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After rearranging the two RNSs, things look pretty simple. Basically, the placing consists of three parts:
(01) Unconditional placing:
74,074,964 shares for institutional investors and
666,666 shares for the directors
Together, this happens to be 9.9999% of the shares in issue to date.
This position is relatively certain, the shares are expected to be issued on Thursday morning at 8am or later.
(02) Conditional Placing:
15,258,369 shares for the same (!) institutional investors in shares corresponding to their stake from (01).
This position was created because there is apparently a rule that does not allow the BoD to increase capital by more than 10% without shareholder approval. This is effectively an addition to (01) that requires approval in order to achieve the amount or quantities actually desired.
The prerequisite for this is that (01) is passed and that (02) is approved at the AGM. The shares from this would then be placed on the market after the AGM at the beginning of July.
The shares will also be issued at the beginning of July, if their issue was approved at the AGM. And they reserve the right not to serve customers, or to serve them only partially, despite a binding order.
In my head, this is organised as follows:
Items (01) and (02) go to institutional investors. Provided they are well chosen, and there has been plenty of time for this since the capital market event, these shares will disappear into the drawer for a long time.
Position (03) cannot become a gambling position. Firstly, the circle of buyers is very limited, and secondly, forward selling is highly risky here: you cannot be sure to what extent you will be served. In fact, you can't even be sure whether position (03) will even be approved by the AGM at the end of the month
My shareholding in AFC will be diluted by a maximum of 13.8%. However, AFC will also have £15 million more in its coffers, which will offset 75% of the dilution. I can live with that if it accelerates processes.
Money is currently very, very expensive. Although the ECB cut its base rate a few days ago, it is still above 4%, and the BoE is still at just over 5%. Raising 15 million as an AIM stock in such times is quite a feat in the current economic situation and shows the confidence of investors.
Instead of being wishy-washy like other companies, the RNS clearly states what the money is to be used for.
I don't see anything negative here at the moment (apart from my lower account balance) and will sit it all out. If there weren't quarterly and half-yearly accounts due in three weeks' time, I would even hope for short dips downwards tomorrow to add a few more shares 😊
Oh, I see, one paragraph was incomplete / lost in translation :-)
(03) The REX issue
13,333,333 shares for existing retail investors (i.e. people like us)
The shares can only be bought in the UK, only through certain brokers and only by existing shareholders. This severely restricts the customer base. Furthermore, the deadline for binding (!) ‘pre-orders’ is tomorrow at 5pm. You might think they don't actually want that.
The shares will also be issued at the beginning of July, if their issue was approved at the AGM. And the company reserves the right not to serve customers, or to serve them only partially, despite a binding order.
Thanks for your reply I appreciate it.
I agree Der Sack...
And nobody seems to have mentioned this...
"No part of the Proposed Fundraising is being underwritten."
So OK, 'institutions' have taken more than they need at 15p to make a quick turn but thats life...
And it meant I didn't have to bother II and mess around to get the amount I wanted...
Onwards and upwards..?
I would say it is as it facilitates these un scrupulous directors and other so called money men ii etc .Aim was a good index till the financial crisis when the fca clamped down on the big indexes. The corrupt moved over to aim and fca just turned a blind eye. In other walks of life some of the directors on aim would be locked up for false claims and promises fleecing the decent working pi who just want to make a few bob .Not saying bond is one of them but because of others I don't trust any of them
Afc :stinks ,it’s shown it’s private investors time and time again ,what they think of them !!!