Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Again it is just their inflammatory style.
"no acquisition completed" is true. But sounds like a touch of drama. As though it was a walk away at the signing process. Obviously there are no guarentees but the wotds used seem to suggest it is closer than the previous attempts.
Wookie,
The share prophets line is entirely accurate.
But it is also entirely irrelevant. The cancellation of the AIM listing is a purely administrative matter.
Their phrasing of "shares to be cancelled on aim" is a poor choice of words (ie their inflammatory journalistic style.
That is nothing other than sloppy journalism. Whatcwas in the rns was:-
"which envisages the enlarged group applying to be listed on the Standard Segment of the LSE."
and
"As such, at the appropriate time, the Company's admission to trading on AIM will be cancelled either as a result of the Main Market Admission or, unless an extension is given, on or around 4th May 2021 as a result of its AIM Rule 15 cash shell status."
Even at the point at which that release was made May was at best highly unlikely dues to the requirement for an EGM and its lead time in terms of getting votes. Also the lead time and inspection time of a prospectus.
That part of the RNS does not state an intent for May.
EkXoc,
There is no suggestion whatsoever of the new listing occuring in May, only the current Aim listing being cancelled.
taxi, consider yourself corrected.
The home page of their site claims 426.
No. Nobody knows, with the possible exception of the Nuog board.
There is no deadline as such. True by early may Nuog gets delisted (but that isn't particularly important of itself *).
The process they have to go through to raise funds authorise the transactions and so on will take some time. Doubtless the timetable will be clear when shareholders are asked to vote.
(*) Save for the fact that they will no longer be bound by aim rules. Instead it will only be the companies act and any additional provisions in their articles.
Could be Taxi. Though I recall he was describing himself as a veteran O and G project manager when he started buying.
SBP,
That is an issue I always struggle with. The difference in costs to an entity of conducting an initial listing or a relisting post IPO are insignificant.
However I imagine raising cash through an existing entity is easier.
I assume the stevens are happy to divest at price and feel that is a better route for them than float and trying to flig shares to the public.
There is no deadline as such.
Early may they will be delisted (or potentially earlier is they ask the shareholders who decide to approve).
This doesn't affect any application that may be made for a standard listing.
It is absolutely the case that they need to make it work and Smiths and Stevens intereats would appear to be broadly aligned with all shareholders.
We don't yet know what the rest of deal is. There is no suggestion that the comission is anything other rhan a flat rate (capped). I agree if performance is dire Stevens will get very little until such time as it improves.
I don't think you can say either thats it's two tranches of 1m or nothing if the target isn't met.
They describe each tranche as upto 1m. They also describe targets in the plural. There are more than 2 outcomes.
To say they won't get any of the 2m in shares if performance metrics are not met may be a bit of a jump. (That would be unusual but not unique).
I would expect fuller details when the resolution is put to shareholders.
I woyld expect there to be a lock in of some description. I think it is mandatory for EIS reliefs.
Although the 650k in shares for GMI is paid upfront we don't know the price, though I would expect it to be similar to the price just raised at.
I would also expect it to be conditional on all the other aspects. It should get clearer with the prospectus.
There is also the preceeding paragraph:-
"The terms of the Proposed Transaction involve the payment by the Company of £650,000 to acquire GML ("GML Consideration") and up to £3.35 million to acquire GBI ("GBI Consideration").
The GML Consideration shall be satisfied through the issue of new ordinary shares in NUOG ("Ordinary Shares") on Main Market Admission (as defined below)."
I am now a bit confused as to what is paid listing. It seems 650k in shares on admission plus 350k in cash.
Plus upto 2m for GBI over 2 years, plus a 6 percent royalty over time upto 1m.
Taxi,
Quite right. I am not sure how I managed to misread.
That will reduce the initial requirements for cash fairly considerably. There is still the need to be able to show 1yr working capital.
Maybe I am reading the pricing info differently. It doesn't seem to be a rental basis, those daily figures etc appear to be an amortisation over lifespan.
£6k for self install on a container ship (55m).
Currently they have 426 ships protected. The pricing information implies about a 7 year lifespan.
It is not clear how long they have been actively marketing but it would appear there is a reasonable chance of ramping up sales (and perhaps changing the delivery model)
Their pricing suggests a 90m run would be 1128 a year in costs according to their website.
I would have thought 3 month ought to be reasonably realistic. Some of the thing have required timeframes. Basic what they have to do is:-
- Arrange a conditional placing for 650k for Stevens
- Arrange ditto for working capital
- Publish EGM agenda for above (need more placing authorisation). Include approval for transaction and aim delisting
- wait requisite time
- Get business plan showing 12 months funding approved by lse and evidence the funds
- Get advisors authorised-approved
- Get prospectus approved by FCA (form depends on whether any funds raised on listing)
Not all of these can occur in parallel.
So a 4 bag get's you whole Kmack. I know you have been in long time. Best of luck.
AFF,
30 days ? No chance.
The first thing that needs to happen is a shareholder meeting to approve the transaction (they could probably dispense with this when delisted if the articles allow it).
The meeting needs notifying to shareholders and notice under aim rules (they may be suspendedbut bring still listed rules apply).
They need tk arrange a conditional placing for working capital so theycan demonstrate theycan cover their business plan and issue the prospectus, which again is a fairly time consuming process and has a mandated schedule under listing rules.
If they are in a rush and all goes well then maybe 3 months.
I think it is unlikely to help. It allows carry back of future losses against prior profits. There do not appear to be relevant prior profits.
Sadly they are within their rights to hold "closed doors" agm under the overriding regulations currently enacted.
Most would do virtual meetings though to at least allow the business to be discussed.