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"DYOR2
Thank you for always being one of the good guys, your always considered views, and the pleasure of meeting you. No need say more - our views re today's news will coincide. I wish you a good future and, my friend, I hope it is just au revoir. Write again here if you feel so minded and are able to help us.
senseman"
My sentiments exactly!!
The more i read the less I like this. It really really stinks. Yet again the BOD are taking us for fools
Absolutely sport on Oldman!!!
Hxul
Sense has more than any other forum member to pursue the interests of small shareholders, p[particularly at the time of the court hearing. I wish everybody would treat him with the great respect he deserves.
at the general meeting in Jan, they said the main two options were a special dividend or share buy back. In my mind the latter would be very much second best
I have about 1.4 million
I dont think CA will wait much beyond the end of this month. Its is still a bit unclear to me whether the Q1 HUR referred to is for the calendar year (ie jan-mar) or tax year (apr - june)
typo i meant to say highly UNLIKELY that a deal...
'Is it too negative at this hour to say no deal achieved and the court rejected the capital reduction which would leave us in a right pickle!'
I cant see the court rejecting the application but it is highly likely that a deal will be announced on or before 6 Feb. But would love to be proved wrong on the latter point.
'Is it too negative at this hour to say no deal achieved and the court rejected the capital reduction which would leave us in a right pickle!'
I cant see the court rejecting the application but it is highly likely that a deal will be announced on or before 6 Feb. But would love to be proved wrong on the latter point.
A NO i fear
From what I heard in margins of the General Meeting it will be weeks rather than days to finalise any deal. I doubt there will be any news either way until February. But we can live in hope
" I suspect that they may hold off on any distribution announcement until after formal bid(s) received as possible some of the conditions on the proposals could be that the distribution does not take place…"
They said as much at the General Meeting on Wednesday
"Y/E is 31/12 so Q1 2023 is Jan-March. Circular stated “Quarter 1, 2023, upon completion of the Reduction of Capital”.
I think they were talking in financial years rather than calendar years but I could be wrong
Apologies for the delay in posting a report on yesterday's meeting. It was sp****ly attended composing mainly board members and advisors. I think there were only 2-3 PIs. To be fair to Wolfe, he did not try to close down or limit questions during the meeting. Key points to emerge:
a) No decisions yet on the amount or timing of the return of capital other than if indeed it takes place, it be in Q1 23-24 (ie Apr-Jun 23). Assuming authorisations in place s it could be anything up to 3.1p but not necessarily the full amount. Clearly all depended on the success or otherwise of the FSP. On how it could be paid, Chaffe said there were a range of options but typically it could be either a dividend or share buy back (groan if latter!!)
b) No really convincing answer about why the deadline for bid process was so tight (especially given Christmas and New Year holidays). But Stifel said that this did not adversely affect the number or quality of bids given that they had been in discussion with interested parties for some time and a lot of work had been done in advance.
c) On skin in the game, Wolfe said that it had been impractical for Board members to buy shares because, for one reason or another, there had effectively been a closed period since the AGM where this was raised by Shareholders as a concern. Again I wasn't wholly persuaded.
d) there was a discussion about the decision not proceed with P8. The Board took the view that there was too much risk for Shareholders given the lack of comfort from the NSTA that an application would be successful. (Comment: Slightly ironic given that the BOD had been willing to massively dilute shareholder value in the giveaway to the Bondholders.)
Notwithstanding my misgivings about the current Board, my own view is that we should be prepared to give them some time to try and conclude the FSP. Clearly CA reached a similar view. Still much to play for,
Maris indicated in the margins of the GM yesterday that not proceeding with EGM was in the spectrum of options about what might happen today.
Resolution was passed overwhelmingly. Will post a full readout tonight. Tomorrow’s RNS re EGM May be interesting!!
Have emailed you Sense
"The question is, do you think we have really had any confirmed bids at all? Or just corrupt bod fluff."
I kinda agree. I find it impossible to read exactly what is going on. I intend to vote for the resolution next week. I will be attending. Anyone else going?
yes