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Ashley considering EGM and repayment of loan


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If he gets the loan repaid what else is he likely to do?

 

The only "obvious" thing would be asking the board about the suspension from the share market. After all, he's got millions of them and wants to see their value rise and not kept away from any dealings! Bad thing is, that is probably the most legal thing he can do in here.

Edited by der Berliner
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yet again you are saying we were rejected by a nomad. it's untrue, we had a nomad. it was AIM who wouldn't take us on.

 

or are you saying the new board have lied?

 

"We were advised that, following this process, the prospective Nomad was unable to take up appointment. We also understand that any alternative Nomad is liable to encounter similar difficulties and therefore the Company requires to terminate its listing on AIM. "

 

Company statement 2 April 2015.

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"We were advised that, following this process, the prospective Nomad was unable to take up appointment. We also understand that any alternative Nomad is liable to encounter similar difficulties and therefore the Company requires to terminate its listing on AIM. "

 

Company statement 2 April 2015.

 

aye because AIM wouldn't take us on, not that the nomad wouldn't.

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Ashley stood to make millions from us through his contracts but If he is asking for his money back it's either done out of spite or because he fears losing it. Now, why would that be? Could there be a revelation that would make his contracts null and void?

 

Hope you are right PapaBear. The sooner we see the back of that parasite the better.

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aye because AIM wouldn't take us on, not that the nomad wouldn't.

 

I beg to differ, "therefore (because we couldn't get a new NOMAD to replace WH Ireland) the Company requires to terminate its listing on AIM" the cause and effect are pretty clear in the statement; no NOMAD equals no listing on AIM.

 

In any event the real issue here is whether or not the company were economical with the truth when they gave the principal reason for the inability to appoint a new NOMAD as "failings in corporate governance and management of those who previously controlled the Company..... with the resultant "complaints about the Company".

 

Shareholders are entitled to know whether lack of working capital, no CEO, no FD and Mr Kings's difficult position also were factors in the inability to appoint a NOMAD and/or remain listed on AIM, as you will.

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We are in negotiations with SD to change the terms of the retail deal - correct?

 

If we repay the loans we go back to 51/49% with SD retaining the rights to decide dividends. I think its possible that we haven't repaid the loan as leverage in discussions with SD and until there is an agreement reached I wouldn't have expected us to repay them.

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Ashley cannot requisition an EGM on his own as his holding isn't big enough, he needs other shareholders to back him.

 

Also any resolution put forward to force repayment would be a special resolution and therefor need to receive the backing of 75% of the shareholders.

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Ashley cannot requisition an EGM on his own as his holding isn't big enough, he needs other shareholders to back him.

 

Also any resolution put forward to force repayment would be a special resolution and therefor need to receive the backing of 75% of the shareholders.

 

He won't have much luck there then.

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Ashley cannot requisition an EGM on his own as his holding isn't big enough, he needs other shareholders to back him.

 

 

Obscure but critical point that is news to me and Ashley's lawyers it appears

 

The directors must call a general meeting if so requested by the holders of 10% of the voting shares (or 10% of the voting rights if no shares). If at least 12 months have elapsed since the last general meeting called under this section, the request may be made by 5%., which it hasn't of course.

 

Perhaps he needs to consult you for advice.

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