Member Info for slowlyslowly

Found a copy online. It's an old article from June that talks about political pressure to increase electric vehicle take-up, but it doesn't particular mention Rainbow or even rare earths in general.
As you were, everyone.

That's probably the answer, JBmcr. Thanks.

Interesting question, CC. I'd like to know the thoughts of Apple and others on this point.

AIM Rules for Companies says this: "Within six months of becoming an AIM Rule 15 cash shell". That's ambiguous and doesn't pin down whether the clock starts to tick from the date of the vote or the date of the announcement.

I'd be really surprised if we don't get news at close today, because at that point they have to suspend anyway and so they lose nothing by giving us a more detailed update.

Glad you're still in this for the long-haul. Why were you so surprised at today's deadline?

But like I say, this is common knowledge. You may have missed it, but the discussion on these boards for months has assumed and restated that deadline. I'd suggest you stop posting here while you catch up with a bit of reading, otherwise you'll confuse others who are clearer on where we're at.

The 6 month deadline is technically tomorrow, but that's a weekend, so it's close of play today. Antos has purchased many times, including at prices premium to today's ask, and has bought from Peterhouse the warrants they held whilst accepting the condition that he can only exercise those once an RTO is completed. He has most to lose, and still holds in full. AIM rules say that any partial information about the planned RTO requires immediate suspension until an admission document is published, so they could not release more than the hints ("including the health sector") that they have without suspending straight away. They've avoided that, so we're going to hit the 6 months suspension instead. That doesn't worry the LTH here, because all the evidence is that all is on track.

That's my summary, but go and read up a bit for yourself.

You can't complain that the company is not communicating key information in its RNS announcements unless you read the announcements they've already put out. It's all there.

Full year results RNS, 26th June 2019, 17:00

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In April 2019 a General Meeting approved the closure of Photonstar Technology Limited. The group then became an AIM Rule 15 quoted cash shell and as such is required to make an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission as an investing company (as defined under the AIM Rules)) on or before the date falling six months from completion of that General Meeting or be re-admitted to trading on AIM as an investing company under the AIM Rules (which requires the raising of at least £6 million of new equity funding) failing which, the Company's Ordinary Shares would be suspended from trading on AIM pursuant to AIM Rule 40. Admission to trading on AIM of the Company's shares would be cancelled six months from the date of suspension should the reason for the suspension not have been rectified.
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As the others have said. They could issue an RNS saying "we're working on it". Except that is exactly what they said this time last week, so they've done that. Or they could say "our target company is N", at which point they'd have to suspend immediately rather than give people the rest of the day to adjust their positions before the suspension.

That said, the second tranche of placed shares hit the market today; unless PH buy more, their dilution will require another TR1 to announce they hold a smaller percentage of the greater number of shares in issue. If their response to the last placing is anything to go buy, they'll follow that fairly quickly with some buying activity to come back to their 19% level.

I think I may have explained this before.

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They're doing two things at once, but because we only get TR1s for their total position it's easy to confuse them.
1. They're maintaining a holding of about 19%.
2. They're one of the market makers for ADME, which means they (like others) buy and sell to keep the market liquid.
Role 2 means that their total position fluctuates in the range 18.5% to 19.5%, and every time they cross the threshold of 19% they have to notify. But 1 is steady as a rock, and their target holding seems to have been a steady 19% since HH sold.

What's it say? What's it say?

Bizarrely, Jace, I'd even say there are some ways in which a two week suspension is a good thing. Once that "what does it mean for us" RNS lands, it will take some time to digest all the details therein and do that number crunching. If BOU is trading, there will be swings in the price that may indicate it's time to buy more, to sell, or who knows what. Whereas a 2 week suspension gives us all time to apply a cold towel, get the calculator out, talk to others who are invested, and calmly form a view of things without all the noise of an active market to distract us.

Once the details of the RTO deal are known, it should be possible for people to form a view of the value of the newly listed company, and so of the portion of that owned by BOU's former shareholders. I'd expect it to gap up at the open to somewhere near the new level, but then (assuming the target company is active and using its new listing to grow further) for there to be a steady further increase in share price as they put into operation the plans made possible by their listing.

Of course. "Good" boy, you meant. ;-)

At which point, if they haven't released full details of the RTO and admissions document by that point, they should tell us what they've been working on. The only reason not to release partial progress is because they'd have had to suspend immediately they did so, but once we're suspended anyway there's nothing to lose giving us a progress report.

It could be as little as 2 weeks, if an RTO deal with an admission prospectus is all ready to announce. We'd just need the 2 weeks' notice required for a GM.

The only relevance I can think of is it the Brexit outcome affects whether the target wishes to list. Then again, it would never be in the interests of current shareholders for the company to delist without RTO, so you'd hope the board wouldn't choose a contingent target that would need to wait for Brexit.

4

I think that's right, Jace.

To be more exact, the RNS said "Discussions are progressing towards reaching a decision soon on the investment". The question is what decision is it being taken? (a) Which company do we RTO into? (b) Have we done all the DD required so that we're satisfied the terms of this deal are favourable for shareholders, so can sign this thing responsibly. (c) Is it in the best interest of shareholders to complete an RTO, or is it more in there best interests for us to go "nah", and walk away?

Of those 3, (c) would make no sense to me at all. So, it is just a matter of sitting and waiting, as you say.

I'm well aware that your approach here is to wait for concrete news of expansion or Aje development before investing. That's, obviously, your choice. Different people will pay different proportionate attention to the forward looking intentions in statements from the company. Addressing those who pay more than zero attention to those, I chose the quotations I did from the half-year results in order to highlight a number of pieces of new information in such statements. Insofar as someone is inclined to pay attention to what the company says they intend to do and are working on, we now know more than we did before. In particular, we must note Zark's significance is their ability to introduce fresh investment; in other words, the stake their taking is not purely on their own behalf.

Meanwhile, as InvestingGenius has just pointed out, the meeting that starts in 8 minutes is the starting gun for the next (premium) capital raise, and therefore signals the start of the opportunity to put some of these intentions into practice.

Ta, scally

Dan, of course, yes. What matters is the bpd figures. What is significant in the p+l figures are the reduced admin costs.

The comments in the narrative are, as so often, far more significant than the headline figures. For instance, there are hints there as to what Zark are up to.

The real action is not in the half-yearly results, but in what comes after 10am today.