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Sorry AIM4 but I disagree entirely with your post. Surely enough risk is on the table already without DW deciding to gamble on whether 88E has enough resources when they might need them. As I mentioned a short while ago the CEO and his BoD are employed to take strategic decisions to benefit the Company. They wouldn't be doing much of a job if they got this part wrong as this they can influence, flow results they can't. I have full belief in DW and the BoD and hope they (and hence us) pull off the biggest and best drill of 2020 - keep the faith as you may even have to thank DW for this CR some time soon. Good luck to us all!!
09:17 and get rid of those interest payments.
09:08 food for thought but the deal is now done, we have cash in the bank and perhaps the Alaskan Tax credits (under appeal since 25/02/19) will come in this Alaskan financial year, pre 30/06/20 and bring US2M to the kitty.
I understand the point that that the company is nothing without cash, but was hoping for a clear run up until Charlie 1. I have supported previous cash raises and have more shares than I want riding on the actual results. Plus, like many who have been invested along time I'm still underwater. I was hoping to finally be able to do a de risking to recoup around £25k of my outlay if/when the SP reached the 2p mark. Still leaving plenty in by any reasonable standard for results.
To me the drill is 50/50 in terms of Commercial chance of success -binary. But on success a high upside for the company and the SP. If we get the 0 rather 1 of the binary outcome then I accept the SP will fall to levels not seen since 2015. In that scenario we would need a revised forward plan and a very large capital raise in terms of where our MCap would be.
To my mind, what has just been raised will not be material in preventing a big hit in terms of further dilution post a negative Charlie 1 outcome and was not actually needed in hard cash terms this side of Charlie, even if DW did want to spend a bit more on analysis or whatever.
Basically, I would have much preferred the risk of a slightly bigger hit later than the drag on the SP that I think will occur up to spud. Of course we will never know what the SP at spud would have been without the CR, and it may yet reach 2p. However, I accept that whilst I have 100% say in the running of my own business, DW calls the shots here, but just for once I wish he had held off on the safe and steady course of action.
08:21 do not think it is so much about confidence in Charlie-1 just DW taking a view that protects the company in any eventuality, we are on the cusp of something very special, I am very much happier about our financial position going forward even if we have seen more dilution, better than debt.
Brom 7.39 - good points made. I am, as you know, in for the long haul, but cash raise at this point seems to signal that DW may not be too confident in the results of Charlie 1 so is hedging his bets to be able to go forward if its not a game changer.
I trust his judgement and hope that he will make me a very rich man, but these pit stops along the way just frustrate.
ST depends on that definition of "fully funded" always would have been tight by end of Q2, if Charlie-1 disappointed would have been very difficult to raise funds.
We can see the cost of debt with the renegotiated BOA loan.
DW has few options.
What happens with no money - Nothing Very Positive.
Why all the very knowing folk who talk of AIM lifestyle companies etc. here or indeed invested in any AIM outfits, check past posting histories, see them ramp up / bash other shares, check out some of the shares they have advertised here and see what has happened since, plenty of agendas and games played. No matter what anyone says DYOR and make your own decisions.
We believed we were fully funded at the beginning of the week, but by Friday there is a cash raise?
Expect lots of buying today, we’re fully funded to include unexpected costs and spud only a matter of weeks away