Empyrean Energy Share Discussion Threads

[showme01] 15/11/2024 08:09

£25.5m market cap with the enlarged share volume post placing? Id say no, but will see 1p in the next few months. Very possible imo.

[martym] 15/11/2024 08:05

Is this worth a penny?

[showme01] 15/11/2024 07:16

Conrad bounced . $0.960  +$0.074 (8.474%)VOLUME 224,136

[odillon] 15/11/2024 00:55

Nelly the 8 October 2024 RNS demonstrates how the notification procedure works. As you have quoted it refers to EME having been notified of the Nortrust 58,000,000 shareholding on 7 October 2024.

Having been so notified, EME had the legal obligation to publicise all the details of the notification by the end of the next working day. Hence the RNS on 8 October. So on that occasion EME complied with the legal requirement by publicising the full details of the TR-1 form received from Nortrust the day after they received it.

At that stage Nortrust were listed as significant shareholders holding 58 million shares on the EME website.

They are no longer listed on the EME website. So either that is a mistake or Nortrust have reduced their holding to below 3%. I think it is the latter and that was the reason for the AIM information being updated on the 6th of November.

If as I suspect Nortrust have reduced their holding below 3% then it appears that EME have failed in their legal obligation to publicise this.
















2

[neilyb675] 14/11/2024 19:47

Looks like Nortrust don't necessarily go down the TR1 route, see 8/10/24 RNS.

"Empyrean Energy was notified on 7 October 2024 that Nortrust Nominees Limited now holds 58,000,000 ordinary shares in the Company, which represents approximately 4.53% of the issued share capital of the Company."

EME notified ....how by phone, email, fax, carrier pigeon, smoke signal, lol

There is no TR1.

Perhaps EME also know that Nortrust took part in placing, and will therefore adjust EME website with new shareholding when the vote is duly passed (as it will) and the actual new percentage is known.

[showme01] 14/11/2024 18:57

Neilyb, I was just about to post something similar. Blobby makes some interesting noises. Can't see low ball bids being an option, however huge value shines out for me at these levels.

[neilyb675] 14/11/2024 18:53

Perhaps......They might have updated it knowing that Nortrust took part in the placing.....but until the vote happens THOSE NEW SHARES are not yet part of Nortrust holding ???

So a further update with the exact holding detail is on its way once the vote and the shares are actually theirs.....

Does any of that make sense, had a few beers/

[odillon] 14/11/2024 18:41

Mr B and Nelly - Nortrust are no longer listed as a significant shareholder on the EME website. So unless that is an error Nortrust must have notified EME that their holding is now below 3 per cent and (again if it is not a mistake) that is why they are no longer listed as a significant investor.

If they are no longer a significant investor EME can't wait to a time of their choosing to publicise this change. Companies have a legal obligation to publicise the full details of such a TR-1 notification they receive within the very tight time limits set out in the FCA handbook.

EME updated the AIM 26 form on the website on the 6th of November 2024. They updated it for a reason, and I'm assuming they updated it to make the change with regard to Nortrust.

That being the case they are late with publicising the details of the notification and they need to address this.

[currypasty] 14/11/2024 17:31

any chance of 5p?

[neilyb675] 14/11/2024 17:23

POST 56535 - all to be revealed I think when the vote is done and the new shares are admitted, and the subsequent TR1s that will then follow.

Low ball offer 1p

[mrblobbythe2nd] 14/11/2024 17:13

I take it that investors are aware that Nortrust acquires stock on behalf of either a client or clients.

If there had been a change in their position they (Nortrust) would be legally obliged to notify, the EME website is not updated on a day to day basis.

In the meantime it may be worth speculating on who may be behind the Nortrust nominee holding.

It might be worth considering that EME's market valuation sits multiples lower than their Mako stake could realise in the course of time, some entity with clout and time on their side may make an offer for the entire issued capital of EME, you may call it opportunistic.

Who took the bulk of the placing stock ??

[odillon] 14/11/2024 14:06

I have made a few enquiries to the company since I first invested near the top of the Jade spike, but have never had a reply. To be fair I think they can't reply to individual shareholders if it is a matter all shareholders should be notified of.

[ifc2] 14/11/2024 13:31

Perhaps Safiande can help us then ?

[soggy] 14/11/2024 13:23

Have you contacted EME for clarification? (Has anyone?)Though, from past experience, an answer may not be forthcoming...

[odillon] 14/11/2024 12:38

Among - which RNS states that they were advised of the holding on 7 November?

[amont92051] 14/11/2024 12:31

The EME website Rule 26 info was updated 6th November.

EME RNS states Nortrust advised them of their holding on the 7th November.

So surely if Nortrust have not made a notifiable change either upwards or downwards since then, the only issue is EME have not updated the Rule 26 page to include Nortrust, and many companies are lax at updating their webpages.

Please correct me if I am mistaken.


EDIT: I stand corrected, I misread the date on the RNS which was 7th OCTOBER not November therefore the above is totally incorrect, ignore.

[odillon] 14/11/2024 12:25

If the website information is correct EME were on notice at the very latest by 6 November 2024 of a change of holding that they were obliged to publicise the full details within the time limits set out in the FCA handbook.

[odillon] 14/11/2024 12:18

Curry

Yes Nortrust have to notify. But once they have done so EME have to publicise everything in the TR-1 notification - here are the time limits from the FCA handbook

(1) An issuer not falling within (2) must, in relation to shares admitted to trading on a regulated market, on receipt of a notification as soon as possible and in any event by not later than the end of the trading day following receipt of the notification make public all of the information contained in the notification.
(2) A non-UK issuer and any other issuers whose shares are admitted to trading on a prescribed (but not a regulated) market must, on receipt of a notification, as soon as possible and in any event by not later than the end of the third trading day following receipt of the notification, make public all of the information contained in the notification.

[currypasty] 14/11/2024 12:05

Isnt it down to Nortrust, to notify?

nothing EME can do till they say, even if they know they have sold

[odillon] 14/11/2024 11:53

Further, as I understand it shares in issue have not increased yet. I think that would only be the case if the proposals are voted in.

Here are the figures from the company website as we stand

9.10% Thomas Kelly 116,560,763 Shares
3.95% Topaz Energy Pty Ltd 50,595,279 Shares

The RNS of 8 October 2024 stated that Nortrust had 58,000,000 - so more than Topaz Energy who are still listed.

[odillon] 14/11/2024 11:44

I understand that you have to notify if it drops from above 3% to below 3%, but you do not need to specify the remaining holding once it is under 3%

[soggy] 14/11/2024 11:38

From memory Nortrust had something like 4 or 5%. If shares in issue have doubled they'd have 2-2.5% They'd still have to declared the drop. Is it under 3% you don't have to notify??? (memory's shot...) So they'd need to declare the drop to at least that, wouldn't they?

[odillon] 14/11/2024 11:31

Toad - The only other substantial shareholder listed on the website apart from TK has a lower holding than Nortrust had, but is still listed.

So unless they have missed Nortrust off the website in error, Nortrust have sold out or greatly reduced their holding and I think shareholders need to know if this is the case and what date this happened.