Silanis Share Discussion Threads

[varies] 14/6/2013 20:20

The ghost who walks
I attended the EGM today and was the only outsider there.
Not surprisingly the resolution to delist was carried by an overwhelming majority.
Mr.Petrogiannis assured me that the results for 2012 would be published by the end of this month and that he would be glad to respond to enquiries from shareholders. The delisting would allow him to be more informative than he would have been otherwise.
The minority shareholders in SNS hold, of course, only a very small proportion of the Silanis Inc capital. Shares in Silanis Inc can be traded by shareholders between willing parties but my understanding is that no-one makes a market in them. The same will apply, I believe, to SNS shares.
The market in SNS shares has been very thin, as we know, and the dearth of British buyers has resulted in a high proportion of the shares sold being bought by INC's Canadian shareholders.
I am sorry that I can tell you nothing new. We are in effect locked in and must hope that the business prospers and that, in the fullness of time, we may derive some benefit from its success.

[the ghost who walks] 13/6/2013 06:31

Varies I can't attend as I live abroad but could you ask them how they will treat minority shareholders when unlisted and also for the results. Could you then post what you learn ( and anything else). It would be much appreciated.

[varies] 11/6/2013 16:07

The ghost
I plan to attend the EGM this Friday.
We are not in a position to resist whatever the directors put upon us but they might at least tell us when the next results will be published.

[the ghost who walks] 09/6/2013 16:39

Is anyone going to the egm?

[the ghost who walks] 18/5/2013 20:19

I don't mind holding an unlisted investment provided this doesn't mean that mgt can destroy the value of my stake by doing some dodgy things once its no longer listed. I'm hoping to attend egm

[varies] 18/5/2013 18:47

The ghost who walks
Thank you.
I have now looked up on this site the details of Placing and First Days Dealings and see that, in addition to the 21,750,000 shares placed in June 2007 at 46p, there were some 67,666,000 Exchangeable Shares in issue or under option.
This was not apparent in the resume of Final Results for 2011 (published on 31.03.2012) to which I had previously been referring.
So the subscribers to the ordinary shares were not, in effect, acquiring in toto a 25% share in Silanis Technology INC but only 24.3% of 25% !
This is made clear in the published details but we are, indeed, not told the precise terms on which the ES can be exchanged.
Whilst I reproach myself for not realising this before, we have no means of knowing what S.T.INC may be worth in a few years time and I draw a little comfort (but not much) in seeing that knowledgeable people were willing to subscribe at 46p

jamonit
Thank you for the reference to ShareSoc to which I subscribe. I must dig out my password and drop them a line. I fear that there is little that can be done for us.

[the ghost who walks] 18/5/2013 17:34

Or is ere an organisation that offers advice on this - private shareholder organisation of some sort?

[the ghost who walks] 18/5/2013 17:32

I believe that those shares have the right to convert into ordinary shares at Any time. I tried to find e listi document but couldn't. I imagine they are doing the conversion so as to ensure that they get the 75% of votes needed at the egm.I am tempted just to hold my shares and see what happens as an unlisted stock. The mgt and directors have a large amount of money in is so I am tempted just to hold.My question is does anyone have experience of owning a delisted stock. How for example do you get a share certificate, how do ou receive the annual accounts?

[varies] 18/5/2013 16:15

Could some kind person on this thread explain the "forthcoming proposed exchange of 6,500,000 Exchangeable Shares of Silanis into ord. shares" ?
It is easy to confuse our company SNS with Silanis Technology INC but my understanding of the 2011 accounts is that INC had 21.75 million A shares, 26.67m B shares, 38.64m C shares and some D shares that are for the moment of limited relevance. The B and C shares are exchangeable into A shares.
Adding the A, B and C shares together, the total is about 87 million of which the A shares represent 25%.
It is tempting to assume that SNS owned all the A shares (since the number of SNS shares in issue was also 21.75 million) but the position would be much the same if it owned 25% of each class.
I cannot see how the INC exchangeable shares can be exchanged into SNS ord. shares.
One lesson to be learnt here is that one should avoid companies with complicated share structures.

