Paternoster Resources Share Discussion Threads

[ntv] 18/1/2018 16:04

Rule 29: Applications for further issues
Under rule 33 AIM securities must be unconditionally allotted. Accordingly, the Exchange is
likely to require proof of allotment for any securities which are being issued on AIM. A copy of
the AIM company’s board minutes allocating such securities or confirmation from its
nominated adviser will suffice in most cases.
Allotted includes provisionally allotted securities where such provisional allotments are
unconditional. For example, nil paid rights must be allotted without condition (even if further
action is required by the holders of provisional allotments to transform them into another class of
securities such as fully paid shares).
A dealing notice will be released via RNS under the heading “AIM”.
Applications for block admissions should be indicated as such in the “Nature of Admission”
section of the application form.
A block admission cannot be used where the securities to be issued under the block
admission exceed more than 20% of the existing class of an AIM security. Additionally, block
admissions can only be used in the following circumstances:
— employee share schemes;
— personal equity plans;
— dividend reinvestment plans;
— ordinary shares arising from the exercise of warrants; and
— ordinary shares arising from a class of convertible securities.

[ntv] 18/1/2018 16:04

the form of proxy doesn't specify an amount equal to the share capital as claimed

[tomboyb] 18/1/2018 16:01

hxxp://paternosterresources.com/documents/PRS%20AGM%20PROXY%20FORM%202017.pdf

Special Business
Ordinary Resolution

4 To authorise the directors to allot shares and other securities pursuant to
section 551 of the Companies Act 2006.
Special Resolution

5 To authorise the allotment of equity securities for cash.

[ntv] 18/1/2018 15:58

the form of proxy doesn't specify an amount equal to the share capital as claimed

[tomboyb] 18/1/2018 15:39

Significant discount to NAV in a booming market -

a placing around 1/3rd of NAV is disappointing to say the least -

Nick Lee - speaking to my investor chums why has no one a good thing to say about this guy -

[geseppe] 18/1/2018 14:35

In Reply to phenomenonnick on LSE, i cant post on LSE, so hope you see this, as per your post, the grounds could be that PRS Never Advertised the AGM by Proper means, so therefore not giving the S/H the Chance to Vote .They hid it away amongst other stuff that was Rns'd


phenomenonnick
Posts: 91
Off Topic
Opinion: No Opinion
Price: 0.13
My take on itToday 11:16I don't see grounds for complaint here. At the AGM we approved the allotment of new shares up to the level of the existing share capital - ie the board were given the power to double the number of shares in issue, without a rights issue. Perhaps we should have been more vocal then, rather than waiving it through without complaint.

Additionally given the costs of running a plc, if PRS is to remain an investment company it needs to be bigger, spreading the same running costs over more investments, so the % return we need to cover running costs is lower.

All that said, I am deeply unimpressed that a company trading at a massive discount to NAV is issuing shares at a discount to the trading price. Really disappointing.

I have 25m shares.

[solarno lopez] 18/1/2018 13:42

why not ask the Nomad who are the advisor

[ntv] 18/1/2018 13:33

70& dilution should never be allowed otherwise it opens the flood gates for others to do so

[ntv] 18/1/2018 13:31

15% return is pretty poor as well

[solarno lopez] 18/1/2018 11:22

Removal of Beaumont Cornish perhaps

[tomboyb] 18/1/2018 10:58

Additionally a bearcast with WINNE on PRS -

A change coming PRS -

[ntv] 18/1/2018 10:13

any small shareholders on here should also complain to
[e-mail]

[solarno lopez] 18/1/2018 09:36

A change of Nomad would be a massive help it would show the directors are serious about the future of the company

[tomboyb] 18/1/2018 09:29

NAV close to 0.30p and raising equity at 0.11p -

Clearly it seems the case that Nick is not interested in the share price -

Could of sold equity to raise finance -

I hope someone informs AIM regulation if AIM rules have been broken -

[solarno lopez] 18/1/2018 09:22

I see Beaumont Cornish are involved which may answer some of your questions !

[ntv] 18/1/2018 09:15

the placing breaks rule 29 as i understand it whereby a company can't issue shares whereby increasing the number of shares by more than 20% without prior consent by existing shareholders
january 2018 lse rules for Aim listed companies

[barnetpeter] 18/1/2018 08:12

So it seems because that is a huge dilution at a crazy price that will ensure the bid to oust any directors will fail.