Geiger Counter Share Discussion Threads

[bpdon] 16/5/2024 10:04

My AJ Bell account has now normalised - the GCL subs are converted and the excess cash has been returned.

[1knocker] 15/5/2024 13:08

Likewise mine with HL.

It will be galling if we get the price at which the rump was sold off, less the rights price we paid, rather than the rights shares! I guess though that it is hjust taking time for the price paid to take up the rejected rights to be returned and then recredited to our individual accounts.

Anyhow, unless the vales move up pretty sharply over the next 12 months we probably won't be so keen to take up our rights next year, so this may be a one off problem.

[bpdon] 15/5/2024 12:55

My GCL holdings are also with AJ Bell. The subscription shares are still showing as provisional rights and no sign of the unused cash being returned. Meanwhile, the discount is at 26%. Deep sigh.

[bmcb5] 14/5/2024 19:40

Yes to both with idealing

[2xs] 14/5/2024 19:02

HL cash was back in the account today

[otemple3] 14/5/2024 18:43

Yes, with ii

[7kiwi] 14/5/2024 18:17

Has anyone got the (scaled back) shares they applied for and the surplus cash back in their trading account yet.

I am with Stocktrade and the kids are with HL and AJ Bell and none of us have anything yet.

[arbus5000] 14/5/2024 09:50

if the rights where over-subscribed, why not just scale back those who didnt exercise their rights?

[steve73] 14/5/2024 06:09

IIRC, the rights issue in 2022 was scaled back to 76% at much the same CP as this years, but it was said to be due to the additional number of shares that had been issued in the previous year.

For last year's RI, the share price was well below the CP so there were no rights converted.

All part of the same overall program AIUI.

[donald pond] 13/5/2024 21:22

Unless I've missed something they could always issue a prospectus. IIRC the regulation is all about how much you can issue without paying lawyers and regulators a stupid amount to produce a document nobody will read

[1knocker] 13/5/2024 21:14

Thanks speedsph.
I guess that it is a salutary reminder that one needs to look into share structures very closely before buying shares. Part of the attraction of a purchase prior to the rights effective date was the prospect of a subsequent 20% purchase at a known lower price.
Education comes at a price! Mea culpa.

[jimbox1] 13/5/2024 18:32

What a shambles!

[7kiwi] 13/5/2024 17:58

Well, unless the 8m Euro limit is increased, they cannot deliver the advertised 1 for 5 subscription rights. The best they can do is less than 1 for 15 with the current exchange rate, shares in issue and exercise price.

[speedsgh] 13/5/2024 15:00

The Board will have the limited ability under the new Articles to scale back the number of Ordinary Shares that may be issued at the time of the exercise of any particular Subscription Right. This course of action will only be taken if the Board believes that the requirement to issue a prospectus in respect of an offer to the public in the UK, that complies with the then prevailing UK legal requirements, would prove to be unduly burdensome and/or expensive compared to the full issue of new Ordinary Shares pursuant to the exercise of the relevant Subscription Right. Currently, the Company can issue up to Euro 8 million (£6.9 million as at the latest practicable date) of new Ordinary Shares at any Subscription Date (less any shares that may have been offered to the public in the UK in the previous 12 month period) without issuing a UK compliant prospectus. If the Subscription Right became effective at the Company’s NAV per share at the latest practicable date (33.94p per share), the value of new ordinary Shares that would be issued if the Subscription Rights were exercised in full would be £6.4 million. This is below the Euro 8 million threshold which means that it is unlikely that the Board would scale back any exercise of Subscription Right at the first exercise date in 2022. However, following the exit of the UK from the European Union it is possible that this Euro 8 million limit may change, and the Board needs to ensure that it retains the flexibility to scale back if required to minimize the costs involved in operating the scheme. Whilst the Board may determine in its sole discretion how such scale back should operate in the best interests of all Shareholders at each Subscription Date, it is the Board's current intention that it would scale back all Shareholders pro rata to their Subscription Rights, whether or not they have sought to exercise such Subscription Rights. To the extent that the trustee referred to in the paragraph above determines not to exercise Subscription Rights on behalf of a non-exercising Shareholder's behalf, or the trustee is unable to secure market demand for all new Ordinary Shares to arise on the exercise of unexercised Subscription Rights, Shareholders that have exercised their Subscription Rights shall have their entitlement increased on a pro rata basis up to any threshold determined by the Board in accordance with the above requirement to publish a prospectus.

