Itaconix Share Discussion Threads

[fillipe] 17/9/2018 12:03

Suggestion of 4p - 5p as an initial recovery target following resistance broken and recent interest in the share.

Still looking very cheap to me, where it currently sits.

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[fillipe] 03/8/2018 09:45

Trades so far this morning showing only small - nothing to make the ducks even get into the water, never mind liftoff.

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[swizz] 17/7/2018 22:15

#BIOWC18 @itaconix has partnership collaboration with @AkzoNobel and @CrodaInc. More to come as partnership is necessary says Shaw. Find the right customers, need trust, need global presence, acknowledge their innovations, "play to win".

[dexdringle] 16/7/2018 17:00

Zen said "Have to agree, if AN deal comes off then this will be multiples of today"

.....and if my Auntie had boll*cks she'd be my Uncle.......

Am holding 30,000 shares at 29p average cost but I'm not at all bitter that people are now getting to jump in at 2p each. Obviously.

ETA I'm surprised the price has fallen to almost the placing price. Would have expected maybe 3p minimum.

[zen12] 16/7/2018 16:18

Have to agree, if AN deal comes off then this will be multiples of today.

[mcyi9cw3] 16/7/2018 10:43

timbo003, The majority of the shares are held by directors and major institutional investors, there are very few shares traded as these are very sticky hands. The company is not a trading share due to the lack of volume but could be worth alot of money if the AkzoNobel (AN) deal come off. I believe that the business would be an attractive purchase for AN as it would only be loose change but would give them complete control of he products and a USP in sustainable and environmentally responsible products. This is why I like the company.

[timbo003] 16/7/2018 10:01

This seems to be holding up remarkably well, considering the placing was at 2p and there is a 15%-20% instant profit on the table for placing participants.

[tomboyb] 16/7/2018 08:15

Traders are looking for movement -

[tomboyb] 16/7/2018 08:13

placing at 2p per share -

[typo56] 13/7/2018 12:54

"..........which they will do of course because 60% of them (NW and Co) have already agreed to have their boots filled.

This is looking like a total stitch up for existing small shareholders."

It's normal I'm afraid, where there are major holders. Whilst in theory it has to go to a vote, it doesn't mean a lot when the major holders are the ones to benefit from the placing. Similar thing happened at HUR.

Before investing seriously in a company it's worth considering the major holders and also checking the directors and their histories.

[timbo003] 13/7/2018 12:31

>>>>DD

Your basic entitlement in the OO will be 635 Open Offer Shares for every 1,000 Existing Ordinary Shares.

You will be able to apply for more than that and should you do so, you will almost certainly be allocated more, but maybe not as many as you requested. It will depend on how many shares are left over after all shareholders who participated in the OO have been allocated their basic entitlement and then on how the company intends to allocate the excess shares to those shareholders who applied in excess of their basic entitlement.

For what it is worth, for some open offers, I have applied for over 100X my basic entitlement and got the lot, on other occasions I have applied for over 100X my basic allocation and got only received a small fraction of my application. It all depends on supply and demand.

[dexdringle] 13/7/2018 12:00

"Shareholders subscribing for their full entitlement under the Open Offer may also request additional Open Offer Shares through the arrangement described below (the "Excess Application Facility") pursuant to which Eligible Shareholders may apply for an amount of Open Offer Shares in excess of the entitlements allocated to them to subscribe for Open Offer Shares pursuant to the Open Offer ("Basic Entitlements")"

Is it me or does this make absolutely no sense ?

I am a long standing shareholder. 25,000 shares. What exactly can I expect my options and likely outcomes to be regarding the open offer / excess application ???

[dexdringle] 13/7/2018 11:53

..........which they will do of course because 60% of them (NW and Co) have already agreed to have their boots filled.

This is looking like a total stitch up for existing small shareholders.

[timbo003] 13/7/2018 10:47

>>>DD

Weird though it may sound, I assumed the existing shareholders would have priority before 'new' investors were able to buy at 2p ?????

You assume correctly (Companies Act 2006)

However, at the meeting on August 2nd, shareholders will be asked to approve a resolution to waive these rights

[typo56] 13/7/2018 09:24

dexdringle: "If Timbo applied only for his 635 for every 1,000 standard placing allowance..."

That's the open offer ratio, not the placing.

You won't have received any details from your broker until now on the open offer - only confirmed last night.

[timbo003] 13/7/2018 09:01

It was my maiden purchase although they have been on my watch list since they presented at the Proactive one2one meeting last year.

The placing was via a book build (see the RNS released yesterday), so I phone the broker at around 07:30 yesterday after I had read and digested the RNS and put my order in.

I note regarding the placing element of the fund raise they stated "Proposed Placing of a minimum of 104,875,000 new ordinary shares ("Placing Shares") at a price of 2 pence per share......"

and in the second announcement they stated that it has conditionally raised c. £3.4 million before fees and expenses by a Placing of 107,300,000 Placing Shares...... so it looks like they raised slightly more than they originally intended through the placing element of the fund raise.

Everything is dependent on the outcome of the general meeting on August 2nd, so none of these shares will be issued before August 3rd.

[dexdringle] 13/7/2018 08:35

.....but I have still yet to receive any contact from Charles Stanley about any of it......

If Timbo applied only for his 635 for every 1,000 standard placing allowance then why would he be surprised to have been allocated the amount he asked for ?

Surely only requests for shares in excess of standard placing allowance would potentially be scaled back ?

[typo56] 13/7/2018 08:07

dexdringle, timbo may clarify but I think he has taken part in the placing, not the open offer. If you apply for excess in the open offer I don't think you would know for at least a couple of weeks what fill you've received.

[dexdringle] 13/7/2018 07:50

My holding is on the Charles Stanley platform but they haven't contacted me yet re the placing. Yet timbo003 has already applied for his ?

[pireric] 13/7/2018 05:21

Not generally a good sign if you get your full allocation. Suggests lack of demand

[timbo003] 13/7/2018 00:19

That was a fairly impressive sum invested by the incoming CEO in today's fund raise, 23.5M shares costing £470K. I suspected he would subscribe for a decent amount given the knock down price, so accordingly, I decided to go for a few in the placing myself and much to my surprise, I got all that I asked for, without scale back.

I am now hoping they will come with EIS tax breaks, so I will make enquiries about that tomorrow.

[dexdringle] 12/7/2018 17:35

Hold on. It has been agreed that Neil Woodford and the other two largest shareholders can more than treble their holdings by applying for 2,286 new shares for every 1,000 shares held whereas ordinary shareholders are only allocated 635 new shares for every 1,000 held.

So those three who currently own 48M shares between them (62% of the current company) get 85% of the shares being issued in the UK (92M of the 107M new shares). They then own (between them) 140M shares which is 57% so they are just about square % wise.

That leaves just 16M new shares to be distributed among the holders of the other 29M shares (38% of the current shares in issue) hence we only get offered 635 shares per 1000 currently held. So we get diluted down from 38% to 18%. And, mysteriously, someone else gets to own around 25% out of the blue.

I’m surprised that it is legal to offer some shareholders new discounted shares on better terms (ie more of them) than other shareholders. The offer of shares to US based shareholders (who are presumably currently also among the 38% but who are also going to get the mystery 25%) at what must be hugely preferential terms is a further mystery.

I presume they’ll trot out the old “we had to offer certain parties preference otherwise the company would have gone bust and everyone would have lost everything” toss.

What a disgrace !

[typo56] 12/7/2018 17:00

Basic entitlement only 635 open offer shares @ 2p for every 1,000 existing shares, but you can apply for excess.

What a mess!