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Posted on another site:
Crowd for Angels (UK) Limited (CFA or the Company) notes the statement from Eight Peaks Group on 30th April 2019 and the Circular to shareholders regarding the proposed cancellation of admission to trading on AIM. CFA currently holds 546,840 shares in Eight Peaks Group, giving the Company a stake of just over 3%. Having taken into account the contents of the Circular, Crowd for Angels confirms that it will be voting AGAINST all resolutions proposed at the General Meeting to be held on 16th May 2019. In particular, the Company has great concerns over Resolution 1 (the Cancellation Resolution) that, in Eight Peaks own words, if passed, will result in there being no formal market mechanism enabling Shareholders to trade Eight Peaks Ordinary Shares. Given the limited and vague information provided in the Circular, the Company has no confidence that the Directors of Eight Peaks have any desire to put in place an alternative trading facility if the cancellation resolution is passed. The Company recognises that AIM has its liquidity drawbacks. Regardless, it believes that the cancellation of the listing will result in either no trading facility being available to Shareholders or a highly illiquid “matched bargain” facility being offered, which will significantly reduce or even eliminate the liquidity currently offered on AIM. With only modest cost savings expected from the proposed cancellation the Company believes that the Cancellation Resolution is not in the best interests of Eight Peaks shareholders. Crowd for Angels therefore encourages fellow shareholders to vote against the proposed resolutions. Private shareholders with shares held in nominee accounts are encouraged to contact their stockbroker to instruct them to vote against the resolutions. For further information or to contact us email 8pg@crowdforangels.com
Useful find, Tank. Which site was it on, by the way?
According to 8PG website, CfA hold 3.7%, though this may not take into account the most recent dilution. That statement “approx 75% of (shares) held by 12 different Shareholders” is somewhat misleading. These 12 are listed on the website, total 74.6%, but include Nominee accounts of Hargreaves (7%), Interactive Investors (4.3%), Jim (one of those Panama Papers names!?), 4%. Ignoring the last one, together with CfA, this equals 15% not in the hands of Zaf and his pals, reducing the vote in favour to a potential 59.6%. In other words, there is a potential free float of 40% of the shares. More than enough. It's just an excuse for the proposal now he thinks he has the 75% he needs. AAZ, for example, has 43.4% owned by only 6 individuals and that company is a roaring success. If Zaf hadn’t cleared out all the small holders at the consolidation, there might be more small trading going on, so it’s his own fault (although we all know that was part of the plan).
So the next phrase about “limited free float (not offering) investors the opportunity to trade in meaningful volumes” is simply not true. The low volumes over recent months are because Zafs own machinations have destroyed the SP to a point where there is no point in trading it. We need a meaningful share price first. Besides, it’s not the volume, but the value. With a near 400:1 consolidation, of course volumes will be way down, but the value will be the same.
In the days when the SP meant something, there was tremendous sentiment around it seen in the spikes of mid’16 to mid’17. VS has moved on enormously since then and has plans to float. With this being the stated objective of 8PG, this is definitely not the time to be calling it a day. It also says, this is the reason Zaf wants to take it private – to have all the VS value to himself.
I haven’t sold yet, as I’m not convinced the fat lass has sung. I’d like to see the returns from VS at least. I do wonder who is making these purchases at the moment, though…
It's on Crowd website and ADVFN share chat.
It looks like Karim might have written his own P45 if shareholders spend a few minutes getting in touch with their brokers and vote no.
If the vote is no and Karim is removed IMHO the share price would fly, finally giving shareholders the chance of making money.
Please, please take a few minutes to vote no.