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Thanks Optimist, yes, it's certainly intriguing. I've just read the below from a previous RNS and I'm somewhat confused:
"Subject to the Right of First Refusal being agreed and entered into, the
exercise of the Right of First Refusal may constitute a reverse takeover under
Rule 57 of the NEX Rules." "
Along with this from today's RNS:
"This investment marks completion of the first of what is planned to be a two
stage investment process, prior to offering a full share-based offer for all
outstanding shares in Apollon, as previously announced on the 16th, 24th and
29th May 2019. "
So, based on 0.71% being worth £300k today, that values Apollon at £42m... so how can Afri offer a 'full share based offer for all existing shares in Apollon', if Apollon is worth £42m and Afriag is worth circa £2m-£3m?
Or am I missing something?
Sorry, not really been up to speed here but I assume this indicates a RTO?
“This investment marks completion of the first of what is planned to be a two stage investment process, prior to offering a full share-based offer for all outstanding shares in Apollon, as previously announced on the 16th, 24th and 29th May 2019.”
I share the exact same view! Hold for all these years, sell out and then some transformational news gets released a day or two later.
Maybe wishful thinking, but let's see. As far as we know there is still a licence process ongoing. Hopefully we get further news soon.
Yes, you can see why as well. Always jam tomorrow for PIs, meanwhile those involved with the company are no doubt paid well regardless of performance.
KNDC (Formally REM I believe) seems to have the majority of disgruntled investors aimed at DL. Although, I agree, there seems a lot around in general. Can everyone be so wrong about the guy, that's the question....
Same old story here though. Just not worth selling out at these prices. So may as well ride it out...
Yes, almost looks like an attempt to distance himself from that side of the business, else why remove it?
Very odd. Coupled with the usual radio silence it’s not great...
Anyone noticed DL has updated the header of his twitter and has removed the reference to “and oh... helping to feed the world!”
This was obviously related to Afriag previously. The only possible mention left is medical cannabis... but that’s more focussed on LGC I believe.
Not sure what to make of that....
Everything I can see regarding the home office's issuance of licences for controlled drugs seems to mention 16 weeks for a decision. It does mention Cannabis and Cannabis products, so assuming that comes under the same remit and we started the ball rolling back in September then maybe we're due a decision within the next few weeks?
Alternatively I guess the flip side could be that the clock may not start until the application has been accepted (i.e. supporting documents, queries/clarification), in which case we've got no idea what's going on in the background.
I'm hoping for the first scenario, but prepared for the latter (As a AFRI holder I think we're all used to that now, but hoping this finally becomes the rocket up AFRI's backside that we've been waiting a number of years for!)
Yes, the RNS stated it will take 'some time', but no further details on how long that takes.
'Applying for this licence is a very detailed and highly regulated process and it will take some time'.
The good news is the RNS also states that the licence is being 'Sought in the name of Afriag Global', the bad news is that it's more 'Jam tomorrow' as nothing else seems to be going on here again at the moment and the SP is still down in the basement!
Obtaining this licence could send the SP flying, especially if the logistics business produces some good results over the next few months. However, it's more speculation and waiting to find out unfortunately
I'm another one who's been in here a good few years now...
Worst move was moving (or being politely asked to leave if rumours were true?!) from LSE. Since then it's been tumbleweed time here.
I too have been at the point of "Finally, this is our time...." and then nothing happens for another six months, rinse and repeat.
DL has played a shocker here. PR has been awful, the lack of transparency from SA, no one probably even knows we exist anymore and probably don't even see the RNS's (I sometimes miss them if they're not posted on here!)
All in all an absolute disaster and shortly we'll be asked to stump up cash for the Cannabis side of things. I sincerely hope there's some form of good news with a tie in with LGC/AAAP or something by then, as otherwise it's going to be massive dilution and then likely back to tumbleweed time for another few years if history is anything to go on!
It is indeed very strange.
Such large volumes (for what we're used to seeing bought of course!).
I'm still none the wiser as to why, but long may it continue, whatever the reason.
Could this be a way of Afriag being transferred into a main listed company (LGC / AAAP etc?)
Appreciate maybe LGC would be more likely as it's a much bigger company than AAAP, but AFRI market cap is tiny at the moment, so anything is possible I suppose....
That's 60m+ shares that have been bought (plus maybe whatever delayed trades are yet to display, or trades happening in the background)
All at the same price of 0.001p.
hmmmm... no idea what is going on, but at least there's a bit of excitement here for once!
