TXO PLC (TXO)

[Drunken Sailor]

Confirmation that TXO has lost its AIM listing:

http://www.shareprophets.com/views/11205/txo-to-be-booted-off-aim-boss-tim-baldwin-insists-shareholders-will-be-relaxed-he-is-wrong#cpreview

TXO (TXO) has – after two months of searching – failed to find a Nomad to act for it after the resignation of Northland. Consequently it will be boosted off the AIM casino next week.

I have spoken to boss Tim Baldwin who insists that most shareholders will actually welcome this as AIM is an expensive place for microcaps to raise money and maintain a listing. He may be right in that regard, I am no defender of the crony capitalists of the City who fund their coke & hookers lifestyles with bloated fees for small caps.

But I very much doubt that the small shareholders on the TXO register introduced as a result of bucket shop funding after bucket shop funding will be quite as relaxed as Mr Baldwin claims. Baldwin says that a matched bargain quote (JPJ) is planned and that once annual accounts are finalised he might seek a listing on an alternative RIE such as GXG Markets.

The reality is that the small shareholders are now trapped in a private company with sod all cash. T will be hard to sell the shares.

Baldwin insists that TXO’s investments should be largely self-funding which implies that TXO will right now still struggle to meet its – albeit reduced – PLC costs.

Baldwin blames the structure of AIM but also an “internet troll” for TXO’s disastrous share price decline pre de-listing. The willingness of certain folks to brand anyone who criticises them as a troll is not a happy aspect of modern life. We have run articles by a TXO critic (Newt Seaman) on this website. And I am glad that we have done so. We were told in no uncertain terms that the Newt pieces were “wrong, defamatory and should be removed to do us a favour and preserve our credibility”. How touching. I replied “point out the factual errors and I’ll run an apology and a correction.” No factual errors were pointed out.

The sad reality for Mr Baldwin is that after RAM and Cientifica, TXO is his third AIM disaster in three years. It’s a hat-trick for Mr Baldwin and the investor community has lost trust in him completely. And whatever TXO says, it has missed operational target after operational target and has had an endless need for cash and thus it must take a large degree of responsibility for its own demise as a listed entity.

That TXO could not even recruit a nomad such as ZAI to act for it really says it all. TXO might say that it is better off without AIM. The Casino may well suggest that the feeling is mutual.

As usual Baldwin blames everyone but himself, which is why he never learns from his mistakes. Tim and mad Malc really are 2 peas in a pod.