Very unhappy to read latest RNS from RHM.  Already feeling ill and this has made me worse!


They currently hold £5m of cash and circa 40% of PUC founder – worth £7m. The market cap is only 4m.

They were suspended as PUCF proposed a rights issue – if RHM subscribed it would be a reverse takeover so RHM needed to publish a prospectus.

PUCF have modified terms, RHM has not published a prospectus and as a company can only be suspended from AIM for 6 months prior to delisting in 2 months time RHM will be delisted. The board of RHM are
“are evaluating the rationale for RHM to maintain the AIM listing”

This doesn’t necessarily mean I loose my investment – but I dont see it as a positive.

PUCF have decided to get out of the media business and into solar electricity generation. I read about this, didnt like it but didn’t particularly care as RHM were selling down their holding and held .

This seems to have been a mistake. If I loose everything on this it will be a big loss – about 8% of my capital.

I will contact the board and urge them to not allow a delisting to occur, ultimately there is not much I can do other than post their names here so they can be googled:
Nathaniel Grant David Sherick
Liew Peng Chuen
(Sean) Lee Koh Yung
Cheong Chia Chieh

I strongly suggest they do the right thing here and make sure their smaller shareholders don’t loose out. It will be remembered and affect their ability to raise capital in the future…

In terms of lessons learnt I am re-evaluating whether I want to invest in these illiquid AIM one stock holding cos. Up until a couple of years ago I had always avoided them. I am selling down TJI and will think long and hard before investing again in anything similar…

The approach I used to protect myself was to look for companies without a controlling shareholder – ideally with other substantial interests to counterbalance. To some degree this has worked here as other big boys have raised a resolution which I presume is aimed at stopping delisting.

If you hold £1m+ of this you want your money looked after…

I may still come out ahead on this but its all rather disconcerting and I am not enjoying it so I am going to move my minimum cap size up a bit. I am going to demand a better quality of fellow shareholder. Quality companies like BCCI, ROK, Enron, Global Crossing etc…