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Jab1tt, the link works for me. In simple terms the document says the independent directors advise against accepting the offer, and they will not do so with respect to their own holdings, which amount to just over 6% of the total. They do, however, caution against shareholders being stuck with shares that cannot be traded if the proposed delisting occurs, owing to difference between Manx and English law. In short, as it requires a 75% majority for the takeover to go through, and Unikmind currently have somewhere in the region of 54% of the total number of shares, the onus is on the rest of us to block the takeover. For my part, I have declined to accept the offer and I could only look on, open mouthed with incredulity, at anyone who decided to accept it.
Kentio. Google translate comes up with "Should bend a little Heaven I can not, I will move Acheron.", which does not make a lot of sense to me. Perhaps we need either a Doctor or a Latin scholar to help us mere mortals to get the point.
Hopefully, iWantThatOne, the non-executive directors were waiting for the results to be published. Once that had happened, they could use them to say that the offer is derisory. Up until that time, they could only use historical figures.
Almost everything I hold is down between 2% and 4% today, with some by significantly more. It is difficult, if not near impossible, to determine which of the falls and how much of each of the falls is company specific and, how much is a result of fears over banking collapse contagion, war (sorry, special military operation) and the many other woes that keep appearing over the horizon.
Following on from yesterday, my transfer from Smart Investor to ii was completed today, within 24 hours of the transfer being agreed between the parties.
ii have sent me the following corporate action summary, which may be of interest to other holders
Effective date: 31st March 2023
Market affected: Alternative Investment Market (AIM)
Trading restrictions: The last day we will be supporting trading on AIM will be 30th March 2023.
Metal Tiger Plc has announced its intention to cancel the listing of its Ordinary shares from trading on AIM. This is expected to become effective on 31st March 2023.
Shareholders who currently hold their shares on AIM will automatically have their holdings switched to the Australian register where they will be held as CHESS Depository Interests (CDIs), with each CDI representing one share. According to the company?s documentation, the CDIs will be issued to us in statement form. Once received, we will arrange for these CDIs to be deposited with our international custodian. We are unable to provide a timetable indicating how long this process will take to complete since it is largely dependent on third parties. However, please be aware that you will not be able to trade the CDIs and you they will not show a live price on your portfolio until the process of depositing them with our international custodian is complete.
Metal Tiger plc will also change its name to Strata Investment Holdings plc shortly following the delisting from AIM.
ISA Customers
Due to HMRC restrictions on ISA accounts, Metal Tiger CDIs are not considered an ISA-qualifying investment. Therefore, on or after 1st May 2023 (30 calendar days following the delisting) we will arrange to move your shares to a linked Trading Account, opening one on your behalf if you do not already have one.
Junior ISA customers
CDIs are not considered a qualifying investment for these accounts and withdrawals are not permitted from these products. Consequently, holders may wish to liquidate any holdings prior to a delisting becoming effective.
Crest Personal Member Accounts
Unfortunately, the option to deposit the statements automatically with our custodian is unavailable for CPM accounts. You have the option to sell your shares before the delisting or retain the CDI statements.
Good luck to other holders. I just hope the transfer was worth the hassle. Time will tell.
Interactive Investor have been helpful in arranging a transfer from Smart Investor and I seem to be making progress, at last. Smart Investor say that they may take 4 weeks to make the transfer but they seem to be quoting what they are allowed to take, rather than what will actually occur. My transfer is, at least, agreed between the parties so one would hope that once someone pushes the button the transfer will be more or less instantaneous. I will let you know what transpires. I have needed to telephone both ii and Smart Investor a few times to progress matters, so I suggest you do not rely on form filling alone. Both sides have been generally receptive to my prodding.
Thanks. I had mistakenly used the Australian code in the transfer form. This does, however, raise a question. If ii accepts my MTR shares that were bought on AIM using the GB code, what will happen when the AIM listing is presumably cancelled and the shares are converted, again presumably, to the Australian code? I have asked ii to confirm that the support will continue after the AIM listing is cancelled. If it does not, and I am then forced to sell the shares on ASX, there is little point in transfering the shares to them, other than possibly to get a higher price.
Having completed the online form and selected MTR from the list of shares to be transferred from Smart Investor into ii, I have to day received this message:
"YOUR ACTION IS REQUIRED (Stocks needs to be sold): your investments, highlighted below (Metal Tiger plc), are not supported on our platform. There are no alternative share classes which we can support to enable the transfer. An option available to you is to sell the investments and transfer over the resulting cash balance. You will retain the tax wrapper on the cash if your account is an ISA. Please contact us via secure message or telephone to confirm how you wish to proceed and we will pass the instruction on to your previous provider. Alternatively, you can instruct us to cancel your transfer"
I have no idea what ii are playing at and I have messaged them for clarification. Has anyone else received the same message?
Thanks for the replies. I have done an electronic transfer to ii (very easy) over the internet and telephoned Smart Investor to tell them what I have done. There should be no problem, Smart Investor say, although they suggested if the transfer did not complete before about 25th March I ring them again to remind them that a transfer is in progress. I asked why they could not mark my shares now as transfer in progress and was told that the second call is just a "precaution". I suspect my request was new to the man with whom I spoke and that they will get their act together better over the next few days as they receive more transfer requests.
