Member Info for slowlyslowly

"over a barrel"

Thanks - enjoyed that.

21 just traded. :-)

@dusterhater: "since when has the sheikh taken charge ?"

https://www.investegate.co.uk/adm-energy-plc--adme-/rns/appointment-and-proposed-directorate-changes/201906110700097497B/

Adrian - it seems dusterhater sold on 19th June and is looking to get back in at a lower price. Ignore.

(quietly remembers that one person filtered me on this board solely for suggesting it likely that there would not be many private investors from here actually attending the meeting. Now it transpires that "not many" actually equals zero, I'll be momentarily less quiet, especially given that person filtered so the leaf that never made a sound never fell in the forest)

I'm still very positive and optimistic about this share in the medium term, and positively excited long-term. Today's drop is, I think, solely people noticing one fairly standard line in the accounts and panicking about the short-term in a way that is ridiculously unjustified.

While I'm here, Yvonne, did you ever speak to anyone at the company and find out more, as you hoped to first thing this morning.

Maybe, but as I've said on here a few times today, they cannot have a placing (or rights issue, or open offer) without obtaining shareholder approval to issue the new shares.

We don't know the details of the RTO that BOU will hit, (if it does). But we might expect a considerable number of shares to be issued ready for an equity-exchange with the target. If so, that will be put to shareholders as part of a grouped set of proposals for the same GM as the one where the rest of the RTO is also voted on. Antos' purchase of the warrants is something different.

@GT:

No

https://www.investegate.co.uk/mx-oil-plc--mxo-/rns/result-of-general-meeting/201906071154105528B/

Res 4 failed, so they'd have had to raise through a rights issue / open offer, and not through a placing behind closed doors.

But then res 2 also failed.

Surely, it could only have done so if Mr 29.9% voted against the resolution. Which must mean he has a plan that doesn't involve more shares at this time.

The auditors flagged this as a concern, because looking at the raw figure before them it is a concern. They did their job, and we should be pleased they were thorough and honest. What they cannot see, because it's not their job to see, is what the board (and in particular HH) are planning. That's where the other comment kicks in: "the Directors have a reasonable expectation that the Group has the ability to raise the additional equity finance required in order to continue in operational existence for the foreseeable future"

So, from an audit point of view, there's an issue here. From a business plan point of view, there isn't one. And this is where this line comes in: "In addition to the progress at Aje, the support received from the Private Office of His Highness Shaikh Ahmed Bin Dalmook Al Maktoum, and his subsequent appointment as President, will add considerable experience, enhanced networks and access to capital."

@Jamo - warrants can only be exercised (i) at the exercise price shown on the warrant, and (ii) if the warrant holder wish to do so.

No, @chewlse: The directors have no further authority to issue shares, and would need a GM vote to get approval for that.

@toold - if that's right, with 46.51m shares in issue, that's 12.9p profit per share from each lift.

"The Company intends, in due course, to recruit into key executive management positions and appoint further independent non-executive Directors and has retained the services of a headhunting firm in this regard."

Paraphrase: These things take time.

Note the phrase: "... and access to capital"

This is the detail naysayers have previously said it was wrong to assume.

Yes, I agree, urbancookie, and I had also quietly clocked the MMA work they do.

The other two directors both seem to be PH people, so would presumably still have a voice at board meetings even if PH turned out not to be doing any more formal broker work.

Either way - I'm sure all will become clear soon enough. I wasn't expecting more news this morning - if they'd had more, they'd have released it last night - but I'm also not expecting to wait long.

I've been looking for (but not found) any link between Syms and GD.

Imagine the conversation. The other two directors: "We could hold the AGM at our place if you like". Another voice must have said: "No, I'd rather go for GD on St Bride St".

@Neo

I was pointing out that, since disposing of their (PSL) registered premises in Hampshire, they've held all their GMs at PH. But not the AGM that's just announced.

To explain this, you suggested we look at the location of last year's AGM. It was at the company's registered premises in Hampshire, which is no longer theirs.

What point are you making?

13/03/19: The General Meeting of Photonstar LED Group Plc (the "Company") will be held at Peterhouse Capital Limited, 3rd Floor, New Liverpool House, 15 Eldon Street, London, EC2M 7LA

01/05/19: The Company also announces that it is convening a general meeting on 21 May 2019 at Peterhouse Capital Limited, 3rd Floor, New Liverpool House, 15 Eldon Street, London, EC2M 7LA

26/06/19: The AGM will be held at the offices of Goodman Derrick LLP, 10 St Bride Street, London EC4A 4AD

Not what you'd expect is it?

Any conclusions we may legitimately draw? Or was it just that the conference room was booked / too small?

Or, to put it another way: The naysayers were trying to CLiP the wings of this stock by saying it is a bad sign that the accounts weren't early.

In fact, it's normal not to have early accounts. It's normal to have accounts on the deadline.

If not having accounts early is normal, then having them early is in fact good.

Here's a thought.

1. People were saying: They have to file by Friday or they'll be suspended.
The reply came back: It's normal to file on the last possible date. So don't conclude anything from the fact they haven't yet filed annual accounts.
This checks out - lots of companies do indeed file on the due date and not a date before.

2. People were also saying: Don't expect any more announcements on progress towards RTO until the accounts are filed next Friday. They'll want to get that hurdle cleared first, so that the pre-BOU history is all cleanly in the open.
That also makes sense.

Then what happens? The accounts are published 2 full days earlier than necessary, against expectation.

Now ask why, with fact 2 in mind. Maybe they want to make and announce progress on RTO faster, and waiting two extra days to publish accounts is a hold-up they don't want.

So maybe, just maybe, now this is done, we're about to get a dramatic acceleration towards an RTO.

Let's see....

The Group has tax losses of £8.5m (2017: £10.4m) available for off-set against future taxable profits.

The tone and wording of the RNS is very upbeat and positive. Very different from some of the RNS earlier this year ("we can't think why the share price is moving up"). It seems all obstacles and local problems are in the past, and everyone's interests are aligned.