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Muscat
Agreed
i am hoping that more do not take up their allocation as I have allocated for a lot more:)
More than happy to give a pip or two on the open market if the SP does fall. The end game is too attractive not to support.
Day traders are going to trade, investors are going to invest.
Muscat
Agreed
i am hoping that more do not take up their allocation as I have allocated for a lot more:)
More than happy to give a pip or two on the open market if the SP does fall. The end game is too attractive not to support.
Day traders are going to trade, investors are going to invest.
19.16 - as far as we are aware 'iw2' went exactly as planned. It was the outcome which has unsettled some. However, we know the internal estimate for oil in HRZ (old acreage) exceeds 3 billion and oil has already been extracted. The conventional plays may well prove very rich too but will need drilling (at cos 30% etc, etc). HRZ just needs extraction process refining to be commercial. A new type of geology/ hydrocarbon state(s) so time/money is needed; still a much more certain prospect than all the companies who are asking about 'their' land ' shall we find oil down there'? VGLA
19.16 - as far as we are aware 'iw2' went exactly as planned. It was the outcome which has unsettled some. However, we know the internal estimate for oil in HRZ (old acreage) exceeds 3 billion and oil has already been extracted. The conventional plays may well prove very rich too but will need drilling (at cos 30% etc, etc). HRZ just needs extraction process refining to be commercial. A new type of geology/ hydrocarbon state(s) so time/money is needed; still a much more certain prospect than all the companies who are asking about 'their' land ' shall we find oil down there'. VGLA
Wish a lot more would not take up the rights. Means I can get the stock want in excess of my entitlement, and not pay any comm.
Or first farmout gets agreed and back up we go! :)
"Potentially transformational 9 months"
So the SP could not be any different either as it not go as planned just like iw2
Jock, et al. I can't understand why you don't get it, so much discussion of late on this subject.
If you were looking for a Ford Fiesta and a garage 30 miles away offered a 10% discount, all you need to do is go into the local dealership and they'd probably match it, or come close.
The MMs want to make a living, so they have had to bring down the market share price to the same ball park as the RI price, else they won't be able to pay the bar tab at the end of month. No matter what discount DW gave, the market would drop to it. What I find hard to understand is why people are selling - unless of course they have a bar tab or credit card to pay off too!
HTH :-)
RNS:
Designed to allow existing shareholders exposure to potentially transformational activity over the next 9 months
- Net proceeds of the Offer intended to be used for:
- Potential production testing at Winx-1 exploration well
- Possible cost overruns associated with the drilling of Winx-1
- Lease rentals and interest costs to maintain assets in good standing
- Ongoing geological and geophysical work
- Working capital and general administration
Presentation:
• Game changing near-term activity: drilling imminent (Winx -1Q19); two farm-outs pending (Icewine Conventional - 2H18, HRZ - 1H19) and 3D results (Cascade - 4Q18)
My view:
We have an exciting 9 months coming up! Well now 8 months and 14 days.
"There is no incentive for a shareholder to take up their allocation."
May be not as you type that, but in the days before you have to commit to take up the offer there well might be.
Errrrrm, the discount is as described in the RNS.
'As at market close on Monday 1st October 2018, being the latest practicable date prior to this announcement, the Offer Price represents a 15% discount to the 15-day VWAP of A$0.0212'
It is your choice as a shareholder to buy on the open market at the current ask of 1 pence or support the company directly in the rights issue at also 1 pence. Remember this rights issue is 'Designed to allow existing shareholders exposure to potentially transformational activity over the next 9 months'.
Or you can do both, which is what I have been doing. Twice this week I have picked up shares in excess of 1 million, at below the open offer price. Today I was not able to get a quote for less than 1 pence so have not bought any more. And next week I will subscribe to my open offer rights. The best of both worlds.
I agree that this is a poorly priced offer. There is no incentive for a shareholder to take up their allocation. Blame is at the broker’s doorstep on the price. It should have been at a deeper discount , basic stuff, trying to be too cute.
Bit of a cock up again imo !
This share offer deal to existing holders (of which I am) to fund raise at a cost of 1p per share was the idea to offer these at a discounted rate at 1p or am I missing something? There is no value to me taking up this offer is there as they are no cheaper than buying them normally?