Seems to add up to a hostile takeover to me, but I could be wrong. PTV has a long history of P&D, but I've never seen this kind of stake building before. Interesting to watch, though.
You seem to be reading the date format wrong, happy. The threshold was crossed on Jan. 11th, and the issuer was notified on Jan. 14th. The format is day/month/year.
You're clearly ramping, fundamental, but if a group is really trying to build a majority stake here your crazy claims might not be far from the truth. Please, though, there's no need to continue with the ramping. The price will go up or down regardless of what you say.
What's your entry price, Advance?
Oh well, you could at least make enough back to buy a nice lunch. I hear Waitrose do tasty sandwiches :)
If that's the case, happy, your shares might turn out to be worth something after all :)
Sorry, I meant latter. Must pay more attention.
If it's the former he might inadvertently prove fundamental's overblown SP predictions right :)
It would seem likely. With almost a third of the issue traded so far today I'd be amazed if nobody had crossed a reporting threshold.
He's not what you'd call subtle about his intentions :)
OK, I'm settling in for the day with some popcorn, since my own shares seem to be sleeping today :) It'll be interesting to see what happens if someone is seriously stake building in a company with an mcap of only 350k. Price could go anywhere.
Am I right in thinking that a group of investors are trying to build a majority stake to override the defeat of the Digitek resolution, or is this just the typical PTV SP rollercoaster I've watched for the last couple of years?
Ah, I see it now. I stand corrected :)
"We did hence the 150% drop over Xmas." No RNS was released to say that funding hadn't been secured. All we know from recent releases is that as of Dec. 22nd funding had not yet been secured, but discussions were still ongoing with potential funding partners. We also know that permission was obtained at the general meeting to dispose of 90% of KRP, but that resolution was just ZOX getting its ducks in a row, as shareholder approval was required for that deal. The vote at the meeting wasn't about whether ZOX *would* go through with the deal, but simply to get permission in the event that funding wasn't secured. I don't expect that they found funding, but there's nothing in recent RNSs that suggests they haven't. ZOX promised to update shareholders on funding before the end of the year, but that update didn't arrive on time. Maybe they're just lagging behind a few days. Maybe they need to iron a few things out with Korea Zinc. Maybe they found funding. Who knows? Either way, an RNS is due presently.
I imagine an RNS will be dropped shortly. The 31st was the funding deadline, but once that passed I suppose there may have been a couple of loose ends to tie up before an announcement was possible. Or - much less likely - the spike in zinc prices towards the end of December attracted a last minute investor, and ZOX are preparing to announce that they're fully funded. I wouldn't hold my breath, but there's always a possibility.
This is an impressive comeback after a disappointing morning. An unbroken run of 25 buys (the last two show as sells, but the true bid is at 0.67). If this keeps up their might be a glimmer of hope for a blue day.
Nice to see a good run of buys (well, one of them is mine so I should say nice to contribute to yada yada). I'm sitting tight until news of the debt disposal comes in, I wouldn't be surprised to see something today, but if not certainly sometime this week. Could be fireworks when the uncertainty is settled.
I'd expect news on the morning of Jan 4th about the disposal of the 90% interest in KRP - or a surprise funding arrangement as a wild outside chance - which should send the price moving up provided the RNS makes it clear that this leaves ZOX in a pretty strong debt free position to move forward. As for today I expect crickets, and will be switching off and going to the pub shortly (I don't have a drinking problem; I'm just 8 hours ahead of the UK)
An alternative scenario, if we're spitballing, is this: The spot price of zinc was on a steady downward trajectory since May, and since ZOX announced it may need to seek funds in late September there was no indication until mid-December that zinc may have found bottom. The continuing slump would have made it difficult to find investors until the trend turned, so in this three month fundraising window it was only in the last two weeks that investors may have seen the benefits of investing. Two weeks isn't really enough time to secure funding on this scale unless investors are already lined up and ready to go, so it would be beneficial for ZOX to extend the fundraising deadline to take advantage of the improved climate. Korea Zinc seem to be making out quite well on the deal, so to convince them to move the goalposts from a Dec 31st deadline they'd need an incentive. ZOX has one more bargaining chip: the remaining 10% interest in the KRP. This is pie in the sky, of course, but they could always offer Korea Zinc favourable terms on the final 10% in return for an extension of a couple of months to find funding in a stronger zinc market.
I'd think it would be tough to convince a potential investor that the recent spike in zinc is enough to predict a sustained recovery. If ZOX had a couple more months to play with it would be much easier to see the trend, but since the fundraising deadline is today it'd take a brave investor to front several million based on a late-December rally - and one that has still yet to bring the spot price back to the ~$1,660 level at which the company warned it would need to seek funding to continue operations. You never know, though. The fundamentals of the business are sound, and it's only the 5-6 month slump in zinc that has caused these difficulties. For a potential investor with fairly deep pockets this would be a solid opportunity, and if I was that investor I'd want to hold off from signing on the dotted line until the last possible moment so I could watch to see if the forecast recovery would begin. I think it's unlikely, but there's a slight chance that an announcement could come some time over the next week that funds have been secured, in which case we could expect to see the SP rerate back towards November levels.