Member Info for UpDownFlat

If and whenever the Issuer shall declare, announce, make or pay any Dividend to Shareholders, the Exchange Price shall be adjusted by multiplying the Exchange Price in force immediately prior to the Effective Date by the following fraction:A-B/A

Have a look at page 71. From my reading the exchange price of 0.135 is adjusted down by the value of the dividend

effectively I think they own 22% of the equity and 22% of the bonds(Which are 1/3) of the equity

In any one of the RNS items when they cross a threashold they break it down into two columns Equity and other financial instruments and give a percentage of voting rights of each.

Kenj, yes maybe they are not voting rights at the moment, but I thought they kept their stake just under 29% - 22% in equity and the rest in convertable. Ravishenko also had this but these were the old convertables no the super-duper new ones.

Rusty,

kenj can confirm this but when I read the document it says they are entitled to dividends. One of the new additional items they got.

I though UCG owned about 8% of the convertable bonds ? Isnt that thier other voting instruments on the RNS

Yes, quite frankly seems very reasonable. Of course though we dont know them.

I like you workingstiff, I agree with you conversion must happen. What’s done is done. Just find it very unpalatable to be a fanboy

For less than 9 months of your capital being tied up you get,
8.125% interest,
more shares on conversion,
guarantees on div and dilution,
capital gains on share price increase
and some "green leaf" as mdunsire describes it.
The company gets zero incremental cash and some fees.
Try and tell me the old BOD and executive are not criminally corrupt.

Rusty,

what I am saying is that the previous failed vote was a warning.

I think if I remember correctly (long time ago) the old convertable where at an exchange rate of $1.5:£1

I dont understand if 8.125% is too steep why did they just not allow them to convert less then 9 months ago ?

3) About Article 19 of the AGM - the reasons for this were yes to redeem the bond early i.e. to be able to offer the convertible bondholders to convert into equity as 8% is too hefty a burden interest wise and they could offer some green leaf to bond holders to convert earlier in a deeply "in the money" bond. The other reason was to buy shares for the Long term incentive scheme for management.

Yes he also asked two more questions, but was told it was not part of the AGM. It didnt sound like a good relationship. Can anyone rember what thoes question were ?

The Interim announcement, normally the third week of July, should be good compared with 19 H1. Based on 20 estimates this company should be valued at around 60p-70p and it was almost a clear run to these prices before the mis-managed AGM. You might have thought that after the TEMI vote they would have listened to their shareholders.
So, POG if you are reading this here is a message for you:
"THINK ABOUT YOUR SHAREHOLDERS"

I agree with some of what has been said. We need to know more. But the devil we know has not been kind to us. Just look at a chart. Undervalued share price ! Do we really need to make a list ?

These are the same people who got Pavel & Roderick their jobs in 2018. Once upon a time they where friends.

I agree the not knowing is hard to handle.

or maybe they are just activist investors, frustrated with the performance.
They can steal from you and I (as they have been doing for the last 10 years), but the world is very connected nowdays.