You could have a situation where major shareholders have 55% of total equity voting to delist. At the AGM you could have the major shareholders % go up considerably versus smaller shareholders. If they were the only ones voting it would be 100% at the AGM. Get it. It is easier to delist this way.
Any cancellation of a company’s securities on AIM will be conditional upon seeking shareholder approval in general meeting of not less than 75% of votes cast by its shareholders present and voting (in person or by proxy) at the meeting.
It is Votes cast at the AGM meeting so it does not always mean 75% of the entire issued share capital Which makes it EASIER to delist.
Charles Street will own most equity as they already do. As a private company they will effectively have control and could do various exercises to change or re-organise share capital. Effectively the small shareholder will lose out here. If they are saying they have enough to pass the resolutions the n they may well have. BUT it is well below the belt.
Yes. Market cap is actually just shy of 850k. Agm is on the 24th of this month and it will be interesting to see trading in BZT considering up to that time, In PFP there were investors willing to invest at 1p when the company were considering a placing as announced at 0.60p. Mankayan had a $70million option turned eventually down by Goldfields so an 850k cap with an asset that could be worth multiples of todays price does make it seem a tad cheap. Additionally I think it will be interesting to see the BAG response.