GGPChat

Hi All..

Im not sure if I understand the ramifications of a dual listing on the AIM share holders? I have AIM shares, will this new Australian parent company that the ASX company sits beneath still be all round GGP or do I have to watch out for anything? If someone buys on ASX does that affect the AIM share prices?

If anyone has some insight I would appreciate hearing thoughts.

Cheers.. Glasto

No one will really know the answer to this except Shaun when he comes to London. Maybe you could submit your question to him or if you can make it ask him in person

Shaun is not proposing a dual listing, he is proposing a cross listing. There are very important differences explained well via the simplest of Google searches.

Try this for a start:
https://en.wikipedia.org/wiki/Cross_listing

Thank you for your insight.

One important question concerning the ASX listing that I and many other shareholders would like to know is this;

Will consolidation happen before or at, or after the cross listing?

I strongly suspect that it will happen at the time of a new cross listing, not very long away now, hope we see a nice increase in the SP before then.

For me the cross listing means that Ozy buyers are allowed to buy GGP shares on the London market. They can only buy existing shares which means buying shares on the open market from existing GGP share holders and that can only drive up the value of the shares. DM

Do we need to prepare for the cross listing, if it means consolidation?

Having read a bit, but not enough only whole shares can be issued, so depending on how you hold your shares depends on how many current GGP shares you may loose in the rounding process (always down), we have 4 separate holdings so 4 sets of rounding's.

As we are moving shares from Stocks and Shares to Isa Stocks and Shares we have the opportunity to try and beat the rounding with no cost.

Where in the past we have dealt in Pounds, we now deal in Shares, 1-10 has been mentioned for consolidation, as of 1/3/2023 we had 5,068,626,282 share in issue, 1-10 will give us 506,862,628 - Newcrest have just over 800 million shares for 24 billion AU$.

With what Shaun has said he thinks we have too many shares so I guess that it will be greater that 1/10, 1/100 would still give Greatland 50 million shares, I cannot see a figure greater that 100 but 20 or 50 to 1 are possibilities.

At 100 with our present price that could be a loss of 99 shares per holding, not much in real terms but at our all time max, not £7.00 but £34.00.

The solution is easy if you are buying (or selling ) make the figures add up to being divisible by 100 only something like 15/1 will then have any rounding loss and that is unlikely.

GLA

I Don't agree with consolidation of the GGP shares, just look at Deltic Energy which did a 10 to 1 consolidation and now within one week the shares are down 25%. Consolidation can only be done with a well defined path of an increasing company value and profit. Companies take advantage in consolidation to increase company value selling shares for admin purposes and feather there own nests. A 100 to 1 consolidation will dry up liquidity in the shares, even 10 to 1 could do the same and any problem will cause more volatility in the shares. DM

Here's another question:

Number of Warrants and Other Options In Issue 352,620,000 @ 10.0p
Number Of Director and Employee Options In Issue 24,000,000 @ 0.1p
14,000,000 @ 0.28p
2,500,000 @ 1.4p
2,500,000 @ 2.0p
8,000,000 @ 2.5p
5,750,000 @ 3.0p
235,000,000 @ 11.9p
5,000,000 @ 25.0p

If we consolidate say at 10:1, I truly hope the warrant & option prices are 10 X the prices as shown above

During consolidations warrant and option trigger prices are also adjusted by the same scale factor - so everyone is left as they were, no richer, no poorer and no closer to the jackpot. The market cap of the company also remains constant.

The most you could lose, using the 10:1 factor as an example, would be 9 shares - or 9 x 8 pence, so 72 pence per individual share holding account (dealing / ISA / SIPP) you have, if you just happen to have xxx,xx9 shares in each account.

I'm using 8 pence as a pseudo average price over the last few weeks/months .... And cos it's easier arithmetic.

If you happen to have xxx,x01 shares in your account you lose 1 share, or 8 pence as per the above parameters, during the consolidation process.

