Martin Jetpack

[trackers]

To all the god botherers out there who have PM'd me, no I will not apologise for " using gods name in a disrespectful way.." blah blah.

5 hours out and still no news so by now you must realise it's going to take some devine intervention to get MJP off the ground.

Haha really?? Oh dear god

[Frostwind]

Oh, IPO extended again, looks like there's no demand, and the market in general is just starting to decline now and that furthers dampen risk appetite. The yen rally after Abe's victory says it all.

http://hotcopper.com.au/threads/ann-...e#.VI4qditQeao

[minimoke]

I'd say it's looking dire. Ord minnet have walked so there is no lead manager. There is no mention of the " potential significant investor".

All that is mentioned is that "additional investors" have another week to participate in this offer. Here's me thinking that those wanting a bite at this cherry would also have already done so.

No mention of this on the investor page in mjp's website.

I think they are waiting until the markets go to sleep over Christmas and this will be quietly buried.

Anyone Else Noted How quiet the media are. There is planely no interest unless it is a press release that can be copied/pasted.

[Frostwind]

I'd say it's looking dire. Ord minnet have walked so there is no lead manager. There is no mention of the " potential significant investor".

All that is mentioned is that "additional investors" have another week to participate in this offer. Here's me thinking that those wanting a bite at this cherry would also have already done so.

No mention of this on the investor page in mjp's website.

I think they are waiting until the markets go to sleep over Christmas and this will be quietly buried.

Anyone Else Noted How quiet the media are. There is planely no interest unless it is a press release that can be copied/pasted.

Oh True, good spotting, "potential investors", can I pull out the IPO if I've already applied?

[minimoke]

Oh True, good spotting, "potential investors", can I pull out the IPO if I've already applied?

At the risk of being accused of downramping by Robbo I'm reluctant to answer. But since you asked, and I'm not volunteering, you could refer to S11.3 which seems to provide Applicants with a one month window to withdraw once a Supplementary Prospectus has been issued.

(this section reminds us that the minimum requirement for the Offer to proceed is $10m. I think we can take it that this level has not been achieved so no good looking at this from a stag perspective)

[minimoke]

I'd say it's looking dire. Ord minnet have walked so there is no lead manager..

So the issue now is how dire is dire? I reckon they are up for at least $2.4m to pay off ord Minnet.

So they haven't raised $10m, $2.4m which has gone to OM. That is a max of $7.6m raised, when they were hoping for $25m. I'm not even sure it is that high. The "High Net worth" pre IPO investors could only come up with $3.6m. This IPO is "Highly Speculative" so I reckon most people with cash to burn would already have handed it over Pre IPO. I reckon at best they had $5m of applications less the money to Ord Minnet leaving only $2.5m. Less any withdrawals over the next week before they close it off.

Pretty dire I'd say.

[robbo24]

At the risk of being accused of downramping by Robbo I'm reluctant to answer.)

How unfortunate you don't follow your own advice

So the issue now is how dire is dire? I reckon they are up for at least $2.4m to pay off ord Minnet.

So they haven't raised $10m, $2.4m which has gone to OM. That is a max of $7.6m raised, when they were hoping for $25m. I'm not even sure it is that high. The "High Net worth" pre IPO investors could only come up with $3.6m. This IPO is "Highly Speculative" so I reckon most people with cash to burn would already have handed it over Pre IPO. I reckon at best they had $5m of applications less the money to Ord Minnet leaving only $2.5m. Less any withdrawals over the next week before they close it off.

Pretty dire I'd say.

So, this whacky theory you have about $2.4m... Where did you pluck this number from?

Let us all refer to the terms of cl 12.3 of the Prospectus:

12.3 AGREEMENT WITH ORD MINNETT LIMITED

The Company has entered into a contract with Ord Minnett Limited (Ord) for the provision of Lead Manager services for the Offer (Ord Contract).

Ord’s role is to facilitate the marketing, distribution and allocation of the shares of the Company under the Offer and assist in advising the Company in relation to the Offer (Ord Services).

In exchange for the Ord Services rendered, the Company will pay Ord a management fee of 2.5% (excluding GST) of the total capital raised in the Offer and a selling fee of 2.0% (excluding GST) of the total amount raised through Ord’s distribution networks or other distribution networks outside of Axstra.

