Bradda Head Lithium exceeds targets, secures US$3 million royalty and moves closer to production. Watch the video here.
...so I've just picked up another 83,822 shares
Be good to see/hear what CF has to say tomorrow evening!
Don’t listen to Motley Fool! At Xmas they tipped Bab**** and Glaxo so I bought shares off the back of their advice... Within a month both had dropped between 15% & 30%... I’m definitely keeping my Amigo shares if MF are saying don’t...!
Why would anyone buy this at this spread? Confused...!
Just picked up another 14613 and 27904 at 28.78p... The lowest they've been to buy this month...
News is just around the corner and time is running out to get the next rise...!
And Part 2...
leave it free of any debt and for it to become a cash shell. At the same time, the company would effect a fundraise to provide it with the funds required to retain its AIM listing and enable it to seek to acquire an asset or business that has potential for growth and profitability."
The sale constitutes a fundamental change of business and thus requires shareholder approval at a general meeting, which will be held March 2.
Approval for the placing will also be sought at this meeting. The placing will be of 1.57 billion shares at GBP0.001975 per share, raising GBP3.1 million before expenses. Mountfield shares closed at 0.60 pence on Friday and were suspended from trading before the London open on Monday.
Shareholders representing an approximately 55% stake in Mountfield have submitted irrevocable undertakings to vote in favour of the resolutions, the company said.
The sales will mean Mountfield no longer has any trading businesses or activities and will become an AIM Rule 15 cash shell. It will be required to make an acquisition constituting a reverse takeover, or be re-admitted to AIM as an investing company, within six months.
Failing this, its shares would then be suspended from trading. Admission to AIM would then be cancelled six months after suspension if the reason for suspension has not been rectified. Mountfield intends to pursue a reverse takeover transaction, though has not yet identified any potential targets, as this will be the new board's primary responsibility once Collins and Read are gone and new directors replace them.
Following its transition to a cash shell, Mountfield intends to change its name to UK Spac PLC, a special resolution to approve this change will also be proposed as soon as possible after the deal completes. Spac refers to a special-purpose acquisition company, an increasing popular vehicle for new listings, particularly in the US markets.
Mountfield has requested temporary suspension in AIM trading of its shares until the general meeting to approve the decision completes on March 2.
The company also noted it has appointed Peterhouse Capital Ltd as broker with immediate effect.
Bazzaman
That's what they used to do... The following might help explain what happened;
Mountfield Sells Operating Arms, Plans Fund Raise To Become Cash Shell
Mon, 15th Feb 2021 13:24
(Alliance News) - Mountfield Group PLC on Monday said it has conditionally agreed to sell its operating businesses in a management buyout and become a cash shell instead, planning to raise GBP3.1 million in a share placing and look for new investments.
The Wickford, Essex-based commercial flooring and specialist construction company has agreed to sell both Mountfield Building Group Ltd and Connaught Access Flooring Holdings Ltd.
Mountfield Building Group will be sold for GBP1.7 million to Mountfield Holdings, composed of GBP113,334 cash plus assumption of MBG intra-group debt. Connaught will be sold to Connaught Group for GBP2.3 million, of which GBP842,188 will be in cash and the remainder the assumption of a Connaught intra-group loan.
The buyers are owned by Chief Executive Andy Collins and Executive Director Graham Read, who will resign from the AIM-listed company on completion of the proposed sales. Cash received from the management buyouts will be used by Montfield to help pay off bank debt and trade creditors.
Mountfield's operating profit multiplied to GBP1.13 million in 2018 from GBP203,895 in 2015. While there was a GBP278,322 drop in 2019 operating profit to GBP850,851, the company had at the time viewed this as resulting from "problems with a particular contract which were unlikely to be repeated".
However, the first lockdown in March 2020 brought Mountfield's growth "to an abrupt halt" and it reported a steep drop in half-year pretax profit in 2020 to GBP80,605 from GBP719,056 a year before.
Mountfield Non-Executive Chair Peter Jay explained: "The company's trading position has not improved since 30 June 2020, with turnover, operating profits and the levels of secured turnover continuing to run at levels not seen since the recession of 2008 and 2009. The directors anticipate that the group's operating profits in 2020 are unlikely to be significantly above break-even."
