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SvS
You’re welcome!
Ross what you have just done is repeat this unresolved 18month old arguments and just included me.
Its my fault because I did just insert myself in trying to get you both to see there is no victory here for either of you.
*shrugs*
SvS
Apologies, it is undoubtedly tedious.
There are two things going on. First, I am calling in4cedros out for making stuff up about me urging a low ball placing:
“your sub 1p urging pre-drill (as a non-shareholding troll!)”
was how he put it. The last time I in fact called for a placing was when the CERP share price was over 4p (I wasn’t even posting when the share price was sliding down to or at the levels in4cedros is talking about).
The other aspect of this relates to his description of me as “a non-shareholding troll”. I’ve been clear that I don’t have shares in BPC and the fact that I live under a bridge is neither here nor there. So I am curious why in4cedros is well cagey about whether he had shares in CERP at the time of Saffron and whether he has shares in BPC now.
That’s it in a nutshell.
In4cedros
I am certainly not taking any position to police this bb about what should & shouldn't be said.
I don't know the circumstances of the debate but I have read posts since I joined.
By all means settle what ever needs to be settled.
SVS - I’m not a fan of the rossannan MO but he is one of the more plausible trolls and keeps me interested.
He regularly filters those that don’t agree with him, me included, so I don’t expect this intercourse to last much longer - apologies to readers who’ve only had to endure it recently!
rossannan - just point me to the post where you stated that your attitude had changed and you were no longer calling for Koot to break his pledge to shareholders to have a pre drill Placing.
Ross & In4cedros
Are you both really continuing to joust about what was/wasn't said 18months ago?
Not to insert myself into your situation; that being said is there an end goal you two both have?
Seems like you both hold a belief to prove and even if one of you did get that proof, it wouldn't/didn't change the decisions made by the company or have any affect on daily production. What would either of you gain with confirmation?
A moral or pride victory?
in4cedros
“the idea you just ‘gave up‘ on CERP and this meant you were no longer calling for a pre drill Placing wasn’t clear”
No, because you didn’t bother checking my posting history you have now been caught out making stuff up about me calling for a low ball placing.
“as a non shareholder taking so much interest in CERP”
I am interested, but not a shareholder, in quite a few companies. You never know when a company that you have previously researched is going to throw up an opportunity.
Why are you still refusing to say whether you had shares in CERP at the time of Saffron and whether you have shares in BPC now? You don’t have to be a shareholder to post about a company, not in my book anyway, but posters are usually happy to say one way or the other.
rossannan - we are so used to you explaining your position in mind numbing detail that the idea you just ‘ gave up ‘ on CERP and this meant you were no longer calling for a pre drill Placing wasn’t clear !
I’m rather shocked that you as a non shareholder taking so much interest in CERP for so long would just ‘ give up ‘ - what sort of self respecting troll does that ?
in4cedros
“your sub 1p urging pre-drill (as a non-shareholding troll!)”
Sadly, the facts don’t fit your narrative.
As I explained before, when I started calling for a placing CERP still had gas in the tank and I was using CERP’s own figures to show the cash burn that meant it would not be long before Leo Koot had it running on empty.
But once it actually was running on empty and it was clear that Leo Koot wasn’t interested in proceeding with any margin of safety, I gave up on CERP and stopped posting.
This was towards the end of October 2019, when the share price was still over 4p. I did not post again until the end of April 2020 (to claim first prize in the Saffron drill result sweepstake).
Still, at least you were correct about me not having any shares in CERP at the time.
Did you have any shares in CERP at the time? I have asked you this a couple of times now, but you still haven’t answered.
And do you currently have shares in BPC? For the avoidance of doubt, I don’t.
that had you and other trolls heading for the hills in short order !
rossannan - I’m confident the cash position of the company had no impact on the way the drilling of Saffron 1 was conducted . Koot needed to raise cash thereafter, whatever the result - if the result had been even better the SP rebound would have surpassed the more than doubling performance that had your day other trolls heading for the hills in short order !
