Buying Delisted Shares – Emerging Investment Opportunity

February 2, 2015 by Rajat Sharma 76 Comments

A quick word on Unlisted vs Delisted Shares:

Unlisted shares – shares which never got listed on an exchange in the first place. Still it is possible that an active secondary market exists in these shares.

Example – Ratnakar Bank and Bombay Stock Exchange both of which are likely to get listed on a stock exchange soon.

Delisted Shares – Shares which were once listed on a stock exchange and hence had high liquidity. The term delisting of shares or securities refers to the removal of a listed company from a stock exchange. When a company is delisted, the shares of that company are no longer traded on that stock exchange.

Example – Essar Steel and ArchPharma Labs.

Many people get confused between public limited companies and publicly traded companies. All publicly traded companies are public limited but not the other way around. Shares of a public limited company whether listed on a stock exchange or not can always change ownership. Any shareholder can sell his holding in full or part to any other person. The only difference is that when shares get listed on a stock exchange this trade becomes a lot easier. Buyers and sellers don’t come face to face and are able to trade using an exchange platform. Apart from making a company’s stock highly liquid, this serves (at least in theory) as a great price discovery mechanism for the business, where market determines the price of a share.

How Market for Unlisted / Delisted Shares Develops

For unlisted shares, secondary market mainly develops as existing shareholders sell their holding in part or full and hence more shareholders emerge on the scene. Mostly buyers and sellers in this case are large fund houses.

New investors and particularly smaller retail investors stay away from buying these shares since they fear that they may not be able to sell these shares easily in the absence of active trading on a registered stock exchange. For this reason, the price at which these shares change hands is usually far less compared to the actual valuation of the company.

For delisted shares, for one reason or the other, a large number of individual retail investors end up holding these shares after completion of the open offer – mostly because investors forget to tender their shares at the time of the open offer. Later they find it hard to sell these delisted shares as liquidity dries up.

Dealers in such shares regularly advertise their willingness to buy at a premium to the price at which these shares were bought by the company in the open offer. This is because valuation of the company may have run up many times since it got delisted. In case the company lists again, a share will be worth a lot more than the price at which it got delisted.

Here again, there could be active trading in secondary market but the bigger opportunity which dealers of such shares seek is to buy these shares from retail shareholders who did not tender their shares at the time when the company made its open offer.

All this of course depends on a multitude of factors including most importantly, the likelihood of the company getting listed again and soon. Other reasons could be – collecting shares from small retail investors and selling a larger chunk to a bigger investor or may be to the promoters of the company at a substantial premium. This typically happens before the company plans to list again or where it plans to sell its entire shareholding in an acquisition or merger.

In practice, those on the know-how of developments – insiders, investment bankers, company’s auditors and legal counsels are the first ones who start buying delisted shares.

Who Sells Delisted Shares?

Without getting into any theory – anyone who did not tender their shares when the company got delisted. There is of course a multi-crore rupee market for shares not listed on a stock exchange that are sold in the secondary market.

Depending on how well the company has done since the time it got delisted there is a substantial addition to the share price, something not many retail share investors pay attention to. Chances are that a company which is planning to list again would have done well enough to take such a step – of listing again.

Nevertheless, many retail shareholders are often happy to find a buyer for their shares at any price they can get and mostly the price at which those shares got delisted.

Should You Buy Delisted / Unlisted Shares?

Be careful!

Remember that most people who buy and sell such unlisted, delisted, non-traded, lowly traded shares are all betting on a future revival. In many cases these are market operators who are aware of a lot more than others. Unless you are part of a syndicate of people whose business it is to deal in such securities, I would say avoid it. There are better ways of making money. Also keep in mind that there is hardly any regulation governing these types of transactions. That said, if you are absolutely certain that something is afoot with the company then who am I to stop you.

And Yes – dealers buy not only delisted / unlisted shares but also pre-IPO shares and shares that are lowly traded. So if you have a large number of shares of a company which though is listed but the shares of which are thinly traded, you may approach such dealers. Many companies have no active secondary market despite being listed on the stock exchange and not more than a few hundred shares are traded on a daily basis.

LEGAL ISSUES

Circumstances Leading to Delisting of Shares

Not all delisting is bad for the company. At times, the promoters may feel that they no longer need public funds and that the company has far higher value than what the market is willing to pay for it. Under such circumstances, they may want to delist the shares.

