More Acquisitions Share Discussion Threads

[hedgehog 100] 26/7/2023 18:48

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The penny share market is showing some signs of excitement at the moment, with some big risers today.

Could TMOR be next?

Quite apart from its strong fundamentals, TMOR's chart has a quite a big gap to be filled above the current level of 0.575p, and it looks nicely primed for a strong move upwards.

[hedgehog 100] 19/7/2023 11:33

The shell MCI changed two of its three directors in March.

And then earlier this month it unveiled an attractive potential RTO deal, combined with a completed placing at nearly double its pre-existing s.p.

So if TMOR's directors can be replaced by people who could very potentially do better (& at the moment the bar is set pretty low), then that should surely make sense to all sensible, independent shareholders.


06/03/2023 09:39 UK Regulatory (RNS & others) Medcaw Investments Plc Directorate Change LSE:MCI Medcaw Investments Plc
"Medcaw Investments Plc (LSE:MCI), a special purpose acquisition vehicle,
announces that it has appointed Mr Charles Ainslie ("Charlie") Wood and Marcus
Yeoman as Non-executive Directors of the Company with immediate effect,
furthermore Daniel Maling and Fungai Ndoro have stepped down from the Board of
the Company to focus on other projects. ..."



07/07/2023 16:12 PR Newswire (US) Medcaw Investments Plc - Potential acquisition of near-term Lithium production asset LSE:MCI Medcaw Investments Plc

"Potential acquisition of near-term Lithium production asset

• Signing of conditional implementation agreement with Abyssinian Metals Limited
• Equity Fundraise & Suspension of Trading

Medcaw Investments plc (LSE:MCI), an acquisition vehicle, is pleased to announce that it has entered into a conditional implementation agreement with Abyssinian Metals Limited ("AML"), a company incorporated in Australia and developing the Kenticha lithium project located in Oromia State, Southern Ethiopia. ...

Details of Equity Fundraise

Medcaw has today raised gross proceeds of £400,000 at 8p per share ("New Ordinary Shares") through an equity placement to various high net worth and institutional investors introduced by GIS Global Investment Strategy ("GIS") ("Placement"). The Company has therefore allotted and issued a total of 5,000,000 new Ordinary Shares in the Company. ..."




Medcaw Investments (MCI):-

[hedgehog 100] 10/7/2023 15:29

10/07/2023 14:56 UK Regulatory (RNS & others) More Acquisitions PLC Result of AGM LSE:TMOR More Acquisitions Plc
"More Acquisitions Plc is pleased to announce that all resolutions were duly passed at its Annual General Meeting held today.
All resolutions were put to the meeting and approved on a poll and the results are detailed below. ...
The total number of shares on the register at 10:30 am on 6 July 2023, being those eligible to be voted on at the AGM, was 125,000,100 . ..."


So Charles Goodfellow and Roderick McIllree have been re-elected as the directors of TMOR, albeit with the votes of under half of the 125,000,100 shares in issue.

TMOR has moved up 4.76% to 0.55p, from 0.525p.


Shareholders probably didn't like the idea of leaving the company without directors, even for a temporary period.

In an EGM with credible alternative director(s), the outcome may be different.
Which is perhaps really why TMOR has refused to process this EGM request.

The pressure will now be on for them to unveil an attractive replacement RTO for Megasteel pronto, or to be replaced by a director or directors who can.

[hedgehog 100] 09/7/2023 15:06

Thanks to Tonypeters on LSE for flagging up this piece on TMOR in the new Financial Mail on Sunday:-

"CITY WHISPERS: List of Interactive Investor's most popular shares in June contained most of the usual suspects, but Rolls-Royce dropped out

By FRANCESCA WASHTELL, FINANCIAL MAIL ON SUNDAY
PUBLISHED: 21:50, 8 July 2023 | UPDATED: 21:50, 8 July 2023

... Trouble at More Acquisitions AGM?

The word on the street is that things could kick off at tomorrow's annual meeting for More Acquisitions, set up to hunt for and buy a firm focusing on the green transition.

Tensions have been high between a few shareholders and the board ever since a deal to buy Wiltshire-based Megasteel collapsed.

While attention will be on the annual meeting, some investors want an extraordinary, one-off get-together to vote on unseating directors.

There are claims that a notice to requisition a meeting was submitted – but the firm says it has not received a request meeting the basic requirements for it to be processed.
Contributor: John-Paul Ford Rojas"




The Mail on Sunday has a huge circulation, so today's piece will bring TMOR onto a lot more radar screens.

They say that no publicity is bad publicity, and it's not often that micro cap shells receive this sort of exposure.

[hedgehog 100] 07/7/2023 16:44

Not dissimilar events to TMOR at BIDS at the moment:-

"Posted on July 5, 2023 by staff

Activist shareholder bids to oust Bidstack directors

An activist shareholder at Bidstack Group plc has tabled a resolution to remove chief strategy officer Lisa Hau and non-exec Glen Calvert as directors of the in-game advertising platform.