If you happen to have a whole number of shares to the nearest 100 you are not going to lose anything in the consolidation if the arithmetic is sensible - consolidation using factors of 5, 10, 20, 50, 100 for example. You'll be "losing out" if the consolidation is for odd factors such as 8 or 12, for example.

I suggest you shouldn't worry about losing a sum that is less than a pound!

Thanks Strudel - I just hope Shaun is true to his word when he said consolidation would be considered in a rising market. I’m hoping he doesn’t consolidate just to then capital raise because that kind of dilution we can do without. His last Sunday Roast he stated that he wanted the ASX listing to put a buying pressure on the SP (or words to that effect) so hopefully his focus is on raising the severely depressed SP through “going on the offensive” rather than simply consolidating the shares which is purely cosmetic on the SP.
You like to think that his dedication to communicating to PI’s through regular podcasts, town halls, emails, tweets etc is because he truly values the PI’s who have been loyal since well before he joined GGP and he is NOT purely OZ institutions/hnw biased. I don’t think he is and I think he just wants ALL shareholders to benefit from his actions, but we shall soon see. Go on Shaun, make yourself a modern day hero!!!

Red:
I agree with you completely, I think GGP is a bit unique in the following of PI's thanks to the different platforms dedicated to the share.

Shaun is clearly used to dealing with the Institutions investors and banks. GGP is most likely the first time he has had a large group of PI's to deal with, and to date IMO he is doing it well as far as I can see.

I hope our trust will be repaid in deeds that do not disadvantage existing PI's, if it is the first time he has had PI's involved enough to have an influence, he must be aware that we are the MAJOR shareholders in the business.

Putting that into prospective from Morning star this morning 8/6/23.

Hargreaves Lansdown Noms Ltd - 24.25
Interactive Investor Services Nominees - 12.77
HSDL Noms Ltd - 7.03 Halifax Share dealing, includes IWEB
Barclayshare Nominees Ltd - 4.71
Lawshare Nominees Ltd - 4.16 part of AJ Bell

52.92% of share holders,(mainly ISa, Sipp and just trading account PI's (unless someone can correct me, if so please do)

Vidacos Nominees Ltd - 7.37
JIM Nominees Ltd - 4.31
State Street Nominees Ltd - 4.30
Aurora Nominees Ltd - 3.53

These hold 15.22% if anyone knows who these are it would be nice to put them in a category

Wyloo Consolidated Investments Pty Ltd - 8.50 (our major investor)


I do not think now that the share price will move until the prospectus for the listing on the ASX is issued, hopefully without a capital raise. (I think Shaun expected the RNS and his proposed visit and Town Hall meeting to be announced early this month so we should expected it any day now, we live in hope)

Strudel:
I was pointing out the possibility's firstly of consolidation the effect and I think it is almost certain.

Together with how to avoid any share lost with consolidation, in the course of any dealings we have prior to the ASX listing, and at these prices a lot of PI's must be adding a few shares.

Hi Rotherby,

I agree consolidation is coming. I also think it is probably going to happen as part of ASX listing, whereas Shaun would've probably preferred to have a rising share price and do it more at a time of his choosing...... The SP of course continues to bounce along despite RNSs and consistent HAV drill results.....

Over the years I've had a few consolidations affect holdings - including one where one broker paid out cash to compensate for the (post consolidation) fractional share holding that had "vanished"..... And one broker that didn't (for the same share at the same time / consolidation event). The amounts involved were more than a tenner but less than fifty quid. (Being Scottish, I phoned up to complain.... And got a payment).

Hopefully folks appreciate that they need to round their holding if they are worried about "missing out" during consolidations. And going to the nearest 10 or 100 shares, compared to the nearest 1,000 or 10,000, is minimal when the share is valued at 8p and SD has mooted that 500 million shares is more in keeping for a company of Greatland's size..... So consolidation around about the factor of 10 figure.

Thor Enery are going through consolidation as anounced today so one to watch for anyone interested.

