Interesting post from grumpy over the road

[Comfy]

https://www.readytogo.net/smb/threads/madrox-new-documents-at-companies-house.1500181/

It’s happening


I know it’s from the 12th but it’s the first time I’ve had a look over there in a long time

 

[Kittenmittons]

Sorry, those are related to new shares needing to be issued as a result of the $12m loan. The articles of association guide what a company does and how it has to do them, effectively a rulebook that everyone involved has to sign up to in case of future dispute.

This is just them changing the articles to allow them to issue new shares in a certain way. It may be of benefit in future if FPP came on board properly, but as yet no movement on the new developments in the last 7 days.

My guess is Companies House have a proper Christmas break and this just was filed at that point, hence it appearing today.

 

[Oliver's Army]

https://www.readytogo.net/smb/threads/madrox-new-documents-at-companies-house.1500181/

It’s happening


I know it’s from the 12th but it’s the first time I’ve had a look over there in a long time

**** it, I'm in....... It's happening



Happy new year one and all!

 

[Guinness Guzzler]

Sorry, those are related to new shares needing to be issued as a result of the $12m loan. The articles of association guide what a company does and how it has to do them, effectively a rulebook that everyone involved has to sign up to in case of future dispute.

This is just them changing the articles to allow them to issue new shares in a certain way. It may be of benefit in future if FPP came on board properly, but as yet no movement on the new developments in the last 7 days.

My guess is Companies House have a proper Christmas break and this just was filed at that point, hence it appearing today.

To be fair GOM has mentioned that it predates the Donald out stuff but apparently the date ties in with the day of the board meeting that a member of FPP was meant to be attending. From what he's saying it sounds like a minor change, but one you probably wouldn't bother making unless it was a possibility that you might want to sell shares to a secured lender, of which FPP are the only one we've got. Might be nowt but sounds very slightly positive. If they had no interest I'm not sure why they'd make the change

 

[Kittenmittons]

Yeah they'll have needed to sign them and probably just tied it in with the board meeting.

I think it allows them to theoretically do more with FPP, but it looks like it's because they couldn't do the loan/convert path mentioned in the charge sheet without changing the articles.

It's basically 'as you were'. Articles are one of those formal legal documents that are a pain for owners of businesses at times, or at least if anyone else has to agree to be bound by them at any point.