Member Info for Poleaxe

Well that is just clear speculation isn’t it? Stick to the facts please!

Well, the facts are, "the Company is of the opinion that, taking into account the effect of and net proceeds from the Capital and Restructuring Measures, the working capital available to the Group is not sufficient for its present requirements."

So you're banking on the success of the "mitigating actions".

Personally I don't fancy holding this as an unlisted company but perhaps it will come good for you, and I hope it does. I'll watch with interest.

Do you think the company will need further funding? If so do you think via another share issue to JD (hasn't he already said he's willing to put more in)? If so, won't that mean further dilution for the other shareholders?

Airborne: "Current business value of £8.7m"

Not really.

The current share price factors in the £10m (£8m) from the placing with JD. It also factors in the 200m shares to be issued to JD. In other words, a total of 99.2m + 200m = 299.2m shares in issue.

Price at close today = 7.15p. That equates to a market cap of £21.4m.

"the 'placing' is at 5p and is only available to jd."

that's correct.

the board determined that shareholders agreed to grant jd 200m shares for £10m, meaning he will now hold 75.6% of the shares in issue.

i dare say this figure wasn't by chance. with over 75% he effectively controls the company and can now ****e on the rest of you!

I have my doubts the open offer was ever the preferred option but had to be included for regulatory reasons.

The board also recommended that shareholders who wanted to vote in favour of the open offer should also vote in favour of the placing (under the threat that otherwise this might result in insolvency). This ensured they got a decent vote in favour of the placing.

Had there been a 1p open offer JD would have bought up the rump, which would have probably given him control anyway.

Look at the costs. £2m to raise £8m net from one willing buyer. Scandalous IMO

What shares @ 1p? There's no open offer.

For any newbies reading, check out what " matched buying facility" means.

After delisting, how exactly are shareholders going to be able to sell their share OTC? I thought it was a matched bargain facility. In other words, you have to enter a limit sell order and wait for it to be matched by a willing buyer.

In what format will you hold these shares? Will you be able to do this via your broker? If so, how much will they charge?

Still, I think most people are here for a quick pump & dump and don't intend to hold delisted shares.

Yes, what he pays via the placing or open offer goes into SDRY's coffers (less costs).

If he'd made a bid, the proceeds would have gone to the shareholders and not helped ease the company's financial position.

Some people may think he can succeed and the shares are worth a punt on getting a slice of the future gains. However, I wouldn't count on PI's not getting further diluted before then. Meanwhile, your cash is effectively locked up, as it seems unlikely there'll be any meaningful liquidity in the unlisted shares.

I'm not sure the £10m is to save the company so much as to give JD a majority shareholding on the cheap.

If he'd made a bid he'd have had to offer the minimum price he's paid in the previous 12 months. Back in May last year he was buying at 79p per share. This way he either pays £10m to end up with 76% of the company or up to £6.9m (via the open offer rump) to end up with up to 91% of the company. Cute!

I don't understand why a retail investor would be holding, unless still holding out for some white knight to ride in.

Otherwise looks like Dunkerton is going to mop it up, either through the placing or the open offer rump.

I can't see much interest in selling at the moment. If people were keen to sell they could have sold yesterday at up to 340p and still taken up their open offer entitlement.

Well done. You should qualify for the 267p open offer entitlement too, as they went ex from open today.

I take it holders will want to take up their open offer entitlement in full. I may have missed it but can't see the ratio in last night's RNS but it will be in the prospectus. From the number of shares quoted it looks like 2 new shares at 267p for every 5 existing shares held.

Hopan, the underwriters didn't buy the 10.3m shares, the rump got placed at 200p.

According to the underwriting agreement they got paid an underwriting fee of 2.65% of the gross proceeds of the Rights Issue in respect of the Non-KLK Rights Issue Shares (plus VAT, if applicable), plus costs. So perhaps around £6m?

"They" may not have closed their shorts at all. It's just what I said last week (and m1600 disagreed with) that the percentage short positions were declared in terms of the number of SYNT shares admitted at the time (i.e. excluded the rights). Now the fully paid rights shares have been included the percentage short positions have fallen below the 0.5% declarable limit. They may have been closed, they may not have been. We can't tell.

Jupiter have actually increased there holding. Look at the number of shares, not the percentage holding in the company which will obviously fall to 1/7th, with the new fully paid SYNT shares trading on Friday.

On 10th Oct Jupiter declared 5,427,474 shares (23.22% of about 23m shares in issue)

Yesterday they declared 12,787,976 shares (7.81% of about 164m shares in issue)

Rump placed at 200p. That was done swiftly. Poor lapsed rights holders will only get 3p (ish).

What site are you using to track shorts?

Trying checking fca.org.uk I think they should know their stuff. With the exception of the 0.51% with North Rock Capital Management, all shorts listed are in the SYNT shares.

Of course, I may well be wrong. We may find out soon.

It would obviously help if shorts were stated in number of shares, not just percentages.