Full details of the Subscription Rights are set out in Part 6 of this Circular and Prospectus.

The Board considers it desirable that Shareholders should have the opportunity to review the operation of the Subscription Right mechanism after an initial period of five years. Accordingly, at the annual general meeting of the Company in 2026 and at every fifth subsequent annual general meeting thereafter, the Directors intend to propose an ordinary resolution for the continuation of the Subscription Right mechanism. If such resolution is not passed, the Directors will formulate proposals to be put to Shareholders to amend the Articles in order to remove the Subscription Right.

The Board will review on an annual basis the effectiveness and appropriateness of the Subscription Right mechanism. If the Board considers that it would be in the best interests of the Company and its Shareholders to suspend or discontinue the programme, the review of the operation of the Subscription Right mechanism by Shareholders will be brought forward to the next following annual general meeting.

[quepassa] 13/5/2024 12:20

A link to the full Prospectus for Annual Subscription can be found on the ncim/geiger home-page:-

hXXps://ncim.co.uk/geiger-counter-ltd/

[1knocker] 13/5/2024 11:34

The scale back has come as a surprise to me.

I understood that we had right to subscribe foe 1 for 5, and do not know where the Euro 8m 'cap' came from. As the company receives rather than pays money on exercise of the rights, I can't see why there should be a cap on the value of shares issued.

I suppose its all in the documentation somewhere - does anyone know the answer?

As. to the sale of the 'rump' shares, that seems a crazy discount to the currrent SP, and is bad for the hlolders who dd not take up their rights (they gt the proceeds) and of no benefit to te company, swhich gets the same subscription price whatever price the rump is sold at.

I am surprised that 30% did not take up their rights given that the subscription price was way below the current share price Presumably they relied on the rump being sold by the trustee close to that price! They must now be spitting that they did not take up their rights and sell the shares themselves.

[7kiwi] 10/5/2024 09:43

gf,

That's what kept me in. But they seem to be committed to the status quo. I think the only way the gap closes is if they put themselves up for sale and someone like Sprott buys them and rolls them into their ETFs.

So, now I am out. Well almost, I still have the shares allocated from my scaled back rights. Or rather I don't yet, and I don't have the left over cash back either. Dealings were supposed to commence today.

[greedfear] 10/5/2024 08:48

Wish I could convince myself that the gap between NAV per share and share price will never close as that would get me to sell this POS today. But the uranium market is at the point of exploding again imo and that’s why I can see that gap closing.

[greedfear] 10/5/2024 08:44

They’re not interested in their shareholders. They’re only interested in increasing NAV just to increase their fees.

[greedfear] 10/5/2024 08:41

They are TERRIBLE fund managers. Like 7kiwi said they could have allocated the rump to the investors taking up their sub rights. That would have been beneficial to them while making no difference for others. But they “choose” to give the benefit of being able to buy below NAV to a professional party by means of a secondary placing. They just gave away something like roughly 1-2 million of our money to ? Just like that.
Can’t wait to get out of this POS.

[7kiwi] 09/5/2024 19:15

I note they've not issued a NAV RNS today. Maybe their abacus is broken.

[7kiwi] 09/5/2024 19:14

BH,

I think the £6.8m refers to the total funds raised through the subs rights, not just the sale of the rump. The rump raised £2.2m. They would have had more credibility with shareholders if they had allocated the rump to them, instead of scaling back. It would have been cheaper too. It wouldn't have been unfair on the shareholder who didn't take up their rights either.

[jaf111] 09/5/2024 17:45

The sale (giveaway) of the rump is a disgrace, although it was predicted.
Fortunately I took up the subs but if I hadn’t I would be so outraged I would contact the FCA.

[dickiehhh] 09/5/2024 14:59

Why nothing to distribute to shareholders? What costs? Would you mind to explain? I didn't take up all of my rights but I understood the remaining ones would be sold at market price. Many thanks