Smart Investor (Barclays) have sent notification that they will sell MTR sales in bulk on 27 March, as they (Smart Investor) do not operate on ASX. There is an option to request a certificate in my name. Presumably that is what I need to do if I elect to keep the shares, and then trade via someone else on ASX at a time of my choosing. This post has two aims. One, to seek clarification from those who are more knowledgeable than I that I have correctly understood the options and two, to warn others that there will be a bulk sale of MTR shares by Barclays on behalf of Smart Investor holders on 27 March 2023. I have no idea how many of us there are and whether the total sale will be significant.
With a trading update like this, it is far from clear to me why the management is considering accepting a takeover offer that is thought to be only marginally above the current share price.
I am almost tempted to think that the recent downward spiral is associated with the FREYR contract being conflated with the difficulties at Britishvolt. Are there any other ideas?
I know what you mean but I can live with any huge rises: it is any huge, or sustained, falls that worry me!
It isn't just SMT that is performing badly. Almost all of my tech related shares have been doing badly, even when the major indices rise. One effectively has two options: cash up and go elsewhere or stick with it until sentiment changes. I am doing the latter but I am not expecting any significant improvement until the "special military operation" ends and / or inflation heads firmly south. As usual, one pays one's money and makes one's choice.
This share has really tanked over the last week or so and I cannot see any particular reason for it, other than general market malaise. Am I missing something?
AVG tipped by ST in the IC yesterday, so the price drops.
It looks as if the payment for Billi that was made in 2018 was $56.4m v the $43m being paid now. If Billi has been growing over the last 5 years, as stated, it might be a good deal. The link is to Watelogic Annual Report to 31 Dec 2018.
https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/x4ORBDRFGQEzML0snEhvQDx95yJqCGgoGSSu9blbk_c/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=ASIAWRGBDBV3P4VQMIMZ%2F20221005%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20221005T095913Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEBgaCWV1LXdlc3QtMiJHMEUCICS6OIWV1kS1tXjFY%2BZnaOzuAIdAgS9TAfgyRQxAE8uyAiEA3Cc%2BTWCpJUxe8f94S8LC7PkcEYnJw2XZLC1pcLdFjLQq1gQI0f%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FARAEGgw0NDkyMjkwMzI4MjIiDHtwdo9M%2B0hyN1wGwiqqBOXQ0X2wRbsbyyTrGTR09pr%2FYbY8MuSzPJloLNujbp32QkfOMjns1ixYjJoAbjvkkgzcqaeGw7C%2F%2FfD3AsmzIkZmaOsQkQ8oN8x7ZZkG9nC2qiszHG3jxG9ZxJcUTuFrYk5I0XWuvfyETU2XdbFBbtojZsbUnOQ1yibkhD2mvihTTyGmD%2BqFuxzZn21Dbz69lU0A256qrtgsQMJTJ3AmGUHY3H81ULp9i4OtB2NQs%2BytxdXbRCBw%2FHeEwLzcGLc%2BnBXT%2F8I9hqSsK1Q6LpwODjq%2BOLq3Tnezpj%2BGiTb9Lyfhk%2BGA51gcnwXeA%2BXW2auHZ2SWPAweQ2iZyl0a%2BlBU%2BP3qb6uMiaGGX5jUkucej1Zs7Zlq1yDh8pWBrDjSRoerXTZQkKBCDqReUGUdxmtbZ0Npw9DEpsdB%2BzDn72OdBfhjYPJCngWmsTQ2oAx4HZ%2FSjGnpotNuzWM5v6YqXfLM0Zq8ZneK7%2BLZxMsCLxgmLCTZ62AxYhdEcimQL47BwFxuDCtugTD325pkunhUAp%2FVWaIIuxy%2BMJGf4xSUNMpc9L9tbTHO6KfgqX5VHHwjvsz73GpSGuuPNuniibMsdleFOnfhLO8ZFtEJor2OYoacwBb6fJMEMo8BgLLBR6UeCtWDd9onVQOYQbHi%2BMFDfOVYw0Ue7gHZk4iP2jHDkZmQfZioAb0BFw7CLwqEUYsR8mZa45bj2Q09UuuWVSUK5hsmAFdAtl9kM2r3fRgNMJTs9JkGOqkBM0QdGoR1IMqDVIifHuJMazPxsOdq1PBuZWbpGWF%2Foeis0ud34Z%2BRd%2BRSdwi54idQYEMVfC8He2Mv%2BX0MSR7PI65am0X8VFsypxySzl4RIUmaCPsNtl01rQmQVXBO0ZCppQe%2Fzj3W5aigRzjXasR1Gs4ebeWoz9iF%2BxviOd%2F1b3P5CchoEnXjdA2V7XMwLbNEburJL50DF5L82dX7tNJevZsGXnR%2FhCQS2A%3D%3D&X-Amz-SignedHeaders=host&response-content-disposition=inline%3Bfilename%3D%22companies_house_document.pdf%22&X-Amz-Signature=776c2cab309e21019fcbd4eeae5cc2a8209046a0c6172aaf9cec7fe3cd5115e4
It looks as if Billi was acquired by Waterlogic in 2018
https://corporate.waterlogic.com/newsroom/waterlogic-to-acquire-billi/
https://www.waterlogicaustralia.com.au/
I have not, as yet, found any information about what was paid back then and the current value.
More copper is found so the share price goes down. It seems like the market is concerned that there will be a glut of the stuff!