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|pharmawotsit: According to my broker, for each 5000 old SMK shares held of nominal value 1p each, you will receive 1 new SMK share valued at 50p each.
Also, they're proposing to change the name to, wait for it, Noble Investments plc.
Can't wait for my 5 shares.|
|double6: How come you keep creeping onto these threads !!!
As I stated last week, the shares are valued at the price that people are prepared to pay for them.
Not basically at the price "new shares" are going to be issued at.
Look at companies in the past who have issued new shares at 1.5p and the share price has subsequently rose 20-fold.
Anything IS possible mate.....|
|go han: Share figures: 61m current shares in issue divided by 5,000 would mean 12.2m shares if all entitled. However, given the 5,000 shares cut-off only 7.4m existing shares will be converted to new shares (5.14m new shares in issue less 3.67m shares placed = 1.47m new shares converted from existing shares).
Based on this, then 7.4m/12.2m = 60.6% (ie 39.4% of the existing shares disappear without converting into new shares).
How does this translate into the equivalent share price today for holders of more than 5,000 shares? Existing eligible holders get 28.6% of the new shares (1.47/5.14). If the market cap post reorganisation is based on the placing price (ie 23p x 5.14m shares) then this is 1.18m quid. 28.6% of this is 338k which equates to a current price of 0.55p based on existing 61m shares in issue or 0.91p if you only take into account the eligible shareholdings of 37m (ie 7.4m x 5,000). Erring on the safe side, I think 0.55p is the figure to look at as I can't be sure my calculations are correct. Anything more is a bonus (and a gamble).
As I said, a possible upside but not a lot given the current bid offer is now 0.45p-0.55p. All IMHO, DYOR.|
|bigman: I am glad that you accept that the cost of floating on aim would be £75k is B@ll@@ls.
As you are well aware codoctor, one does not mount a takeover of a shell company by buying its shares. Should you wish to reverse a company into a shell it is what it says it is ie REVERSE TAKEOVER in that the shell company buys your company for shares. depending on the value of the relative companies in that the shell may have cash of £150k which is roughly saltmark and have a quote on aim which just for fun is worth £200k (being the cheapest that one could float a SMALL company making say £300k pbt on aim for) so one would value the shell at £350k.(that is what we shareholders and hopefully the directors wold argue is at least the value) The company owners wishing to reverse into a shell would try to value their own company as high as possible and the value of the shell as low as possible. but lets say the private company was making £100k pbt and that they agreed the value of their company was 3.5 times pbt making it £350k ( the same value as the shell) then they would simply issue the owners of the private company 1 share for every share in issue as the values are the same. so we now have a company worth twice its value with obviously twice as many shares. the big pick up in value then is that a private company PE is always much much less than the PE of a public company so if the sector average of the business that the company is oporating is is say a PE of 10 then the big increase in share price to both the owners of the shell company comes about and ofcourse the owners of the shares that the former private company owners have also increase.
So we all end up making shedloads of money|
Saltmark share price data is direct from the London Stock Exchange