so they're dependent on net PI selling in order to do buybacks. Plus there's an institution possibly buying more as well (see recent RNS). PI's have learned that when Cantor goes on the bid and the online bid strengthens they are trying to do a buyback so recently they have been a lot more cagey about it, trying to shake out sellers by dropping the price and lowering online buy limits instead. Anyway with today's action I suspect a more substantial buyback may be in the works. There's also the possibility of other company-related news e.g. contracts moving the price up. Either way I think its only a matter of time before this moves up to the 120 level and beyond.