Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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Irene, my approx £200m valuation comes from tangible things such as money spent to date, granted some of that money has not been ‘value for money’ and the other things that don’t always make sense e.g people will gamble on share if they don’t think it has too far to fall and they will take a punt for potential upside, sometimes without properly understanding the limits placed on that upside. I think this share would trade happily in the late 4’s to 5 region if people weren’t worried they could get another billion shares thrown in the mixer from left field.
I’m also a believer that the world is still hooked on oil and it’s derivatives for the next 30+ years and given these structures are so large and a single drill is likely to prove or disprove vast quantities that will take decades to deplete, rather than sniffing around a license for years trying to milk pockets, I think this one drill could unlock the potential for a 30 year cash cow for a major, possibly securing even some of the bigger companies futures. This will interest a lot.
As for farm-in. It’s the only logical thing for me. I don’t give any credence to the thinking that if a major was interested it’d have been done by now. I think the board have continually refused what they think were low offers, I 100% believe that. I think their tactic to hold out has merit, however, I don’t think they have executed that tactic very well and things could have been done sooner, only they know why it hasn’t. I think the accusations of liking a slurp of gravy aren’t completely baseless.
P.S. keep up the good work of keeping the idiots in check and holding to account. It’s some of the few joys of reading this board.
Dropped to 3's already from ya 4's (double me money) shout Ross...........!
I see...........
All the best (Nah bother........ :()
jimtheknow
No middle ground? After the way the share price perked up simply because the IceMAX was heading to the Canaries, even with the funding position as it then was? So the 2s or at best the 3s until a December late farm in? With all the P1 milestones that we can reasonably expect next month? Really? I’m not saying that folk will be right to chase this towards your middle ground, I’m just saying that they will and that it will be entirely predictable P1 milestones that make them do it.
It really feels, given the progress that’s been made to date on P#1 and the time left for all this to play out, that there will be no nice middle ground for the share price e.g. a 6 or 7p.
We are currently languishing where we are because there is still a perceived threat of greater dilution and the retail market just don’t trust the board enough anymore. The board have strung this out so long people want to see tangible results before putting in (more of) their hard earned and given there isn’t that much more for them to deliver other than the well itself or a farm-in.
It’s crazy isn’t it thinking back to the little run we went on when the Stena contract was announced and we now find ourselves almost 100% below these levels.
With all the things we have boxed off and the size of the prize we’re going after we should be sat around a £200m mcap.
The ONLY logical reason for the path we are on is for the company to be raising free cash now against a prospective 100% owned supergiant oil field and then we’ll get the news late doors of a farm-out. BPC will then have plenty of money to pursue other ventures e.g sell this same story for the Uruguay license, make self sustaining pocket money from CERP assets and take a back seat to the farm in partner on Bahamas licenses.
We are always given the caveats on any raise that should a farm-in be concluded then they will have more money than that required for P#1. To me, with no other logical explanation existing to see how the BoD are creating ‘shareholder value’ the late farm in path is the only thing that makes sense.
If they drill this with just enough funds for P#1 and that comes back a duster then every other single element of this business collapses as their ability to raise funds evaporates.
Farm In coming in December I think.