Sorry re-read that and doesn't make sense - to clarify would have sold and just stayed out (went back to cash early October before going off to South America to spend a month or so in a jungle - fishing!). Was pure luck that oil started dropping whilst i was away and didn't expect many to be at the prices they were when i got back. Have been in and out of this a few times - every time I've bought there seems to have been negative news either here or with the oil price which has sent it lower. Its one of the only AIM oil shares i bought back into since coming back. Am at a loss here overall I expect - made some here back in 2010 but can't wasn't a fortune either in monetary terms - but has never been a massive position, but have always seen potential. Just hoping for some decent news as have seen in the past how it can move on that. ATB
Anyways the oil price should have recovered well enough, pardon the pun, in time for the creation of the world's newest oil state Kurdistan. Dam pesky yanks creating and arming ISIS then supporting and arming the Kurds in their epic journey to liberation and freedom. No wonder every western and eastern power and their uncle has been sniffing around Kurdistan for the last ten years:)! The proof is in the pudding!
How does that work when the Sequa interest only came to light with that company application towards the end of the year:)! Sorry
Bit different here i think as at the last accounts - I know they were a while back and depends on cash burn - the company pretty much had enough to repay the loans in full anyway, and interest was only something like 350k for the half year on all their borrowing (off the top of my head so worth checking yourself). There is no doubt though that they need money - Spanish Point alone could cost more than they have in the bank currently - but that is one reason why the market cap/SP is at these levels. Obviously it is a gamble and wouldn't be putting in huge amounts in the current market conditions, but do have a small holding here in case we get some good news on the Sequa front (were it not for that then I'd probably have sold last autumn like most of my other AIM shares!).
Will it go through?
Getting nervous here. See AFREN.
Nobody knows how the deal will be structured. Could be a partnership, farmin, takeover who the hell knows. Important thing is is that pvr get cash in the bank to pay debt and fund Spanish point and retain a commercial percentage and partnership in barryroe. As sequa ha stated the 300m is or the set portion of the deal. They will need to fund an equity portion as well. I oresume this is to fund development. Read the press release about the bonds issuance.
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