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Seems to be getting higher week on week
And peel getting smaller
same pattern, big rounded buys, then followed by big rounded sells
same every week
some decent buys going through .
The Deposit was done at 2.4p per share, a drastic change to the original 7p in the original agreement?
even at 7p, we are talking 20million shares plus cash of $1m
at c4p currently - thats 35,000,000 shares + $1m cash
The way i read his comments is that all expenses are included but i suppose we will see in next couple of months
dan, why assume that operational expenses are “including Admin”?
.. that is not how things are represented in the ADME accounts ...
i am perfectly prepared to believe that OO is ‘anti-dilution’.
me, I’m fairly anti-tax. but that doesn’t stop HMRC billing me.
... $2 million shares in ADME “at 7p” just means a certain number of
shares, doesn’t it? ERR & ADME could choose to label that number of
shares with whatever notional share price they wanted, just to make it
sound good. (to make EER sound like it’s worth more, & to make ADME
shares sound higher priced) but the notional share price used doesn’t
mean much unless ERR took shares instead of a genuine cash alternative.
(if i agree to sell you an old fort cortina for a hundred BP shares,
with you & i agreeing that those BP shares “are at £30 a share”,
that doesn’t mean that BP shares are really worth £30 a share, &
it certainly doesn’t mean that my old ford cortina is worth £3000.)
DanBrown I think you are missing that the $2.75m to close the ERR is from $2m in ADME shares at 7p and the rest of the $750k is part cash and shares which is safe to assume this wouldn't be sub 7p either.
This new board are very "anti dilution" down at these extremely low levels.
We won't know when they are out - no disclosure for Market Makers when under 10% (which last update they were)
I still don't really believe blogs where people say they have spoken to the CEO - not saying he hasn't but he has a motivation to drive up SP (truthfully or by spreading false information) and no one knows if he comes with any cred-ability
I'm assuming when he says no placing required - he is referring just to operational expenses (including Admin) and not the fact that there will be $2,750,000 worth of funds required soon to complete the AJE additional purchase (Q3 potentially)
Peel has offloaded another 1. 5 million (estimate) today, should be cleared by tomorrow or latest Monday..
Onwards and upwards
But Sponge says in his blog that Osa definitely isn't doing a placing here.
"I’ll just highlight that Osa was clear, the company are not looking at another equity placing near-term (despite some screaming ‘placing’) and as and when the company need to bolster the cash balance their are alternatives on the table...."
A lot of round buys again
some rounded sells have started again
same pattern week after week
i still think there is someone / MM that is trying to manipulate the price without holding shares long enough to declare an interest
It was Chris but they did a placing at 17p i'm sure it was 21p
It was obviously way too high when it was coming down from 40p - the Sheikhs departure just really kicked things off
Tooldforthat - you should have said back to 6p instead
Back to 4p today
Good post Dan, but do not forget that just two weeks before the sheikh did a runner the sp was at 25p
Yes I do think the old BOD wore out their welcome with UK aim, has just been bad timing for OO and Peter, but if they can get funds from German investors, fair enough, that'll do me, I won't complain. But get enough to see things through to the end. Just hope the increase share of aje pays the project debt off sooner when they get back to selling oil, although the FPSO can hold about 6months production.
tool, perhaps the other way around?
i.e. get a german listing to widen the
pool of potential placees they can tap.
to some degree ( - not OO’s fault), MXO/Adme
may have worn out its welcome with some UK
based AIM pis, through previous placing etc.
I would also say we hear about one of the deals involving trafigura to sweeten the fund raise.
In my view they have already got a fund raise in the bag, hence the German listings, I doubt they would have listed unless they already had people in the wings.
fair post Dan
Eddie
There was a Sheikh involved last year - he sold all his investment at 10p a share
this caused the SP to crash from 17p to c6p in a day
when the placing was done at 17p - the SP was over 20p
Since the Sheikh left - the SP has struggled on the back of AJE not living up to expectations and had a period of downtime, that put the SP into the 4p range, then Covid19 sent the SP into the 2p rang - there was silence for a few months during this period until they negotiated with the owners of FrontPuffin which they lease that they can store oil in which has negated them selling at a loss
Other factors are that they are increasing stake in AJE (but this will be paid in further shares and some cash (likely from Shares or possibly Trafigura) - they have a MOU with Trafigura to kind of Joint Invest in opportunities but this was pre covid19 and so far nothing has come of this
I forgot production was shut down for sometime last year for maintenance. Results may not have been so bad if that hadn't taken place.
... the bit you quote from says sufficient
to maintain the company’s *operations.*
but they do not say that they have enough for
the *non-operational* expenses, which are large.
(let alone pay for extra aje stake, new wells, etc!)
i think they choose that wording very carefully.
They've done nothing but deliver since they took to the helm, they've negotiated Covid19 commendably
This RNS from 2 weeks ago tells you about their requirement for any further cash noting "This will be sufficient, at current run rates, to maintain the Company's operations until the end of 2020."
Of course its likely they'll raise at some point in the next 7 or so months but im arguing they wont be stupid enough to do it anywhere near these prices given they brought in one of their contacts at 7p not long ago.
https://www.lse.co.uk/rns/ADME/operations-update-4ey1fhcjew68g59.html