AssetCo Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.9228129
Õ¿Õ¬ By Chayanne ]]> http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion&id=9228129&action=detail Tue, 31 Jan 2012 02:28:00 GMT Chayanne tag:iii.co.uk,2003:tst.9225827 http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion&id=9225827&action=detail Mon, 30 Jan 2012 13:59:00 GMT Johnoooo tag:iii.co.uk,2003:tst.8770559
The Company proposes to raise £14 million through the fully underwritten issue of the Placing Shares. The Placing is conditional on Shareholder and regulatory approval of the Proposals. The Placing Price of 200 pence represents an effective discount of 88.2 per cent. to the adjusted closing midmarket price of 1,700 pence on 8 September 2011 (the "Adjusted Closing Price"), being the last dealing day prior to the publication of the Circular. The actual closing price of the Existing Ordinary Shares, on 8 September 2011 (being the latest practicable date prior to the publication of the Circular), was 1.7 pence each and the Adjusted Closing Price reflects the equivalent closing price following completion of the Capital Reorganisation. The Placing Shares will represent approximately 63.6 per cent. of the Enlarged Share Capital.



The Placing proposals also provide for the subscription by Placees for up to 3.5 million warrants exercisable at 200 pence each, pro rata to their participation in the Placing. In addition under the terms of the Warrant Instrument, any Placee will receive 1 Warrant for every 2 Placing Shares subscribed for.



The Placing is conditional, inter alia, upon:

• the Scheme becoming effective;

• the Resolutions being passed at the General Meeting;

• the completion of the Share Exchange; and

• Admission occurring on or before 8.00 a.m on 14 October 2011 (or such later date as the parties may agree).
By Chayanne ]]> http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion&id=8770559&action=detail Wed, 21 Sep 2011 14:49:00 GMT Chayanne tag:iii.co.uk,2003:tst.8767042 http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion&id=8767042&action=detail Tue, 20 Sep 2011 16:59:00 GMT SudsyM tag:iii.co.uk,2003:tst.8750012 http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion&id=8750012&action=detail Thu, 15 Sep 2011 12:01:00 GMT billselsey tag:iii.co.uk,2003:tst.8736004 http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion&id=8736004&action=detail Mon, 12 Sep 2011 14:25:00 GMT judge_dredd tag:iii.co.uk,2003:tst.8734177 http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion&id=8734177&action=detail Mon, 12 Sep 2011 08:12:00 GMT 2Buyor2Sell tag:iii.co.uk,2003:tst.8730821
I'm glad I got out of this at 3p after buying at 4p!!!! By John09 ]]> http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion&id=8730821&action=detail Fri, 09 Sep 2011 19:32:00 GMT John09 tag:iii.co.uk,2003:tst.8730603 http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion&id=8730603&action=detail Fri, 09 Sep 2011 18:03:00 GMT the real stan tag:iii.co.uk,2003:tst.8729857
existing shareholders to get 2.2 % of new company.

in your example someone paid £ 17 for 1000 shares at 1.7 pence today

they would have 1 share under restructuring which they hope and pray is worth £ 2 or a bit higher if and when they start trading again. So those who bought today lose 85% as a minimum

For Utilico and others who bought in at 10 pence a share in March then they lose £ millions and 99% of their investment (but for UTL do get a chance to buy in the placing and recover some of that in the future).

No winners here other than previous mgmt and shareholders

Alternative is a total loss By Waste_not_want_not ]]> http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion&id=8729857&action=detail Fri, 09 Sep 2011 14:56:00 GMT Waste_not_want_not tag:iii.co.uk,2003:tst.8729689
Cr - 1 New share for every 1,000 held. So therefore the value will be £17 each. (1000 * 1.7p)

The rights issue is at £2 a share

So in reality that appox 85% loss if you hold shares. or a 450% profit if you shorted.

By Anewinvestor ]]> http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion&id=8729689&action=detail Fri, 09 Sep 2011 14:23:00 GMT Anewinvestor tag:iii.co.uk,2003:tst.8723344
I think your shareholder list is out of date.

North Atlantic are invested into the preference shares and there is a common director, Christopher Mills. They were stated as going to be a party to the fundraising in March and to have agreed to invest £ 3.3 million but it is not totally clear if they did.

North Atlantic interest does not seem to be all that clear. Clause 6 below on page 36 outlines the interest of Christopher Mills. Reading this there is no reference to an interest in ordinary shares. Part 7 referred too states that Chirstopher Mills (or NAV or NASIT) are interested in 10,000 ordinary shares?

