Member Info for THE_CHAIN

Someone else I know had the same glitch.

Back to the real world, patience, news can't be too far off now.

Placing letters due tomorrow

Then agm/accounts

Placing

Then relist.

March at the earliest i'd say.

I reckon March/April for relist. I suspect we will get some news Monday around the placing, perhaps accounts and AGM announcement, as we will have to vote for the new shares to be issued.

We need accounts, an agm to vote on the new shares for the placing before we can come out of suspension. Placing letters need to be obtained by the 16th Feb. So cant see us being out of suspension until late Feb/March.

Ill be amazed if they have any crml left, the reason we are able to satisfy the balance to swanny and atlas with part cash part shares, is because we managed to get up to date on the defaulted interest payments. Most if not all of crml will have gone toward that. Also note both parties have agreed to no further interesr accruing whilst the placing etc gets underway.

We will see what Recyclus has achieved with the accounts when published.

I'd rather the dilution, than the alternative...

There would be considerably more shares in issue if Atlas had been able to convert the balance, and if Swanny had maintained the conversion element of his debt.

A large proportion of the co also in sticky hands...

Pretty good reset if they can pull it off.

After the placing, the death spiral is cancelled, and the placing shares are subject to 12 months lock in.

No confetti cannons this time. 25% of the co in swannys hands, I cant see Brundle staying on the board. We shall see.

Looking forward to spring here. I have been very much enjoying the continued rise at GGP. Now eyeing up BRES....

Think 2026 could be a good year for the Thomsons.

Read back a bit wkw, the bit about Mike Thomson, the mysterious tr1 holder...

Im all good dusty. Sat on a huge pile of shares with a sub par average. Will likely take part in the placing too if open to private investors.

The debts will be clear after the placing and relist.

Rto could still happen someway down the line.

I suspect it is because Recyclus has become 'material' as it is now revenue generating.

Chatgpt to the rescue

because the accounting definition of a subsidiary (and the requirement to consolidate) only becomes mandatory when control exists and is effective—or when the subsidiary becomes material—and that point may only have been reached now.

Here are the main reasons this can happen, even if Recyclus has “always” been described as a subsidiary:

1. Legal subsidiary ≠ accounting subsidiary

A company can be a legal subsidiary for years but not consolidated in group accounts if, under accounting standards, it did not meet the control or materiality thresholds.

Under IFRS 10 (and similar UK GAAP principles), consolidation is required only when the parent:

Has power over the investee,

Is exposed to variable returns, and

Can use power to affect those returns.

If any of these were missing or unclear previously, consolidation may not have been required.

2. Control may have changed recently

Even if ownership hasn’t changed much on paper, control can change in substance, for example:

Technology Minerals increased its shareholding or voting rights

Other shareholders exited, giving Technology Minerals de facto control

Board control, veto rights, or decision-making authority shifted

👉 Once control is established (or reassessed), consolidation must begin from that date forward, not retrospectively.

3. Recyclus may previously have been immaterial

Accounting standards allow immaterial subsidiaries to be excluded from consolidation.

If Recyclus:

Had minimal assets,

Little or no revenue,

Was dormant or pre-operational,

…it may have been excluded on materiality grounds.

Now that Recyclus is:

Generating revenue,

Holding significant assets,

Central to the group’s strategy,

…it becomes material, triggering mandatory consolidation.

4. Change in accounting treatment or auditor judgment

Sometimes the change is not economic but technical:

New auditors or stricter interpretation of IFRS

A formal control reassessment

A correction of a previously aggressive or borderline accounting position

This often happens when a subsidiary moves from “development stage” to “operational”.

If everything in the recent rns comes to pass, tm1 will get some of the benefit of an RTO, revenue recognition and control with Recyclus as the subsidiary.

And Recyclus is now a subsidiary, we are the controlling party. Once done this is a major metamorphosis.

Recyclus will also be a subsidiary of tm1, fairly major detail being overlooked.

The tables have turned. I bet Brundle is kicking himself for not holding any TM1 shares. I wonder if he will be able to take part in the placing...

Thanks Shortorlong ☺️

I don't think anyone could have predicted we'd get two new investors backing, and for Swanny and Atlas to be conciliatory following the last year.

I thought the rescue would come from Recyclus, I was wrong.

This really is quite extraordinary. And I am not complaining!

Here's a funny one Dusty, Mike Thomson the Tr1 holder, with 133m shares at 0.00073p is my old man...

We work together, as we have done since my junior Isa days, I now manage the family portfolio.

I'll add, thanks to Buried Treasure for being cordial, you no doubt put two and two together. I respect you not weaponising that information.