Gledhow Investments Share Discussion Threads

[russman] 08/6/2021 07:42

Who could trade 1.75m block before Thursday's allotment.
Buy at 1.75 plus warrants in the placing; sell in the market before the others.
Not very equitable.

[russman] 07/6/2021 20:39

Very dodgy book today.
Do not throw yourself in front of this steamroller.

[russman] 07/6/2021 20:21

No sane investor would buy GDH shares unless they were privy to inside information.
I cannot even estimate what makes up the valuation per share in the interims.
If anyone knows.................................

[russman] 07/6/2021 20:09

It was a special resolution which required 75% of the votes.
It is assumed Rowan voted for it as it was duly passed.

[tommyknockers1] 07/6/2021 14:07

Or Smithie, you could just buy them at 1.75p in the market as they seem to be
1.70 - 1.75 on the RSP
and stop complaining?

[smithie6] 07/6/2021 14:02

btw

to take the NAV/share back up to 4.-4.2p from the new lower 2.7p will need an increase of ~1.3p

50% !!

& of course the benefit to the total NAV in £ will now be halved as a % or per share value because of the number of shares being doubled. :-(

whichever way I look at this cash raise, at a price way below the mkt price at the time, it is negative

(mkt price to buy was 2.4p & rising
new shares at 1.75p, discount of 0.65p, 37% !)

[tommyknockers1] 07/6/2021 13:37

I have about 180k shares

the reduction in NAV/share is ~1.3p

this dilution has cost me £2.3k

I'm not at all impressed :-(
-------------------------------------

I do understand Smithie. Same has happened to me today in Deepverge. 30p raise and shares down on the RNS.
It can be frustrating but I am happy given the raise is to take the company forward.

[smithie6] 07/6/2021 10:44

I have about 180k shares

the reduction in NAV/share is ~1.3p

this dilution has cost me £2.3k

I'm not at all impressed :-(

& I'm supposed to believe that this dilution was done to provide general benefit to all existing shareholders, as reqd. by the Company Act 2006.
I don't believe it has benefitted me, cost me £2.3k !

the price of a decent, or working, second hand car !

--------

B) I would rather that the co. was controlled by the Rowan Estate & not by these new investors, a large chunk of which might be related parties of the Millers (noting that they are involved in Peterhouse) and/or discretionary accounts partly under the control of the Millers

eg. at the last AGM there was a vote on giving a £50k bonus to the Millers
approved by the Rowan estate

whereas if the control is moved to be clients of Peterhouse & is in reality under Miller control then 'they' partly get to vote thru their own bonuses in the future

or if they decided to double their pay (now the size of the co. has doubled) or to reduce the price to exercise their option for 10% of the co.

C) Will they just do more dilutions in the future, to further reduce the power of the Rowan shares
& to increase their annual pay & the value of their option over 10% of the company ?

D) is there any risk that their 10% option exercisable at price X is just changed to be exercisable at nil cost ?

[russman] 07/6/2021 07:52

Very hard to trade nil paid rights in AAA.
Rowan would not relinquish majority control without a premium.
Lets wait for any new holdings to crawl out of the carcass.

[tommyknockers1] 06/6/2021 20:05

I'm exhausted reading your posts Smithie.

[smithie6] 06/6/2021 19:44

topvest
"rant rights to subscribe for or to convert any security into shares in the Company on and subject to such terms as the directors may determine up to a total nominal amount of £510,000"

well, it looks like the Rowan's must have voted yes

but !!

personally I think the law must be changed
so that it is not allowed to say "nominal amount of XXXX"

& should always state/include the max. number of new shares that could be issued AND what % that is of the current number of shares

very few shareholders will understand what "nominal amount of _____" actually means !
& that imo is not true & fair reporting.
it could be 90% of the existing number of shares & most investors would not know.

====

anyway, this deal has cost the Rowan's ~1/2 million pounds

if the Rowan's wanted to call a GM & vote to remove the bod or to cancel the 1:1 dilution or to change the subscription price from 1.75p to 2.5p or to require a clawback facility to be included or to require the dilution to be suspended by 1 month & for the holdings to be revealed to the market

then the Rowan's have all that power

if the deal is bad for the Rowan's (& hence other existing shareholders) & they lose £1/2 million

or tolerate opaque operation of the co. & no revelation st all of the investments held

& they do nothing

well, they only have themselves to blame !!

The losses of us PIs is minute in comparison.

