Dimension Resources Share Discussion Threads

[mister md] 16/9/2010 14:33

thanks for your thoughts - I guess now its a case of wait and see what they reverse into it.

[dusseldorf] 16/9/2010 12:13

Mister MD - Not really certain on the price. The subscription of new shares is fairly closed - I subscribed today and Brian indicated he had already received confirmation today and had wondered who my broker was acting for, which suggests he knows all the subscribers. First time around there was plenty of time and more people could subscribe given lenient timescales, this time around it's promoted much less (brokers were returned original funds and told 'if of interest' they could request another placement invitation letter - dated 13th Sept, closing date 17th Sept) and everyone was given just one week and only those who attended EGM I guess got the letter - I asked for it given I am self classed (lol!) as a sophisticated investor given the amount of stock I already own. Thus, Stock at 0.1p should be tightly held as long term holders like me are using as case to average down.

That said, we've been off market for over 1 year so there should be quite a few frustrated holders or those who have written it off who will likely want to sell. We delisted at about 0.375 - I'd be suprise to see us return any higher than 0.15p given selling pressure.

There are only circa 3 - 4 months before (fingers crossed) a reverse is affected. Though I doubt we can get funds for aquiring a large project at 0.5p as put forward before (unless say we have a board full of suitably qualified individuals to 'add value' to the shell), I believe 0.25 - 0.4 is quite possible and as such investment at 0.1 represents value for money...

My overall average is just shy of 0.3p/share after participation in current placement round. I would like 0.5 - 0.75p /share within the next 12 months and believe given the appropriate opportunity that this is possible.

I also believe Brian is converting any outstanding working capital owed by the company to him (I think he has loaned in the region of £20 - £50k as working capital over the past year). This will likely bring his average stock price down to circa 0.3 - 0.4p a share (a guess based on his historic participation in stock issues). The commitment to equity is encouraging as in the past few years Brian has not taken any salary, nor has Jonathan Moorley-Kirk

[mister md] 16/9/2010 11:55

Dusseldorf - do you expect this to relist at the 0.1p mark ? And if they do reverse something into it then what can we expect?

[dusseldorf] 16/9/2010 08:58

Bedsidemanner - The new issue of DMR equity (the 150m shares) will be in certificated form (paper) sent to the broker raising the request e.g. TDWaterhouse, Hargreaves. presumably the broker I go via will CREST and retain those paper copies OR lodge them with equiniti who will facilitate.

"Share certificates will be dispatched within 7 days of the Placing becoming
unconditional."

so:
1. Can I lodge the paper cert with my broker? - YES
2. Will this share ultimately be traded via CREST electronically? - I BELIEVE AND HOPE SO, YES

[orvil] 15/9/2010 22:06

Bedsidemanner- I have not held a share certificate for many years-including DMR they are all aim/plus stocks and held in nominee accounts with my broker-Hargreaves Lansdown-I always trade electronically.

[bedsidemanner] 15/9/2010 20:19

Sorry to sound ignorant BUT all my investnments are now in investment trusts I only have very few single equity holdings.

This is the only equity I have where I still hold a share certificate. Is this the same for every one?

1. Can I lodge the paper cert with my broker?
2. Will this share ultimately be traded via CREST electronically?

In anticipation, thanks.

[dusseldorf] 15/9/2010 17:18

No problem - I know how frustrating a lack of information can be.

The funding is to be collected prior to listing on PLUS. The last date for applications for new share issue placement of 150m shares at 0.1p is 17th September. Funds (if applied for shares) have to be with the company 5 days prior to re-list date. Though the date has not been set...I'm assuming it's chicken and egg. We won't get a date until all uptake has been finalised.

..but given deadline is 17th September uptake will be known within 1 - 2 weeks. hopefull next week we'll appear on Plus website as an application.

There will be a total of 416m shares in issue after subscription..

[ianbrewster] 15/9/2010 14:54

I'll second that.

[bedsidemanner] 15/9/2010 14:50

Duss

Many thanks once again for keeping us informed.

[dusseldorf] 15/9/2010 11:25

I have contacted Brian and the application to Plus 'should' be submitted this Friday 17th September (EGM passed all resolutions and balance sheet is now 'very clean'). Therefore assuming a 5 - 10 working day processing I'm hopeful we'll be listed by end September (or at the least have our name mentioned on Plusmarketsgroups' new applications page!). I'm not sure how the fundraising is linked into this - do we have to raise funds prior to re-list or just after re-list - am unsure.

I have asked for a letter on fundraising which should make things clearer. I half expect that our application may be shown on Plus, but there may be a short delay whilst funding and new stock is issued prior to a full re-list.

I also enquired regarding prospects for reversal and though more than one project is possible, the most likely is still an Ivorian Coast gold prospect. Targetted for year end/jan.

[flojo] 13/9/2010 15:35

Anyone heard how the meeting went?

[flojo] 10/9/2010 12:28

Cheers Duss.

[dusseldorf] 10/9/2010 09:57

FLOJO - The meeting on Monday clears the way for listing on PLUS. He's already discussed with PlusMarkets and I believe in principle agreed the listing - pending moving the stock to CREST based broker Equiniti. It depends how efficient Brian has been - I believe a Plus listing can be progressed in 5 - 10 working days from 'go' which hopefully is Monday or Tuesday - but obviously as part of the re-list, there has to be an associated capital raising, issue of new stock etc... I believe Brian has commitments for the total circa £150k - £200k needed.

