Hi All...20 Apr 2010 13:07
Hi Guys, I’ve just had a chat with Mark Burchnall of CLN and NYO. Very amenable character, I had sent him an email, but he felt it would have been a very bland reply and thought a telephone call would be better – he has been trying to get in touch since last Friday, so I’m very impressed with his consideration to the PIs. The conversation was very limited on content though (as per the AIM rules), but here is what I have surmised from his standard replies.
They are still looking at reverse takeovers for a couple of options, and intend to pick one that gives the best medium and long term return to investors. He implied that the Tobon acquisition was concluded to be too costly to get up and running soon enough to provide a return.
I asked him if CLN needed to re-list onto AIM. He said not technically as they are still listed, but as they will be changing from an investment company to an explorer/production [my words] company they had to satisfy AIM that they have 12 – 18 months of funds available to continue as a going concern (I feel this gives a bit of security). This has to be documented in a report ~ 100p pages long so obviously will take time – I feel this confirms that there are still a few irons in the fire.
He said a Competent Persons report was required prior to any acquisition (I read that a Competent Person has already been contracted, and his assessments are underway) and this would result in a ~40 page document from the competent person which would then have to be assessed and reported on further.
He seemed to imply that there would be no information coming imminently and understood my frustration at the lack of RNSs, but he said that under AIM rules you have to more or less go from acquisition to re-listing/trading in one move. So when information is forthcoming it should happen fast.
As I say, very nice fella, short on any juicy information and the above is only me reading between the lines, but he did give me confidence something is still happening.
One final thing he did mention is that since he has been at the company (12-18 months?) no Director or Exec. have drawn any salary from CLN so they are not just sat there drawing our money.
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