[smithie6] 06/6/2021 19:26

Moaning, well, I have a faint hope that someone from the Rowan Estate might be reading & that they will step in & vote against it
& perhaps put forward a resolution to remove the Millers & to have a peaceful liquidation of assets

if that happened then the Rowan estate would get ~4p/share in cash or in specie for big holdings for big shareholders, like Rowan.

a much better deal than doing nothing & then only having 2.7p of assets & those assets are secret (wtf !!). imo anyway

[topvest] 06/6/2021 19:18

No point moaning in my view. You can sell for the first time in 10 years as there is some liquidity. That is good news. GDH has never really delivered unfortunately despite some good investments along the way. I don't think it will do much more than cover its costs. Remember it listed at 1p 20 years ago. It's not been a good investment.

[smithie6] 06/6/2021 19:11

Russman "Maybe GDH wish to take up their AAA rights"

What rights have they got ??!!

(& GDH has ~400k cash
that is enough to exercise rights & then sell
or take some profits on some shares, if need cash
is it ~£2million in assets in shares now)

OR

if the co. is in a good position then
what not comply with the law, ffs !!!

& make a cash raise offer to existing shareholders !!

the existing shareholders are the ones that have funded the success in the last 12 months !
not G.Miller !!
in return for US taking the risk & making no gain for many years
when there is a good year the benefits should not be given away to friends & family of the Millers !!

but by law to the existing shareholders ?


but hey, its Britain
- London & Capital 230 million Ponzi scheme from FCA approved co.
- cars2let (or similar name) another scam from an FCA authorised co.

the UK is the fxxxxing wild west !
where there is a long history of financial scams, over decades & that most of the time it seems that no one is punished & victims are often never reimbursed.

(Maxwell, Cupid, Globo,
City Slickers, financial writers (Daily Mail ??) would buy into shares (and/or their mates would) before they tipped shares during the dot com boom
& they then sold during the spike
& then wash & repeat with new shares)

[smithie6] 06/6/2021 18:58

free float

shares that might be traded

Who is going to buy shares in a minute company on the illiquid Aquis market

where it is a secret as to what the assets are invested in ?!

no one imo.

======

& if G.Miller's mates buying these new shares at 1.75p in the 1:1 dilution are only interested because the NAV after they invest will be 2.7p & the nett cash per share will be about 1.35p ; they are getting a big chunk of assets/per share for peanuts

does not make sense, unless the new investors are mates or family of G.Miller
or he gets 5-7% of the 850k as the std. introducer fee (£42.5k), & if friends/family take 450k of the 750k total, he gets a lot of kudos & free lunches/dinners from them !

but if there will now be 49 million new shares looking to be sold to make a quick profit, then it might put a damper on the shares for quite a while, unless G.Miller starts attending investor conferences & publishing news about what the holdings are, to try to create new buyers to take these 49 million new shared off the hands of friends/family.

[tommyknockers1] 06/6/2021 09:56

How do you know the free float is increasing.
-------------------------------------

The free float sits around 11.5% so approx. 5,635,000 shares
That is clearly an overstated number as there has been a buyer accumulating of late but let's stick with 5,635,000 shares.
There are 48.5m new shares being issued, and I just cannot see 100% sitting in sticky hands.
If 20% are in the hands of individuals who sell then that will increase the float by a further 9.7m shares.
The free float will rise by number of shares, but I accept that it could fall by percentage of shares in issue.

[russman] 05/6/2021 20:39

How do you know the free float is increasing.
It is theoretically possible that it decreases.

[russman] 05/6/2021 20:37

Maybe GDH wish to take up their AAA rights.

[tommyknockers1] 05/6/2021 09:02

The question now is what do they need the funds for?
Have they found an investment. I would certainly hope so?

[tommyknockers1] 05/6/2021 09:01

I sense GDH may have to improve the communications.
Cannot bring on new shareholders and increase the free float from 11% to 55% without that commitment?

[russman] 05/6/2021 06:06

In the Annual Report a whole page on Section 172.
Transparent is not an apt description of GDH's shareholder communications.
Well not to ALL shareholders.

[russman] 04/6/2021 21:15

It depends whether price - sensitive information was disclosed to some but not all.
& whether such information was used to deal GDH securities.
That is my understanding of insider trading fraud in the UK.
I expect some changes to holdings to be announced.

[topvest] 04/6/2021 20:02

If I was still a holder I wouldn't be too upset. They have taken advantage of a very questionable NAV as the major security within that number is suspended and could be worthless. Going forward it will improve liquidity enormously. The placing was at a higher price than I sold my shares, not that I am complaining. I suspect those buying the shares will be as disappointed as those of us that have had the misfortune to hold for nearly 20 years. You can always exit. I exited a little early, but just glad to get out. Things won't change much at Gledhow in my view.