The company’s share price has dropped from £2.78 just prior to the start of this year to between 80 and 90p in the last few days.

Nicholas Hargrave (pictured), founder and CEO of equity investment business Moulton Harrox – which has been vocal in its criticism of the Bidstack board for months – is behind the move to oust Hau and Calvert.

Shareholders representing 5.25% of the issued share capital of the company have sent a total of nine letters to the board requesting that it convene a general meeting to consider resolutions to remove Calvert and Hau and to appoint Hargrave as a director. ..."

[hedgehog 100] 29/6/2023 16:40

Only six more trading days left before the AGM now.

It will be interesting to see if anyone buys more shares just beforehand, in order to increase their voting rights.

Especially considering what great value TMOR looks at the 0.525p level.

[hedgehog 100] 28/6/2023 20:34

At just 0.525p TMOR is now trading at well below its cash level, and looks a real buy opportunity.

You would think that a RTO could easily be priced at a penny or more, which could be a nice doubler from the current level.

And any positive news and the share price could rebound very strongly from this level.

[hedgehog 100] 05/6/2023 18:46

"🇬🇧 𝑻𝒉𝒆 𝑫𝒐𝒄 🇨🇾 @DDS_DocHoliday · 2 Jun

Absolutely crazy, the board recommend a deal with a set valuation 0.50p, then buy shares without a deal at a massive premium 0.72p

How good was there recommended deal 🤝 given the director buy price!

The deal was mispriced which is exactly what #RodMcIlree agrees with us on. 🤦‍♂;️"

[hedgehog 100] 04/6/2023 11:55

I note that TMOR's website is still incorrectly describing Roderick McIllree as Chairman of Bluejay Mining, when he actually resigned nearly a year ago:-

"Directors
Roderick McIllree (Executive Director)
Roderick McIllree is a senior mining executive with 25 years of knowledge in M&A, project generation, project management and Finance. He is currently Executive Chairman of Bluejay Mining Plc on AIM. ..."


23/06/2022 07:00 UK Regulatory (RNS & others) Bluejay Mining PLC Board Change LSE:JAY Bluejay Mining Plc
"Bluejay Mining plc, the AIM, FSE-listed and OTCQB traded exploration and development company, hereby announces that Mr Roderick McIllree ("Rod"), Executive Chairman of the Company, resigned from the board of Bluejay on 22 June 2022.
The Company has accepted Rod's resignation and as a consequence withdraws the resolution seeking his re-election at the annual general meeting to be held today.
As such Rod will cease to be a director of the Company at the conclusion of the annual general meeting.
The Company intends to commence the search for a new Chairman and will make a further announcement in due course."



Roderick McIllree became a director of the latter company in 2015, when it was called FinnAust Mining (FAM):-

22/07/2015 10:00 UK Regulatory (RNS & others) FinnAust Mining PLC Appointment of Interim CEO LSE:FAM Finnaust Min
"FinnAust Mining plc, the AIM listed exploration company with a multi-project, copper, zinc and nickel portfolio in Finland and Austria, is pleased to announce the appointment of Roderick McIllree ('Rod') as its non-Board interim Chief Executive Officer ('CEO'). ..."


09/12/2015 07:00 UK Regulatory (RNS & others) FinnAust Mining PLC Board Changes LSE:FAM Finnaust Min
"FinnAust Mining plc, the AIM listed exploration company with projects in Finland and Austria, is pleased to announce that Roderick McIllree has been appointed to the Board as Managing Director, effective immediately, having been appointed as non-board interim Chief Executive Officer in July 2015. ..."



And within a year following his appointment to the board as MD, the FAM share price ten-bagged, from just below 0.8p to over 8p.

It then subsequently rose to over 26p in 2018, before declining to just below 6p when he resigned as Chairman:-

FinnAust Mining (FAM):-



Bluejay Mining (JAY):-

[hedgehog 100] 01/6/2023 16:15

01/06/2023 16:05 UK Regulatory (RNS & others) More Acquisitions PLC Director/PDMR Shareholding LSE:TMOR More Acquisitions Plc

"Director's Share Dealings

The Company announces that today, Roderick Claude McIllree, Executive Director of the Company, purchased 7,250,000 ordinary shares in the Company ("Ordinary Shares") at an aggregate price of 0.72p per Ordinary Share.

Following the above purchase, Mr McIllree owns 19,250,000 Ordinary Shares, representing approximately 15.40% of the issued share capital of the Company."

[hedgehog 100] 01/6/2023 16:09

"🇬🇧 𝑻𝒉𝒆 𝑫𝒐𝒄 🇨🇾 @DDS_DocHoliday · 31 May

All verified investors will have an email that needs addressing immediately. #TMOR

I have today called a EGM to remove both Rodrick Mcillree and Charles Goodfellow.

Based on the advisors performance todate, we kindly ask them to refrain from any unhelpful input.

Please share!