This drop in profitability has hurt cash flow and it has becoming "increasingly difficult to support the costs of maintaining the company's AIM quotation". Additionally, company directors are no longer willing to keep providing personal guarantees for Mountfield's bank overdraft facility.
Should the current trading pattern persist longer than expected, or further deteriorate, Mountfield said it may not be able to continue as a viable business in its current form.
Jay said: "The directors, therefore, concluded that the solution to the company's present problems that offered an opportunity for shareholders to see value accruing to their ordinary shares would be for it to dispose of its two trading subsidiaries, Connaught and MBG, with the purchasers agreeing between them to assume all of the company's liabilities, leave it free of any debt and for it to b
I’m not selling any of my ORPH shares but have had a punt on MOGP with some spare cash too...
GLA
I think it's worth following the money here (MOGP) too. Two RNSs both buying nearly 5% this morning says something is afoot so worth a £5k punt for 1.5m+ shares and wait and see what happens...
My birthday present to myself! :-)
Chris Potts
Senior Consultant
Lane Clark & Pea**** LLP
I am a Senior Consultant within the Investment team at LCP. I help pension scheme trustees meet their investment objectives through clear advice based on their specific circumstances. I advise clients with assets under management ranging from around £200m to over £2bn.
And Open Orphans's investment company just bought nearly 5% too...
Time to take a punt I think!
News today would be a very welcome birthday present for me...!
Trader_3 Re: Buffett quote - “The stock market is designed to transfer money from the active to the patient.”
Very wise words and I'm going to be patient with ORPH which represents around 60% of my portfolio but nice to see that HEIQ (which represents another 20%) doing well today!
And to finish on two more Buffet quotes: "Risk can be greatly reduced by concentrating on only a few holdings." and "Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing."
I just hope I know what I'm doing...!
GLA
This is just the big boys driving the SP down so that all us little people get scared and sell their shares. They need us to sell so they can buy so if you want to sell at a loss now then that's your choice BUT this will go back up once they start hoovering up all the sells and get what they wanted in the first place.
The day we'll all find out if we were right or wrong is the day the SoA gets approved or declined. If it gets approved we'll all make many times our investment and if it gets declined we'll all be licking our wounds. I just can't believe the likes of Bycroft and JP Morgan would invest the tens of millions they've invested over the last few days if they thought for one second that this gets declined!
DYOR and only invest what you can afford to lose...
GLA
shandypants2 - I'm sitting on them I promise! ;-)
That's a really poorly argued statement designed to make PIs feel scared and sell.
The fact is that us PIs don't have tens of millions of shares in Amigo (with the exception of Vinson!) so this remains an investment that will either make you several times your investment or, if they don't get the SoA signed off, one that will cost you most or all of your investment. The risk/reward here is high but I ask myself the following question; Why would JP Morgan and Bycroft risk tens of millions unless they thought there was a blooming good chance of us seeing Amigo 2.0 in April...?
Don't bet what you can't afford to lose BUT I think the potential rewards here are well worth the risk.
DYOR and all that jazz...
I've been in and out or AML since last year when I bought in at 36p. I've bought and sold many times. Sometimes I wish I hadn't sold and sometimes I'm glad I did. I've listened to the chat on this board for almost a year now and I've noticed one thing...
Every time the SP drops you get a bunch of naysayers spouting all sorts of negative stuff but they are never around when the Sp jumps back up... Funny that!
We all know that the journey from South to North is never a straight line and sometimes means doubling back on itself. You either believe this company will ultimately be a good investment or you don't and discussion is good but negativity for the sake of it is only ever designed to get the weak to sell their shares and lose their money.
I find the best way to deal with the naysayers is to use the filter button and try not to engage.
For the record I bought back in today at 1915p
GLA
Unfortunately not all of us had the aforesight to buy ORPH shares at 5p a year ago DumbledoresBeard. Some of us have ploughed in recently at 25-32p and are waiting for something to happen other than ethics approval to see some upward momentum. I'm in this for the long run with far too many shares than I should have but some positive news on the many things in the pipeline would be gratefully received.
No criticism intended either just want CF to throw me a bone to chew on to keep me happy... :-)
Well let's hope the nominated advisor rules quickly as I suspect nothing much is going to happen until a decision is reached...
Did I read somewhere on the board that Cathal Friel wants to buy more shares and has asked permission to do so? And if that's the case, does anyone know when permission might be granted/denied and by whom?