I agree, AIM_higher a combination make sense. There's no way the NOMAD would agree to conversion at this level and SN will know this. Hopefully some positive ops news this week and we can all rest a little easier. If we get more jam tomorrow with a lack of operational detail and I'm sure we'll all go ape. Last chance saloon, we need clear and detailed RNSs.
I think he should do a combination. I wouldn’t begrudge the RPN holders requesting an extra 2 billion or so shares for themselves and perhaps agreeing to paid back in cash for any residual amount, contingent on it only being due upon a sale of assets or takeover. If he wants to convert all the debt to shares at this price then it's robbery!
good post reg and I think we are selling to move on.Georgia not taking gas anymore for payment next year,more emphasis on Moldova, licence running out november. Looks like everything is being lined up nicely to me.
Is sn taking cash for the rpns or is he converting
My phone's predictive text makes me look illiterate! Should have read "However, if this is done to mask a conversion of the RPNs at this price, plus a big headroom based equity release, i'll be livid."
SN has no regard for the SP so why withhold poor operational news. The CC is on its last legs and we have come to an agreement with Outrider to roll over the notes just need the Trustees lawyer to agree to do this also (although SN indicated this was a done deal). AIM and the Nomad will be pressing FRR to release news of both the YE figures and AGM dates. Why the delay from FRR unless FRR are waiting on others and has no control of timings! There could be a number of reasons for this from the positive to negative but FRR interest in Moldova and away from Georgia is interesting. SN/Outrider/Moldova and to a lesser extent Ukraine sees FRR having some sort of a future and the spat with KK seems to have subsided and GG is more bullish about its energy future. Are FRR being kicked into touch or is their a deal being worked to move them on and let O&G operators bring the O&G (mainly gas) to the market. FRR do not have the funds or experience to do this so I do expect a buy in by a senior partners to deliver. The billion dollar question is what sort of deal (Varang and service provider deals were rubbish for SH’s) and what if anything will be the benefit for the SH’s of this company. My only hope it will take 100’s Mill to develop Moldova so I hope SN has obtained a good deal/outcome for FRR.
9 billion shares in issue with an SP of 0.0875p shows a company that is failing miserably. It's a perception thing as it basically shows that the company has been diluted to hell. So, i understand why some people are calling for a consolidation. However, if this done to mask a conversion of the RPNs at this price, plus a nice headroom based equity release, i'll be livid. At today's SP, the RPN holders would need around 18 billion extra shares to cover themselves. That would be a disaster for us! 27 billion shares in issue would mean a market cap of £1billion pounds would only be 4p. And it's hard to see us at those heady heights as things stand!
I agree, we need a really good ops update showing we're generating decent revenues, RPNs rolled over, CLNs rubber stamped by the court, deeper drill a success and we'll be a fair bit higher and consolidate with some positivity and less of an embarrassing share price!
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