Davey, it is a chat board. It is there for chat, not for being silent. If you don’t like MIRI and therefore by logical extension assume you’re not invested, why are you on this board, chatting?
Davey, the dump was because Odey Fund (which invested in the placing at 3p) was a distressed seller. It has partially recovered because Odey is out and others are snapping up a perceived bargain (perceived because revenues aren’t great but genuine hope and expectation is high) although still under 2p. There is no manipulation P&D going on as you imply. IMO and DYOR
MickR I agree, I bought at 1p yesterday on the basis of the Dubai investors were prepared to pay 2.5p 2 weeks ago then they should be prepared to mop up shares at a price heading more towards 2.5p either before it delists (that assumes the votes are there, but I don’t think that is by any means a done deal) or in the post delisting facility that will be put in place. Even if it turns out I’m stuck with the shares, the company prospects are good as it has just raised £1.1m, there are receivables to come (they have merely been delayed not written off) and in last 2 months new contract wins. For me this is a win win. IMO and DYOR
Lots of good news recently but as stated in the Proactive Investors interview, the cash runway won’t last forever (quote). They will need to borrow or do a share placing to raise more funds to deliver on this good news IMO. I’m on the sidelines watching with interest but will invest when I’m confident the finances are sorted. Accept I may be calling this wrong and could miss out but hey ho!
Agreed, the timing is interesting as I presume they could have done this long before now. But now, with Salistick on the eve of going live retail, they obviously want to buy more shares, hence the Concert Party change. Hopefully this coincides with more good news to come, and given the restricted free float of shares, we get a real boost to the SP back to when we were producing at scale LFTs for Covid. Timing is everything.
Should have read ‘if they have the 75%’ not so they have….. If it does delist, I wonder what price you’d get under the Match Bargain Facility if the new investors were happy to come in at 2.5p? All things considered I do think the SP is too low and a bounce will come IMO
But so they have the 75% and if they do why haven’t they said so? With recent new contract wins, cash to come in from customers (eventually) and cash from the £1.1m placing there is more value than the current SP in the shares IMO.
Thinking about it, if they had the commitment re 75%+ of the votes or were anywhere near it they would have said it in the RNS and provided full details behind the cancellation. I wonder if they are buying up shares on the cheap following the panic selling with a view to later announcing their percentages. It seems to me the delisting is not by any means a done deal and it might be worth waiting before selling (how worse can the SP get?) and see how it pans out. If they can’t delist the SP should bounce back. It may be that that amounts not recovered from customers are more recoverable than we have been led to believe and they want to keep the bounty for themselves. Might be right, might be wrong….z
The RNS gives a reason of cancellation as “AIM no longer sufficiently provides the company with the advantages of providing access to capital” yet they did a fundraising just 2 weeks ago. Disingenuous or what! I wonder whether they have sufficient support for the delisting to secure at least 75% of the votes. The next RNS should reveal more. Awaiting it with interest
I think no news will be good news other than gas prices rocketing up and production increasing. A poor set of financials isn’t really going to do anything for investors morale unless you’re a shorter.
Well the DT isn’t the place to get your tips. Their tip for 2023 was Premier Miton LOL ….
What on earth were they panicking about, as the half year results are looking backwards - it’s historic, but looking forward I see great potential and a 12 month cash runway to deliver it.
Don’t forget the Odey fund was happy to invest at 3p a share at the May 2023 placing, only MIRI unrelated subsequent events caused them to offload. Revenues not great in these half year results but that’s hardly unexpected. The future is bright and the SP should recover from here, looking forward to the presentation later today (which I doubt he’d be doing if it was all doom and gloom).
But they can’t go above 30% otherwise they have to make an offer don’t they? The convertible loan somehow gets them out of the takeover code but buying now in the market surely doesn’t? Bayford is around 28% and Harwood 27% rounded down to nearest whole %
This is a good business that has been managed terribly in recent years. However, in 2022 they appointed key people who are turnaround specialists. The turnaround has been slow because the new directors only subsequently realised how bad a situation the company was in. With larger shareholder loan support and the ongoing work of the directors we are starting to see green shoots. If we weren’t they wouldn’t be looking at a delisting, the company would have been heading to administration. Whether this delists or not, IMO it’s a good recovery stock but obviously better if it remains listed. The reasons they give for a proposed delisting have been cited as the same reasons in other company RNSs over the last year or so such as saving costs, management time, easier to raise capital etc. These may be true but the real reason is they see enhanced shareholder value in the distance and the large shareholders want to grab as much of it as they can which is to the detriment of us PIs which is why I will be voting against the delisting resolution
According to the RNS they are set for recovery, at pace. Emphasis is made by using the words ‘at pace’ in the RNS. The current convertible loan term is extended to 31 December 2024 and I cannot see that this is conditional on the delisting resolution getting through. Even so the conversion price is 0.5p, currently double the SP this morning. It seems to me that at these prices this is a recovery play but the delisting resolution needs to be voted down. Don’t let them get your shares on the cheap when they are otherwise set up to get more shares for x2 at 0.5p. IMO and DYOR
Pip56 They aren’t going to cut of their nose to spite their face, the loan has been extended to the end of December 2024. This is a business set for recovery, at pace. They aren’t going to let it go bankrupt just because the delisting is voted down. That doesn’t make sense
But they haven’t got 75%, still around 17.5% short of that so hold on to your shares and vote it down. The business is primed for recovery which is why they are doing this IMO. Other recent examples of this are Parsley Box, Solgenics and Energiser to name only 3, there are more
The loan conversion will be at 0.5p well below current SP. Also, they need 75% of votes cast to delist but they’ve only got around 57% in the bag, presumably Bayford and Harwood so the delisting could be voted down. The RNS talks about there currently being a recovery in the business, at pace. It appears the true reason for trying to delist is to relieve PI investors of their shares at a rock bottom price now so the large shareholders get more of the pie later.
No cash left? Don’t be daft, they only raised it in May 2023 and have at least a 12 month runway from then and this assumes nothing else happening. If you’d said the cash burns quickly for this company you might have retained some credibility