Member Info for rockslide

Fidelity and Lombard Odier reducing, First Seagull adding. First Seagull now at 7.6917% and an average of just over 50p per share (my estimate).

The only answer I can find is here: https://www.reddit.com/r/roaringkitty/comments/1ftiioo/time_for_the_french_short_squeeze_on_atos_se/

Some kind of delusion that Atos has the potential to be a European GameStop.

The rights issue of 63,062,910,405 new shares was concluded today, with the new shares to be admitted for trading on 10 Dec. The dilution of existing shareholders is massive but this doesn't seem to be priced in, with a current share price of €0.86. What is going on here?

There's no dividend increase: two interim dividends were paid in 2023 totalling 2.35p and one interim dividend of 2.35p will be paid in 2024.

Https://www.londonstockexchange.com/news-article/UBG/issue-of-equity-and-grant-of-warrants/16059704

Richard Bernstein has provided UBG with £65k in exchange for an additional 6.5m shares.

The carcass of Unbound comprises:

* £900k debt

* Negligible cash

* Some investments that are likely to be worth more that the debt but may not be able to be sold in time to pay the debts as they fall due

Woolovers original offer was £6.8m for all of Unbound Group and they've now paid £6.7m to buy Beaconsfield (Hotter) from the administrators. Considering the difficulties that have subsequently overtaken Hotter that doesn't seem unreasonable.

Https://www.londonstockexchange.com/news-article/UBG/beaconsfield-footwear-disposal/16046328

The RNS confirms that Woolovers have bought Beaconsfield Footwear (Hotter) shortly after it was placed into administration. Unbound Group remains extant - and not in administration - albeit with the shares suspended. UBG is carrying debts of £900k and with assets believed to be greater than this amount. However there is uncertainty as to whether the debts can be paid when they fall due.

Https://news.sky.com/story/woolovers-races-to-snap-up-ailing-hotter-shoes-in-pre-pack-deal-12922745

Re. today's RNS: the Frasers Group CFD has closed and their entire holding is now in shares. Total position has dipped slightly, down from 17.88% to 17.59%.

Identical quantity - 23,013,425 shares - changed hands @ 31.5p on 10 March. No RNS was ever forthcoming - hopefully there will be one this time.

Why would Alliance and co. want to take this private when that would undo the IHT avoidance provided by the re-listing on AIM?

The Alliance 'concert party' will most certainly be putting their hand in their pocket. Their entitlement under the open offer will cost them £44,632,977.58. It's only any pro-rata excess entitlement that they are prohibited from applying for.

No, you needed to have owned BWNG shares on the ex-entitlement date of 5 Nov in order to be able to participate in the 57p offer.

Read page 35 of the prospectus: "Therefore, if the Capital Raising proceeds, following Admission, the Concert Party members will be beneficially interested in between a minimum of approximately 44.83 per cent. and a maximum of approximately 65.8 per cent. of the Ordinary Shares."

The Alliance 'concert party' currently hold 44.83% of the shares and after the placing will still hold a minimum of 44.83% as they will of course be taking up their entitlement. What they are not permitted to do is to apply for excess shares - all they will get are those remaining that they have committed to buy after the other shareholders have received their pro-rata excess allocation.

Not correct. Read page 35 of the prospectus: "Therefore, if the Capital Raising proceeds, following Admission, the Concert Party members will be beneficially interested in between a minimum of approximately 44.83 per cent. and a maximum of approximately 65.8 per cent. of the Ordinary Shares."

The Alliance 'concert party' currently hold 44.83% of the shares and after the placing will still hold a minimum of 44.83% as they will of course be taking up their entitlement. What they are not permitted to do is to apply for excess shares - all they will get are those remaining that they have committed to buy after the other shareholders have received their pro-rata excess allocation.

It's clear(ish) in the prospectus. The Alliance Concert Party currently hold 44.83% of the shares and after the placing is complete will hold between 44.83% and ~65.8% - so no dilution for the Concert Party. The 'pro-rata' entitlement I believe refers to any entitlement they might have under the Excess Application Facility.

Page 35 of the prospectus: "Therefore, if the Capital Raising proceeds, following Admission, the Concert Party members will be beneficially interested in between a minimum of approximately 44.83 per cent. and a maximum of approximately 65.8 per cent."

The Alliance 'Concert Party' shareholding won't be diluted - they can take up the offer shares that they are entitled to just as any other shareholder can.

Yes, you can sell now and you will retain your entitlement to the offer shares. The buyer will own the shares 'ex-offer'. Incidentally this is why the price won't sustain a break above 57p - the entitlement holders form a wall of sellers above 57p, until either 14 Dec when payment is due for the offer shares taken up, or 23 Nov if the placing resolutions are defeated at the GM.

Assuming Schroder are on board with the placing then, with the Alliance family, that's 56.86% in favour. The special resolutions need 75% to pass so still another 18.14% to find - to my mind it's not totally inconceivable that the placing will get the boot.

However, if the market hasn't already repriced BWNG to account for the c. 38% dilution inherent in the placing and it is actually approved at the GM on 23 Nov then who knows how low this will go.