Mikemine
17 Aug 2018
Ownership By the way it was TRIs plural so we have more than one purchaser it seems.
Mikemine
17 Aug 2018
Ownership Thanks for that. Late or not I’m very interested in who it is. A new player?
Donatron
17 Aug 2018
Ownership Ah cool, thanks for finding that out. The TR1 is the FCA’s form that regulated companies have to file regarding their material holdings. More details can be found here in section 5.8: handbook.fca.org.uk 5.pdf 195.92 KB The fact that it’s a TR1 means we know it is a regulated business and therefore some kind of financial institution. The process is that the TR1 is sent to VLS, who then issue it as an RNS. Unlike AIM, the FCA have strict conditions on the time frame for this. You can find that in 5.8.3 on the link above: The notification to the issuer shall be effected as soon as possible, but not later than four trading days in the case of a non-UK issuer and two trading days in all other cases, after the date on which the relevant person: (1) learns of the acquisition or disposal or of the possibility of exercising voting rights, or on which, having regard to the circumstances, should have learned of it, regardless of the date on which the acquisition, disposal or possibility of exercising voting rights takes effect. The placing took place on 9 August going by the other RNSs, so two trading days would have been 13 August. That is the date that Henderson notified VLS. Whoever this company is has therefore breached the FCA’s rules. Ooops…
Mikemine
17 Aug 2018
Ownership Had a reply. They are expecting an increase holding notification to come through but waiting for final TRIs, whatever they are.
Mikemine
17 Aug 2018
Interesting read Bit of a surprise biofuelsdigest.com Andeavor’s petroleum refinery switch-over to renewables, in the heart of Bakken... News arrived this week from Dickinson, North Dakota that Andeavor is proposing to switch its refinery there over from petroleum refining to the production of renewable diesel.The timing will be 2020, the feedstock is waste and crop-based oils, the...
Donatron
16 Aug 2018
Ownership Cheers Mike
Mikemine
16 Aug 2018
Ownership I can’t see BA taking a stake at this stage but Shell is a maybe IMHO. They have quite a portfolio of investments in VLS type companies. Would be quite an endorsement. I suspect that any bid will come from left field as we have no idea who they are talking to nor how far advanced these discussions are. Some sort of update would be nice. I emailed VLS the PM asking them about future holdings notifications. I’ll let you know when they reply.
Donatron
16 Aug 2018
Ownership That’s not a terrible shout to be honest, it will be interesting to see what further notifications are released. I struggle to understand why we haven’t seen any others this week. The AIM rules state that this must be done “without delay†but without specifying an actual deadline. If anyone has any free time this afternoon then it would be worth emailing both the company and the advisors to find out whether all required disclosures have now been made.
spannermonkey
16 Aug 2018
Ownership BA and Shell. Maybe their UK project funding was decided by way of a partake in the placing, giving them some corporate equity.
Mikemine
15 Aug 2018
Ownership The notification of holdings is taking a time to come out. I don’t know how long they have to notify but clarification would be welcome. A holding by one of it’s partners would put the cat amongst the pigeons. With a market cap of £30mn VLS is a sitting duck. I don’t know how much cash they have now but the actual business can’t be valued at much more than £20 IMHO and thats less than they are due to receive from Red Rock over time. Its being valued as though its going under. Bottom feeders should be out.
Donatron
15 Aug 2018
Ownership Figured it was good to keep track of who bought what in the placing. Here is what the website currently shows, I’ll update as we hear more: Shareholders owning more than 3% of the Company at 7 June 2018 were as follows: Ervington Investments Limited (24.96%) Lansdowne Partners (22.98%) Janus Henderson Group (11.87%) CQS Directional Opportunities Master Fund Ltd (9.08%) Invesco Asset Management (7.14%) Hargreaves Lansdown Asset Mgt (4.91%) Here’s what we know so far: Ervington have not bought any additional shares. Shareholding before was 82,442,443 and shareholding afterwards was 82,442,443. They took part in Jan’s placing. Lansdowne have not bought any shares. Shareholding before was 75,913,020 (RNS dated 6 February 2018) and shareholding afterwards was 75,913,020. They took part in Jan’s placing. Henderson have not bought any shares. Shareholding before was 39,221,271 (RNS dated 6 February 2018) and shareholding afterwards was 39,221,271. They took part in Jan’s placing. CQS yet to report. They bought their shares off Invesco in late Feb. Invesco yet to report. I doubt they bought more given they sold a chunk to CQS previously. Hargreaves Lansdown yet to report. Clearly these shares have been bought by someone and they represent 15% of the enlarged share capital of the company. Per AIM Rule 17, any shareholding above 3% must be notified, along with any 1% change above that amount. It may be the case that they were bought by a number of people, each holding less than 3%. I would have thought at least one of the existing investors has taken part, however. Clearly if they only buy enough to prevent dilution then they have nothing to report, as their ownership wouldn’t change by more than 1%. I have a feeling we have a number of new shareholders too. Good news if so, these people would have done due diligence before investing and they obviously like what they heard. Not totally surprising that the largest investors didn’t put more money in, given they were part of the £18m raise earlier in the year.
Donatron
15 Aug 2018
Ervington Someone is getting some cheap shares at 8.6p - and it wouldn’t surprise me if they were linked in some way to some of these negative posters. These people are either very clever or very stupid!
Donatron
15 Aug 2018
Ervington Agreed, I nearly signed up to the ADVFN board yesterday just to shout down “owenskiâ€. I still might! Such complete and utter drivel.
investmaster
15 Aug 2018
Ervington I cannot believe so of the nonsense going on in other boards about RA selling out. It shows how ridiculous these boards can be when they are overrun with the wrong sort of people. On the reactor. I think this may take a bit of time to resolve. The insurer is clearly looking at a multi million payout for repair and losses to production so this will be fought keenly. We may not be able to do anything while this dispute rumbles on. I am very sure we will have significant strategic investor/s on board this year - hopefully soon.
Mikemine
13 Aug 2018
Ervington The 2nd RNS was also about percentages being adjusted. We may have more yet and probably one about either a new investor or an upward percentage move by an existing one. The RNS we are all waiting for is about the restoration of the 2nd reactor. Can’t believe its taken this long to sort out.
