Member Info for saintpeter7

Let's keep it civil. I totally understand your feelings, being a shareholder myself, but there is no point in venting your anger that way. The CEO appears to have been either out of his depth or there just was insufficient time given to him to arrange an RTO. He has to come clean as soon as possible, and by that I mean today, to explain what went wrong and what they plan to do to restore both shareholder confidence and value.

It's about time they made an announcement as to whether they concluded a deal with Primus or decided not to proceed. It wouldn't surprise me that FOR decided not to proceed rather than the other way round bearing in mind matters brought up here by others and myself such as not having Accounts filed at CH. They could keep the market advised!

Let's all hope that there is Life for LIFE this year with a profitable RTO with DBC.! The deal needs to be completed in the first quarter. Certainly DBC has great potential if it can beat the competition.

So agree Helium. I expect the 1.40 level to be broken early in January as buying pressure should continue and rise to at least 1.65. Not a large rise, but with further investment news, I can see this then going higher. Only thing that may hold the SP back may be lack of publicity for the company, but hopefully that will improve.

Happy New Year Vienna and Cheesie. Let's look at the current SP and mcap. There appears to be a new support level at 0.4, although there is certainly a stronger one at 0.37 from end of July to mid September, prior to the speculation relating to what might happen to Mandiana taking the SP up to 0.94 intraday. The market was disappointed with the sale agreement and naturally, the SP has slid down to its current level, at which the company has an mcap of £3.66m. A value can be placed on our shareholding in Volcanic of about £380k at their current SP. Ignore any uplift in that for future income or increase in their SP and deducting that from SMA's mcap leaves a value of about £3.28m. Based on the 30 June cash balance and the likely admin outgoings since, SMA probably has about £400k of free cash. Deduct that and you are left with a 'hope and AIM listing value' of about £2.88m. That's not too unreasonable as a support for the current SP, bearing in mind that on 7 November, the RNS did state that they had already signed an exclusivity agreement to acquire new assets in the mining industry, the implication of which is that we should hopefully not have to wait too long for a deal to be done once the Mandiana deal is finally concluded. The other support for the current SP is that the volume has been decreasing since the peak at the beginning of November and the SP is certainly one which will move sharply on any sort of decent volume. I reduced my holdings on 13 December as I felt I was overexposed and wanted to take an opportunity elsewhere and that dropped the SP that day by some 0.6p and so I know that just a few sales make a big percentage change in the SP presently. For that reason and the others given above, I will add to my holdings again, when the time seems right and the money is available. I'm sure that the announcement of an acquisition will put a rocket under the SP and I certainly don't wish to miss out on that. So the message is to hold firm if you currently have shares in SMA.

Hi MH - happy new year - all of that is explainable - the selling was due to two primary factors, one being that pis generally dont' want to see their money lying idle whilst the share is suspended and the process for looking for a new venture takes place and two, the mcap of the share had been too high for the combined amount of cash held by the company and the value attached to its AIM listing. As to the NOMAD resigning, that was no surprise to me, because they didn't wish to be involved with the new management and the work involved in advising on any new venture. Although we hope that we will see an announcement of a new NOMAD on Tuesday to preserve the AIM listing, if that does not happen, we will still have shares in a company which will be quoted on ISDX, which are tradeable, if not quite as easy, and a cash shell to complete an RTO by 1 June. Not ideal I know, but it does not mean that the company becomes worthless over night. Certainly Manish has a reputation to preserve. Let's hope Tuesday brings with it the news we are all hoping for.

Of course the company was forced into looking for a new Nomad due to finnCap's resignation on the company being suspended from AIM, but Tengri did have six months to organise an RTO after having become a cash shell. The problem was the lack of an early resolution to the company's indebtedness to its majority shareholder Robust Resources. Ah well, roll on Tuesday, but not before enjoying New Year's Eve!

My understanding is that FOR may continue with its ISDX listing as it has an ISDX Corporate Adviser (the equivalent of the NOMAD), which is Peterhouse Corporate Finance Limited, who are also the company's brokers and have been very much involved in fund raising for the company. An extract of the ISDX rules relating to RTOs is as follows:- Reverse takeovers 57. An issuer must announce as soon as possible the agreed terms of a reverse takeover including the information specified by Appendix 5. Guidance Note on Rule 57 An announcement should not normally be made until the execution of a formal agreement and the publication of an explanatory circular as required by Rule 60 unless there has been a leak of price sensitive information in relation to the proposed transaction. 59. On the announcement of a reverse takeover (whether agreed or in contemplation), ISDX will suspend trading in the issuer’s securities in the absence of the publication of the explanatory circular required by Rule 60. Guidance Note on Rule 59 ISDX will not normally suspend trading until a formal agreement has been entered into unless a leak of information concerning the transaction in question has necessitated that an announcement be made. 60. An issuer which has agreed a reverse takeover must:  as soon as possible, send an explanatory circular to its shareholders, which must contain all information reasonably required to carry out an informed assessment of the financial position and prospects of the issuer as enlarged by the acquisition and a statement as to whether or not the enlarged entity intends to make an application for re-admission to ISDX, such that there is a reasonable basis for shareholders to exercise voting rights; and  obtain the consent of its shareholders at general meeting as a condition of the transaction.

