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22nd Jan 2024 7:00 am RNS Placing at 1p per share and Board Changes
"The Directors of More Acquisitions Plc (LSE: TMOR) are delighted to announce a placing as well as board changes designed to facilitate the Company's next phase of growth.
Highlights
• Appointment of two highly experienced company directors to the TMOR board. Neil Sinclair will move to Executive Chairman and Stanley Davis as non-executive director.
• Fundraising of £312,240 through the issue of 31,224,000 new ordinary shares of £0.01 each at a price of 1p per share ("Placing Shares") with 2 free attaching warrants for every 1 Placing Share issued exercisable at 1.5p (exercisable at any time during the 60-month period from 4 March 2022). These options are on identical terms to those granted to investors at the time of the Company's IPO.
• Current director Charles Goodfellow will remain on the board with Roderick McIllree retiring effective immediately.
Rod McIllree, Executive Director of More Acquisitions plc, said:
"Today marks a significant point in the evolution of More Acquisitions. The appointment of Neil and Stanley to the Board of the Company marks an exciting step towards the execution of a reverse take-over which is expected to be value enhancing for all stakeholders. They begin their tenure on a positive note by investing in the Company at a significant premium to the market thereby confirming their faith in their stated objective of value creation. I am very confident I leave the company in good hands and look forward to continuing as a shareholder as it now moves through these next value enhancing steps."
Board Restructuring
The Company is pleased to announce the appointment of Neil Sinclair as the Company's new Executive Chairman, and Stanley Davis as a Non-executive Director to the Board.
Neil Sinclair - Executive Chairman
Neil Sinclair has over 60 years' experience in the real estate sector. He was a co-founder of Sinclair Goldsmith, Chartered Surveyors, which was admitted to the Official List in 1987. ... He co-founded Palace Capital plc with Stanley Davis in July 2010 and helped build a £280m property portfolio. He served as Chief Executive Officer until June 2022. ...
Stanley Davis - Non-Executive Director
Stanley Davis is a successful entrepreneur who has been involved in the City of London since 1977. He founded a company registration agent, Stanley Davis Company Services Limited, which he sold in 1988. In 1990 he became Chief Executive of a small share registration company which became known as IRG plc. ... Palace Capital ... He served as Chairman until December 2021. ..."
https://www.lse.co.uk/rns/TMOR/placing-at-1p-per-share-and-board-changes-enaek5bxj7x278u.html
This placing at 1p shows that people were absolutely right to object to the proposed 'rip off' RTO at 0.5p.
But let's now move on: well done to TMOR on topping up TMOR's funds at a good price.
TMOR's placing today is at a 100% premium to its pre-existing s.p. of 0.5p.
This demonstrates the intrinsic undervaluation of a main-listed shell trading at sub-cash, which are very rare.
Especially with the 'tap now turned off' for the supply of new micro-cap main-listed shells: since early June last year, 'new' shells have been banned from floating on the main market with a sub £30M. market cap. (previous minimum only £0.7M.)
A similar shell to TMOR, Milton Capital (MII), rerated upwards recently on similar news to TMOR's today.
Probably the best such opportunity now left is Aura Renewable Acquisitions (ARA): currently just 6p, market cap. £630K.
And the new directors are 85 and 80
Hedgehog, personally, I'm not investing in anymore shell companies, as I think the poor market conditions has been used as the scapegoat for many advisory companies taking a fair amount in fees off the shell companies to do DD on a company, which has very small likelihood of going ahead and ends up being aborted.
Only winners of late in this area, appears to be the companies "advising" the cash shells, and let't not forget some of these business have also been compensating the BOD via Salaries other compensation.
Aware ARA, does not compensate directors and has not yet signed a HOT to acquire another business, but just giving my personal experience of what I've seen happen as of late.
AIMHO,DYOR,GLA!
Nice mover, have a look at #DGI Areta® Motor Patent Granted in China - Patent accelerates expansion in the world's largest market for electric vehicles
Time to buy #DGI before the JV deal signed by TESLA
0.24p paid last Friday and 1p target by end of this month. Good luck buying cheap now.
"And the new directors are 85 and 80"
Jessie,
They are mere wippersnappers compared to Warren Buffett: aged 93.
However, we shouldn't hold their comparative youth & inexperience against them.