The Company indemnifies Ord from any claim arising directly or indirectly from the provision of the Ord Services by Ord, the making of the Offer and issuing of the prospectus or breach of any law in connection with the Offer, subject to standard carve-outs in relation to claims or losses arising from a breach of the Ord Contract by Ord, negligence or misconduct.

In addition to the fees above, the Company has agreed to reimburse Ord for certain agreed costs and expenses, including legal expenses incurred by the Lead Manager in relation to the offer.

Subject to completion of the Offer and the Listing, Ord will be appointed as an ongoing adviser on a monthly retainer of $7,500 (excluding GST)

Now, if we refer to cl 3 of the supplementary prospectus we see that the selling and management fee are not being paid but certain fees and expenses incurred to date will be paid by agreement.

Are you suggesting that MJP have agreed to pay $2.4m, or well over double of what would be paid if (a) it was fully subscribed, and; (b) Ord obtained their full 2% commission?

Given your seemingly random figures it occurs to me that your narrative is probably wrong, therefore I think it is more likely that a large potential investor has offered to buy them all directly from the company and the services of Ord are no longer required

Post your form away ASAP minimoke!

[robbo24]

No mention of this on the investor page in mjp's website.

Clause 1 on page 2 of the supplementary prospectus, says "on-going discussions with potential investors." Given these discussions are "on-going" I guess we can presume it is the same "potential significant investor" from the previous news announcement. Fortunately they dropped the word "significant" from their prospectus otherwise it would be a bit "hypey," wouldn't it?

All that is mentioned is that "additional investors" have another week to participate in this offer. Here's me thinking that those wanting a bite at this cherry would also have already done so.

This is plainly wrong and misleading as well, as per above. The supplementary prospectus (clause 1, page 2) refers to both on-going discussions "potential investors" and to give the opportunity to "additional investors."

Come on minimoke, you are much, much better than this.

Oh True, good spotting, "potential investors", can I pull out the IPO if I've already applied?

I don't even know what you're talking about, see above. There is no good spotting going on at all.

Minimoke is just downramping and making up random facts and numbers

[minimoke]

So, this whacky theory you have about $2.4m... Where did you pluck this number from?

13.5.2 which talks about the minimum costs of the offer which include certain fees and expences. Which are likely to be incurred through the lead manager

Now, if we refer to cl 3 of the supplementary prospectus we see that the selling and management fee are not being paid but certain fees and expenses incurred to date will be paid by agreement.

there you go

Are you suggesting that MJP have agreed to pay $2.4m, or well over double of what would be paid if (a) it was fully subscribed, and; (b) Ord obtained their full 2% commission?

Yes - that is the minimum provided for in the prospectus and will be the figure Ord Minnett will have done its minimum budget / revenue expectations on. You need to add commission and costs incurred by OM on behalf.

Given your seemingly random figures it occurs to me that your narrative is probably wrong, therefore I think it is more likely that a large potential investor has offered to buy them all directly from the company and the services of Ord are no longer required

Now you see where i get my "random" figures from. But think about it. They need $10m minimum to list. They didnt achieve this by the first date. If they had they would have closed and still proceeded with discussions with the significant investor. Given they didn't achieve $10m they had a swag of shares left to get them to the $10m mark which the significant investor would have been looking at. So a big swag remains on the table.

Post your form away ASAP minimoke!

I think the only forms being sent in now are the refund of monies forms.

[minimoke]

Clause 1 on page 2 of the supplementary prospectus, says "on-going discussions with potential investors." Given these discussions are "on-going" I guess we can presume it is the same "potential significant investor" from the previous news announcement. Fortunately they dropped the word "significant" from their prospectus otherwise it would be a bit "hypey," wouldn't it?

The only thing you can read into "ongoing" is that the $10m threshold hasn't been reached and they are trying hard to get there. I Reckon its quite a shift from "potential significant investor" to "potential investors" and its not positive. Nothing wroong with a bit of hype. MJP are reknown for their annual announcements for sales soon.

This is plainly wrong and misleading as well, as per above. The supplementary prospectus (clause 1, page 2) refers to both on-going discussions "potential investors" and to give the opportunity to "additional investors."

The first rule of spin is you put your key point in the first paragraph because this is where you are goin to get your sound bite. The minor bits get burried elsewhere to avoid accusations of incomplete information

Minimoke is just downramping and making up random facts and numbers

No - just relating it as I see it.