Hi Balance,
The reason they did the backdoor listing is because it saved a bucket of money. As a startup anyone can appreciate that they were trying to stretch the pennies. I commend their creativity with regard to this.
TJP
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All ~$300-$500k of it? That tells me the company should have spent another year or two as a private entity getting revenue up instead of listing. They sure don't seem to have needed cashflow from the little guy at any point either, so that point is moot too!
Back in the day of proper market listings, companies weren't taken to market unless they had 5+ years of profits AND good directors with track records. Seems anyone with a dream and no revenue can list a "company" now. Even a dairy-sized operation like VML is viable this day in age (and no, you cannot argue that point as they refuse to give numbers on the latest contract and last FYs revenue WAS corner dairy sized!)
I know, I'll gather together all the dairies of NZ into a conglomerate, link them into the cloud and list them as MCD (Moosies Corner Dairies Inc). Seems legit these days, and I'm sure Sorehead will want a slice. Either that or I'll list them all individually like Handley wanted to do with all his Snakks. I'll make sure Robbo, MAC and the entity formerly known as Sparky get first dibs as well on capital raises and insider knowledge (ie when See Weed comes in at 11:50pm every week and buy up $2K worth of A2 milk and snakks). Don't worry though, you may just be in time to grab shares before they rocket off after auction time, and I'll even chuck in a few milkshakes for free as loyal followers who post incessantly about my companirs great prospects and my being an ethical CEO.
Anyone else in? :)
Having a guy called Tim Cook as a big shareholder gives VML some credence
I've had a go at totalling the VML shareholdings. Major shareholders data from Companies Office, and adding the new ones from disclosures. I can't make the 5Feb allottment add up, so maybe someone more clever than me can figure that out.
Here's how it looks. There's a lot of big holders and about 65% insto/largeprivate/public liquid on market.
VMob Major Shareholders Shareholders (major fr Co.Office) Owners Directors & Officers Role in Vmob Shares Options Issued SHARBO LTD Rebecca Bradley 415,727,361 Scott Bradley Yes CEO/Founder SNAKK TRUSTEE LTD Michael John SORENSEN 96,343,109 Philip NORMAN Yes Non-Exec Chair 50,555,556 JARDEN CUSTODIANS LTD Bryan Ewart JOHNSON 45,000,000 David Houghton WALE JAOBQ Pty Ltd 314,285,571 JPMORGAN 24,055,609 DE SALIS TRUST LTD Nigel Warren HUGHES 20,048,536 ACC 17,610,199 DEUTSCHE SECURITIES NZ LTD Peter Andrew AISH 16,849,947 Russell Keith DEAL SUEDE SALT PTY LTD 14,698,306 Total from Co. Office 1,015,174,194 Others from Disclosures Perfect Day Trust Michael Carden Yes 4,350,000 Steve Allen CFO 5,000,000 04-Dec-14 Total from Co. Office 4,350,000 05-Feb Capital raising - private placment Instos,private, directors 205,137,771 Sharbo Ltd Yes (via Scott) 16,500,000 Scott Bradley Yes 15,000,000 05-Feb Perfect Day Trust Michael Carden Yes 3,773,585 Norman Family Trust Yes (via Phil) 234,029 Phil Norman Yes 28,301,887 Collins Asset Management Ltd Beverley Nola COLLINS 94,964,623 Timothy John COOK Timothy John Cook 105,927,241 Can't make these add up! 249,701,365 Shares Issued (from NZX) 1,468,406,587 Difference = public (approx) 199,181,028
Been done already (more-or-less)
My maths still needs working on, but in preliminary round numbers, subject to QA:
Total Shareholdings
Directors/Officers ~520m 35% (of which Scott Bradley CEO is 30% not inc 15m options, the others 5%)
Instos/LgePrivate ~750m 50%
Public ~200m 15%
So, I'm not seeing the problem - of impropriety. Quite the opposite actually. Instos, large private, directors buying in or increasing their stakes - the founder Mr Bradley included, backing the company and himself. The market piling in on truly outstanding company news. Volumes way up in the past couple of months. Share price doubled in the same period. I think that if someone really wants out of this they've missed the point, like why sell when it's all finally clicking into place. And even if they do, there's a buyer for every seller, some who will rejoice at a desperate or distressed seller. What would I know anyway, probably going to get shafted by the boogieman, whoever that is. Or make a bundle.
BAA
Let's admit it, shareholders who keep holding aren't going to see red flags (at least while the SP is up on their buy price...) and the ones who do see (big) red flags never will buy anyways. Exactly the same as how no one ever gets booted off a board (unless they've REALLY screwed up or a big holder wants them gone) because those smart enough, and who care about ethical management, will never buy shares in a dodgy company to begin with!
We can argue this until we're blue in the face, but you and I are always going to be polar opposites, until something changes (and yes, I have the cajones to admit I was wrong and change my thinking accordingly).
I'm already tired of this, but you may have awoken Balance on the issue. And trust me, he doesn't give up as easily as I do (ie you could be arguing this for years; just look at NZO!).
Sweet dreams black sheep, take it easy this weekend ;)