The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
"to secure the 50% + 1 share required"
75%
It would need 75% vote to sanction delisting, however a buyout would only require the purchaser to secure 50% +1 which gives them control of the company. If successful, they would then have to offer the same price to the remaining shareholders, should they wish to take up the offer rather than be at the mercy of a new owner who has control of the company.
Also, a debt backed de-listing buyout is also very unlikely and there are little tangible assets nor any income to secure the debt against!
No, any de-listing/takeover is going to require someone with deep pockets as the offer would probably need to be significantly over the current SP, to secure the 50% + 1 share required.
A company listed on AIM must follow de-listing rule 41;
"An AIM company which wishes the Exchange to cancel admission of its AIM securities
must notify such intended cancellation and must separately inform the Exchange of its
preferred cancellation date at least twenty business days prior to such date and save
where the Exchange otherwise agrees, the cancellation shall be conditional upon the
consent of not less than 75% of votes cast by its shareholders given in a general meeting.
15
The Exchange will cancel the admission of AIM securities where these have been
suspended from trading for six months.
Cancellations are effected by a dealing notice."
Given our BoDs paltry shareholding, there is no way they could do this without shareholder approval. A more likely scenario would be a de-listing coupled with a buy-out offer, or tender offer, (as per Viston offer for Petroteq).
"Wondering which one it will be though, funding or agreement…"
IMHO, if it's funding, (by the usual begging bowl to LTSH) without agreement, they could really struggle to raise significant capital. I really hope that doesn't happen but my patience is wearing thin waiting on this (December) announcement.
"Wonga I ask myself how many opportunities come around like this in your lifetime. So I decided to make the bet a little bigger"
I did the same some time ago. Has the potential to be truly life-changing for me and my children. Potentially very exciting times ahead???
Logging in every morning in anticipation of the procrastinated RNS announcement is becoming tedious and a daily disappointment. As others have indicated maybe "more than a trial" negotiations are causing the delay, who knows?
It is however, pleasantly surprising to see the SP holding up well. I certainly expected it to sub 2p with no news by now. Maybe a reflection of the lack of selling demand??
Pleased to see the SP holding up well and I fully expect a bit of a tick up immediately prior to the big RNS release. I cannot believe all the senior staff, lawyers, para-legals, secretaries etc. all involved in the formulation of this tripartite agreement will not discuss with friends/colleagues/family. There is bound to be some "slippage" resulting in buying prior to the release IMO.
I guess the counterparty lawyers must work with the same urgency as Moroccan customs officials??
Or is it yet another pile of oxcrement fed to us by JM to wriggle off the hook at the AGM. The now well overdue announcement better include funding provision as IMO any attempt to raise funds prior to the announcement will be another failure.
As ever with Quadrise, we'll just have to wait and wait and wait and see!!!
I fully expect the fuel agreement to be signed next week and if so, expect to see the SP rise to 5-6p accordingly. If any RNS appears also confirming funding arrangements then I can see 7p+ by end Jan.
On the other hand if no news, then I would expect a SP of around 1.8-2p, possibly dropping to under 1.5p by month end. Very interesting "rest of the month".
I recently sold a small proportion of my holding with a view to supporting a future fund raise, without increasing my overall shareholding. However, should an attempt to raise funds via an open offer happen prior to the announcement of the Tripartite agreement, I will have serious doubts about supporting the raise.
I'm beginning to wonder if the "big players" we're supposed to be partnering with are deliberately stalling to try and place Quadrise in a distressed position, in order to be able to sign us up under far less favourable terms. Nothing would surprise me where corporate greed is involved. We know the sums involved to keep QED operational are miniscule for MSC and their ilk, (probably enough cash down the back of their boardroom sofa?) so hopefully they will be supportive if required and genuinely want this project to succeed??
I guess we'll just have to wait and see and make our decisions based on what is presented to us
Stockclown
"where JM says funding is already lined up and will be triggered early in January if Valkor cash is not incoming, which means it can't be tied to the fuel agreement, it's just a quick and easy small placing with ii's to get the cash"
He said no such thing! He talked about plans in place, (doubtful). Unbelievably I think they have put too much reliance on Valkor, who seem to be every bit as bad for delays to projects.
What he did say was that money would "need to be raised" and was reassuring us that the big DECEMBER news would "re-rate the share price", making the next fundraise less dilutive.
The rest of what you say is as ever, your own ramblings. You might be correct one of these days, like the proverbial broken clock!
Fyoz,
"I've just watched the AGM video, again, and the pipeline of projects we're involved with now is phenomenal. We've never been attacking so many prospects at the same time:-"
So much for AM's "main aim" which he said was to narrow the focus and get something over the line to commerciality.
Two years later.....still waiting!