Amala Foods Share Discussion Threads

[gloom_boom and doom] 01/8/2023 09:06

This is doomed; this will be joining the famous -99.99% Aim club in about 24 months.

[iamthemagnificent] 01/8/2023 08:58

firestorm/moonshine/bad robot - the biggest FRAUD on advfn
Interesting that terminator101 is a fan of his - could it be that .... ? LOL

[firestorm911] 01/8/2023 08:57

THEN SELL THE WHOLE LOT!!!!


Regards,
F911

[iamthemagnificent] 01/8/2023 08:56

firestorm - hows your ITS and WAND ramps going for you ? looool

[firestorm911] 01/8/2023 08:37

Regards,
F911

[iamthemagnificent] 01/8/2023 08:30

But GCG and TBLD gonna rally even harder. All 3 will do well by end of year.
GLA !!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[firestorm911] 01/8/2023 08:28

Hope this helps

[iamthemagnificent] 01/8/2023 08:26

From RNS Number : 7833H

Amala Foods PLC

31 July 2023

Includes the statement re: directors


"They are also confident of a transaction occurring"


Yes, does sound promising, doesn't it ?

[moonshine3] 01/8/2023 08:23

Anyone who bought this pump and dump below 0.10p, should exit before they lose everything.


MadMong been impaled again at 0.19p

[moonshine3] 01/8/2023 08:22

ADMINISTRATION IS COMING






but as completion of a reverse takeover by the required dates and thus avoiding cash repayment of the convertible loan notes is not guaranteed and given the requirement to raise further funds in such an event, next 12 months, they acknowledge that a material uncertainty relating to going concern exists.

The accounts have therefore been prepared on a going concern basis. The auditors make reference to going concern by way of a material uncertainty within their audit report.

[moonshine3] 01/8/2023 08:00

The result after hours, get scumbags like MadMong with no way out. Dirty nonce, keeps losing -90% weekely

[moonshine3] 01/8/2023 07:59

0p is coming

[moonshine3] 01/8/2023 07:58

Going Concern

The Company entered into a Deed of Standstill with a creditor to reprofile outstanding debt to an amount of GBP 787,719 (amended further after year-end with the conversion of shares to the value of GBP 80,150 - refer note 18 of the audited financial statements) that would convert to shares at the re-admission price upon a Reverse Takeover and that no interest will accrue and for all existing warrants to be cancelled upon a Reverse Takeover. Should a Reverse Takeover not take place by 22 September 2023 then the creditor may call upon cash repayment.

Furthermore, the Company announced that it raised GBP 405,000 in Convertible Loan Notes that would be largely utilised to fund a transaction leading to a Reverse Takeover. These Convertible Loan Notes are automatically converted into shares upon a Reverse Takeover. However, the holders of the convertible loan notes may call upon cash repayment between April 2023 and the end of June 2023 should there be no Reverse Takeover. Given the passage of time, agreements have been made with certain of these parties that the cash repayments will not be called upon despite the due dates passing.

Having prepared and reviewed cashflow forecasts, the Directors have ascertained that further finance will need to be raised should the convertible loans be required to be repaid in cash in the next 12 months. The Directors are confident that should the convertible loan notes, in part or in full, require repayment then they would be able to raise sufficient funds to be able to make such repayments whilst still funding the Company's forecasted expenditure. They are also confident of a transaction occurring and therefore the share conversion option of the convertibles presenting the best value opportunity to holders. The Company has been reviewing several potential transactions and has prepared a shortlist of reverse takeover opportunities in various sectors including healthcare, natural resources, and technology, but as completion of a reverse takeover by the required dates and thus avoiding cash repayment of the convertible loan notes is not guaranteed and given the requirement to raise further funds in such an event, next 12 months, they acknowledge that a material uncertainty relating to going concern exists.

[dave4545] 31/7/2023 21:59

RNS at the close.

The Company is a cash shell and as such is seeking to identify a transaction that will lead to a reverse takeover.

During the year the Company entered into a Share Purchase Agreement (SPA) with Terra Rara UK Ltd, a mining company, that could have led to a transaction that would have been considered a Reverse Takeover. Terra Rara UK Ltd held Rare Earth Elements (REE) exploration assets via two subsidiaries in Angola and Uganda. These exploration assets are located in close proximity to advanced stage REE exploration assets held by other mining companies. The Company intended to acquire 100% of the share capital of Terra Rara UK Ltd subject to regulatory approvals. The listing was suspended on 23 May 2022. The Company announced the termination of the proposed transaction with Terra Rara UK Ltd on 17 March 2023. This decision was taken due to identified administrative issues relating to some of the mining assets of Terra Rara following further due diligence. Terra Rara are seeking to develop mining exploration assets in two countries in Africa, where due diligence is lengthy and complex. The Company has introduced interested parties who are having discussions with Terra Rara.

The Directors are actively seeking to identify new opportunities for the Company with a view to identifying and completing a successful transaction resulting in a Reverse Takeover.

The Directors have agreed to not receiving any remuneration for the period prior to and during the period of suspension and until a successful transaction reaches the stage of a Reverse Takeover, upon which GBP 125,000 will be issued to the Directors in equity at the readmission price.

The Company raised GBP 405,000 in convertible loan notes during the year ended 31 March 2023 (refer note 12 of the audited financial statements).

Ms Celia Li was appointed to the Board as a Non-Executive Director on 17 March 2023.

It is my sincere hope that after a challenging couple of the years, that a path to generate value for shareholders will be realised.

[firestorm911] 31/7/2023 21:02

Regards,
F911

[firestorm911] 31/7/2023 21:00

Haha we closed it at 0.135p with a small auction, to shield the losses today.

Drip drip drip bang


0.05p, then 0p.


Regards,
F911
RMC

[firestorm911] 31/7/2023 19:37

Look, this pig is going down, I am not talking about DISH; I am talking about the nonce MadMong.

Keep shorting, the first target is 0.05p and administration end of December. Suspension is coming.



Regards,
F911
RMC

[iamthemagnificent] 31/7/2023 15:28

As detailed in the previous corporate update, the Company has retained capital to undertake a reverse takeover and has ensured steps are taken to reduce working capital expenditures at this time including the Directors having agreed not to accrue nor receive any remuneration until a reverse takeover.

The Directors are currently exploring a number of reverse takeover opportunities and hope to produce a shortlist in the coming weeks. The Directors are targeting concluding heads of terms of a preferred target by the late Summer.



See ya late Summer then .... enjoy !

GLA