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LTH do have a fully justified grievance.
The CERP acquisition and the BoD’s newly adopted career enhancing “strategy “ is likely to prove very bad news for shareholders. BPC has no cash but the board now need to get hold of money by hook or by crook. Hence the likes of Trafalgar (who had lent CERP money and got BPC shares in lieu) dumping BPC shares whenever demand for the stock shows any sign of life. Welcome to dilution . Don’t get taken in.
Who doesn't love a secret pot noodle.
We all know they are as good as turd water but they will always have a place in my heart (I would have said cupboard but I haven't had a pot noodle for years)
RNS.
Interesting, fanciful if you like. If the BOD can deliver that 5 yr plan it will come with a cost. Standing aside from the Perv#1 aspect if they can deliver 15k bopd that makes a decent revenue stream.
It will not be the cheapest oil extraction but if they can maintain $5 per barrel net profit...that is a good start.
So, funding is as it has often been with BPC the key.
We know the BOD are more interested in proving the oil is there than short term shareholder value. Dilute or die trying?
If only there was a good globally recognised expression in a romance language for 'what will be, will be'
I think presentation is very good. https://www.rns-pdf.londonstockexchange.com/rns/9823V_1-2020-8-12.pdf
Page 25/26 is interesting as it spells out in baby language the different funding options on the cards. A future RNS will tell us which ones. I suspect a mixture, depending on Stena
Furthermore RNS confirms Force Majeure accepted by Goc till April 2021
Starchild
First, we welcome Investec as joint broker to the Company, and the expanded investor reach they bring. A core rationale for expanding our business was the view that a portfolio of assets would be of greater interest to larger institutional investors, of the type with which Investec frequently works. We look forward to Investec's input over the coming months, including the depth and quality of their research analysis to complement that already provided by Shore Capital.
Second, we welcome Dr. Gogna to our team. As we expand operations across a broader portfolio, and in particular as we build-up to drilling of our Perseverance #1 well in The Bahamas, it is extraordinarily reassuring to attract to the organisation someone with his skills, network and depth of experience, especially in regards to developing our operating protocols to ensure continuous and Covid-19 free operations.
We are also pleased to have received confirmation from The Government of The Bahamas of an interim force majeure extension to our southern licences, sufficient to ensure drilling can be completed consistent with the timelines contained in the rig contract with Stena Drilling, and in full compliance with the term and obligations of the licences. We are especially grateful to the Office of the Attorney General in The Bahamas for their collaborative approach to working with BPC, even whilst a state of emergency remains in force in The Bahamas.
These are interesting and exciting times for BPC, and we look forward to keeping shareholders fully appraised of our progress in the coming months."
New RNS out. Operational and corporate Update.
We are making rapid progress on familiarising ourselves with the potential of our recently expanded portfolio of assets. The publication today of our latest corporate presentation provides an initial view as to where we wish to take the portfolio, our targets and goals, and what our shareholders can anticipate as we get to grips with leveraging additional performance. We will expand these metrics as our confidence on delivery grows, but our strategic focus, as detailed in our new presentation, is simple and unwavering: to deliver shareholder value through a combination of high-impact exploration success and growing production cash flows. Already discrete teams are focused on delivering immediate objectives, though none more important than the dedicated drilling team's total focus on the commencement of the Perseverance #1 well in The Bahamas later this year.
Correction to my previous post near the end....I meant to state Trafalgar/Schroders.....and not....Trafalgar/Lind
In the last 3 days, Trafalgar Capital Management (HK) have probably disposed at least 20 million BPC shares. They started to do so within hours of getting the BPC shares for the £2.1m Lind loan replacement, thus allowing the new merged company to be debt free. Its actions contributed to the share price plummeting from 3.2p to 2.2p in 3 days. Although we are not party to the actual agreement, the key points were disclosed in the RNS I quote from below. I am deeply troubled for the following reasons:
1. Trafalgar appear to be fully indemnified if they sell at a loss.
2. How do we know whether they indirectly took out a CFD derivative to profit from the SP fall, to earn even more?
3. I allege it breaks the spirit of the agreement which implied a controlled disposal (if any) during a 4 month window and NOT share dumping in a few days.
4. Have they done this before? Will they do so again to another public company they lend to?
Source from 11/6/20 merger RNS section 11. My caps and my commentary in [ ].:……………..
…..‘As part of the Replacement Funding Agreement, if the average volume weighted average prices of BPC Shares in the FOUR MONTH period following the Effective Date [c10/8/20] is such that, had Trafalgar sold the BPC Shares held (but whether or not Trafalgar has in fact done so), insufficient to deliver to Trafalgar a 10 per cent. return on invested capital, BPC will also be required to make a "top-up" issue of BPC Shares to Trafalgar or pay an equivalent amount to Trafalgar in cash as BPC may in its sole discretion elect.’ ……
Opinions:
(a) I will be surprised if the BoD has not complained. If it has, Trafalgar will likely sell its remaining shares in a more controlled fashion. If I was the BoD, I wouldn’t pay the indemnity under the circumstances. Does Trafalgar wish to risk reputational damage by suing BPC for £200-300k under the circumstances?!
(b) Although I am not a day trader, the golden rule of day trading during high volatility/momentum is buy as a share is rising and sell when it is falling. This contributed to events over the last few days and the permanent loss of some of our fellow LTHs. If Trafalgar and/or Lind sell in a more controlled fashion, OR after their remaining holdings of +/- 160m shares run out……SP should surge, especially with expected new flow being imminent and return to a market cap of well over £100m.
All IMHO. DYOR. I am not suggesting Trafalgar has or are doing anything illegal. Have a great day.
Starchild