what do you make of that ? |
1. Increase of authorised share capital
THAT, the authorised share capital of the Company be increased from £588,736.326 divided into 500,000,000 ordinary shares of a par value of £0.001 each, 44,368,163 deferred shares of a par value of £0.001 each and 44,368,163 A ordinary shares of a par value of £0.001 each to £4,157,536.326 divided into 4,068,800,000 ordinary shares of a par value of £0.001 each, 44,368,163 deferred shares of a par value of £0.001 each and 44,368,163 A ordinary shares of a par value of £0.001 each by the creation of an additional 3,568,800,000 ordinary shares of a par value of £0.001 each to rank pari passu in all respects with the existing ordinary shares, provided always that the approval granted by this resolution will be conditional on and shall take effect on receipt by the Company of a Conversion Notice issued by the Agent in accordance with Schedule 5 of the Facility Agreement. |
The loan notes will inherit 80% of the company. So 0.75p/share would be a good outcome from here. |
Got a reply from the company:The accounts are now online and can be viewed here: FULCRUM UTILITY SERVICES LIMITED filing history - Find and update company information - GOV.UK Please note that we do not plan on publishing these on our own website or to produce an interim report. In terms of the JP Jenkins EQS, the news published last year covers these results: https://jpjenkins.com/fulcrum-returns-to-profitability-following-major-strategic-turnaround/Very disappointing they are not giving an interim update. |
Also I noticed the conversion price for the loan is now fixed at 0.5p. Previously it could have been less than that based on prior days trade prices. |
dividend ?
special dividend ??
or
buy out shareholders using excess cash ...??? |
That is one hell of a read ! thanks webpax
Net Assets per share of c. 5.4p
Revenue of £50m+ (i.e. over 10p per share)
Pipeline of £150m |
TGL, no problem. I guess they are not obliged to produce a half year statement now they are not listed. You could query with investors@fulcrum.co.uk I've found them pretty responsive. |
Thanks Webpax. I've found them.They've still not given us any half year statement which is very disappointing. |
TGL, accounts for year to 31 March 2024 were filed with Companies House on 8th January. If you search under company number FC030006 you can find them. |
How much longer will we be kept in the dark about the company's performance? They have still not published the Accounts for the year to 31 March 2024, nor have they issued any interim statement for the 6 months to 30 September 2024.It would be good to hear something from the company who appear to be ignoring us small shareholders. Any ideas? |
Fair enough, but I doubt the CH is particularly diligent on this type of obligation. |
You must tell Companies House within 14 days if your company details change. This includes:
company constitution (one of the documents made when you formed the company)
So this implies an ongoing obligation. |
Ah, but is that an initial obligation, or an ongoing one? |
I disagree. From the Companies House website:
You must register an overseas company with Companies House if you want to set up a place of business in the UK.
Who must register
You must register if you set up a place of business in the UK or if you usually carry out business from somewhere in the UK.
Changes to company details
You must tell Companies House within 14 days if your company details change. This includes:
name
address
what the business does
details of directors, secretaries or people authorised to represent the company
company information, for example accounting requirements or the powers of directors or secretaries
company constitution (one of the documents made when you formed the company) |
There is no requirement for a non-English company to file articles at companies house. They may have done that voluntarily whilst traded on AIM. |
That's irrelevant, they still file accounts at Companies House and I would expect to see them file the Amended Articles to replace the original ones currently showing at Companies House. |
Fulcrum isn’t an English company! |
Anyone had sight of the Amended Articles? Can't find them on the website and they haven't filed them with Companies House yet (this must be done within 15 days of adoption). |
Yes the 0.17p aligns with the last traded price of 0.15p
Nobody is throwing over £80k at a delisted stock which trades by appointment |
not 17p, 0.0017p, i.e. 17/100ths of a penny. |
I think that transaction was at 17p but I agree that's along way short of present value. Perhaps the seller had particular reasons. |
In the meantime note
Recommendations
The Board believes that the adoption of the Amended Articles and the amendments to the authorised share capital are in the best interests of the Company and its Shareholders as a whole, and unanimously recommends that Shareholders vote in favour of the resolutions.
Also looks like somebody is hoovering up stock... and somebody has allowed themselves to be robbed selling shares worth potentially 4/5p for 0.17p !!!
DATE QUANTITY MID. PRICE GBX
31/10/2024 476,838 0.17
13/05/2024 3,800 0.15 |
Let me read through document properly and will revert. |
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