pauld
Aaron Aardvark
 Offline
Posts: 25436
Absolute Calamity!
|
 |
« Reply #30 on: Sunday, October 26, 2008, 12:20:47 » |
|
 There was one guy who was really worried about that. I was sorely tempted to walk over and give him the 9p (with an offer to extend up to a further 40p should the reconsolidation price be anywhere up to 50p) so we could move on. |
|
|
|
|
Logged
|
|
|
|
Simon Pieman
Original Wanker
Offline
Posts: 36319
|
|
« Reply #31 on: Sunday, October 26, 2008, 12:29:57 » |
|
Haha I was just thinking the same thing Paul.
Fitton must have been thinking what the fuck, it's 9p?
|
|
|
|
|
Logged
|
|
|
|
yeo
Offline
Posts: 3651
|
|
« Reply #32 on: Sunday, October 26, 2008, 13:36:05 » |
|
In fact Bert is probably my favourite board member. I read his blog every day.
me to he's on holiday isnt he,pay attention. |
|
|
|
|
Logged
|
/
W56196272
|
|
|
mexico red
Offline
Posts: 11757
Demasiado no es demasiado
|
|
« Reply #33 on: Sunday, October 26, 2008, 13:41:30 » |
|
who the fuck is bert?
|
|
|
|
|
Logged
|
|
|
|
pauld
Aaron Aardvark
Offline
Posts: 25436
Absolute Calamity!
|
|
« Reply #34 on: Sunday, October 26, 2008, 13:57:16 » |
|
who the fuck is bert?
Bart's more positive elder brother |
|
|
|
|
Logged
|
|
|
|
Iffy's Onion Bhaji
petulant
Offline
Posts: 15863
|
|
« Reply #35 on: Sunday, October 26, 2008, 17:47:46 » |
|
Was good going along yesterday. Seems we are in safe hands.
|
|
|
|
|
Logged
|
|
|
|
|
sonic youth
|
|
« Reply #36 on: Sunday, October 26, 2008, 23:04:12 » |
|
bert is andrew black, founder of betfair and keeps a blog on horse racing and sometimes stfc here |
|
|
|
|
Logged
|
|
|
|
Power to people
Offline
Posts: 6419
|
|
« Reply #37 on: Monday, October 27, 2008, 14:02:12 » |
|
There was one guy who was really worried about that. I was sorely tempted to walk over and give him the 9p (with an offer to extend up to a further 40p should the reconsolidation price be anywhere up to 50p) so we could move on. I'd assume though that when Fitton & Co come round to this they will be doing a share option, and I would imagine that (as was pointed out to me on Sat) that it will be for every 1 share you hold you will be able to buy x amount of new shares, but I'd also assume there will be a minimum value you have to buy as well, i.e. those with 1 share may have to spend £100 on shares rather than being able to buy as little as say 5 shares for the 1 old share, thus doing away with those that have only very small amount of shares. Does that make sense ? |
|
|
|
|
Logged
|
|
|
|
Batch
Not a Batch
Offline
Posts: 55459
|
|
« Reply #38 on: Monday, October 27, 2008, 14:10:29 » |
|
I'm not sure of the legal position, but I wouldn't be surprised if you are right. Bit of a shame, as I intended to pay the 9p in cash. Flash Harry indeed.
|
|
|
|
|
Logged
|
|
|
|
Simon Pieman
Original Wanker
Offline
Posts: 36319
|
|
« Reply #39 on: Monday, October 27, 2008, 14:20:39 » |
|
The issue was that instead of having 17.75m shares at 1p each, it would be changed to 1.775m at 10p each. Unfortunately this means for anyone with multiples of less than 10 shares, you'd get fractional shares (which you cannot have). Thus, if these people pay 9p extra per share (only the amount of shares which is not a multiple of 10) to get the value up to 10p they could keep the same shareholding as before.
At least that's how I understood it.
|
|
|
|
|
Logged
|
|
|
|
pauld
Aaron Aardvark
Offline
Posts: 25436
Absolute Calamity!
|
|
« Reply #40 on: Monday, October 27, 2008, 14:25:44 » |
|
I suspect it will be a combination: ie you can just flash the 9p to retain your existing holding, but will also be given the option to subscribe to further shares of a new issue. And probably, as p2p says, with a minimum subscription amount. There's no reason why the two should be tied - you can do the reconsolidation without doing the further issue, although it wouldn't make much sense to do the further issue before doing a reconsolidation.
In commemoration of this likely historic event, I think we should start a petition to have the treasury issue a special 9p coin
|
|
|
|
|
Logged
|
|
|
|
Power to people
Offline
Posts: 6419
|
|
« Reply #41 on: Monday, October 27, 2008, 16:40:10 » |
|
I suspect it will be a combination: ie you can just flash the 9p to retain your existing holding, but will also be given the option to subscribe to further shares of a new issue. And probably, as p2p says, with a minimum subscription amount. There's no reason why the two should be tied - you can do the reconsolidation without doing the further issue, although it wouldn't make much sense to do the further issue before doing a reconsolidation.
In commemoration of this likely historic event, I think we should start a petition to have the treasury issue a special 9p coin
That's assuming they get priced at 10p though Paul - they may price them at 11p thus saving the treasury money (and tax payer) on producing the 9p coin |
|
|
|
|
Logged
|
|
|
|
donkey
Cheers!
Offline
Posts: 7038
He headed a football.
|
|
« Reply #42 on: Tuesday, October 28, 2008, 18:51:41 » |
|
It shows real strength and intelligence to take stuff from the floor on board like this - can't help compare it with the last AGM's "Well you can have a vote if you want, but we've got 70% of shares so we'll force it through anyway" comment from Starnes. Didn't stop me voting against every proposal the old bopard made though. |
|
|
|
|
Logged
|
donkey tells the truth
I headed the ball. eeeeeeeeeeeeeee-aaaaaaaawwwwwww |
|
|
Simon Pieman
Original Wanker
Offline
Posts: 36319
|
|
« Reply #43 on: Sunday, October 4, 2009, 09:12:50 » |
|
It wasn't all good. The nominal share value will be reduced to 1p, then increased at a future date (e.g. to 10p). Those of us with shares worth less than the new increased nominal value will (e.g. 10p) will have to make up the difference.
In the example those with 1 share will have to find an extra 9p to retain their 1 share. 9p, does Fitton not realise there is a credit crunch on.
How ironic that the man who made a fuss at the last AGM was ultimately right! |
|
|
|
|
Logged
|
|
|
|
|