Compulsory delisting – Permanent removal of securities of a listed company from a stock exchange as a penalizing measure of the stock exchange for not making submissions/complying with various requirements set out in the listing agreement which the company signed with the stock exchange at the time of its initial listing.

Some of the causes for compulsory delisting:

Non-payment of listing fees
Non-compliance with listing requirements
Absence of trading or negligible trading
Non-redressal of investors’ complaints despite repeated reminders
Unfair trading practices
Reduction in the number of public holders of securities
Non filing of accounts for an unreasonably long period of time
In case public shareholding falls below 25%, the company has to be voluntarily delisted and it must make an open offer to acquire all outstanding shares.

Voluntary delisting – The company voluntarily decides to permanently remove its securities from a stock exchange.

Some of the causes for voluntary delisting:

The company has either suspended its business or is under closure or has become a sick industrial company
Mergers, demergers, amalgamations, takeovers, etc.
The company no longer needs public funds – remember a listed company has far higher compliance and disclosure obligations.

In case of voluntary delisting, the company must make an open offer to acquire all outstanding shares. For the offer to be successful, the company must increase their holding to 90% of the total shares.

What Happens to Shareholder When Delisting Occurs?

Ownership: it is not mandatory for a shareholders to tender his ownership right i.e. his share. The shareholder can keep holding his share and the company must treat each shareholder with equality with regard to dividends, rights, bonuses and matters related to voting etc. The only thing which changes is that the shareholder will now find it hard to look for buyers in the absence of an actively traded market for his shares.

Decline in Liquidity: liquidity refers to the availability of buyers and sellers in a particular stock. When shares of a company get delisted, they mostly trade in grey market and hence it becomes difficult to match buyers with sellers. In fact, besides helping companies raise funds the other important reason for the very existence of regulated stock markets is to provide liquidity for equity shares thereby helping in valuation and price discovery for the company.

Impact on share price: before shares of a company get delisted, an announcement is made to the market.

Voluntary delisting: If a company voluntarily delists its shares, it will make an announcement itself, in such cases the price will zoom up since the company will buy its publicly held shares at a hefty premium. I will save the pricing mechanism in such cases for another day – just know that in all cases of voluntary delisting the price will appreciate, and fast.
Compulsory delisting: in such a case where the company violates its listing requirements or is asked to delist for any other reason, the price will fall quickly. This is the worst news that a company can face – being penalized and asked to get off the exchange. A delisted stock post such an event can be hard to sell. For this reason, most investors will start selling their shares after a delisting announcement at whatever price they can. This causes a complete crash! This is particularly true in case of delisting on account of bankruptcy, where there will be no one left holding the stock.

Fun Fact: Back in the old days when demat services were not available, physical share certificates of bankrupt companies were regularly sold as scrap paper (raddi) and would fetch a good price thanks to their quality and thickness.

Last updated: 5th March, 2015

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Comments

By Sandeep Kumar Gupta on February 2, 2015 at 5:07 am

Very informative article indeed. Keep posting.

Reply »
By Vijay on February 2, 2015 at 5:24 am

In case of a voluntary delisting of shares of a strong company with a good track record for dividends, do you think it would be worth holding on to the shares for that purpose only?

Also, for unlisted shares, how would you go about buying these on the secondary market? Would you actually have to know someone who has those shares? For example, how could I get my hands on shares of Ratnakar Bank?

Reply »
- By Rajat Sharma on February 2, 2015 at 11:37 am Author
  
  Post delisting, a company’s compliance and disclosure obligations come down significantly. In my view – as retail investor (holding only few shares), you should exit before the company delists. Staying invested is good if you are holding a larger stake and the management is likely to take you seriously in decision making.
  
  Search on Google – you will find hundreds of dealers who are willing to buy and sell such shares. Its big business!
  
  Reply »
  - By Vijay on February 2, 2015 at 3:19 pm
    
    Ok, thanks for clearing that up..
    Was looking to buy some TMB shares if possible, but it is quoting at a price of 68,000!!
    
