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The TOBD post seems to have gone! Was it too close to the truth?
Excellent point! Let's hope for a TO!!
TO being discussed?
TO by Dmitry?
macspoof your profile was created today, and I wonder if you have been posting with a different name previously?
mac I'm just pointing out a possible plan by the directors, which I hope won't happen.
The RNS on 24 Oct says -
"Eurasia, an established producer of palladium, platinum, iridium, rhodium and gold is pleased to announce that CITIC, one of China's largest investment banks and VTB Capital, one of Russia's largest investment banks (together the "Banks") have already started (even prior to signing their respective engagement letters) assisting the Company with strategic options for its current mining assets (the Company's Kola and Urals assets (the "Assets")), including assessing the proposals set out in the announcement on 15 September 2019.
If the Company was to dispose of both of its Assets, then AIM Rule 15 (Fundamental Changes of Business) would apply. Such a disposal would require shareholders' consent, an announcement which contains the information set out in Schedule Four to the AIM Rules; and be accompanied by a circular containing the details of the disposal and convening a general meeting to approve it."
It's worth looking at AIM rule 15. Sale of all or nearly all the assets results in a company becoming an AIM Rule 15 cash shell, with six months to make acquisitions that are a reverse takeover. The full wording of the rule is at -
https://www.lseg.com/sites/default/files/content/documents/aim/2018/January/AIM_Rules_for_Companies_January_2018.pdf
If EUA is a private company when an asset sale takes place, the AIM rules don't apply! What will happen to sale proceeds from MT, if it's sold by a private company? Maybe DS would like the sale proceeds to be invested in his new venture? Is there a plan for the company to be delisted to help with transfer of funds to a new venture without the consent of shareholders? We cannot assume that shareholders will get a special dividend from the MT sale proceeds.
Ian_, how confident are you that -
1 A new nomad will be appointed in the next week,
2 The share suspension will be lifted in the next month.
EUA shareholders bought the shares in a quoted AIM listed company. Of course there was a risk that the sp would drop, but most of us did not expect to run the risk that the shares would be delisted due to a nomad problem!
PP I think you've made a good argument that there was no deliberate inappropriate behaviour by EUA which resulted in the nomad resigning.
Is it possible that the AIM exchange could have put pressure on the nomad to resign because they didn't give EUA good advice about their obvious campaign to sell assets? Could that situation now be an issue for the new nomad?
"The Nominated Adviser, in its sole discretion, determines whether or not a company is suitable for listing on London's AIM. The ideal company would be one that is pursuing a strategy of aggressive growth, particularly focused on the U.K. and/or Continental Europe, with a solid executive management team and board of directors and well thought out operational and financial plans.
On an on-going basis, the Nominated Adviser will ensure that the London AIM-listed company is complying with the AIM Rules, review and advise on the nature and form of London AIM regulatory announcements and provide advice on business strategies and general market conditions."
http://www.aimadvisers.com/HowAIMworks-nominated-adviser.html
okfornow you have a very optimistic view. I hope you are correct!
Moneymaker, why do you think that the new Nomad will be announced on Friday? Wouldn't it be better to make the announcement tomorrow (i.e. on the last day for WHI as Nomad).
del, there may have been a few reasons for the resignation..
I hope there is a new nomad RNS by Thursday. As TDT says, the new nomad could insist on clarification of the CITIC relationship.
TDT, the reason for the WHI resignation is unknown to most people!
Someone on ADVFN called JakNife has said " FWIW I have been told that SP Angel are the nomad that are looking at taking over from WHI." The poster has some credibility. He claimed the nomad had resigned in February. I do hope that there will be an RNS about the new nomad on Thursday morning.
https://uk.advfn.com/cmn/fbb/thread.php3?id=45697222&from=1
The replacement Nomad will need to do some due diligence before taking the appointment.
bobrad, why do you think that?
Penguin you could try asking the Nomad for a reason for their resignation?
Jarr there is no point in deramping because the share is suspended..