WATCH the final focusIR/LSE Resources Webinar of 2023 (5th Dec 6 PM) with two sector companies, Trident Royalities and Kavango Resources, with an overview of the Rare Earth Sector and Markets from ACF Research. Register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMore Acqu Regulatory News (TMOR)

Share Price Information for More Acqu (TMOR)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.50
Bid: 0.45
Ask: 0.55
Change: 0.00 (0.00%)
Spread: 0.10 (22.222%)
Open: 0.50
High: 0.50
Low: 0.50
Prev. Close: 0.50
TMOR Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Update on Proposed Acquisition of Megasteel

24 May 2023 12:04

RNS Number : 5337A
More Acquisitions PLC
24 May 2023

24 May 2023

More Acquisitions plc

("More" or the "Company")

Update on Proposed Acquisition of Megasteel

Further to the Company's announcement of 22 May 2023, More announces a further update regarding the Company's proposed acquisition of Megasteel Ltd ("Megasteel", the "Acquisition").

The publication earlier this week of the revised terms of the proposed Acquisition, enabled the Board, in conjunction with its professional advisers, to engage in detailed conversations with key More stakeholders to answer any questions and to seek initial thoughts on the published terms of the revised deal. Following this exercise, it became clear that broad support existed amongst shareholders to continue with the proposed Acquisition, with them making a final decision upon the publication of the final prospectus and at the subsequent General Meeting.

Following the successful conclusion of this structured consultation exercise, both the More and Megasteel Boards agreed to move forward with the Acquisition with a view to completion and re-listing of the Company, as enlarged by the Acquisition, early in Q3 2023, on the terms announced on 22 May 2023 and subject to shareholder approval.

However, certain unsolicited and unprecedented actions by individuals other than the shareholders directly contacted by the Company, have now materially and adversely impacted the ability of the Company to move the transaction forward. In particular, it has become apparent that parties claiming to be shareholders in More have approached Megasteel's management and owners directly in recent days and engaged in abusive and threatening behaviour which has, understandably, been viewed as totally unacceptable by the owners of Megasteel.

As reiterated in earlier announcements by More, Megasteel is a cash flow positive, profitable, business, with a year-end cash position of over £10 million. There is, and will remain, no financial or operational imperative for Megasteel to seek a stock market listing.

It is therefore completely understandable, if entirely regrettable, that, faced with an unwarranted tirade of abuse and vitriol directly addressed at them, the Board and owners of Megasteel yesterday afternoon formally informed the Company that it was withdrawing from the Acquisition.

The Directors believe that termination of the Acquisition at this very late stage, after over eight months of successful due diligence, is not only deeply disappointing but was also entirely avoidable. But for the completely unacceptable and profoundly offensive actions of certain individuals, all More shareholders would shortly have had a chance to individually decide whether or not to approve the Acquisition.

It is self-evident that shareholders in More have the right to make their views known to the Company and its professional advisers, a right which observers will be aware has been properly and legitimately publicly exercised by a number of Company stakeholders in recent days. However, aggressive, abusive and threatening behaviour, targeted directly at Megasteel's owners and managers, is totally unacceptable.

Following the termination of the Acquisition, it is now the intention of the Company to lift the suspension in trading of its shares as soon as practically possible, at which time the Board will publish full details, inter-alia, of the Company's cash position.

Rod McIllree, Executive Director of More Acquisitions plc, said:

"The termination of the proposed Megasteel deal represents a massive, wasted opportunity; not only for More shareholders, who have now been deprived of their right to decide on the Acquisition, and potentially benefit from it, but also for the wider London stock market. The More Board understands and empathises with Megasteel's owners, whose first direct 'interaction' with individuals purporting to be UK small cap investors has proved to be such a distasteful and unpleasant experience.

The Company will now restart its review process with a view to identifying other suitable acquisition opportunities for More."


More Acquisitions plc

Rod McIllree/ Charles Goodfellow

Peterhouse Capital Limited  +44 (0)20 7469 0930

Financial Adviser

Narisha Ragoonanthun/ Guy Miller/ Brefo Gyasi 


Lucy Williams/ Duncan Vasey


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Date   Source Headline
1st Dec 20234:13 pmRNSResult of Requisitioned General Meeting
8th Nov 20237:00 amRNSUpdate regarding Requisitioned General Meeting
3rd Nov 202312:31 pmRNSNotice of Requisitioned General Meeting
31st Jul 20235:32 pmRNSHalf-year Report
10th Jul 20232:56 pmRNSResult of AGM
16th Jun 20232:43 pmRNSNotice of AGM
1st Jun 20234:05 pmRNSDirector/PDMR Shareholding
31st May 20233:01 pmRNSLifting of Suspension and Cash Update
24th May 202312:04 pmRNSUpdate on Proposed Acquisition of Megasteel
22nd May 20233:30 pmRNSUpdate on Proposed Acquisition of Megasteel
17th Apr 20237:00 amRNSUpdate on Proposed RTO
13th Dec 20227:00 amRNSAudited Accounts to 31 October 2022
23rd Sep 20227:45 amRNSAcquisition - Megasteel and Suspension of Trading
23rd Sep 20227:30 amRNSSuspension - More Acquisitions Plc
22nd Sep 20228:19 amRNSHolding(s) in Company
8th Sep 202212:08 pmRNSHolding(s) in Company
19th Jul 202211:55 amRNSDirector/PDMR Shareholding
13th Jul 202212:43 pmRNSHolding(s) in Company
31st May 20227:00 amRNSHolding(s) in Company
5th May 20224:06 pmRNSHolding(s) in Company
5th May 20222:11 pmRNSHolding(s) in Company
4th May 202210:48 amRNSHolding(s) in Company
27th Apr 20227:00 amRNSHolding(s) in Company
22nd Apr 20227:00 amRNSDirector/PDMR Shareholding
1st Apr 20222:57 pmRNSDirector/PDMR Shareholding
17th Mar 20224:25 pmRNSDirector/PDMR Shareholding
10th Mar 20224:15 pmRNSHolding(s) in Company
4th Mar 20227:00 amRNSFirst day of dealings

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.