    Reply »
By NS IYER on February 2, 2015 at 7:02 pm

WHAT ABOUT RELIANCE MEDIAWORKS, ANIL AMBANI LOOTED RS 3 LAKHS 55 THOUSAND FROM ME AND GOT THE SHARES DELITED

Reply »
- By RAJKUMAR on January 25, 2017 at 4:36 pm
  
  I CAN BUY REALIANCE MEDIAWORKS AND RELIANCE BROADCAST 35 PER SHARES
  DO CALL 011-41517078
  
  Reply »
By H R Singh on February 26, 2015 at 11:07 am

please let me know about the future of essar steel share

Reply »
- By Rajat Sharma on February 26, 2015 at 11:41 am Author
  
  I would say highly unlikely to list again given that Essar is taking most of its companies of the exchange.
  
  Reply »
- By RAJKUMAR JAIN 9829138563 on December 3, 2016 at 5:03 pm
  
  NO FUTURE OF IT SELL@18 AND TO SWITCH TO SREE RAYALSEEMA ALKALI@20
  IN THE YEARS TO COME WILL 3 DIGIT STOCK
  RAJKUMAR JAIN
  
  Reply »
By h.rajendrakumarbothra on April 15, 2015 at 9:47 am

Let me know if you buy/ sell unlisted shares. I sent you my contact details.

Reply »
- By Rajat Sharma on April 16, 2015 at 6:33 am Author
  
  Replied to your mail Rajendra. I don’t buy/ sell unlisted shares. Sent you the numbers for a few people who do that.
  
  Reply »
By Avinash on June 4, 2015 at 2:26 pm

Want to sell delisted shares

Reply »
- By Rajat Sharma on June 4, 2015 at 2:58 pm Author
  
  Which ones do you wish to sell. You can send me a list on my email ID at – rajat@sanasecurities.com . Although I do not buy delisted shares, I could will guide you about a good price you should be aiming at.
  
  Reply »
  - By Amit on November 18, 2015 at 12:50 pm
    
    Hi Rajat, really nice and informative article.
    I have sent you the list of stocks also on given id.
    Can you please look and suggest me.
    
    Reply »
    - By Rajat Sharma on November 18, 2015 at 12:54 pm Author
      
      Sure.
      
      Reply »
    - By RAJKUMAR JAIN 9829138563 on December 3, 2016 at 5:05 pm
      
      I AM DEALING FREQUENTLY IN DELISTED SHARE ONLY SO PL SEND THE LIST TO ME ALSO
      AND TRY YOUR VALUE
      REGARDS
      RAJKUMAR JAIN
      
      Reply »
  - By Priya Shah on December 14, 2015 at 2:01 pm
    
    Do u purchase Enarai Finance Shares
    
    Reply »
- By RAJKUMAR JAIN on June 11, 2016 at 4:36 pm
  
  if you want to sell any delisted suspended shares
  we offer to buy these shares at attractive rates
  regards
  Rajkumar Jain
  9829138563
  
  Reply »
  - By Sandeep on September 1, 2016 at 10:34 am
    
    Sir i have shares of company Midland Polymer Ltd which was suspended from the share market. Please help me to sell that shares.
    Thanks and Regards,
    Sandeep Garg
    Mb. No. 9996156344
    
    Reply »
By BG on June 18, 2015 at 9:07 am

Hi Rajat, nice article.

Any idea about the capital gain tax structure difference in holding pre ipo shares? I read somewhere that for it to become a LTCA it takes 3 years, rather than the usual 1 year in normal listed company investments. Also in holding pre ipo shares, investors have a one year lock in period from the date of listing.

Thanks!

Reply »
- By Rajat Sharma on June 18, 2015 at 2:02 pm Author
  
  Hi Benny
  
  Yes – Pre-IPO securities will be locked in for 1 year (for non promoters). If however you are named as a promoter then the lock in shall be 3 years for the Minimum Promoter Contribution (I.E. 20% of post issued share capital). For whatever the promoter holds over and above the 20% – the lock in will be 1 year like for any other shareholder. [see Regulation 35 of ICDR Regulations]
  
  Tax – So long as you sell after 1 year from the date of listing of securities it will surely be treated as long term capital gain.
  
  Reply »
  - By BENNY GUPTA on June 18, 2015 at 3:22 pm
    
    Thanks for the info. 🙂
    
    Reply »
By TP on September 29, 2015 at 6:43 pm

Is buying buying or selling of delisted shares legal or permissible?

Is it not the same as dabba trading which is considered illegal? Or is there a difference between the two?

Please clarify.

