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Good morning Starchild.
I can see from your churlish response that you are not use to any criticism.
If you are going to make statements please accept that if you call them assumptions then they will be open to various interpretations.
Have a nice day.
Jono44:
My original assumption was the suppliers were paid 135m shares at 0.8p. All the evidence now points to 0.5p. I suggest you get professional advice as you clearly did not understand my previous post.
If my company was owed £100k by, for example BPC and we accepted shares at 0.5p instead, i would do one of the following:
1. If I needed the 100k in cashflow for my company, I would sell the shares ASAP, perhaps forward selling them via a broker. I wouldn't wait in case the SP went up 5,10,20%...or in BPC's case substantially more with ex-CERP or JV potential. However I wouldn't wish to sell below 0.5p unless desperate for cash to pay my creditors. However, in this scenario I would have insisted BPC pays the £100K when due via wire tx, instead of shares.
2. If I didn't need the cashflow, I would get professional advice. And sell at a certain price but at more than 0.55p.
GL
Starchild
Good morning Starchild.
Not totally convinced with your explanation that the 135m shares are cleared.
Don't remember seeing anything that said they were got at 0.5p, how did you work that out.
Were the shares not just issued as settlement to corporate creditors but not at any given share price and that was it. Therefore they could sell whenever and for whatever price.
Its just that your explanation looks like they were issued to them at 0.5p and they sold for no gain at same price.
ATB have a good day.
Hairy Mary
The most unusual posts were about https://www.urbandictionary.com/define.php?term=Hairy%20Mary . As I profess no expertise on the matter, I will await for an official RNS or news flash.
Dilution
Since 2019 until the Percy-1 result, funding has been at 2p or more, yet the SP has only fallen below 2p for short periods of time other than Covid-19 events spring 2020. BPCs market cap increased. Many of those most vocal against dilution for reason below appear to be part-time traders. Had PIs bought shares at 2p or less with no intent to trade them prior to result, they wouldn’t have objected to the same degree.
Overhangs
Overhangs are the number 1 enemy to day-traders holding a position after a placing because they can’t play with the share until the overhang ends and have to sit on a loss. The ones that timed their trades in their favour, often boast on BBs, ’I told you so’. The current 135m overhang has ended in the sense that a supplier that got shares at 0.5p and was happy to get 0.5p sold by forward selling on a T6 or manually Monday – Wed this week. The remaining shares if any, are likely held. This was evidenced yesterday because anyone could have got 0.55p – 0.572p but there was no surge of sells lowering the price 0.5p. Why? Based on the potential 0.8p soon. Or much more if ex-Cerp assets come up trumps or there is a farm-out.
GNEISS
Are financial solution providers, problem solvers and expert negotiators. Their CEO and founder Jon Fitzpatrick was a senior manager for Macquarie. They have come up with the goods 3 times so far for BPC. One of their areas of expertise, is advising on asset acquisitions and divestitures and connecting major players with small and mid-caps. his includes data room hosting, ie, helping interested farm-in parties undertake due diligence. (source http://gneiss.energy/service/asset-ad/ ). Also refer to their 2020 annual review http://gneiss.energy/gneiss-energy-2020-annual-review/ .
BPC’s acreage has value that can be leveraged. Percy-1 was NOT a duster. BPC does NOT need a farm-in for survival. If Percy-1 was a total duster and the CERP merger had not happened, any farm-in targets would know this and offer punitive bids. This probably happened in 2018. The major liked what it saw and either waited for BPC to fail funding, or ‘we are interested, but come back to us after the spud.’ Furthermore, Brent PoO being where it is now and projected to go higher, is perfect timing. Imagine if PoO was $35/b?
The CERP BoD took this into account before unanimously voting for the merger. They concluded unless a total duster, if the drill came up ‘heads’, CERP LTHs would win HUGE, ‘tails’, they would likely still win a smaller amount. The merger decision was not based on a Hail Mary (or Hairy Mary) out of desperation. If a JV is successful, news will come suddenly.
IMHO. DYOR. GLA
Starchild
https://www.lse.co.uk/profiles/starchild/