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Ah ok if it's 14 days that grand - would be a lovely Xmas present though
No 14days .
Yep 21 days notice for a public company - presume they will want to do before christmas so about a week !
Needs shareholder approval, the window is narrowing to get that done before year end.
There will be no update on Egypt until contacts are signed,We can assume the legals are still being processed,there are about 10 different companies in Egypt.
We need an update. This is just drifting and without any news will just head lower. Funnily enough, i can sell 20k GBP in one hit, so there is some taste for them.
It'd be a bit embarrassing to sell the company for substantially less than the 11p cash agreed with Tenaz.
Ok pessimist,prospective buyer !!!!
At the moment there is no Egyptian buyer we know of...
I am a bit surprised the Egypt buyer did not bid for the whole company .It might have been cheaper
As at end Sept all was on track
"and I am pleased to say that the process remains firmly on track and the disposal, if completed, would constitute a fundamental change of business pursuant to AIM Rule 15, because the consideration, as currently calculated in the Heads of Terms, will significantly exceed the market cap Consideration Test threshold. "
It doesnt really matter when it is done so long as it is done.But Macbeth was right.'If it were done when'tis done ,then 'twere well it were done quickly
Not looking good this side of xmas...
Notice of 14 days is required
Yes Smelly,that makes sense.
They said they expect to complete the transaction by year end. As completion Requires shareholder approval which needs around 28 days notice I am hoping for some news in the next 2 weeks personally
On the plus side, year end is now less than 2 months. I would hope for an update soon.
Someone on ADVFN queried it
Of course, why would they sell if they couldn't!
SDX have confirmed that they will be able to repatriate up to 100% of the sale proceeds.
I have noticed for some while that any large buys are followed by big sells.Someone is trying to keep the price down.The Egyptian sale will make it irrelevant
I think I could agree with you Legache but I am sure Jay and co have other ideas but they need to convince the market.As far as Egyptian proceeds are concerned,the assets are valued at $25001 in half year 23 accounts.After the write downs in 2022 I suggest this is not an overvaluation and additional income will have been accrued in view of capital restrictions.
I have never come across business sale below the asset value suggesting a price of £20m compared to £8.7 for the whole company.What do you think ?
There does seem genuine uncertainty surrounding the Egyptian disposal. I also think the lack of strategic comms, about how the business will actually make money going forward is problematic and holding back the share price. Having 33 million in assets without producing a reasonable net profit is another issue. Whats the point of all these reserves if not to create significant FCF. I honestly think we would be better selling off Morocco as well and returning the money to shareholders. Although, thats not going to fly.
Legache we all have to make our own minds up.The facts are the facts.The main issues here are the Egyptian sale and the dilution on the conversion of the Aleph loan.Past history of previous management incompetence is just that,history. In my opinion the new guys are on the ball,savvy on finance and dealing.In general small caps are a no go for most investors at the moment but once the sale is confirmed this should fly.If the current deal is aborted there were other interested parties so not a catastrophe
Why do we think the cap is at the level its at given all these facts...
I have several views but the point of these boards isn't for me to hear those....