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.
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!
Spurs - the advice I’ve had when looking at listing my own business on AIM is that an RTO is no cheaper than the £500k nor is it much quicker. As you’ll see if you read the AIM rules an RTO is treated similarly to a new listing, and the added complication is that there are two sets of advisers. In particular both the listed vehicle and the RTO candidate need legal advice rather than just one legal fee for a new listing.
Where an RTO wins (usually) is the certainty of raising the money as the cash is already in the shell. In this case the cash is only enough to cover the bulk of the fees.
I agree NB brings an ability to raise cash that I suspect HH didn’t have. I’m just not convinced that’s worth a £600k+ premium! Compared to say, PIRI, which is a £800k shell with £800k of cash and liquid assets.
Of course, for balance, we need to remember it’s entirely possible the PLMO asset value will be boosted by partial (or even full) recovery of our two loan notes. This could add significant value but I’m not sure either will be resolved in time.
Spurs I'm genuinely baffled as to why you feel there would be a 3x cash valuation. Can you point to any other shell where this has occurred? Bear in mind the reverse will cost north of £350k in fees.
Adjohn - I agree NB is a huge positive here. Just not sure it's enough. But let's hope I'm wrong - I often am!
Adjohn I can’t speak for others but since you ask the reason I’m negative is because I first invested years ago at many times the current share price and back then people like you on this very board were saying it was going to rocket. I haven’t done too badly as I put much more in at 1p in the recent fundraisings and sold most at 1.3p.
As I said in the original post I’m keeping a few, which I wouldn’t if I thought it was going to tank. It’s 2% of my portfolio which I think is plenty given the fundamentals. I’m not afraid to take bigger positions in things but I want the security of decent fundamentals when I do.
Irritates me that these boards are all 90% people who think the particular stock is the best thing ever and 10% slate it. The truth is more nuanced, mostly.
How is it irrelevant? The more value that gets put in, the more it matters. The current owners of the RTO candidate are going to sell their business to us for shares. That involves printing a load of shares. If they’re issued at 0.3p it’s going to be a very different story to if they’re issed at 1p. I’m far from convinced that if I was swapping my shares in my superstar business for Polemos shares, that taking them at 3x book value would be a better option than finding a different shell or doing a clean listing.
I didn't say it wasn't Pommy. That's one of the two factors in my reasoning - the other being that it's trading way over asset value. If I owned a company looking to do an RTO why would I take shares in PLMO at 1p when it has assets of 0.3p. Rather than say PIRI which has assets equal to the current share price?
Just cut my holding to 2% of my portfolio - it peaked at about 20% earlier in the year. Well done to everyone brave enough to be in this at these levels. I'm betting the reverse is at below the current nominal value, and they cut the nominal value the way Monreal has just done. If Nigel can pull off a deal at 1p or above I will be very, very impressed and have learned a valable lesson to have more faith next time! Keeping a few just so I don't feel too bad if it does actualy 10 bag or something lol.