You might be right. Will be looking to see where this goes at 8AM.
It's often possible to continue buying and selling during an auction. Either there have been a couple of auctions or L2 is presenting incorrect information.
The volume is non-existent on L2, but we've just gone into auction for at least the second time this morning. I'd guess something is brewing behind the scenes.
I'm on the phone so can't really read much, but it looks like this was someone picking up 3.5m shares from a previous large holder, negotiated off market and facilitated by PEEL.
Indeed. That's why I've had the same thought whenever a sale has appeared today on L2: "What on earth do you think you're doing?" Best case scenario for me is this: WRN comes back from suspension this week, immediately rockets to the region of £5, and gives me the opportunity to take my profit and put it into SPR. SPR is, right now, in the same position as WRN was in the summer, and if I had £20k to invest right now I'd be a little disappointed if it didn't become £100k the moment there's a sniff of news.
From my experience with investment shells I wouldn't be at all surprised to see a spike to a £10m Mcap and beyond on the release of a juicy investment RNS. The current Mcap of around £1.3m is based on nothing but the value of the listing and a little positive sentiment about the names involved. The moment something substantive is announced this will go crazy. P.S. A spike to a £10m Mcap would see the SP at around 29p. Not bad for a 4p buy in.
Lots of similarities. If this is anything like WRN, the moment an RNS is released that details an investment it'll be almost impossible to buy, and the price will rocket (and spike, naturally). It would be madness, and an early Christmas present to anyone with the balls to trade the peaks and troughs.
P.S. Those few investors hitting the sell button at this point will live to regret it.
"Rerate is on. Good luck everyone" The exciting thing is that this isn't so much a 're-rate' is it is simply a 'rate'. As of yesterday the value of the company was zero, with the puny £1m Mcap based on nothing more than the name and the listing. What we're seeing now is a complete revaluation from a shell into an active investment company backed by people with big dreams, deep pockets and a reputation for making them deeper :)
This reminds me of my baby WRN, and I feel there's even greater potential here. That's not to say potential will become reality - this is pretty much a gamble at this stage - but there's a certain buzz around it.
for a small punt of around £500. Tiny Mcap, a small share issue and what looks to be a touch of urgency in finding a new direction. This will be interesting to watch while I wait for WRN to wake up again.
I second that. I only put in about £150, which wouldn't cause me more than a little disappointment were I to lose every penny (unlikely, given the circumstances of the voluntary liquidation). I'll continue to hold until A) the company finds a new direction or, more likely, B) it becomes an RTO target. As a shell with no debt and maybe a little cash in the bank this would make a very attractive target for a takeover, and we've all seen what can happen with those. I'll happily sit on my punt in the hope that, a few months down the line, I see that the price has spiked to 10p on an RTO rumour.
There is, of course, also the fact that 3LEG may be a prime target for a quick RTO, as was mentioned as an option in a recent RNS. If there's around £1m in the bank and the Mcap is currently similar - with little or no debt once the assets are liquidated - this would be a very attractive shell to acquire for a quick listing. I'm not sure how these things usually work, but it's possible that it's hard to buy and easy to sell because the MMs know they'll soon be able to sell at a higher price to an acquiring company. Whatever's happening, I'm happy to hold on to my little punt to see how things shake out.
If I understand what I'm reading (no guarantee) about £8m of the ~£16m cash reserves is about to be paid out to existing holders (as of yesterday's deadline). There will be ~£8m cash remaining in the bank, which the company will distribute at a later date. Additionally, the company will remain listed as an investment company, and barring the purchase of a new investment (presumably using the £8m cash reserves) it will aim to be RTO'd as a shell sometime in the next 12 months. I may be missing something, but I see nothing but upside here. Whatever happens to the remaining £8m it's still an asset of the company, and any RTO would surely value the very small share issue at much higher than 1p. I've put in a couple of hundred quid as a punt, and I'm happy to sit on it until it turns into a lot more.
I take great comfort from the fact that lots if idiots were saying the same about FITB when it was trading at a fraction of a penny. For those with half a brain who can see beyond lunchtime, take a quick glance at the fundamentals and make up your own mind. I think I'll stick around until GNG is trading in more sensible double figures.
There's no new news, but there is attention, and that's what GNG needs. The fundamentals are excellent but the stock has been largely ignored by investors. What kicked off this rise was the sudden plummet of FITB, and now the traders have switched here we'll see a rerate up to where GNG belongs - i.e. several hundred percent above the current SP.
Fair play. I only have the 2013 financials to go on, but I'll trust you're right. In any case, MIO has current assets worth more than the market cap. That's my overriding point: that if the company was stripped and sold off today it would be worth more than its current market value :)
Current liabilities are £0.93m. Cash in bank and in hand is £10.36m. The balance sheet is extremely healthy whichever way you look at it.
So they can continue assessing the field, find a fair value and then either sell the interest entirely to a buyer or find a farm-in partner to finance it for a cut of the profits. Either way, MIO has current assets worth 300% the value of the current market cap, and they hold a 100% interest in an asset worth hundreds of millions. If you don't like the prospects of this company you won't like the prospects of any company, and you might as well put your money in the bank and enjoy your interest. Honestly, some of these derampers just live in a different world.
The movement in the last hour or so just goes to show how many eyes are on this share. There are a hell of a lot of investors who were just waiting for that big retrace to end so they could pile back in. We just saw the first tranche. There's more to come.