[varies] 18/5/2013 15:28

Another small ray of hope : I see that Herald Invt Trust holds c.10%.
This translates into 2.5% of Silanis Inc. Perhaps Herald will keep an eye on developments although this must represent a tiny proportion of its portfolio.

[2magpies] 17/5/2013 17:54

Given the rns, very few shares have actually been sold today.

[the ghost who walks] 17/5/2013 16:18

I should have sold when the results were so delayed and stock going down - seen this before and still don't learn the lesson!!! Clearly they are buying on the cheap and its not right nor fair.

[varies] 17/5/2013 13:03

PS I see now that c130,000 shares have traded so far today.

[varies] 17/5/2013 12:48

It is difficult to finds any rays of sunshine here but one must acknowledge that the market in SNS shares has always been very thin.
We are assured that annual results will still be published. Those for the calendar year 2011 came out on 31.03.2012 and those for 2012 seem to be overdue.
It would have been more considerate to us minority shareholders to publish the 2012 results with this delisting announcement.
By my reckoning there are about 7 million shares not controlled by insiders and it does seem mean not to have offered us, say, 20p a share to be shot of us entirely.
It may be that the insiders will mop up a fair number at half this price or less (and no-one could be blamed for selling) but they are likely to be left with an inconvenient rump.
Since the only trade shown here today is for 10,000 shares, I suspect that it would be hard to salvage much by selling.

[2magpies] 17/5/2013 12:07

Good point Mister MD.

Although options were granted at 30.5p and at 25.5p (a long long way above today's sp)

And directors haven't sold any shares. They could have taken profits at near 40p!

Would they really want any outsiders to still be holding any shares?

[mister md] 17/5/2013 11:59

doubt it - the last director buys seem to have been in 2011 at 5p !!!!!
They've donated themselves options since then though

[2magpies] 17/5/2013 11:26

"Since admission, directors and employees of the Company have acquired progressively more of the Company's equity such that a majority of Ordinary Shares are currently held by Inside Shareholders."

Hmm. Wonder why?

They know the company best, after all!

Will they hoover up the rest before de-listing?

Another month to go.

[mister md] 17/5/2013 10:00

varies - I've been there before ! Always a risk with 'under-the-radar' AIM listed stocks. Good luck with your other investments.

"The primary purpose of the Company's admission to trading on AIM was the ability to raise capital"

Indeed ....

[varies] 17/5/2013 09:48

Mister MD
Lucky you !
I feel as if I have just been mugged.

[mister md] 17/5/2013 07:36

being delisted - glad I didn't get involved here

[the ghost who walks] 14/5/2013 20:19

Still no results

[cougar99] 02/5/2013 00:08

hi, billbyrne .... yes, a bit strange this delay in results from SNS ...I left these under the bottom draw and just come back for a look here ... just done a bit of Googling ... Silanis itself (the Canadian company) still seem to be proceeding with expansion ... this week they
have announced 'the expansion of its executive team with the addition of Ilene Vogt as senior vice president of sales and marketing. In her role with Silanis, Vogt is responsible for revenue, market growth and the visibility of the Silanis brand'. Also this week they've announced 'that its customer, Springleaf Financial Services, has gone live with the company's e-signature solution e-Sign Enterprise™'.

Looked at the Silanis website yesterday and under Events only noticed the Acord Loma Forum (due to be held next week) listed. But just taken a look back now and they've also got listed their Annual Silanis E-Signature User Conference scheduled in September.

So looks like Silanis are still fine .... so I'll just wait and see developments with SNS.












9itsel

[billbyrne] 01/5/2013 17:55

Contacted the company twice over the last couple of weeks asking for the results date. Not had a reply. It is unusual, when I have contacted them in the past I've always had a reply. Just have to wait I suppose.

[the ghost who walks] 20/4/2013 14:53

Still no results