Member Info for stephen_pearce

Get around 35% of our application?

Good luck everyone!!

Yep, that much is pretty obvious. If I'm right in my assumptions earlier, I only hope that the RNS's relating to this will be posted the afternoon of 19 March or after close of business, to give the market time to digest the level of any equity issued to the nomad. Sentiment will probably drive the SP down at first as people panic, or even funnier, when they see say a 1000% rise on the SP without realising that's just the consolidation change.

The GM is 19 March, right before the deadline to appoint a nomad or be delisted. I think we know what's going to happen and when now anyway.

Question. Can TXO pass the consolidation whilst in suspension or not? I'm completely guessing here, but might TXO need to consolidate before appointing a new nomad? So, they can immediately issue shares to the nomad to pay for the 3 months up front fee's? 1, consolidate 2, come out of suspension/ appoint nomad 3, issue equity to nomad

Whilst this scheme looks quite complicated, and I haven't read it over and over yet. Consolidation means that if you had £1000 worth of shares beforehand, you'll still have £1000 worth of shares afterwards, albeit fewer shares that are worth more. This also means that as the SP is below nominal value now and TXO cannot issue new equity, but post consolidation they'll be able to issue new equity/ dilute the shares of course. "The Company is generally required to distribute the proceeds of such sale (after deduction of expenses of the sale) to the relevant shareholders in proportion to their fractional entitlements save that, where the proceeds of such a sale (after the deduction of expenses of the sale) do not exceed £5.00 (such threshold being that which is specified in the Listing Rules), the Company may retain such proceeds." That section right there is where shareholders will/ may lose out

showing on L2 now

.....interesting is.. "In addition, existing shareholders will be able to participate in an equity offering alongside, and on the same terms as, Mr. Bell. The Proposed Investment will consist of: a cash investment of £1.55 million at a price of 0.05 pence per ordinary share in the capital of the Company (“Ordinary Shares”) (the “Subscription”) (or such amount that is equivalent to 0.05 pence per Ordinary Share following the share consolidation and share split as detailed below) (the “Subscription Price”); new and/or existing shareholders will be invited to participate via a placing/open offer (“Open Offer”) at the Subscription Price on the basis that the maximum aggregate subscription under the terms of the Open Offer will not exceed £500,000. For the avoidance of doubt, the Subscription is not conditional on the Open Offer" Does this mean existing shareholders will be able to buy new shares at a discount over the subscription price to new shareholders

I am far from an expert on these matters, but it looks like a consolidation/ split and takeover, not a straight forward dilution