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TMOR More Acquisitions Plc

0.00 (0.00%)
21 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
More Acquisitions Plc LSE:TMOR London Ordinary Share GB00BMWKKM32 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 0.625 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
0.60 0.65
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Offices-holdng Companies,nec -464k -0.0029 -2.14 996.49k
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.625 GBX

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Date Time Title Posts
03/5/202407:28More Acquisitions PLC131

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Posted at 22/6/2024 09:20 by More Acquisitions Daily Update
More Acquisitions Plc is listed in the Offices-holdng Companies,nec sector of the London Stock Exchange with ticker TMOR. The last closing price for More Acquisitions was 0.63p.
More Acquisitions currently has 160,724,100 shares in issue. The market capitalisation of More Acquisitions is £996,489.
More Acquisitions has a price to earnings ratio (PE ratio) of -2.14.
This morning TMOR shares opened at -
Posted at 30/1/2024 11:45 by hedgehog 100
In view of their property sector background, TMOR's new directors will probably be looking at a property RTO into TMOR, probably at a significant premium to their 1p/share investment price.

And recessionary times can provide great opportunities to pick up property cheaply, from which huge gains can subsequently be made.

A good example of a property sector multibagger is the property development company Northacre (NTA), which c. 75-bagged in c. 5 years, 2005-2010, low to high: from c. 2p to c. 150p.

Northacre (NTA):-

"Northacre plc is a British property company that develops luxury apartments in London, and is 69% owned by Abu Dhabi Financial Group (ADFG)."
Posted at 22/1/2024 09:39 by hedgehog 100
22/01/2024 07:00 UK Regulatory (RNS & others) More Acquisitions PLC Placing at 1p per share and Board Changes LSE:TMOR More Acquisitions Plc

"The Directors of More Acquisitions Plc (LSE: TMOR) are delighted to announce a placing as well as board changes designed to facilitate the Company's next phase of growth.


-- Appointment of two highly experienced company directors to the TMOR board. Neil Sinclair will move to Executive Chairman and Stanley Davis as non-executive director.

-- Fundraising of GBP312,240 through the issue of 31,224,000 new ordinary shares of GBP0.01 each at a price of 1p per share ("Placing Shares") with 2 free attaching warrants for every 1 Placing Share issued exercisable at 1.5p (exercisable at any time during the 60-month period from 4 March 2022). These options are on identical terms to those granted to investors at the time of the Company's IPO.

-- Current director Charles Goodfellow will remain on the board with Roderick McIllree retiring effective immediately.

Rod McIllree, Executive Director of More Acquisitions plc, said:

"Today marks a significant point in the evolution of More Acquisitions. The appointment of Neil and Stanley to the Board of the Company marks an exciting step towards the execution of a reverse take-over which is expected to be value enhancing for all stakeholders. They begin their tenure on a positive note by investing in the Company at a significant premium to the market thereby confirming their faith in their stated objective of value creation. I am very confident I leave the company in good hands and look forward to continuing as a shareholder as it now moves through these next value enhancing steps."

Board Restructuring

The Company is pleased to announce the appointment of Neil Sinclair as the Company's new Executive Chairman, and Stanley Davis as a Non-executive Director to the Board.

Neil Sinclair - Executive Chairman

Neil Sinclair has over 60 years' experience in the real estate sector. He was a co-founder of Sinclair Goldsmith, Chartered Surveyors, which was admitted to the Official List in 1987. It subsequently merged with Conrad Ritblat in 1993, when he became Executive Deputy Chairman. Neil was appointed Chairman of Baker Lorenz, surveyors in 1999, which was sold to Hercules Property Services plc in 2001. He was appointed a non-executive director of Tops Estates plc in 2003 and remained so until it was sold to Land Securities plc in 2005. He co-founded Palace Capital plc with Stanley Davis in July 2010 and helped build a GBP280m property portfolio. He served as Chief Executive Officer until June 2022. ...

Stanley Davis - Non-Executive Director

Stanley Davis is a successful entrepreneur who has been involved in the City of London since 1977. He founded a company registration agent, Stanley Davis Company Services Limited, which he sold in 1988. In 1990 he became Chief Executive of a small share registration company which became known as IRG plc. It acquired several businesses including Barclays Bank Registrars and was sold in April 2000 for a substantial sum to the Capita Group plc. He was Chairman of Stanley Davis Group Limited specialising in company formations, property & company searches. It was sold in June 2020 to Dye & Durham listed on the Toronto Stock Exchange. He co-founded Palace Capital plc with Neil Sinclair in July 2010 and helped build a GBP280m property portfolio. He served as Chairman until December 2021. ..."

This placing at 1p shows that people were absolutely right to object to the proposed 'rip off' RTO at 0.5p.

