TIDMADL
BNS Number : 666
Andalas Energy & Power
25 April 2016
Andalas Energy & Power
(“ADL” or the “Company”)
Company Update
Continued Suspension of Trading on AIM
BNS
Andalas Energy & Power (LON: ADL)
(“ADL” or the “Company”)
The Company are at present fighting amongst themselves on how to get their hands on a substantial amount of cash which will allow Andalas readmission to the AIM. There is a substantial shortfall in funding. Retail investor interest in taking part in the £2M placing has been cool. We the Board are not prepared, at present, to put our own cash into Andalas because we are here to take money from the company and it’s shareholders. If we put our money in we will be locked in and subject to Director Disclosure rules.
Shareholders are reminded that Pursuant to the RNS of 26, October, 2015 trading in the above named Company should have been Cancelled on 22nd April, 2016.
The Company failed to publish a readmission document before 22nd April 2016. Trading of its shares on AIM should have been cancelled pursuant to Rule 41 of the AIM Rules. However a ‘derogation’ has been sought from the Aim Regulation Team. We have three working days (72 hours) which started from Friday 22nd April 2016.
Should the Company fail on readmission, it is the intention of the Board to seek Relisting for Refleecing of our loyal numpties…. Blah! Blah! Blah!
End of Message….
Now here’s what’s been going on behind the scenes.
1/ The readmission document was not submitted BEFORE 22 April 2016.
2/ There’s been no RNS on any waiver/derogation from AIM.
3/ There’s an internal war going on between the Company and it’s advisors on who, what and where they can get the cash from.
4/ According to the 26 October 2015 RNS, THEIR LISTING WOULD BE CANCELLED if they failed to submit. They have failed to submit.
5/ There’s a big internecine fight going on over funding, fees, warrants, options ‘for the boys’ (Advisors, Brokers, Board etc. )
6/ Whitby & company have so far refused to put their hands in their pockets.
Ergo you can take it as read that Whitby/ADL are in deep shit. Hence why they’ve gone very quiet.
Regardless of the outcome, it’s grim. If they come back it will be at a massive dilution and discount as the hyenas rip out as much flesh (Shares/Fees) as they can. Sympathy to those daft enough to get involved with this POS, GOES WITHOUT SAYING. That sympathy isn’t extended to the BBMorons & pump & dump crew run by Whitby. If they have to relist it will be even worse. The link to the RNS that contains the telling information is below.
Viva!
Dan
Brokerman News Service (BNS)