Reply »
- By Rajat Sharma on September 29, 2015 at 6:53 pm Author
  
  Of course it is legal. The only difference is that instead of buying on an exchange terminal, in this case you buy off-market, just like you would do it when you buy shares in a private / public company which is not listed on a stock exchange.
  
  Reply »
  - By TP on September 29, 2015 at 10:46 pm
    
    Thanks for your reply. If you could clarify my doubts reagrding the following two points
    
    1) Could you explain how it differs from dabba trading which is considered illegal?
    
    2) Steps to be followed when buying delisted shares or shares which are listed but not traded on stock exhanges.
    
    Reply »
By Amit on December 10, 2015 at 3:37 pm

Here is a list of stocks which I am having but seems like delisted. Please let me know if you can suggest me something on them.
List of Shares:

Vision Organics
Flyup fashions ltd
Dharnendra Overseas ltd
Aruna Hotels ltd.
Consolidaed fibres and chemicals ltd.
Daewoo motors india ltd.
Chokhani global express ltd.
Pace elcot automation ltd.
Ross murarka finance ltd.
S and S power switchgears ltd.
Falcon watch industries ltd.
Bharat Zinc ltd.
Pan Asia Industries ltd.
Madhu refoils and chemical ltd.
Migweld and machines ltd.
Bahuma Polytex ltd.
Vysali pharmaceuticals ltd.
Redex Protech ltd.
Timurti Fertilizers ltd.
Bharani Oils Ltd
Zillion Pharmachem ltd.
L.D. textile industries ltd.
Protech switchgears ltd.
Information Technologies India Ltd.
Usha Ispat ltd.
Cauvery Software Engg Systems Ltd
Vatsa Corporation Ltd
Atash Industries ltd.
BTW industries ltd
Mardia Steels Ltd
Hariparvat Merryland and resorts ltd
Mardia Chemicals Ltd
Real Value Appliances Ltd.
D.S. Biotech Ltd
Golden Forest Ltd.
Kuber Finance Ltd
Fine Drugs and Chemicals Ltd.
Western Fruit & Vegetable Ltd
Rama Newsprint and Papers Ltd.
Eastern Mining Ltd.
Aachal Alloys Ltd.
Sanghi Polyester Ltd.
Surya Agroils Ltd
Oswal Agro Mills Ltd
Kochar Oil mills Ltd
Jindal Photo Films Ltd
Oswal Agro Furane Ltd
Mayank Hotels Ltd
Samrat Bicycles Ltd.
Orkay Industries Ltd.
Orkay Silk Mills Ltd.
Compact Disc India Ltd.
Ispat Alloys Ltd.

Regards,
Amit Jain

Reply »
- By Manish on January 8, 2016 at 7:19 pm
  
  Please send me the price at which you want to dispose the shares and your contact number.
  
  Reply »
  - By RK Kandoi on September 12, 2017 at 11:11 pm
    
    i have suryaagroils -1700 shares
    Reliance Anil ambani promoted Adlabs- 5000 shares
    
    Reply »
- By PANKAJ AGRAWAL on January 19, 2016 at 3:15 pm
  
  DEAR MR JAIN KINDLY POST YOUR LIST OF STOCKS BELOW
  
  Reply »
By Kumar on February 27, 2016 at 3:06 pm

Dear Sir,

I am holding shares in Essar Shipping Ltd. and Essar Steels Limited, which are delisted. Can you guide me how to dispose off these shares now?

Kumar

Reply »
- By NAGIN on August 12, 2016 at 11:59 am
  
  we purchased physical mode Essar Capital good rate of Rs.70/- each , if you have interest please reply to me.
  
  Reply »
By Raja on March 14, 2016 at 3:56 pm

I am holding 100 shares of Essar Oil which I failed to offer dring delisting. It is said up to one year the company has to buy it at the delisted price from investors. Is it true? pl advise.

Reply »
- By Rajat Sharma on March 14, 2016 at 7:47 pm Author
  
  Yes that is true. You may be able to sell Essar oil in grey market. There are lots of dealers who would buy good unlisted shares in private companies.
  
  Reply »
- By RAJKUMAR on April 1, 2017 at 3:33 pm
  
  ESSAR OIL DELISTED OFFER CLOSED ON 17 FEB 2017
  NO BUYBACK ENTERTAIN BY DISCOUNT RATE IF WANT TO SELL
  NEGOCIATE
  RAJKUMAR JAIN
  9829138563
  
  Reply »
By Piyush Banthia on March 16, 2016 at 11:45 am

Hi!

