A Change of direction for More Acquisitions or more of the same?
“…My job as a shareholder is to try and make sure that the people that represent us have got the ability to do it. Let’s just try and make some changes that work or get a transaction…”
New to investing? Need a strategy? Not really sure where to start in the minefield of Financial Markets? Maybe this podcast will help you on your journey.
Here Sarah Lowther catches up with one of the most well known, highly regarded, controversial but respected individuals in the small cap market space in Doc Holiday.
More Acquisitions PLC is a SPAC or Special Purpose Acquisition Company. The rules for these entities are they need to make an acquisition within two years of listing.
More listed on March 4th 2022 when it raised £1.2 million. Six months on shares were suspended when shareholders were informed the company was buying Megasteel Limited one of the biggest suppliers in the UK of prestressing wire and strand. For the uninitiated this is a product used in almost every construction project in the country.
While the deal was being tabled, the shares remained suspended and news flow started again on April 17th 2023 with news a reverse takeover with Megasteel was happening.
A month later the terms of the deal had changed. Two days later the deal with Megasteel was off after abusive and threatening communication from alleged More Acquisition shareholders. More’s executive director Rod McIllree , who yesterday purchased another 7,250,000 shares in the Company to take his holding to 15.4%, described the deal termination as “a massive, wasted opportunity; not only for More shareholders, who have now been deprived of their right to decide on the Acquisition, and potentially benefit from it, but also for the wider London stock market.”
Wednesday May 31st, More’s suspension was lifted, shares traded again with a statement released about cash balances and an imminent AGM.
Emotions remain high particularly those of 6.4% shareholder Doc Holliday known for his forensic examination of deals and the market in general as he explains to Sarah Lowther in this podcast.
Follow the Doc on Twitter @DDS_DocHoliday
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The author was remunerated but does not hold shares in the company mentioned in this podcast