The GM set for 11th May will hopefully reveal where Polemos goes from here. A new investment strategy perhaps otherwise, why go to the bother of Consolidation. So far, the Directors seem to have taken little to no interest in developing the Company. Could do with some new blood on the Board and the CEO Hamish Harris surely has the connections to do so. Though I'm not holding my breath.
Resolution 7 - Consolidation
This is an ordinary resolution seeking approval of the Consolidation.
For the avoidance of doubt, the share authorities in resolutions 1 - 5 (inclusive) above are shown on a pre-Consolidation basis and will be adjusted on the basis of the proposed Consolidation ratio of 1 New Ordinary Share for every 100 Existing Ordinary Shares following the passing of resolution 7 above.
Unless I've missed some News, the only investment Polemos has left is Oyster Oil & Gas. And there's been no news there for a long while.
A bit of a puzzle is the following.:-
Gunsynd Invests For Further Stake In Oyster Oil & Gas - ADVFN
24 Mar 2018 - Gunsynd Invests For Further Stake In Oyster Oil & Gas. AIM-listed Gunsynd PLC on Thursday said it will invest CAD425,000, or around GBP247,000, in Oyster Oil & Gas Ltd as part of a wider funding... Subscribe now to see this Premium News article from. Start your FREE 1 Month Trial of Alliance News
The puzzling bit is I can't see any announcement on Gunsynd or Oyster or Polemos.
I've had these since the collapse of Plus Markets and I'm nursing a very big loss. I have no idea what the company does or (purports to do) To misquote Ronald Reagan "If it looks like a dog and barks like a dog ............ it's a dog!!" And probably a dog with fleas.
Looking at the last published accounts. this company is a pure "shell." It has no employees other than directors and the only remuneration being paid is to directors. There is no income shown in any form so why might anyone think that this might ever be a "buy?"
Taking up the offer and also buying excess at 1p per share is throwing good money after bad in my opinion. I'll stick with my barge pole and leave them well alone. They'll stay in the portfolio until I need to declare the loss for CGT against a proper company. There are better companies out there and if "cheap" is your criterion, it's cheap for a reason
The only hope might be a sale of the company to perhaps the U.S. for its tax credits but as Michael Ashcroft isn't at the helm, I don't see this happening. I just see this as being purely for the benefit of the Board of Directors.
"I am talking about an equivalent rise from 0.011p to 0.50p without any consolidation at all."
Take heart! Only about a fivefold increase necessary - so that should be real easy. All it needs is a few more untenable promises and/or brazen lies coming from the BOD (those guys with the funny job titled) and off she goes. No worries, mate.
Allowing for the total shares in issue and to be issued the MC is less than the value put on the PLMO investments and cash at 0.015p. This means that the potential following the rapid fund raise following the collapse of the original RTO is in for nothing and I think we can expect something to break in tandem with GUN
Sounds reasonable considering the short time allotted to issuing and consolidating shares. Also you have to wonder why HH would go to all the trouble and expense of issuing billions of shares and consolidating them down to 92m-ish if he didn't have something up his sleeve.
I've added 5m shares at yesterdays giveaway price from other profits and am showing around 44% profit on those overnight but am still overall minus 84% here overall. I think it's an interesting gamble here for minimal additional outlay as a recovery play. GL to all.
Hard to get over enthusiastic here as I'm down several thousand from when this was Plus Markets. However, I have to agree that at these levels and taking a risky view of the potential of new business, it must be worth a punt for another few hundred pounds to try and recoup earlier losses eventually.
A poster on LSE suggests that GUN where HH is also in charge could have a couple of potential RTO candidates lined up. Could make sense as there seemed to be almost panic to raise more funds.We shall see but at 0.010p must be worth a punt.
With the rapid raise of funds at the same time as the ditching of the proposed RTO which I always thought was doomed because of its size could see some early activity. They clearly have a plan B or why the rush out a fund raise and a change in the share consolidation from 1000 to 100. Perhaps we can get back to .02p next week.
Disappointing. Casts a bit of a shadow over the CEO Hamish Harris and other Company's he's involved in and other Directors he associates with, Donald Strang and David Lenigas, and the Company's they are involved in.
Unless, Hamish Harris and his Associates can pull something out of the hat. Urgently.
Interesting, the wording of the Placing. Hamish is taking a fair amount. The wording the Placing has been undertaken with certain private investors.
' Polemos, the AIM investment company, is pleased to announce a placing (the "Placing") of 2,177,777,778 Ordinary Shares of 0.01 pence each (the "Ordinary Shares") at a price of 0.0225 pence per Ordinary Share together with a proposed Director's subscription of 44,444,444 Ordinary Shares to raise in aggregate gross proceeds of £500,000. The Placing has been undertaken with certain private investors.'
Bearing in mind Hamish Harris, Donald Strang and David Lenigas have worked together for a few year and all three are on the Board of AfriAg, just wonder if Donald and David are having a piece of the action. Particularly so if you read the News from Doriemus where Lenigas sold a small part of his Doriemus to raise about £27,000 if my maths is correct.
AfriAg has recently invested in Medical Cannabis farming. Perhapswith Polemos they are going in to farming, grow their own 'rollies'.
Interesting investment at Polemos. I'm in and holding.
' warrant to subscribe for a new common share for a period of two years at a price of CAD 55c.
In addition, under the terms of the term sheet and conditional on compliance with the rules of the TSX, subject to a floor price of CAD 30c, the effective price at which the Investment is made can be varied to represent a discount of 20% to any further capital raised by Oyster within 12 months of the Investment. It is also expected that Oyster will seek admission to AIM in due course. Hamish Harris, a director of Polemos commented: "We are very pleased to have been able to participate in this financing at what we believe to be advantageous terms ahead of Oyster's potential dual listing on AIM. Given Oyster offers not only a large, multi-billion barrel prospective resource at what we believe to be a compelling valuation but also an extremely able management team, we are confident the intended move to London could see a substantial revaluation of the company along the line of other TSX oil and gas companies that have moved to AIM recently.'
Seems very interesting if it is the case and wonder if PLMO will also see a rerating happening.
The company plans to invest c£500,000 in this company, according to the balance sheet it only has the cash eq. of £175,000. So are they investing on the back of a debt borrowing scheme. If not 1) Where is the extra #350,000 coming from and will the company have any cash left at the end of the deal?
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