TXO PLC (TXO)

[pitts77h]

Interesting post from another board:

If you go to:

HTTPS://beta.companieshouse.gov.uk/

You can search any company and access all its companies house filings. If you want the TOG annual report for instance you can get it there. You can't get the ORS annual report because it is way overdue.

Please note the difference between an annual report and an annual return. All an annual return does is tell you how many shares of the various types are in issue - TXO has loads of deferred shares arising from the capital restructurings it has had to do to lower the nominal value in order to issue yet more shares. They currently have 2,168,868 ordinary shares ie over 2.1 Bn pre 1000:1 consolidation. If you remember there were about 1.4Bn in issue when the consolidation actually happened. The annual return also tells you who the directors are and also who the major shareholders are.

When a company issues shares they raise an SH01. Most of the extra shares that have been issued have been exercising of convertible loans at prices way below the announced conversion price. There are also shares issued to directors: one for £56,250 at £1 (0.1p old money) and one for £86,668. It does not name the directors that took these shares.

You will hopefully remember that TXO, as well as issuing "bonus" warrants to existing shareholders in the hope some would be daft enough to part with more cash to exercise them by 31 Jul, tried to get existing shareholders to make an offer for the shares arising out of fractional entitlements. There is nothing on the TXO website about this (indeed there is nothing on the TXO website about the bonus warrants) but people who were stupid enough to still be holding TXO shares when they delisted and have registered with the TXO website got both these generous offers to part with more of their cash in return for worthless TXO paper, and posted about it on LSE. TXO claimed there were 50,000 shares arising from the fractionals - a suspiciously high and a suspiciously round number (100 shares pre 500 to 1 split post 500,000 to 1 consolidation, ie all the shareholdings on the register (ie not the smaller PI holdings held through nominee accounts as it would have been the total nominee holding that was subject to the 500,000 to 1 consolidation and the fractional from that would have been what contributed) added up to between 50M and 50.5M shares. To achieve that there would have had to be at least 200 shareholders directly on the register who did not have round number holdings, despite over £30k being raised by issuing more shares to people who wanted to round up). My guess would be that some directors shares have been added to that pot as a way of converting those directors shares into cash. Unfortunately the annual return does not give details of directors' holdings so it is not possible to determine what if anything they have done with either the shares they had previously or those that they have been issued with as remuneration for the wonderful job they did running the company into the ground and leaving shareholders stranded sitting on a consolidated number of bits of worthless company paper