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Bespoke - Please elaborate. I'm happy to be corrected if I'm wrong
MacRs - you are way off in your assumptions !!!
Antha - You are correct High Net Worth Individuals can be invited to take part on a placing. I think the definition of an HNWI is assets in excess of £10m but stand to be corrected on that.
I think it unlikely that a person with assets in excess of £10m would be farting about on a BB for a micro pence stock. If/when starchild posts up we'll find out.
I believe High Net Worth investors can take part in closed placings and pre-IPO's, when you're a big investor certain doors are open, us lowly pi's don't get a look in.
I'm sure Starchild will clarify what exactly he meant by his placing participation tomorrow evening. He wouldn't want you to be addlepated.
Hahaha I find that surprisingly witty from you fatalcharm.
I'm sure that starchaser is not an Institutional Investor and hence will not be offered placing shares. I just hope that the offer had enough takeup for the company not to make huge discounts in the placing to shift the shares.
MacRS, couple of points,
Any shares not taken up will be offered to the big boys. What makes you think Starchild can't take advantage of that?
Your name is an anagram of 'scram'. I suggest you do that.
fatalcharm - I saw him post a load of rubbish on here, I hope you didn't buy on what he said. It was all sunshine and light from him and never a mention of any potential down side.
Finally no one will be buying into the open offer now as it closed at 11:00 this morning. It would appear that you have no clue either.
Hi, Mac
You should realise that Starchild is way above ordinary posters, has been doing us all a favour for a long time and is clearly capable of buying into the open offer when the big boys get involved.
Starchild - to quote you "I plan to participate in the placing tomorrow evening". Placing will be with Institutional Investors you idiot. Only way for Retail Investors to get in on the new shares was to take up rights in the OO, that boat sailed at 11:00 this morning.
It's comments like this that blow what little credibility you had with your copy and paste philosophical ramblings
My concern would be that, as far as I can see, the renewal terms are up for negotiation. The second, current exploration origianlly carried rental fees of $1,000,000 per year (much higher than the first term) but this was cut mid-term to just a fraction after oil prices crashed and the government apparently wanted to help BPC get the drill down.
But now, if they've decided they don't want to support BPC, I don't see why they can't set the cost for the third term at $2m/yr and, let's say, set the minimuim work commitment for year 1 as $1m of seismic, pre funded into escrow. BPC doesn't have that money so it's putting them on the spot to prove their intent and financial capability.
SC's post about the Bahama's license is factually wrong, licenses can be revoked for any number of reasons especially at the renewal stage but it really doesn't matter anyway as without the required drill within the next three years the license will be cancelled but he's right about it not being priced in.
Thursday's rns will be interesting which ever way it goes.
I am not anti BPC, I am just stating reality. The present mood of the Bahamas Government is against drilling for oil.
When BPC changes its name, then the website will be changed and all the history of BPC will be wiped. The BoD of BPC has spent 150 million on one failed drill. I would like to see the actual accounts of BPC, but as they are in the Isle of Mann, there is no chance. The company is now too small financially to achieve much without a lot of help from a major. I appreciate Stachild's assumptions but, she should stick to facts and not conjecture. It does not help newbies at all. Her expectations are not facts that all LTHs have seen. I hope that the slim chance BPC has will increase the SP, but I'm not holding my breath. This is a bottom draw job.
Bahamas License renewal
The latest anti-BPC rhetoric gleefully stated by persons who do not wish to share in BPC’s future success, relates to the 3 year Bahamas renewal from 30 June.
This morning’s ‘sermon’ provides opinion and commentary.
1. Based on the current SP and MCap, the market values the asset, its monetisation, and a potential farm-in (the aim is by Oct/Nov) as zero/zilch/nada. IMO, confirmation of renewal will increase the SP, rather than affect the SP negatively if the Gov plays games for a few weeks to try and extract better royalties.
2. The agreement is not in the public domain, only certain aspects of it such as royalties. If it were, the enviros would not have added its public disclosure as part of its EA case against the Gov.
3. How can the so called self-professed legal experts from ‘Earthjustice,’ provide unsolicited legal opinion on something they haven’t read?
4. Despite having a theoretical license to drill for over 10 years, BPC has and will argue it could not have done so without EA approval. This was only sanctioned in Feb 2020. Even if BPC had $100m in the bank between 2015-2019, it could not have hired a drill ship without EA approval.
5. Eytan and the BoD have stated the license is ‘water-tight’ and BPC has the right to renewal. It is unfathomable that BPC’s lawyers (headed by a serving Bahamas Senator currently in the opposition party), have the skills to negotiate a water-tight contract but leave renewal loopholes.
6. BPC now has a proven track record for funding and delivering an exploration drill SAFELY. BPC will state it will get funding: a JV, farm-in, ex-CERP assets bearing fruit, or raising equity in 2-3 years. There is risk appetite for billion-barrel exploration spuds.
7. The Gov may politicise this and play hardball as there’s an election on or before May 2022. IMO, the underlying intent is to leverage better royalties rather than pander to a few very loud enviros. The Gov would love $10B+ in royalties as the economy and the populous have suffered from a hurricane and Covid-19.
8. If the Gov denies renewal on some obscure technicality, BPC can sue and take the case all the way to the Privy Council in the UK.
9. The Bahamas is a reputable nation, not a banana republic. The State must be VERY careful. If it declines to renew, it will suffer severe reputational damage. Why would anyone, especially foreign entities, ever risk partnering with the Gov to invest in infrastructure such as building a new airport or wind farm, only to be taken advantage of a few years later?
10. Amen
Changing the subject to immediate potential, I’m pleased the resolutions were passed. I plan to participate in the placing tomorrow evening as IMO BPC’s Mcap is seriously undervalued. A cat has 9 lives. BPC has Saffron 2,3,4,5,6,7,8,9, SWP, Suriname and Farm-in potential. BPC is no longer a one hit wonder.
IMHO. DYOR. GLA.
Starchild
https://www.lse.co.