Member Info for shamI89

They made it really clear on 14 that offer would be accepted and no shareholder's approval is required but things got interesting when a major shareholders announced that he is considering a legal action to stop this deal.Company was in critical financial situation.

Let them buy and wait until 22 when they would be holding worthless equity.

If sale cant be blocked how can they not accept 1p?

They did not reveal that company is vulenerable and cash deficient becuase otherwise they wpuld not have recommended and accepted 2.2 million offer.

Should have clarified it before 15 and they did clarify it , now some people made a killing trading worthless equity and some would take big hit on buying worthless equity.

Is how major investors intends to block this deal and if he is able to stop it what position would buisness be in.He plans to sue BOD and connect group but has not laid out any strategy.His holding accounts for 20%.

15 have themselves to blame , it is a done deal and voting would be carried out on whether connect group pay 1p directly to shareholders directly.This equity is worthless and only has 1p value as things stand.

I only read 2018 updates and was wondering that why is it trading so low when it has 5 million cash but did not know about preference shares.So current mc is about right

Seen, so BOD reckons their stake is worth about 4.1 million but it can be more than 4 million.

Ok current equity is worthless if remaining assets are not worth 50 million?

But do your own research I am here for a short term trade as assuming that other assets have nil value then still this company has 5 millions and mc is 0.8.

Only reason I can think of is previous management who raised hundreds of millions and wasted that money on dodgy assets and used this company to fund their lifestyle.Current management was brought in place as company was on the verge of insolvency .Going through accounts you would find out that 20 or 30 millions were spent on assets which turned out to be useless .At the minute some assets were sold and some assets are yet to be sold .

Company has zero debt as per my knowledge , I don't about its administration costs. That is why I am surprised but I reckon you should go through accounts to get the better idea.

Company has about 5 million cash and is trying to dispose of assets.Some assets have been written down as they have not value , but wait camkite would be here and he would update you.

Previous management has fleeced shareholders here for sometime and left company in critical situation. Current management is trying to get rid of liquid assets to improve financial situation .

Why is sp so low, is there something that market knows.

I dont think he is doing it for money, but bod had responsibility to protect shareholder's intrests and should have warned people of critical financial situation.They wont get their money back but would make theirpoint.

has initiated or is intending to initiate a legal action to block this deal, I am glad that he has done it and would encourage other people to join him.

Afren CEO and directors were convicted after a lengthy trial,areholders did not get anything but atleast they did not let bod get away with fraud.Situation here is interesting a big chunk of us believe that according to RNS , this company has been sold for 2.2 million and BOD did not need any approval.A tiny minority thinks it is not the case but they are not able to produce any substantial evidence.They should have suspended trading long time ago and that did not happen.

Still cant understand that people are buying it after it has been sold.I would hate to see anyone losing money but somepeople are too stupid to trade.