Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I don't know why they want so much headroom anyway. Isn't Leap meant to be worth a few bob?
So I'm guessing the next news will be Big leap news coming, but it'll be 2022...so we need to raise to take advantage of this tremendous opportunity that only me or Alfredo could find...even though it's listed on the stock market.
It is reassuring if they are prepared to pay more .
Other side of the coin of course is that they identify a must have purchase further down the line . I won't say that they don't need to raise money as they have plenty in the kitty not being used at the moment Longlad and you know why!
However , they do need to clarify their intentions with the chairmans statement.
Well, that is reassuring!
So we have a former stock broker as a ceo , who has conveniently avoided buying shares....slip out a second rns saying that they will look to double the shares in issue....you can’t make this stuff up!
And someone posted ‘in Ed we trust’ here last week....mind boggling
By ‘they’ do you mean Ed & co? As in this is their way in to have a large % of the company?
No Longlad, they are saying 'free from the rights of pre emption' i.e. they can fill their boots and offer retail none.
Hi Lucky
So, my first thought is that this is ultimately good for shareholders, as we would be on the same basis as whoever they are lining up to come in, or whatever shenanigans they are up to....so no warrants or special conditions!
But this ‘resolution 5’ means free from pre emption rights!
Ed, shareholders deserve better than this constant second guessing.....and being led on....
Is there a pre emption right on issue of shares?
There is a statutory pre-emption right contained within the Companies Act 2006 which states that on an issue of shares, all existing shareholders of the company will be entitled to purchase a number of those new shares which are pro-rata to their existing shareholding.
What does it mean to have pre emption rights?
‘Pre-emption rights’ are a shareholder’s right of first refusal over the issue of new shares in the capital of a company (or, if provided for under a shareholders agreement or the company’s articles of association, the right of first refusal over the transfer of existing shares).
I'm not sure Longlad , others have so can ffwd.
Shareholders can vote against it unless the company comes out with their intention prior.
All very confusing as Ed was frustrated at it being below NAV , Chairmans statement unclear, no RNS or interview to clarify in the next couple of days and it is time to ring them eh?
Are you sure about not being able to issue shares below Nav?
The last raise was in January at 8.5p which was 10% below the Nav at that time.
Has there been any further light as to what ‘resolution 5’ means?
‘ Resolution 4 provides authority for the Company to issue new shares representing 100 per cent. of the Company's issued ordinary shares as at today's date, while Resolution 5 (a special resolution) provides that equity securities issued in accordance with Resolution 4 may be issued free from the rights of pre-emption contained within the New M&As (if adopted).’
Thanks lucky orange. I didn’t realise he can’t raise below NAV. That’s great news tbh. The potential raise was a worry for some but by them saying they’d like to is effectively them saying they expect to be, as a minimum, 50% up in the near term. Leap could be great. I expect it will be. All good here
Cheers Lucky Orange. A good part to the SEED family :)
If he thinks ffwd has a wonderful future and is senior Director at R&M which invests in small caps under £100 mill the question is why wouldn't they want to be in on it?
Just putting it out there 2+2 there are a lot of incestuous relationships (financially) that have existed will exist in the future with ffwd (which seems to be a winning combination for those involved), it is a money making vehicle for them as a stepping stone to other things which Ed recently proved.
As someone pointed out they can't do a fundraise at a discount to nav, anyone else's opinion appreciated.
Why do you think this lucky orange? And what’s the significance?
Still trying to work out what they are up to barwickman , it usually involves filling their own pockets , have a peek at the ones invested in River and Mercantile , it shows it on stock screener.
I have a lack of trust in CEO's , brokers , nomads et al, it is a healthy position because it makes you look deeper into what the buggers are up to .
good find Lucky.
Hence the request for issue of shares? https://www.marketscreener.com/quote/stock/RIVER-AND-MERCANTILE-UK-M-122419162/
https://www.marketscreener.com/business-leaders/Ian-Michael-Burns-0BT6XR-E/biography/