Not sure what's going on? Looks like existing shares are being transferred between two parties at an agreed price of 0.001.
Anyone have any idea how this would work? Not sure how this money would find it's way to Afriag if it's in the form of a strategic investor (such as the HNW individual over at AAAP who has acquired a large shareholding)
Either way, there is no way that there are chunks of 25m shares freely available on the market to buy without affecting the SP, so must be a transfer of shares.... but to who....and more importantly, why?
Those are the largest buys I've seen here in a long time. I assume they must be buys as 10m shares sold into the market I highly doubt they'd get anywhere near the price they did for them.
If shares can't be raised below 0.001p then the cynic on me is wondering whether these buys are an attempt to push the price up to above 0.001p to allow a placing to be done at that price, rather than at a premium to what the current SP is?
I could be completely wrong of course, just seems odd to suddenly see a 10m trade pop up out of nowhere...
Thanks for the response bigmj
bigmj,
Do you mind if I ask if you have a price target in mind here and a timeframe to achieve it?
Market cap seems crazy cheap at the moment.
Maybe an attempt to raise awareness that Afriag will soon be in the Cannabis game? Either way, I agree, and as usual the news has had absolutely zero impact on trades here.
DL really has messed this one up big time from his serious neglect of PR and news flow. He's going to have to do better than the news yesterday if he expects even the slightest bit of positive impact here after the years of him having the opposite effect due to poor investor relations and lack of news flow.
Yes John, I agree that there is no point bailing at this stage and also share your thoughts around the placement. Whatever the money is being used for, the lower the market cap the worse it is for us, as the dilution will be much greater for the same value of investment.
The sorry state of the Afri market cap / share price has to lie firmly with DL in my opinion. The PR and investor relations have been awful here since we were on AIM.
I've heard him say to focus on the end goal of the companies he's involved in, which would normally make sense, but not when the SP consistently heads downwards and funds constantly need to be raised, as if that continues very few of us would see any benefit in the end goal (or at least not enough to warrant us having money tied up here for X number of year...)
He also says the SP is down to investors and he has no control over it etc. I disagree. There is a reason that investors haven't been buying here and I don't need to list them out for all the long termers here!
I continue to hold and hope that this comes good, but the jury is out for me on whether it will ever do so and if most of us will even claw back our original investment, never mind make a profit!
That's exactly the problem, DL's reputation unfortunately, in my opinion.
LGC seems to have bypassed this as they are picking up the Canadian investors, but it seems anything UK based many won't touch with a barge pole if DL is at the helm.
I'm constantly reading about disgruntled investors from the likes of REM (now Cadence I believe) on about DL's 'ramping' and you can sort of relate, although he does seem to have toned it down considerably over the last couple of years, there are still plenty of statements he makes that never materialise:
"Watch what I do with AFRI!" (Been waiting 4/5 years and still 'Jam tomorrow' and now all about Cannabis!)
The "Lickedy Split" move of exchange that was going to happen is AFRI didn't trade - This obviously never happened, however looking at Sativa maybe the exchange isn't the issue
Didn't he recently even say at the AGM that was attending by a couple of posters here that the first half results were looking really good and he was thinking about posting them early this year?!? (What happened to that?)
The fact that the books for the 40% owned SA element are still closed and such minute detail is given whilst posting astoninishgly low gross margins would now doubt scare off a lot of investors as well (especially, again, with DL's reputation!)
So it's now back to 'jam tomorrow' and most people waiting for an exit point, I'd imagine. I think even most, if not all, of long term investors must also be getting to that point now. How much longer should money be tied up here is the question, years on and SP at a all time low, where everyone will be sitting on losses.
Just seems crazy that this global logistics business that was going to become the next Lohnro now seems to have put all of it's eggs in the Cannabis market basket and we'll all be paying for that in the form of massive diltuion due to pathetic market cap here!
I agree, very underwhelming.
I knew by reading the first paragraph that the numbers would be hidden much further down and would be disappointing.
I agree, zero progress has been made compared to growth last year as the first half revenues are down. The share price is at an all time low and then even if they do raise funds, if any of it results in further 'working capital' type of news then at this share price / market cap we'll all suffer further large dilution.
Unbelievable that we're how many years into this now and the SP is still where it is and today's results are going to do absolutely nothing to change that and now the focus is shifting to medicinal cannabis and more 'jam tomorrow'