Quote Tweet

🇬🇧 𝑻𝒉𝒆 𝑫𝒐𝒄 🇨🇾 @DDS_DocHoliday · 30 May

Please distribute to all #TMOR MORE ACQUISITIONS PLC shareholders, across all platforms!

Whether you hold a position or not I would be immensely grateful if you could RETWEET this brief statement.

And perhaps express to the board your feelings, details to follow. twitter.com/DDS_DocHoliday… ..."

[shortcpx] 01/6/2023 15:23

Option 1. Let original deal go to a vote at GM. Roll up with AGM business so directors can be voted in/out. Option 2. Throws toys out of pram and harass individuals and try to bully them out without a GM. Then requistion one as your provincial "charm" and diplomacy fails to move the needle.

[hedgehog 100] 01/6/2023 14:36

31/05/2023 15:01 UK Regulatory (RNS & others) More Acquisitions PLC Lifting of Suspension and Cash Update LSE:TMOR More Acquisitions Plc

"The Company would like to advise that, further to the announcement of 24 May 2023, it has requested that the suspension of the share trading be lifted by the Financial Conduct Authority as soon as possible and normal trading of the Company's shares will resume.

The Company will continue to seek a transaction that will create value for all shareholders. Further to this the Company also confirms a current cash balance of GBP782,250.

The Company would also like to advise its intention to hold its Annual General Meeting shortly to consider several resolutions including the re-election of the incumbent board. The circular for this will be posted to all shareholders in due course."




TMOR has resumed trading today, and is currently 0.65p mid price: market cap. £812,500.

[johnjames876] 24/5/2023 07:28

Deal is off

[hedgehog 100] 23/5/2023 17:04

22/05/2023 15:30 UK Regulatory (RNS & others) More Acquisitions PLC Update on Proposed Acquisition of Megasteel LSE:TMOR More Acquisitions Plc



Well done to both sides for 'thinking laterally', in being willing to proceed without raising more funds.

That said, my view is that Megasteel is a good RTO for TMOR, but at the wrong shell price on these revised terms, and I'll explain why.

Megasteel looks like a very impressive and exciting growth company:-

23/09/2022 07:45 UK Regulatory (RNS & others) More Acquisitions PLC Acquisition - Megasteel and Suspension of Trading LSE:TMOR More Acquisitions Plc
" ... In its financial year ended 31 October 2021, Megasteel made audited pre-tax profits of £3m on turnover of £19.7m. ..."


22/05/2023 15:30 UK Regulatory (RNS & others) More Acquisitions PLC Update on Proposed Acquisition of Megasteel LSE:TMOR More Acquisitions Plc
" ... Megasteel is a cash flow positive , profitable, business, which reported audited post tax profits of £5.34 million, on revenue of £30 million, in its financial year ended 31 October 2022. As at that date, Megasteel had cash of approximately £10 million and therefore has no requirement to raise any additional funds. ..."


And its CEO Nigel Roberts has shown himself to be a negotiator of brillance, to extract such a lowly shell value from TMOR. That bodes very well for him cutting good deals for his business - in both buying and selling.

Moreover, the value being attributed the Megasteel is comparatively modest.

The problem is that the value being attributed to TMOR isn't just comparatively modest, it is clearly way below even its minimum current fair value for a RTO.

That I believe would be c. 1p/share: which is still a 55.5% price reduction from the previous level of 2.25p, which would still be more that the % price reduction in Megasteel's valuation.

And I think that TMOR shareholders are entitled to it in view of this statement from yesterday's RNS, which would otherwise be completely false:-

"The Directors believe that this material reduction in valuations retains the relative post-completion ownership of the Enlarged Group ..."

A further change in the terms to 1p, from 0.5p, would provide a 100% benefit to TMOR shareholders compared to the latest proposals, but at a cost of only c. 2% to Megasteel.

I don't believe that Megasteel would be able to get a better RTO deal than that elsewhere, especially as other shells would be wary of dealing with them if they've been seen to reject fair value from another shell.

That would leave the IPO route, which might not fully recover for years, and would still be comparatively risky and uncertain, and require Megasteel to give away a far bigger share of its equity.

So I'm afraid I'm going to have to vote a 'sad no' to a 0.5p Megasteel RTO, but would willing support a 1p deal.


If it proceeds on that basis, the share price could still potentially reach 2p by the end of the year.

Megasteel's post tax profits of £5.34 million last year suggest pre tax profits of c. £6.6M. on a 19% corporation tax rate, i.e. well over double the previous year's.

The post-RTO market cap. at 1p, on a 1p shell valuation for TMOR, would be just £32.125M., with c. £10M. cash.

I.e. a enterprise value pre-tax profit multiple of barely three, for a cash rich company growing like Topsy!

Clearly you would expect the share price to move ahead very strongly, and in due course be a very good multibagger.

That said, I think there's a good chance that TMOR can extract better RTO terms, once it becomes apparent that shareholders won't back the deal as it currently stands.

They need 75% of the votes cast to get the deal through, which is quite a high threshold.