shares diluted by 216%, with the new shares, if sold, being sold at less than the current SP. lets assume they get flogged at 1p raising £1.9m. most of this money getting swallowed up straight away. leaving SH a clean sheet, but with 350m shares, and the company arguably worth less than the Mart Cap of £4m. lwta suggest £3.5m to be kind. with 350m shares. That's 1p a share. Unless you think this is worth less than £3.5m , say £1.75m, then is a H'penny a share. Good grief. Pity they didn't offload this during high oil days,
"The Deferred Shares will not be listed or traded on AIM and no share certificates will be issued in respect of the Deferred Shares, nor will CREST accounts of Shareholders be credited in respect of any entitlement to Deferred Shares."
"The Directors anticipate that the issue price of New Ordinary Shares pursuant to a Potential Fundraising will likely be at a significant discount to the above share price, and certainly below the nominal value of the Existing Ordinary Shares (being £0.05 per such share)."
I'd say 0.05 PENCE not the 5p nominal value or the suspension price of 2.12p
I will be amazed if the Company survives another month
Yes Granto. This is a body blow to the company. It only leaves Barryroe and Helvick left in the portfolio, and with Tony in the negotiating seat for the last four and a quarter years and no result to date that is not a good state of affairs. I am extremely sorry that LOGP could not have obtained a concession from the government to extend this licence, which will, in due course be snapped up by another party after all the expense incurred doing seismic and study work. I assume that Midleton is also still in LOGP control (on reflection)....but with lack of success last year I would be surprised if this adds any value. All looked very hopeful a few years ago but looking very grim ATM.
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.