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Treefern - hope this helps
This is the Rule they'll try to use - Dispensation from highest price.
https://code.thetakeoverpanel.org.uk/tp/rules/rule-11/rule-11-3.html
Relevant factors
Factors which the Panel might take into account when considering an application for an adjusted price include:
(d) the number of shares in which interests have been acquired in the preceding 12 months.
If the shares in issue hadn't been diluted 10 fold since last Feb then yes maybe a few pence but unfortunately 400m to 3.7b means they can apply for dispensation once they breach the 30% level.
Otherwise they'd have to pay 10x the mcap from last Feb.
I've no idea what the terms of the fund raise will be but they need $10m for the super priority loan alone so at the equivalent bond strike of 0.0015p that another 5.3 billion shares just this month. Double it if it's at todays sp.
Chuck in the $14m of oustanding warrants and I think you can see where this is going. There's a reason they passed the 1000-1 dilution and name change in last May's AGM and it's now playing out.
Post from earlier;
This is the Rule they'll try to use - Dispensation from highest price.
https://code.thetakeoverpanel.org.uk/tp/rules/rule-11/rule-11-3.html
Chapter 10 injunction might be needed if they try this route.
10.2 section 381 (injuctions in cases of market abuse)
Alfresco - thanks for clarifying, I read it as shares issued due to conversion plus accrued interest but stand corrected.
Point really was that they weren't purchased on open market and the 2 co's are working together not against eachother.
Alfresco - not buying it myself. Former employee, sorry director, of Anavio working at Tosca and their offices are a golf swing apart (give or take).
Sharebel - shares not bought on open market this was an issuance due to warrent conversion. They held the warrants from the previously issued bond (s). Tosca aren't making some kind of late play for the asset, they've been there for a while with Anavio just not previously named.
Leew - they appear to be 'acting in concert' and collectively now own 52% of COPL.
However, there'll be a lot more conversions coming down the tracks this month so either that % will increase or the other bond holders will start to reveal themselves.
My bet is there's a Cayman based backer in there somewhere, right Art?
This is the Rule they'll try to use - Dispensation from highest price.
https://code.thetakeoverpanel.org.uk/tp/rules/rule-11/rule-11-3.html
Chapter 10 injunction might be needed if they try this route.
10.2 section 381 (injuctions in cases of market abuse)
And if it's not a conspiracy involving other senior staff then why is he still in position?
3 different CEO's now and still not sacked for such a blatant dereliction of duty infers he's was following orders.
Cheers, wasn't familiar with the name as have been connecting directors etc. in multiple companies. It's amazing how many have crossed paths in various companies.
Investment Analyst, yes definitely cannon fodder. If he's got any sense he'd be taking independant legal advice if connected to this sham.
@2857mal - any chance you could narrow that down a little?
So far i've found a Uruguayan striker, an F3 driver and a fella that plays the drums....
https://encoremusicians.com/Sebastian-Fernandez
I presume its none of these guys, although the driver looks a bit shifty!
What company is he connected to?
Invest4the LT - I think we can assume his resignation from the UK registered business is as valid as Arthur's, both directors have been chairman and it's a London listed Plc.
Just scanning throught the FCA handbook (as you do) and the company was requred to notify the RIS under the LR 9.6.11 (2) notifications requirement "....as soon as possible and in any event by the end of the business day following the decision or receipt of notice about the change by the company."
More smoke then, with Kravitz being the shiny new mirror.
Alfresco, my understanding is that to be Chairman you should be a director or non-executive director but someone more qualified in these matters can clarify.
Reading the 30.01.24 RNS re Bond Payments he's titled as Chairman so maybe that's not the case.
RBMInvest - companies house
https://find-and-update.company-information.service.gov.uk/company/06916260/officers