..so after Monday I will approach Brian for a date. He's indicated to brokers this will be in September, but given historic performance I'll believe it when I see DMR listed on the Plus website with a fixed list date...

[flojo] 10/9/2010 08:59

Morning Duss ,after the meeting on monday,will there be a date for relisting on plus-regards.

[flojo] 28/8/2010 16:12

Many thanks Duss

[dusseldorf] 26/8/2010 07:53

Flojo - Those shares remain, and you will be able to trade them via Plus (not sure whether Plus only listed shares can be traded via your normal broker online - I'm assuming they can) regardless they can be traded somehowe.g. via telephone which is a giant leap(!) - so you will have the same amount of shares. In November there was a private placement of new shares to raise up to £150,000 @ 0.1p open to existing shareholders, and anyone who was involved in that will have their money returned as the shares were never issued and they were held in Escrow.

[flojo] 26/8/2010 07:46

Duss sorry to be ignorent,what does that mean for my shares which were suspended with TDW last year which i have held for years?

[dusseldorf] 25/8/2010 17:32

Brian has written to nominees informing that depository interests cannot be carried when changing registrars. Looks like anyone subscribing (way back in last year) will have their funds returned and those still interested can re-subscribe if they request to Brian.

Letter also states that Dimension expects to be listed on Plus in September(!)

...though I have seen similar optimism in formal documentation before, the ducks do appear to be lining up....

[mister md] 24/8/2010 08:29

mine also in TDW nominee account, though was never able to deal in them online

[flojo] 24/8/2010 07:36

Many thanks Duss,my shares are with TDW nominee,will they give me notice through there coporate action department ? They usually do,but i have heard nothing up to now.

[dusseldorf] 23/8/2010 16:39

Flojo - it means
1. that the movement of registrar is happening so we can certificate our shares if we want and they are easier to administer and transfer in UK
2. that we can appoint up to 8 directors instead of 3, meaning it's better prepared for 'upscaling' - a very positive move IMO
3. that the shell is 'immaculately' clean with no deferred shares etc.. easy to see on future actions what the share structure is, no need to be aware of historic actions
4. Cleared the decks allowing for payment of dividends so no blocks in the form of technicalities in terms of company structure
5. Ready for a re-list as of 15th September i.e. no technical issue preventing it whereas there has been up to now

..so as with orvils comment, it is positive that we are heading to a relist and that can actually now happen 'from' 15th Sept. Admission document has also already been written and Brian has already met plus markets group to discuss an adminission (probably what led to move to equiniti). IMO either we re-list in back end September or latest early October - else I'll try jumping up and down..

[flojo] 23/8/2010 16:18

Chaps what does this all mean,A/are we going to relist? B/And how soon

thanks

[bedsidemanner] 22/8/2010 00:18

Thanks for adding some insight to the proceedings. I still have a lot learn.

Appreciate your knowledge and informative posts over the year.

[dusseldorf] 21/8/2010 19:13

The £266,186 mentioned by Bedsidemanner refers to the shares currently in issue times their ORD, which is 0.1p.

i.e. There are 266,186,000 shares in issue and will remain so after the share capital reduction - Though I still have some fund held in escrow against a share issue that has not yet happened.

Presumably there will be another resolution to increase the issued share capital at a later stage. Not sure about re-list shortly after 14th September, really depends on whether Plus is still the way forward, though I believe it is.

agree with orvil on the increase in the number of directors being good news, though reverse takeover I believe is not the intended strategy. My assumption (based on conversation with Brian) remains that DMR will be a holding company for multiple aquisitions - how this translates into capital raised vs. percentages of aquisitions I don't know, but I believe we will remain Dimension Resources and will be a holding company and will not be 'taken over'.

Still, if it generates sufficient shareholder value I wouldn't object to a full reverse!

[orvil] 21/8/2010 18:51

Why would we consider a reduction in share capital?

The reasons for reducing share capital are as follows:

* returning surplus capital;
* releasing a liability to pay up capital, thus reducing the nominal value of the shares;
* eliminating losses, which may be preventing the payment of dividends;
* redemption of shares where there are insufficient distributable reserves;
* as part of a scheme of arrangement where there is a merger of two large companies of similar size; and
* distribution of assets to shareholders.

How can we reduce the share capital?

There are three ways to reduce share capital:

* if a company has issued partly paid shares, it may reduce the liability to pay the balance due;
* a company may reduce its paid-up share capital (including any share premium account) and repay the capital to its shareholders; and
* a company may reduce its paid-up share capital (including any share premium account) and apply the capital for some other purpose.

What's the procedure?

Specific authorisation in a company's articles to reduce its share capital is no longer required after 1 October 2008. A company will be permitted to reduce its capital unless there is a specific prohibition or restriction in its articles.

A special resolution must be passed by the shareholders, supported by a solvency statement in the prescribed form. The solvency statement will contain the directors' opinion that at the date of the statement, there is no ground on which the company could then be found to be unable to pay its debts and that the company will be able to pay its debts during the following year.

The company is required to deliver to the Registrar of Companies copies of the solvency statement, a memorandum setting out details of the share capital, the special resolution and a statement by the directors confirming that the solvency statement was made not more than 15 days before the date on which the resolution was passed and was provided to shareholders.

The reduction takes effect on registration of the documents with the Registrar of Companies.