Member Info for phenomenonnick

Thanks Risk. So about a 60% uplift on current price I guess - IF the market finds a reason to price the shares at asset value.

Given our low asset level I'd suggest that if the RTO fails after the due diligence is done, the company is probably bust. This is the risk of a shell with assets lower than the fees required to get an RTO away. Especially when they can't issue shares below 1p without a capital reconstruction, which involves further cost. This is why I sold most of my holding.

But the reasons for optimism are still there - NB has a good track record, he's backed this with his own cash, there's everything to play for. On balance I think there are better shells out there (I'm hoping for great things from KIN later this month and PIRI in due course) but I'm happy to retain a modest holding here and see what happens.

Jeepers. Isn’t that about CAD 1m off our asset value? Before we start worrying about recoverability of the loan! Optimist you’ve got the best handle on GUN imo - do you have a sense of where our asset value is at the moment?

“Obviously”? Have you got ANY successful examples of a sub £1m cash shell raising £6m and becoming an investment company? Isn’t it more likely the suspension period starts and they attempt an RTO in that time?

I guess it’s possible that the update won’t have an immediate suspension but yes you’re probably right. And yes I believe the rule states it needs to be completed in 6 months - in practice there seems to be a little latitude eg KIN announced just before the 6 month deadline and trading is restarting a couple of weeks after the deadline.

Yes given we get suspended on Monday morning I think an update Friday is possible. I'm guessing we're heading into suspension, the interesting question is how far a deal has progressed.

Incidentally having been roundly pilloried on here earlier in the year for being supportive of the original plan to raise more cash than we've ended up raising, I feel justified in pointing out that the KIN reverse, which looks like it could be terrific, cost £850k. Way more than PLMO has.

Well done both of you! Feels like this could head north significantly from 6p despite the risks - if it works the current valuation looks way too low, be interesting to see how the market prices it while it's unproven. I'm in at around the suspension price so I'm happy. Just got to hope PIRI can find something decent now...

Genuinely baffled as to the relevance of the ratio or of how many Bidstack shares there are, unless you were a Bidstack shareholder. But it's all in the admissions document. "X" as you put it is the combination of 15,397,643 A Ordinary shares and 183,604 B Investment shares in Bidstack Ltd. "Y" is the 112,964,011 in KIN Group plc.

Well, I’m in KIN which is one example - if the paperwork is all ready to go, about three weeks. In their case they used the full six months suspension period first though. I’ll be amazed and impressed if NB has got something done ready to go this week.

Congrats to all involved, look forward to seeing what it comes back at. 6p looks undemanding, could easily move some way higher. Personally hoping the PIRI board pulls its finger out and delivers something similar!

Agreed Baz, and ECO are up further today. The ECO investment was a gamble I didn’t want them to take. It’s paid off big time though. I hope they’re selling into the rise and cracking on with an RTO, the gains will be eroded by running costs, they need to get on with it.

Presumably that will need an admissions document - and an EGM (with 14 day’s notice).

Willec read the Polemos home page! 6 months of suspension before delisting.

Well kind of. Two days to go I guess but presumably we are heading into suspension. Months to go yet!

C’mon willec no-one is being hoodwinked. I’m sure he’s doing his best to get a decent deal over the line and he seems to have a decent reputation. I said at the start of the year I was sceptical about the value of our loan notes and I think it was a mistake not to raise as much cash as was originally planned. But investors owning more than me clearly thought differently so we find ourselves with limited assets. We do still have a quote and a shareholder base that I’m sure would put money behind a decent idea, I certainly would. Hopefully there’s a firm out there that we’re about to buy, it could be great for both sides. There never let it be said I’m always the pessimist!

Has anyone in the history of these boards ever remarked on a sell showing as a buy? Or it only ever the other way around?

So you do, I’d missed those TR1’s. Interesting! And yes I think all clients of AJ Bell show up in the same nominee account as me.

No, nothing like! I've got 2.15m as per my last TR1.

Yup I made my votes count last year and will do so again this time. Not sure if I can attend but will try.

Nice spot Baz! So doubled compared to the 31 October 2017 value. Wonder if we kept them all?

Do wish they'd get on with an RTO though. We need our investments to show amazing returns just to cover the running costs.