Very informative article..Thanks for knowledge sharing..

I hold 500 shares of delisted Reliance Media works and want to sell them.

Would appreciate if you could help me with this.

Thanks

Piyush Banthia

Reply »
- By RKJAIN on February 16, 2017 at 5:30 pm
  
  BUYER OF RELIANCE MEDIA@40 PER SHARES
  AND ALSO ANYTPE OF DELISTED NON TRADED SHARES
  
  Reply »
By Vishal agrawal on April 9, 2016 at 1:47 am

Hii i have some delisted shares what to do..

Reply »
- By NAGIN on August 12, 2016 at 12:02 pm
  
  Dear Sir,
  
  Please send to us your share details on my email id we will guide you for best think.
  
  thanks
  
  Reply »
By SBJ on May 8, 2016 at 2:02 pm

Dear Sir,
We are offering very attractive price for your shares held in BHARAT NIDHI LIMITED.
To avail the opportunity, kindly contact us.

Reply »
By ranjith on May 30, 2016 at 1:13 pm

Sir I have plenty of delisted shares… can you assist me with I can contact who will buy this

Reply »
By RAJKUMAR JAIN on June 11, 2016 at 4:40 pm

SELL ANY DELISTED SHARES TO US
REGARDS
RAJKUMAR

Reply »
- By KB on August 9, 2016 at 7:15 pm
  
  I would like to sell 100 shares of DCL Polyesters Ltd. The company was taken over by Reliance Industries and is currently delisted. Please advise if anyone is interested to buy the same.
  
  Regards
  KB
  
  Reply »
- By Nilesh on August 28, 2016 at 8:21 pm
  
  How to contact u?
  
  Reply »
- By Nilesh on August 28, 2016 at 8:23 pm
  
  Do u sell Dcm Daewoo Motors Limited shares?
  
  Reply »
- By Lalita khurana on June 29, 2017 at 11:42 pm
  
  I have 150 share of reliance media I want to sell how I can??? Plz advice
  
  Reply »
- By Gautam on August 17, 2017 at 1:20 pm
  
  I have Essar steel shares what price u buy
  
  Reply »
  - By Rajat Sharma on August 20, 2017 at 5:56 pm Author
    
    Not buying this.
    
    Reply »
By Amit on August 2, 2016 at 11:39 pm

what is the price of RBL Bank share which you can sell.

Reply »
- By Rajat Sharma on August 3, 2016 at 12:05 pm Author
  
  Not selling RBL right now.
  
  Reply »
By S Ahmad Basha on August 26, 2016 at 5:47 pm

Dear Sir,

If you have Nexus Software, Supreme Telecom and Accurate Export delisted companies please tell i want to buy it

Reply »
- By Kamal Rathod on February 8, 2017 at 2:07 pm
  
  I HAVE A STOCK OF 1500 NEXUS SOFTWARE LTD INE901B01019 I WANT TO SELL THIs contact me on 09586110025.
  
  Reply »
By Joe on September 21, 2016 at 12:54 pm

Hi,
I have shares of s&s powerswitch gears which is dlisted now. Is it worth to keep it or sell

Reply »
By amit on September 24, 2016 at 6:26 pm

I want buy kfa (suspended) kingfisher airline share please tell me 9406569669

Reply »
- By Amit on February 8, 2018 at 8:25 pm
  
  hello
  what is the price you are offering for kingfisher air shares
  
  Reply »
  - By Rajat Sharma on February 10, 2018 at 1:28 pm Author
    
    Ill charge Rs. 2 to take it from you 🙂 not selling this.
    
    Reply »
By Arshad Khan on November 16, 2016 at 1:49 pm

Sir,
I Registered a private limited company “Rehmus Healthcare Private Limited”. I want to make it India`s largest online portal in healthcare industry which is having customers near about 130 Crore peoples. I know i can do it and i will generate huge profit in it also but i am not having initial capital for that i want to sell shares of my company is it possible to sell shares? Where i can sell shares of my company?? Plese guide me

Reply »
- By Rajat Sharma on November 16, 2016 at 4:01 pm Author
  
  I am sure if you search more on my blog and site, you will get an answer.
  
