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Is the day the 100 for 1 consolidation will show up on the exchange ... so expect it to be up 10,000% on the top risers board and draw a lot of attention from others who are still in the dark.
If .033p was the mid closing price on Friday, that will become 3.3p., but with the late news on Friday and further RNS's on Monday, I anticipate this will be a lot, lot higher.
The name change will also follow too ... it is still to be confirmed at Companies House (in the next 5 days from Friday), but is showing as a done deal in the overview...
Could there have been a stand-off between the long-serving Chinese and The Sheikh that resulted in the 3 resolutions to be not accepted ... there are still a number of Chinese major shareholders who are no longer over the 3% threshold, but still have a considerable stake if they voted in concert... did they gang up?
0.33p so 33p after consolidation??
or of course 0.33 becoming 33p............!
The circular announcing the GM included this sentence:
"It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence on or around 10 June 2019."
The RNS giving the results of the GM didn't announce a different timetable. So I think the consolidated shares, and the new name, should hit the exchange tomorrow (Monday). Of course, it may take various platforms etc time to catch up. BEWARE limit orders in the meantime.
As for the name change, it's already been done at Companies House. You may remember that a new company was registered with the name ADM Energy, to make sure nobody else could squat on that name. We said at the time that this new company was only needed temporarily to bag the name - the action itself would involve the company known as MX Oil changing its name to ADM Energy, and the new temporary ADM company having its name changed to something random now it's no longer needed.
Well sure enough: Here's the old company that used to be called MX Oil. https://beta.companieshouse.gov.uk/company/05311866/filing-history. Now have a look. It's ADM Energy Plc.
As for the temporary, new, company that was registered as ADM Energy. Well wa'd'ya know - https://beta.companieshouse.gov.uk/company/11950514/filing-history - it's had its name changed to MX Oil Ltd (not Plc - because that company is not listed).
All done and dusted.
My mistake with share price ... should be 33p ... micro-penny shares are so confusing and are displayed in many different formats.
In Friday's RNS:
In respect of the issue of new shares to facilitate the share capital reorganisation, 36 new shares will be admitted immediately prior to the share capital consolidation. Further, 100,000,000 ordinary shares, which have previously been issued and announced but were not admitted due to an administrative oversight, will be admitted. There is no change to the anticipated new issued share capital as announced in the Company's circular of 22 May 2019 as a result of this admission.
The New Ordinary Shares, as a result of the consolidation, are expected to be admitted on 11 June 2019.
So it is Tuesday?
My mistake - yes, that sounds like it's Tuesday.
Not sure if this has been asked already, sorry if it has.
Consolidation on Monday, 44.7m shares in issue. If the 'forgotten' shares are issued on Tuesday, will we end up with 144.7m shares as they are issued post-consolidation?
Or, are these forgotten shares considered to be pre-consolidation and we will end up with 45.7m shares in issue on Tuesday?
Thanks
They are 100m shares pre-consolidation.
I believe somebody on these boards emailed the company to ask, to which they confirmed
Hi Quite, thank you for your reply.
Hi,
Yes, t'was me...
DEFINITELY pre-consolidation ...
From Cairn: "This is pre consolidation. These shares had already been announced in previous announcements and there will be no change to advised share capital pre-consolidation or the post consolidated holdings."
-- BB --
The 100m must be the shares "issued" on 20th Feb 2018 as I can find no AIM notice of admission for them. One wonders who the buyers were to "forget" they should have had £500k worth of shares in their accounts.
https://www.investegate.co.uk/mx-oil-plc--mxo-/rns/placing-and-update-on-the-aje-field/201802201430114262F/
Looking good for Monday rise and then a huge rise on name change and consolidation for tuesday
We have another lifting of crude this month too
"If .033p was the mid closing price on Friday, that will become 3.3p., but with the late news on Friday and further RNS's on Monday, I anticipate this will be a lot, lot higher.
"
kentan ... really ???!!?? It is 0.33p NOT 0.033p ... not even sure what you have been smoking to be talking about 3.3p a share
Remember the SP was a whole ha’penny this time last year(19 June 2018). It’s catch up time
Mitch, he said 0.033p for Fridays price do clearly wrong. You then stating the price in pounds just adds to the fact you can't pick up simple concepts
Do = so (thanks phone). Not that it matters when Mitch can't even grasp the basics.
Was there any press coverage over the weekend? I’m in Oz
Whilst we’re shown that buys outnumber sells by six to one, the trades are small and the spread is large.
People may be concerned that there has been no confirmation of the appointment of a director - or Chairman - or the future direction of the Company
Was anybody here at the EGM? It would be nice to know what happened
The expected new Chairman will not be confirmed until after consolidation and the name change is complete. Relax. Have a little more patience.
The new website was working perfectly yesterday, I even e-mailed them to point out a typo.
FML its dull today