Danakali Share Discussion Threads

[8trader] 09/4/2008 13:18

You know i bet she returns to try and pump and dump other disaster
stocks, not a good place to be if you are a pump and dumper right
now, everybody is aware of the usual suspects and their stocks are
being avoided like the plague.

Another 5-15 companies that chancer has pushed last year could well
be delisted this year or next.

[tiredoldbroker] 09/4/2008 12:57

Well, well, the Curse of Chancre strikes again - on this basis, expect the Administrators to be in at Lennox by the end of next week !

Does look as though Chancre may have been busted by his/her recent run of fabulously inept ramps.

[dell314] 09/4/2008 11:20

sscrabble - That is to be distributed between holders of both the Ordinaries and the Participating shares, so you've absolutely no chance of 10p per ordinary share!!

As the Participating shares are more senior and entitled to several times the available total amount, it is amazing that holders of the Ordinaries are going to receive anything at all....

Rgds
dell

All IMHO, DYOR etc.

[sscrabble] 09/4/2008 11:12

from further down the report -

Liquidation

If shareholders approve the Proposals, the Liquidators, after paying or
providing for all known actual and contingent liabilities of the Company and the
costs and expenses of the Liquidation, will distribute the Company's remaining
cash, including the net proceeds of the Disposal, to shareholders.

The Directors, having discussed the matter with the Liquidators, expect that, in
aggregate, an amount of approximately U.S. $55 million will be available for
distribution to shareholders in the Liquidation.

is that not $55 million - 250 million shares - 10p a share ?

[geng] 09/4/2008 10:25

Ok but there is no gaurantee of that payout.

When I first posted you could still get 1p I've taken that and am on me way

Been in and out hundreds of times over the last 10 years made some really good profit.

Taken a hit now but have enjoyed the ride. Just wish I'd dumped all on the Smiler spike at 5p. Oh well can't get it right everytime.

bye bye now

[dell314] 09/4/2008 09:52

geng - ...However, the Board is seeking to implement arrangements which would result in the holders of Danka's ordinary shares receiving the cash sum of U.S. $0.025 per ordinary share.

Clearly refers to UK Ordinaries not the ADRs, so equivelant to circa 1.25p per share...

Rgds
dell

All IMHO, DYOR etc.

[davius] 09/4/2008 09:50

That's a no DavidLloyd:

On Loan 0.02 m On Loan as % in Crest 0.01 %
In Crest 252.84 m In Crest as % in Issue 68.00 %
In Issue 371.83 m On Loan as % in Issue 0.01 %

And it states 2.5 cents per share, not per ADR. ADRs are the way UK stocks are traded in the US, not the other way round.

[geng] 09/4/2008 09:46

$0.025 divide by 4 (1 ADR = 4 Shares) then divide by 1.97(exhange rate) = 0.317P

[dell314] 09/4/2008 09:44

geng - I believe it's $0.025 per ordinary share which equates to around 1.25p.

I think you are confusing yourself with the ADRs(equivelant to 4 UK ordinaries).
Presumably ADRs get $0.10 per ADR(assuming the proposal goes through).

Rgds
dell

All IMHO, DYOR etc.

[davidlloyd] 09/4/2008 09:41

Geng,
not sure if I went to a different maths class but I make it
2.5cents = circa 1.27p at current exchange rates....
DL

PS Is there any chance that there are some large shorts out there that will be scared into closing -giving us a temporary spike?....SP action could be interesting over the short term if so.

[geng] 09/4/2008 09:35

2.5 cents = 0.3p you can currently sell at 1p

No brainer SELL

[davidlloyd] 09/4/2008 08:56

Adieu DANKA....

DL

[dell314] 09/4/2008 08:24

Yes, it does sound a bit dubious that they are only "seeking to implement" arrangements which would result in the holders of Danka's ordinary shares receiving the cash sum of U.S. $0.025 per ordinary share in the voluntary liquidation."

Surely, they ought to have the payout to shareholders legally documented, along with the rest of the proposal, so shareholders know what they are voting for......

Rgds
dell

All IMHO, DYOR etc.

[cyberpost] 09/4/2008 08:17

davius

there's no guarantee that such a pay out will occur.

[davius] 09/4/2008 08:12

The disposal should result in holders getting 2.5 cents per share, better than selling in the market.

"However, the Board is seeking to implement arrangements which would result in the holders of Danka's ordinary shares receiving the cash sum of U.S. $0.025 per ordinary share in the voluntary liquidation."

[conc2] 09/4/2008 08:11

No
.5p bid or wait

[cyberpost] 09/4/2008 08:06

0.75p at the moment

[zagrem] 09/4/2008 08:00

Nope i read last night's release.....need i say more.

[dell314] 09/4/2008 07:24

zagrem - Have you read this RNS??



Maybe you didn't read as far as the bit about voluntary liquidation where it is stated, "...In addition, the Board of Danka proposes placing the Company into members voluntary liquidation (the 'Liquidation') upon Completion, in which event the listing of the Company's ordinary shares on the Official List of the London Stock Exchange (the 'Official List') will be cancelled".

It appears that shareholders will, however, get a minimal payout(less than prevailing share price though):

"...the Board is seeking to implement arrangements which would result in the holders of the company's ordinary shares receiving the cash sum of U.S. $0.025 per ordinary share in the Liquidation...".

I'm surprised that shareholders will get anything, as senior debt holders are taking a significant haircut but I suppose it makes it easier if shareholders are given a token amount to help them decide to vote through the proposals..

Rgds
dell

All IMHO, DYOR etc.

P.S. Another Chancer6 disaster(or at least for those that didn't slyly dump like he did...)

[zagrem] 09/4/2008 07:14

It may just go up today, wakey wakey, disposal announced! See after hours RNS.

Money in bank.

[chicogabb] 08/4/2008 11:19

still holding, wondering whether to average down a bit,as form where i bought at, i would be waiting a long time!

[piedpiper2] 01/4/2008 22:42

It will go up in the morning.

[shares virgin] 01/4/2008 09:42

good lord it goes up sometimes

[piedpiper2] 01/4/2008 09:12

No5 on the leader board. The game is a foot.