My understanding is this: I believe that technically they have until 31 December tomorrow to appoint the NOMAD being within a month of suspension on 1 December and so it is possible that an appointment may be made tomorrow if it has not been made today and announced on Tuesday. If an appointment is not made the AIM listing will be cancelled. If the NOMAD is appointed in time, but the RTO is not able to be completed by the same day, the company will still have until 1 June to arrange an RTO and remain AIM listed. Trying to sort out a deal, with all the due diligence required, in what may have been a relatively short time has its problems, possibly exacerbated by Primus Care's first Accounts being overdue for filing at CH; we may even find that the option is not taken up and another business is looked at. However, as it had been agreed between the boards of FOR and Primus Care that the specific sum of £500K loan notes would be issued but they had to agree on the number of Primus Care shares to be issued for the £500K, hopefully it is just a matter of reaching agreement on the value of Primus Care and that may be delayed. What is essential is the NOMAD appointment and as I have said that will hopefully be confirmed on Tuesday. We live in hope!

Yes, Shaxe, getting utterly fed up with these automatic trades continuing to lower the price. At some point, I am sure we will get a major turn round. At this rate, if one is brave enough to buy now, you could be looking at a 100% rise in the SP over the next 2 months with results expected to be announced by the end of February. At present, it looks as if the SP movement is being caused by computer trading. I don't understand all these 500 and 1000 sells; someone appears to be offloading a lot of shares, but for what reason given the Bod's recent confident update?

I am not a lawyer but IMHO the £2m has been raised and from interested investors. Those investors may or may not include JM. The reason for my belief is that if a charge has been created as it has, the loan notes must surely have been issued as they are the reason for the charge. It is interesting to note that the loan notes have been given a repayment date sometime in 2018; I am not sure why they have been dated over a year hence, but as the RTO has to be completed by 5 April to avoid cancellation of the AIM listing, I don't attach any particular importance to that date. I expect an RNS soon from the Bod of LIFE, possibly this week, announcing the issue of the loan notes and their terms in connection with the RTO.

Just found on Companies House website under The Diabetic Boot Company Limited that a charge on the company's assets was created on 20 December for Loan Note holders in respect of £2m Convertible Loan Notes 2018 recently issued. In the RNS advising LIFE shareholders of the potential RTO, we were advised that 'the Acquisition, if completed, would result in the Company's shareholders having at least a minimum of 7 per cent. of the enlarged group (the "Group") prior to the impact of any associated fund raising.' Seemingly the fund raising may have happened or at least be in the process of being done and we are closer to the RTO.

Bignose - thank you for posting that on this LIFE bb. For any holders of shares in LIFE like myself, do read the PLE bb for more postings relating to this. I do hope JM knows what he's doing and can arrange the raising of finance needed in connection with the RTO of DBC. I suspect that it may not be until March that this is sorted out or a change in possible investment for LIFE is announced as it seemingly may take all of the 6 months that LIFE has.

This is an extract from the company's ISDX application for admission notification of 4 November :- Tengri’s investing strategy is to make an acquisition or acquisitions which constitute a reverse takeover. Any transaction constituting a reverse takeover will also require shareholder approval. Mind you at that time they were talking of acquiring companies in the technology sector; so that certainly changed. And the announcement on 22 December talked of making an investment with no reference to an RTO; so I really don't know anymore! As has been said, we shall just have to wait and see next week. Have a very happy Xmas and to all FOR bb contributors.

Have a happy Xmas and New Year Vienna. I have reduced my holding in SMA, but will be adding to it again as soon as there is a sniff of the RTO being announced. Would expect this to come in January, but do realise that such things do take an age to arrange sometimes.

Have a very happy Xmas p00rman, gingern and orion and let 2017 be prosperous for all of us in particular with positive developments expected during the year to come at BMV.

Do you mean the directors of Forbes or Primus?

Same to you and hope its a prosperous 2017!

Good to see more buying this morning, whilst the SP is stuck below 1.40. With further buying, the mms will be running out of shares and IMHO we can reasonably expect the SP to break the 1.40 level in early January. Seems a good opportunity to buy at this level. Oil flow due to commence soon and no doubt 2017 could be an exciting year as the company intends to acquires new sources, some possibly in the Far East.

Glad to read your positivity and I hope you are proved right. I will shut up now and wait and see; pointless me speculating. Look forward to a 7 am RNS tomorrow morning, PLEASE.