Worthington Share Discussion Threads

[davidkip] 01/12/2018 20:46

I think you mean "placing out shares in order to meet institutional demand" SK.

[sweet karolina] 01/12/2018 19:56

Very strange behaviour. If founders want an exit they can sell their shares as part of the listing fund raise. Resolution 12 says nothing that makes it conditional on the listing happening (still wishful thinking in my view) but RAP has not got the cash to buy founder shares without cash from the listing. Surely Simon would not use up the tiny amount of cash that remains getting the company to buy his shares at 105% of market.

[arthur_lame_stocks] 01/12/2018 19:08

I think it's resolution 1 that want voting down given that RAP's accounts are fraudulent.

[davidkip] 01/12/2018 13:23

They have 32m shares out at the moment. AGM permission now gives them authority to issue upto 77.5m additional shares, more than trebling the shares out.

Yet at the same time they want authority to buy-back shares. Go figure, as they say!

We know the CEO has been selling a big chunk of his holding (and unfortunately didn't disclose it explicitly in the two sets of accounts under the 'acquired or disposed during the period' heading ... but if you compare the two accounts side by side you can see the sale) so that is one potential exiter.

[cliffpeat] 01/12/2018 11:49

DK - I'll kick off:

a) To help an existing holder/s exit without disturbing the market price
b) To support the market price (105% criterion)

Disapplication of pre-emption rights and potential dilution, in such a small company, suggests little faith (or funds) in current shareholders.

Might be wide of the mark but I was wrong before the crash when I thought the RBS own share purchases were a sign of strength and to the benefit of existing holders.

Just musing, DYOR

[davidkip] 01/12/2018 11:17

Most interesting though is special resolution 12. That did make me smile. I'll let you work out the implications for that one!

[davidkip] 01/12/2018 11:17

Knigel

You question about RAP and three sets of share authority. I can see why they've done this so as to give separate authority for three different styles of issuance.

The first 50m is linked to getting a listing (so the authority is dependent on a prospectus and successful listing). The second 2.5m is to pay the brokers. And there's a final 25m for general slosh and acquisitions. Shareholders may have views on each of those categories so I think sensible to split them into three resolutions.

"Share authorities

Pursuant to the Company continuing to work towards listing its shares on another exchange, members are being asked to grant the Company three distinct sets of share authorities, which will enable the Company to effectively complete the listing, undertake the necessary capital raisings and operate the business as they see fit.

These share authorities fall into three categories:

• 50 million ordinary shares to be utilised in connection with the prospectus to be issued by the Company;
• 2.5 million ordinary shares to be available to satisfy fees potentially due to the Company’s broker; and
• 25 million ordinary shares to be general available to the Company for acquisitions and other matters."

[andy] 01/12/2018 09:49

RAP has not traded for quite a while now.


FGCN has not traded for quite while now either.


WHET traded one trade recently and fell to 20p


There seems to be a common denominator here.....