**
6 THE DIRECTORS AND THE EFFECTS OF THE SCHEME ON THEIR INTERESTS
The interests of the current directors of the Company and their key terms of employment
are set out in Part 7 of this Explanatory Statement. All Liabilities of the Company to the
current directors of the Company are Excluded Liabilities and do not form part of the
Scheme.
Upon the Scheme becoming effective, and in accordance with the terms and conditions
of my engagement by the Company, I will be entitled to a success fee of £300,000 from
the Company.
Christopher Mills is a partner in North Atlantic Value LLP (“NAV”) and a director of,
among others, North Atlantic Smaller Companies Investment Trust plc (“NASIT”) and
various members of the J O Hambro group of companies together. NAV and NASCIT
(and various persons connected thereto):
(a) currently hold the AssetCo Abu Dhabi Preference Shares;
(b) will be parties to the proposed share for share exchange in relation to those
preference shares; and
(c) are expected to be participants in the Placing,
all as more fully referred to in paragraph 4.10 above.
**

The important part is that they are 'expected' to participate in the Placing although we do not know yet what the terms of those are.

The “I” in the paragraph above entitled to a £ 300,000 success fee is, I assume, looking at another reference in the document Tudor Davies ‘Interim Executive Chairman’

Bermuda Commerical are, as I posted before, close to Utilico so I think can be assumed will vote with them.

John Shannon should be known to those on this forum. He is the ex MD who was booted out in March. His interests are being diluted away. One can assume he will vote against if he is allowed to vote at all out of spite (see what happened in March)

Others no idea about as to voting intentions. There are clearly a lot of other shareholders not listed.

Unless a bidder appears I think everyone will have to go along with the creditors scheme as the document, as I quoted before, says the company will go bust without adoption of the scheme. Better to have a chance of recovering something than losing it all. By Waste_not_want_not ]]> http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion&id=8723344&action=detail Thu, 08 Sep 2011 09:45:00 GMT Waste_not_want_not tag:iii.co.uk,2003:tst.8718075 Utilico Investments (dup) 18.6
J M Shannon 10.8
Bermuda Commercial Bank (dup) 7.98
Investec Asset Management 7.98
Jupiter Asset Mgmt 6.88
Henderson Global Investors 6.37
Close Asset Management 4.14

On 25 July 2011, and further to the announcement made on 21 March 2011 in regard to
the provision of additional working capital, the Company announced that it has been in
discussions with certain of its major stakeholders (being North Atlantic Value LLP, a part
of the J O Hambro Capital Management Group, Utilico Investments Limited and
Henderson, which incorporates the interests of Gartmore Investments Limited), together
the “Investor Group”, who had remained supportive of the Company. The Company
noted that, as a result, the Board was pleased to announce it had received a refinancing
proposal from the Investor Group that would involve, amongst other things, a £10m
equity injection into the Company and compromises with certain creditors of the
Company to be implemented through a scheme of arrangement. The Company noted
that it was anticipated that certain other existing institutional shareholders in the
Company would also be allowed a participation in this equity fundraising.

So where did North Atlantic Value LLP come from and what happened to J M Shannon 10.8, Bermuda Commercial Bank (dup) 7.98, Investec Asset Management 7.98 and Close Asset Management 4.14?

Which way will the other shareholders vote?

Perhaps someone out there can enlighten me?

Õ¿Õ¬ By Chayanne ]]> http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion&id=8718075&action=detail Tue, 06 Sep 2011 20:30:00 GMT Chayanne tag:iii.co.uk,2003:tst.8717530
quick research suggested a rational investor would not want to buy based on the fundamentals and recent rns announcements. so I post to ask what I might be missing?

I am not shorting the stock and given its a very small part of Utilico whose NAV jumped 10% in last 7 days (they have a big investment in a gold company) Assetco not very important/ significant to me. I think the share price might recover in a couple of years if the new team and investors can turn it around. Sounds like a good business but if it is choked with debt then its not worth anything.

My point once again is that surely the existing shareholders are going to be diluted away. Still no reply on that point?

I do hope you guys and gals are right and I am wrong but buying shares in hope has cost me in the past (HMV being a prime example)

be back on the forum when the shareholder circular is posted and see what you all make of that By Waste_not_want_not ]]> http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion&id=8717530&action=detail Tue, 06 Sep 2011 17:30:00 GMT Waste_not_want_not tag:iii.co.uk,2003:tst.8717193
....WANT NONE.....BYE

Shorter

posting a sell on a stock related to your own....credibility gone.

By MANCHESTER2009 ]]> http://www.iii.co.uk/investment/detail?code=cotn:ASTO.L&display=discussion&id=8717193&action=detail Tue, 06 Sep 2011 16:11:00 GMT MANCHESTER2009