  Reply »
By Samir Kumar Bandyopadhyay on November 28, 2016 at 11:00 am

I want to sell 620 Essar Steel Shares . The shares is delited on NSE & BSE

Pl. help .

Also I am not getting any Balance Sheet / communication from Essar Steel, despite of my repeated followup with Essar Steel Customer care.

Reply »
- By HS on January 3, 2017 at 3:31 pm
  
  if you want to sell contact info@sanasecurities.com – best buyer for your unlisted shares of essar steel.
  
  Reply »
By Ashwani Kumar Aggarwal on December 7, 2016 at 1:31 pm

We enjoyed reading your Post. Very informative. In the Unlisted Markets Spreads ( Difference between Buying / Selling rates ) are much higher when compared to Listed Market. So Unlisted markets are for Long Term Investors.

Reply »
By Perumal on January 12, 2017 at 7:54 pm

I hold reliance media works share 49 nos, can you suggest me how do I sell those now?

Reply »
- By RAJKUMAR on April 1, 2017 at 3:36 pm
  
  I CAN BUY RELIANCE MEDIA BROADCAST SHARES
  
  Reply »
By Jeevan on April 17, 2017 at 4:39 pm

Hi I want to sell KFA shares and close my demat account. Is there any option to do so now?

Reply »
- By Rajat Sharma on April 18, 2017 at 3:20 am Author
  
  no
  
  Reply »
By abdul nasar on June 14, 2017 at 4:14 pm

if i hold onto a delisted share will i be eligible for future dividents if the company do well or get acquired by another company..regarding essar oil shares it is now under rosneft and if the company is doing well will i have benefits

Reply »
- By Rajat Sharma on June 16, 2017 at 4:06 am Author
  
  Yes
  
  Reply »
By Rajendra s k on June 17, 2017 at 1:09 am

Vatsa corporation ltd delisting is bigger scam than vijay Malays case. This company has collected 10,300 crores of public money in 1996. Now in 21 years calculating the amount to double every 5 years then it would be about 160,000 crores (hundreds sixty thousand crores) Now delisting the company and may be pay 50 percent value would mean a clean profit of over 150,000 crore profit.

This is how the general public is being looted in our country.

Will somebody take note and return the money to the investors.

Reply »
By shailesh Yerukulla on June 21, 2017 at 12:32 pm

I need to sell the below shares which are not traded on Stock exachange as of now.
Dhanleela invest and trading – 200
parsharti investments limited.- 100
shree astavinayak cine vision – 2400

What is the processes to sell out these shares .

Reply »
By amit on June 29, 2017 at 11:07 pm

i want buy kfa suspended share plese tell me 9993175275 seller plese tell me call me

Reply »
By MADHU on October 14, 2017 at 4:55 pm

I want to sell Koutons & Glory polyfilms let me know.

Reply »
By Thomas Mathew on March 15, 2018 at 11:09 pm

I have the following delisted shares. 1) Shaper Chemicals Limited 1000 shares, 2) Tubetec Seamless Limited 700, 3) Mintage Electro Equipments 700, 4) Yenepoya Minerals & Granites 500. All these are in physical form and also 1000 shares in Temptation Foods in demat form. Please guide me to sell the above shares. Awaiting your kind response

Reply »
By Krishan Shukla on April 1, 2018 at 9:08 am

Hi anyone can guide me please I have 40000 shares of mtz plyfilms ltd.code 512424 which is delisted.how I can sell it.

Reply »
By Amit on May 13, 2018 at 11:43 pm

I want buy s&s power share plese call me

Reply »
By Sidharath Bohra on June 27, 2018 at 2:34 pm

Hi.. Am holding about 200 companies in physical form. If interested to buy or deal in physical shares, please send an email to rcbohragroup@gmail.com. I will share the list of companies to the interested people. Thanks and Regards, Sidharath Bohra

Reply »
By Shailendra K Goyal on July 15, 2018 at 1:38 pm

Please suggest buyers / brokers who buy physical shares of delisted companies, we have our own personal holding of ~ 170 companies and want to liquidate the same at the earliest.

Reply »
- By Rajat Sharma on July 15, 2018 at 3:45 pm Author
  
  It would help if you put down the names of the companies….someone will contact you for the ones they are interested in.
  
  Reply »