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Time will tell what the additional optional increase to 10 billion would be used for.
That is an awfully big number so perhaps that increase (should it be taken up) would mean, in my opinion, room to have a large consolidation option a little later on.
Starchild, fair enough but the mechanics have changed since the merger and so IMO that doesn't apply anymore.
In addition, you will recall that BPC at the AGM increased its authorised share capital from 5b to 10b. That is a one massive increase - what is the extra 5b shares for?
I can only assume new shares would be issued to a party wanting a stake in the whole company in return for providing development financing - that could be a good thing but will depend on the volume of new shares issued and if any other financing arrangements (classic loan, convertible debt, warrants, etc) ..on the other hand any massive rise in SP could be short lived (it would have been better for the SP to do a classic farm-in on P1).
Hallowed: the 8p pre-spud price is taken from this research note (bottom of page) https://www.proactiveinvestors.co.uk/companies/news/913804/bahamas-petroleum-companys-investor-makes-first-conversion-of-loan-notes-913804.html
Based on the number of shares at the time and @8p would have valued the potential market cap >£170m. In fact SP hit 5.7p in Feb 2020. However this was before the additional CERP shares and earnings/leverage from CERP share assets came to play after merger. I believe updated expert opinions will be forthcoming in the next few weeks. However only you can decide what your estimated pre-spud price will be.
Starchild
Hi Willec, talk about ramping...quoting 5p and then 8p pre-spud...so you expect BPC MCap at £170m-£270m (assuming 3.3b shares in issue) and all this for picking up a few low production assets?
I have only one thing to sat to you....in the words of the late Dick Emery..."Your are awful, but I like you" :-))
I imagine in the next 3 months this will rise big and people have been qiting for spudding for years and now it is on the horizon investors wo;; want a piece of the pie. Question is price on spud - 8p + has been argued ?
Sept or Oct
Hopefully earlier!! Can’t see any reason why it shouldn’t be at the 5p mark within the next couple of months same as February.
mid Dec...........!
but Santa will not be put off by this........... !
All the best (his little worker elves will be unaware............ :()
How close to Xmas do you see the rush of new investors flooding in?