Clearly a Placing when the SP was more than 2p post drill would have been preferable to your sub 1p urging pre-drill ( as a non - shareholding troll ! ) .
in4cedros
How can you seriously suggest that the parlous financial state Leo Koot brought CERP to by running it on empty was anything other than detrimental to its shareholders?
Were you a CERP shareholder at the time of the merger?
Are you a BPC shareholder now?
rossannan - I’m no apologist for Koot but I applaud that he made a monkey out of you and your trolling campaign and I don’t believe that aspect was detrimental to shareholders.
I’m pleased I’ve been able to remind people about your MO especially the BPC shareholders who were not familiar with your style of trolling !
Bluff - I posted that the merger required CERP shareholders to reassess their risk, those not comfortable with the new scenario had the option to exit at that time - it was much discussed on here - even rossannan was posting he was in for the pre-drill excitement but would be selling before the result as he didn’t want to assume the drilling risk.
Well mr bully. I hope bpc sells all its assets for fraction of its price, wipes out the bod you trusted (all in the name of merger) and you sell your shares.
It's very easy to say that cerp shareholders should have sold prior bpc merger. I argue that I initially invested in the 5 year plan by leo - targetting 500 million market cap. This didn't happen.
Leo further assure on interview that he will not run away. This did happen!
I chose to invest cerp as it was a less risky option. I stayed on bpc because selling on was certainly not a option. Leo did not sell cerp assets at a premium, he practically gave them away.
Leo's resignation was pathetic. Bpc is lucky to have cerp assets for free!
Well almost back to the base
in4cedros
Have you held CERP and latterly BPC right through from Saffron getting the go ahead in October 2019 (when CERP’s share price touched 5p) to now?
If you have, how on earth can you still be an apologist for Leo Koot?
rossannan - why you would run a trolling campaign suggesting Koot should dishonour his pledge believing that was doing ‘ the right thing ‘ ?
That the company would need capital, irrespective of the result of the drill, was obvious to most observers, waiting until after the drill could have been advantageous, as it was, much as it upset the trolls, the Sp more than doubled post drill rossannan- wasn’t that the time you disappeared from the board !
Koot could have considered refinancing post drill but he decided, in the post COVID-19 period that the merger was a better option. CERP shareholders not comfortable with the risk profile could have exited at that time. Those happy to run the risk stayed on - you posted that you were in at one stage rossannan!
The fact that P1 wasn’t a gusher wasn’t Koot’s fault although it is easy, with the benefit of hindsight to demonise him for it - especially as he discredited the trolls who built in pledge breaking as part of their scenario!
in4cedros
That is an interesting take on what actually happened.
Yes, predicting that Leo Koot would opt for a placing arguably gave him more credit than he deserved - I was clearly wrong to predict that he would do the right thing.
Instead of seeking a margin of safety, Koot kept CERP on a trajectory that would, as I illustrated at the time using CERP’s own figures, end up with it running on empty.
And that was what happened, with CERP accumulating the Lind debt in the process, leaving it in the vulnerable state that eventually saw it pitched into the merger with BPC.
The legacy of Leo Koot’s questionable financial management wasn’t just the shareholder value destruction ultimately inflicted by Perseverance. There was plenty of pain along the way - remember that the Lind debt became the Trafalgar debt in the merger and then became the Trafalgar shares. It was the hasty dumping of those shares that battered the BPC share price last summer.
It seems that naivety, aggressive or otherwise, around cash burn and funding requirements is the trap that PIs most often fall into with companies like CERP and BPC. It is the opacity of BPC’s funding position that currently makes it uninvestable. And even if its BoD can square something away there, their track record is hardly appealing. Are they really the best people to take BPC forward, post Perseverance?
As I said the other day, clarification of BPC’s funding position is imminent. A new BoD is maybe too much to hope for, but you never know.