Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Ok, always the optimist me so let's have another go. Please, please, can anyone tell me
1. From where have ICON got £1,000,000 to loan Greencastle?
2. Who owns JOE, Greencastle or ICON?
3. If JOE hasn't been profitable in 5 years, how does Greencastle repay the £1,000,000 in 12 months?
Some facts that I believe are correct.
Greencastle Capital is owned by David Sefton.
The EHGOS financing was arranged by David Sefton.
The management services contracts that ICON have for TLE and JOE were agreed with David Sefton
Choice facts.. David Sefton resigns as a director in ICON in Dec 2019, forms Greencastle Capital in Jan 2020. ICON, whose revenue was circa £2500 up to Dec 2019, lend Greencastle Capital, a newly formed business, £1,000,000.
Question 1. JOE hasn't made a profit in 5 years, how do Greencastle pay back £1,000,000 in one year?
Question 2. Why was the detail of the loan 25 paragraphs into the RNS, under the heading "Note to Editors"
Question 3. Where are informed of the source of the £1,000,000, it is basically the entire value of the company currently and unless I'm mistaken, we have not been informed how we have so much cash?
Deal structureToday 10:52
Have I got this right...
ICON borrow £1million from EHGOS, lend it to Greencastle, Greencastle buy JOE, pay ICON £50k a month, after a year, ICON can convert the remaining loan to equity in JOE. During the year, EHGOS convert loan to equity in ICON and we buy it. Greencastle (David Sefton) owns JOE, paid for by us?
The 600k payment from JOE pays the ICON board salary for the year
David Sefton owns JOE, the ICON board all get their 200k a year and we get diluted to oblivion?
Am I wrong?
Anyone? Baraboy, Applegarth, Mrnation?? Can you let me know what of this isn't correct?
Have I got this right...
ICON borrow £1million from EHGOS, lend it to Greencastle, Greencastle buy JOE, pay ICON £50k a month, after a year, ICON can convert the remaining loan to equity in JOE. During the year, EHGOS convert loan to equity in ICON and we buy it. Greencastle (David Sefton) owns JOE, paid for by us?
The 600k payment from JOE pays the ICON board salary for the year
David Sefton owns JOE, the ICON board all get their 200k a year and we get diluted to oblivion?
Am I wrong?
Where have they got this money from then?
"As part of negotiating the management services agreement, the Company has entered into a £1 million loan agreement with Greencastle Capital."
Convertible into equity in Joe media, imo, they won't see that money again ...
There are 2 sides of course, I'm hopeful SIG turn it around for various reasons, not least because I have friends who work for them, I'd like them to stay in work. I wish you well
I haven't been trading long, about 5 years or so but up to this point I have never been closely involved with any company. To see some of the stuff written here and on Twitter has given me a new perspective on optimism. SIG are struggling massively, their reputation in the market is dire hence a 9mill loss for the first 2 months this year on top of reversing sales for the last couple of years. I can't see how that will improve any time soon with the majority of their marketplace closed due to Covid 19. I don't know what people think they will be supplying to HS2, SIG Infrastructure was basically dissolved, the business leaders have left or been repurposed, the vast majority of products sold are insulation and drylining, how much of that will be needed for HS2. I bought a couple of weeks ago at 21p thinking that was a great price, a twice yearly dividend and they were perhaps finally turning it round. I sold on the day of the trading update, if theyre losing 9 mill in 2 months when everyone else is flying, I can't see how they're turning it around anytime soon and no Divi for the foreseeable. They have some cash, they also have debt, about evens, but if they're not profitable, that cash won't last long. There might be a pump as there seems a lot of blind optimism about for SIG but I would guess it's fastest finger first to profit.
The Iconic labs in Germany and USA are different business sectors whereas the Iconic-labs.co.uk site is in the same brand awareness/marketing business field and is London based. Thats what makes me think its them.
Looks like them to me, what makes you think its not?
I'm trying to ger my head around the valuation, with a 10-1 conversion and £400,000 shares issued at £0.16 i worked out shares in issue at 24,844,926. At £0.16 per share thats a valuation of £3,981,589. Have i missed anything, seems like plenty of room for growth?
This from a VTM article: So I put the question directly to Linsley. He replied “executive management is not taking salary until we complete a deal. We are not accruing salary or any other sort of benefit. We will only start getting paid once we have delivered on our plan. We are grateful to those who have backed the company and felt it important to reciprocate. The best way to do this was to align our interests with theirs and what better way to do this than to tie our compensation to share price performance?” When you rely on whats in the prospectus and statements by the CEO, whats the redress if they later turn out to be negligent or deceitful?
From page 79 of the prospectus: David Linsley Mr Linsley and the Company are parties to a service agreement dated 17 February 2017 pursuant to which Mr Linsley was appointed as Chief Executive Officer of the Company with effect from 2 February 2017. Mr Linsley’s employment is based on an average of 25 hours’ work per week. The service agreement was for an initial fixed term of 3 months and was subsequently extended by a further 4 months on 16 May 2017. Conditional upon Admission the contract will be extended to be on a rolling 12 month basis. The service agreement contains provisions for early termination in the event, inter alia, of a breach of a material term of the service agreement by the director and, where such breach is capable of remedy, the director fails to remedy the breach within 30 days of notice provided by the Board or where the director ceases to be a director of the Company for any reason. The basic annual salary payable to Mr Linsley was £10,000 per month. Mr Linsley will receive no salary from Admission until such time as the Company completes an acquisition which constitutes a reverse takeover, at which point the Remuneration Committee will review the position with the objective of agreeing a salary level commencurate with the scale and nature of the acquisition. The service agreement contains restrictive covenants for a period of 12 months following termination of his employment. There is no right to any further benefits. No salary = £400,000 this year alone. What can be done about this, anyone have a legal background or connections?
Any ideas why the reply seems to be from an employee of Westbourne Resources Ltd, who share directors with Pembridge and was incorporated last year?
Am i missing something, who is the seller, they're not listed on the significant shareholders page on the proactis website? Other name Chase Nominees, bit mysterious that they've notified with no big threshold crossed?