Proposed Share Consolidation and Notice of General Meeting

Thor Energy PLC ("Thor" or "the Company") (AIM, ASX: THR, OTCQB: THORF) announces that it has today posted to shareholders a Notice of General Meeting ("GM") to be held on 23 August 2023 at 10 a.m. (British Summer Time) at the offices of WH Ireland Limited, 24 Martin Lane, London, EC4R 0DR.

The purpose of the GM is to seek shareholder approval for:

-- A share consolidation on the basis of 1 New Ordinary Share of GBP0.001 for every 10 Existing Ordinary Shares of GBP0.0001 each ("Consolidation")

-- The issue and allotment of Ordinary Shares and accompanying Options to Spencer Metals Pty Ltd, as consideration for the completion of the acquisition of 29% interest in a portion of exploration licences

-- The issue of Performance Shares to each of the Directors
Proposed Share Consolidation

The Company has a large number of Shares on issue, which is disproportionate relative to the Company's peers. In addition, for shares of low denominations, small absolute movements in the share price can represent large percentage movements resulting in volatility and the bid-offer spread on shares priced at low absolute levels can be disproportionate to the share price and therefore to the detriment of Shareholders. For these reasons, the Board is of the view that it would benefit the Company and Shareholders to reduce the number of Existing Ordinary Shares in issue with a resulting adjustment in the market price of such shares, by consolidating the Existing Ordinary Shares on the basis of 1 New Ordinary Share of GBP0.001 for every 10 Existing Ordinary Shares of GBP0.0001 each.

The timetable for the Consolidation, if approved by shareholders, is as follows:


Event Date*
Company announces Consolidation, sends Notice of General 04/08/2023
Meeting to Shareholder and lodges Appendix 3A.3 with the
ASX
-----------
Company advises whether shareholders have approved the 23/08/2023
Consolidation
-----------
Effective Date 25/08/2023
-----------
Last day for trading of pre-Consolidation securities (ASX) 28/08/2023
-----------
Trading of Consolidated securities on a deferred settlement 29/08/2023
basis begins (ASX)
-----------
Record date - Last day for Company to register transfers 30/08/2023
on a pre-Consolidation basis
-----------
Consolidation effective 31/08/2023
First day to enter post consolidated holdings into holder's
security holdings and send new holding statements and
new certificates to Securityholders
-----------
Last day for the Company to enter post consolidated holdings 06/09/2023
into holder's Security holdings and send holding statements
and new certificates to Security holders
Deferred settlement market ends (ASX)
-----------
Normal trading starts following consolidation (ASX) 07/09/2023
-----------

*Indicative and subject to change in accordance with the ASX Listing Rules.

Admission to AIM

The Consolidation is conditional upon admission of the New Ordinary Shares to trading on AIM. Application for such admission will be made so as to enable the New Ordinary Shares to be admitted to trading on AIM as soon as practicable following the Record Date. It is expected that admission will become effective on the commencement of trading on 31 August 2023, whereupon the Consolidation will be effective.

If you are a registered holder of Thor's Ordinary Shares, whether or not you are able to attend the meeting, you can use a form of proxy, enclosed in the Notice of GM, to appoint one or more persons to attend and vote on a poll on your behalf. A proxy need not be a member of the Company. Further details on how to vote are included within the Notice of GM.

A copy of the Notice of GM will also be made available on the Company's website at www.thorenergyplc.com .

For further information, please contact:


Thor Energy PLC

Consolidations and share splits usually take about a month. From a Greatland point of view you can add a cross listing and a corporate restructure which may add a bit more.

With this expected to happen in the September quarter, which I'm taking as by the end of September, and unlikely to go to the last day possible I would expect the announcement to be made in August and on Monday we'll have used one week of the month already. There can be long to go now.

'Are we nearly there?' will soon be replaced with cries of 'I can see the sea'.

I missed a word.

There can NOT be long to go now.

I'm not concerned about consolidation. But I am interested in why the cross listing and who the new buyers are. Getting the SP moving the right direction should be the priority.

