I then looked up another share I own ZNT and they took longer than expected to relist as well. They expected to be back first week of January but only made it on 13th. I seem to remember saying that the ASX was taking longer to get all the documents in place...
They had to re-comply with ASX rules - one of which could only be done after share buyback was completed.
"The Company will not be able to provide ASX with evidence that the spread requirements have been met until such time as the Share Buy-back Offer has closed and the Company can confirm the number of participating Shareholders and the number of Shares to be bought back by the Company. Therefore, the Company will need to comply with the spread requirements as set out above and not the spread requirements currently set out in the Listing Rules."
As I understand it you need 300 shareholders there was less than 1% of all shares ,according to the prospectus, owning less than 2000 shares. They list 227 owning less than a 1000 and 341 owning between 1000 and 5000 so lets assume 300 applied to be bought out - unlikely but possible then in effect would still be 680 shareholders as all others were only partially bought out...
Assuming that was passed onto ASX on say 5 January I would assume that we should have re-listed already ...
There may well be a longer delay here as I see the name change and code change was not passed at the meeting:
"Resolution 1 (change to the nature of activities of the Company) was passed by the requisite majority and determined by way of poll. Resolution 2 (change the company name) was not passed by the requisite majority on a poll."
I must say that shocked me - You can change the nature of activities but not get the change the name through!!!
The payments of the buyback did drop into bank accounts this morning...
They stated that this was the expected date of relisting:
"Expected re-commencement of Share trading on ASX 20 January 2017"
So I assume its still on track unless the issue with regard to the name holds it up.
However on the flip side - I do think the company could have done a much better job of information flow ...
That has surprised me because I recently purchased back in after getting out when there was all the fighting some years back. Tempted by the cash underpin and think interest rates may well be on the way up . added to which the coal price rising and thus hoping demand for products of CMI would increase.
I had looked at all the communications and thought that they had been pretty comprehensive over the past few years. However since becoming a shareholder I have been left feeling a bit like I have to phone and ask for answers which should be put out there.
The buyback also shocked me forcing you to tender all your shares...
Hopefully it is the 20th. Some or one particular poster has said they are going to sell the moment it relists. I am not going to but did participate to have some free cash to pick up a bargain if there is an exodus. I suspect that there could be a rush to the exits given the comments of a few posters. I certainly wont pay $1.25 but around $1.05 I think its good value... Certainly worth a punt.
I do feel for them - posters are anti the LIC approach but at the same time have been waiting for them to either deploy the cash or hand it back. They say that they will deploy the cash and we all think - there goes the cash underpin - lol.
They should be able to do better with investing but the market is a bit high right now ... Would have been happier if the index was around the 5000 area. Then there is the potential for unlisted investments...
I will wait and see but best guess is that it relists on 20th.
CMI Price at posting:
$1.15 Sentiment: None Disclosure: Held
(20min delay)