RNS- New website Coming together now after a long wait!
PR Dave Whitby and Paul Warwick in the City this week to spread the word, plus a Sharepickers podcast coming too. Heartbeat away... Can't wait!I'll be in for more on relist.
Re: What a con! They have another 12-13 trading days until Apr 22 to submit the admission document. The EGM comes after this. Nothing to worry about.
Re: What a con! There are strict aim regulations in place for relisting after suspension . Deadlines for relist documents have not been met and shareholder approval on any document has not been sought.
Re: What a con! Why exactly? Everything is under control. The CPR is complete, the placing with Cantors is about to be done. DW must have been asked a hundred times "When will we relist?" including by an investor at the London meet. His remark was "Let's not worry about the little things".
Re: What a con! I'm afraid neither of us will have a chance to trade our shares .
Re: What a con! That's what a start up company has to do regardless who is at the helm. The main placing is to be announced.But hey, maybe you can sell your shares on the opening bell and salvage part of your £10k?I'll take them.
Re: What a con! I can't imagine the Indonesians , having completed their due diligence on ADL would be interestedin any JV with an oil gas company scratching around borrowing £0.5m to stay afloat .
Re: What a con! Freddie, your emotions seem to swing rather wildly. From what I've read and what I'm hearing from others, the gas and gas to power plans have advanced rapidly, so I think the oil is taking the back foot. Looking forward to the relist, whether that's the back end of this month or next. I think the sp will perform very well indeed.
What a con! If the future of Adl was so bright, why don't DW and pw invest some of their own wealth into the business , instead of scratching around for 0.5m quid!With only 17 days to go before they have to relist and no RNS in sight this is the end of the road.
RNS- Issue of Zero Coupon Loan Note Issue of Zero Coupon Loan NoteAndalas Energy and Power Plc is pleased to announce it has raised £500,000 (gross) via the issue of a zero coupon loan note (the Note. The proceeds of the Note will help fund the costs associated with the ongoing AIM Readmission process, and will also allow the Company to continue with its planning and preparations to drill its well under its farm-in agreement at the Tuba Obi East Technical Assistance Contract (TOE or the Concession.The Company has agreed to issue a zero coupon convertible bond with a par value of £600,000 to institutional and retail investors introduced by Cornhill Capital Limited (Cornhill and through direct subscriptions with the Company. The Note will be divided into individual bonds with a par value of £1,000 each, all of which are to be issued on 31 March 2016 on receipt of the full cash proceeds. Under the terms of the Note, for each £1,000 bond issued, ADL will receive 83.33% of the par value, equivalent to £833.33 per bond.The bonds are convertible into new Ordinary Shares in ADL, and the conversion price will be calculated as detailed below. The Company continues to work towards publishing an admission document and the readmission to trading of the Companys ordinary shares on AIM and looks forward to providing shareholders with further information in due course.Andalas CEO, David Whitby, said We are delighted that both new and existing investors continue to support our efforts to build an Indonesian focussed energy company. We are continuing to work towards publishing our admission document, as we look to cement the excellent progress that Andalas has made since I joined in June 2015.Importantly, these funds will allow us to continue with well planning and permitting on TOE, and just as importantly continue to fund our efforts as we seek to bring ADL back to market as an Indonesian focused energy and power company.Details of the convertible loan notesThe £600,000 convertible loan note will be divided into individual bonds with a par value of £1,000 each, all of which are to be issued on receipt of the full cash proceeds. Under the terms of the Note, for each £1,000 bond issued, ADL will receive 83.33% of the par value, equivalent to £833.33 per bond.The conversion price is set dependent on the outcome of the current readmission process.(a) following successful completion of the reverse takeover with an associated equity fund raise of a minimum £500,000 the Loan Notes will convert at the same price as the issue price in the equity fund raise.(b) In all other re-admission scenarios the Loan Notes will convert on the fifteenth business day immediately following the lifting of suspension or the date of re-admission at a price calculated as ninety per cent. (90%) of the VWAP per Ordinary Share for the lowest successive three (3) day trading period out of the fifteen (15) trading days immediately following AIM Re-admission or the lifting of Suspension;In the event that conversion has not occurred by 31 July 2016 then the loan notes will not convert and will rank alongside all other unsecured creditors of the Company.For every five shares issued on conversion of the loan notes held by investors subscribing through Cornhill, Cornhill shall receive one warrant convertible into the ordinary share capital of the Company at the price at which conversion occurs, valid for five years.
Re: 5 trading days to go Actually, I've realised the EGM follows the prospectus and therefore may be at least 14 days after Apr 22, taking us to May.Hopefully arrives sooner.
Re: 5 trading days to go (given 14 days notice of EGM and readmission document due by Apr 22)
5 trading days to go my understanding. The anticipation is really building!Probably talking to myself here but I'm sure there will be many people interested once the next RNS or two drop!!
4 weeks to go At the most.Long suspension but a ton of work has been done and ADL are going to be huge.Bring it on!