Obviously certain Australian PIs will find it much easier to buy GGP for their PAs. But that will only make a small difference.

So what of these pension funds Shaun's mentioned? (and their 'Australian only mandate' for certain stocks?). Tonight I looked into this - I spun through the holdings of one briefly - the $258bn AUD Australian Super Fund - and the results were actually quite revealing:




What you immediately notice is just how massively overweight and heavily focussed Australian Super's investment portfolio is to the natural resource sector.

Yes, they hold all the big US Tech names, obviously: but having $64m invested in Evolution mining vs, $65m in Google or $64m in Macdonals Corp speaks volumes to their specific investment strategy. That example, illustrates their 'Oz centred resource portfolio bias' perfectly: -

They are hell bent - and I mean outlandishly disproportionally hell bent - on supporting 'certain' home grown natural resources companies, particularly, those demonstrating a leaning towards 'energy transition metals' and/or greener ( more efficient production ) of metals. But it's very selective; so a huge $45m position in Lithium outfit, Pilbara Minerals. Mining is in their DNA... BHP is their top holding with circa $825m value.

Of note -I would have expected to see Bellevue or De Grey or West Africa Resouces - but then I don't think they have much copper. Unlike BHP and Newcrest, who produce lots of goodies like nickel and copper.

Take the significant portion in South32 or Oz minerals or Sandfire who are ALL there. All the big/mid tier Australian 'copper' play outfits are there.

Who would have thought a massive pension fund would have $11m invested in 29Metals (a tiny copper developer with a $350m cap) compared to $12m in Fortescue or vs, $41m in Berkshire Hathaway? This is what Shuan is chasing IMO.

This is why this is going to be so important to Shaun, I suspect - explaining his pitch at Diggers n Dealers as Havieron being a “copper-gold” asset rather than Au-Cu. And by volume, off course this is correct; copper is the main Havieron commodity...(along with Nickel he hope eventually.)

Here's a short selected list of notable Australian Super holdings to compare the various stakes:

https://www.australiansuper.com/investm ... nvestments

I've picked out their Australian Mining Investments here: (all values in USD $ unless otherwise stated) out of 202 Australian companies, across all sectors:

BCI Minerals Ltd $5,306,953 (MCap 350m AUD)
Coronado Global Resources Inc $30,074,253
29Metals Ltd $11,704,580 (MCap AUD 361m )
Evolution Mining Ltd $64,558,690
Pilbara Minerals Ltd $43,969,636
Sandfire Resources Ltd $38,344,294
Northern Star Resources $36,238,832
Syrah Resources Ltd 25,281,367 (462.99m AUD mcap)
Rio Tinto Ltd $14,964,118
Newcrest Mining Ltd $11,174,728
South32 Ltd $7,689,027
Mineral Resources Ltd $4,210,504
Oz Minerals Ltd $2,951,238
Lynas Rare Earths Ltd $2,624,064
Iluka Resources Ltd $1,564,998
Fortescue Metals Group Ltd $12,806,470 0.06%
Bhp Group Ltd Australia $825,896,901 (3.57%)


US (comparisons)
Berkshire Hathaway $41,269,005
Visa Inc $143,181,265 0.62%
Microsoft Corp $154,874,151 0.67%
Amazon.Com Inc $175,190,270 0.76%
Apple Inc $214,230,729
Alphabet Inc $64,927,656 0.28%
Mcdonald's $64,944,662

UK Comparisons
Unilever $17m
Glencore $25,941,995
Shell PLC $10,272,066

Other Relevant
Vale (Brazil ) Sa $14,374,095
Teck Resources Ltd $3,562,695
H & M Hennes & Mauritz A b$ 3,088,674


IMO You can really see now his strategy now - Shaun’s doing this for a reason. It’s becoming pitched as a massive ESG play. If he can get a couple of Oz cornerstone pension companies to come in, that's going to make a world of difference and it's certainly going to help him get the SP up to fund the huge expansion of this company.

The moral of the story? Don’t forget the copper!!