But let's now move on: well done to TMOR on topping up TMOR's funds at a good price.
Posted at 30/8/2023 18:55 by hedgehog 100
Name Symbol Market Type ISIN Description
More Acquisitions Plc LSE:TMOR London Stock Exchange Ordinary Share GB00BMWKKM32 ORD GBP0.01
Change % Chg Cur Bid Offer High Low Open Volume Chg Time RN NRN
0.025 4.2% 0.625 0.60 0.65 0.625 0.60 0.60 911,993 09:25:06

A nice 4.2% TMOR rise today, back to the 0.625p level.

Lets hope for an imminent TMOR RTO at 1p+, to reward those shareholders who have 'kept the faith', including those who backed the March 2022 IPO at 1p.
Posted at 23/8/2023 20:03 by hedgehog 100
Recent Share Trades for More Acqu (TMOR)
Date Time Trade Prc Volume Buy/Sell Bid Ask Value
23-Aug-23 15:54:27 0.598 500,000 Buy* 0.50 0.60 2,990 O
23-Aug-23 15:51:10 0.5784 597,251 Buy* 0.50 0.60 3,454 O
23-Aug-23 15:50:15 0.5766 601,023 Buy* 0.50 0.60 3,465 O
23-Aug-23 15:46:58 0.565 164,410 Sell* 0.55 0.65 928.92 O
23-Aug-23 14:37:13 0.60 89,637 Buy* 0.50 0.60 537.82 O
23-Aug-23 14:11:39 0.598 82,205 Buy* 0.50 0.60 491.59 O
23-Aug-23 13:41:14 0.598 82,205 Buy* 0.50 0.60 491.59 O
23-Aug-23 13:33:45 0.598 82,205 Buy* 0.50 0.60 491.59 O
23-Aug-23 13:19:45 0.598 78,275 Buy* 0.50 0.60 468.08 O
23-Aug-23 11:38:40 0.5885 500,000 Buy* 0.50 0.60 2,943 O

Lots of TMOR buying today.

And understandably so: TMOR is not only trading at below its current level of cash (at its current share price of 0.55p/share) which is very unusual for a shell; but it also has exciting near-term RTO deal potential, which you would expect to be at a large premium to the current s.p.
Posted at 19/8/2023 20:28 by hedgehog 100
Remember that TMOR's board won't be paid until a deal completes, so they have no incentive to spin this out, but every incentive to complete a deal - but it has to be one that TMOR shareholders will approve (75% of the TMOR votes cast required):-

04/03/2022 07:00 UK Regulatory (RNS & others) More Acquisitions PLC First day of dealings LSE:TMOR More Acquisitions Plc

" ... No ongoing director salaries - The Company's directors will receive no salaries or consultancy fees; compensation will only be received by way of a success fee on the completion of an acquisition approved by shareholders. ..."

"From the ashes of disaster grow the roses of success": from TMOR's current sub-cash valuation, the right deal could give a very good return from this level.
Posted at 15/8/2023 17:19 by hedgehog 100
NZI (Net Zero Infrastructure) shows how the timetable for a replacement RTO can be accelerated after a previous RTO is aborted.

There was a period of just three and a half months between NZI returning from suspension following the abortion of its Taylor Construction Plant & Solar Highways RTO, and the unveiling of its LINE Hydrogen RTO, with accompanying resuspension:-

13/02/2023 07:00 UK Regulatory (RNS & others) Net Zero Infrastructure Plc Request to restore listing of the Company's Shares LSE:NZI Net Zero Infrastructure Plc

01/06/2023 07:51 PR Newswire (US) Net Zero Infrastructure Plc - Possible Acquisition and Suspension of Listing LSE:NZI Net Zero Infrastructure Plc

The NZI share price also bounced 32% from its post-suspension low.

TMOR in comparison has already been back from suspension for two and a half months.
(Coincidentally desuspending on the same day that NZI resuspended, i.e. 1st. June.)
Posted at 12/8/2023 12:20 by hedgehog 100
If a pair of proposed replacement directors has an exciting track record, then that alone could excite the market.

And the incumbents may feel that they have to deliver something tangible ahead of the vote to fight off strong challengers.

The incumbents will have an existing list of RTO candidates to choose from, from their work since TMOR listed, which can accelerate the process.

Which could perhaps be why they have used stalling tactics to delay the EGM, as they may believe that they unveil something in time.

It could all potentially make for a nice win-win situation for TMOR's share price, whoever wins.
Posted at 10/7/2023 15:29 by hedgehog 100
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.
Posted at 23/5/2023 17:04 by hedgehog 100
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.
Posted at 16/11/2022 19:50 by hedgehog 100

Sorry about the delay in replying.

As I noted in post 67 above, the actual premium is 150%, not over 200%.
And that premium is from a very depressed TMOR share price: far cheaper in relation to cash than the vast majority of shells.

And the new shares at that premium would be issued to Megasteel itself, which has already agreed to it.

Moreover, in the current risk-averse environment, investors largely want to see the sort of revenues and profitability that Megasteel has.

So I don't see a problem.
More Acquisitions share price data is direct from the London Stock Exchange

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