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Get the warrant thing but your basically saying future watering down further possible on mass a further 10% or more hate it. Keep it simple and stop being greedy. As the institutions and big investors get all the dosh. Hate it even more.
That's the strong impression I had re: Shore Capital already having likely 'covered' any residual amounts from the Open Offer and obviously significantly smaller than the original amounts envisaged by the City, prior to the Open Offer deal - no wonder Etyan sounded so confident.
3yrs+ colouring book. I did one of those a while back. I was over the moon, I had it completed in less than 2 yrs. That said I had gone outside the lines a few times and some of my colour palette choices were questionable at best.
Have a great break IK. Nothing like grandkids to keep you feeling young, such a privilege to be able to give them experiences that so few get to have as children now - some simple, some idealistic, some just outright spoiling and they all have merit. You forget just how much fun jumping up and down in a muddy puddle is until you go back and re-live it with them. I make a point of doing silly things like that with them if we get a good wet day when back in the UK. (we have done sandcastles on the beach in the rain over here - the locals probably think we are mad but once you are soaked what is the difference? Skin is waterproof after all)
Good to see you back - we were sad to think you might be absent from the Beef and H fest! Actually please attend whatever your involvement! At risk of us regulars/usual suspects sounding like a self appreciation society, we do get much good insight from yourself; so please stick around.
On hols with family including grandkids for 2 weeks so switched off from the world changing events (except rugby) like Brexit/US trade talks/WAGWARS and of course the biggie - BPC. Just ready with my readies to push the button.
Only thing I would add, without much cerebral assessment performed, is that the Proactive interview was excellent and it enforced my belief that some dosh is underwritten (IMHO ) @ circa 1.6 p by the likes of Shore. However Company wants to give shareholders a chance and why not at 2p when you are confident the rest of any under subscription by PIs being underwritten - ergo success guaranteed and shareholders win either way. Plus 2p results in more dosh AND may be oversubscribed. Sorry bit waffly but out of thinking mode having just done a 3Yrs + coloring book!
The warrant issue is a nute point anyway, as no warrants are atrached.......
I'll be selling any 'dud' holdings I have today to further fund my own OO purchases, as for some of those it will be the best way to recoup cash & profit from those positions......imho & with the usual caveats etc.
Some people are trying to acvumulate as large a holding level as possible, so would 'immediately' do nothing of the sort and sell stock at a key stage (or stages) through the drilling process and timed for significant re-rates that they are anticipated to occur.
A minor warrant attachment may at least add some greater attraction to the OO for some, although seems like a growing support for the Open Offer at the current levels , with some buoyancy at this price and being the Open offer price.
The Proactive interview is a very good one and certainly adds Confidence that the Management certainly have everyting in place and contingencies covered to see the drilling through.
Explanations and observations such as yours have added another degree of understanding to the likes of my fledgling self, here. I recently sold my holding here when the company revealed the latest placing/offer they had stringently denied was looming. It left a bad taste. And not just as the matter of principle I declared last week. I still (and, further) worry that so much remains hinged on outcomes I felt uncomfortable backing. If I still held, I would NOT be taking up MY rights at this time or at this price. I’m not naive. I don’t feel I’ve cut my nose off. And I no long fear missing out. (Plenty more oil under the oceans, so to speak). I will now watch this closely. And re-enter at a price that inspires more confidence. Be that considerably lower, for a bargain. Or higher, for a reason. Point is, thanks for your recent offerings.
I remain a keen student... (And IK, I_I, Bryn, JTK, Bonum et al... you’re STILL the teachers I’ll tell my kids about when I’m sitting on the beach eating beef and horseradish sandwiches - for old time’s sake - earning, well, not quite 20%..! But, you get the gist..!!!).
the Problem with issuing warrants, especially so in exploration drilling, is that the risk adept would immediately sell their underlying shares as soon as they were notified of the OO share numbers that they had been allocated.
You do not require to retain the underlying shares to take up the option on the warrants.
The risk astute would recover the capital they had tied up in the shares that they held, hopefully with little or no loss, and in effect have a risk free investment in the warrants that they would profit on if the well was a rip roaring success, whilst at the same time not have any of their capital at risk if the well was a failure.
Were that to be the case, he SP would take a nose dive after the OO allocation was announced, as those deriding in this manner flooded the market with the underlying shares that they were going to divest themselves of.
The warrant goes hand in hand with whatever would be purchased in the open offer. Consider the warrant an incentive. The warrant would be executable at a later date and usually with a higher offer, though the warrants may also be tied in with existing shareholding again executable at a later date and usually at a premium to the current SP. It is a little more complicated but that is the basic understanding - they are not offered as an alternative to the current open offer.
On a more pragmatic note, it would be useful to have warrants associated with the Open offer stock and given many of us are looking to subscribe for those shares - I currently have £7K put aside, but will likely liquidate any of the really poorly performing stocks in my PF, to boost BPC stock acquisition further.
My own view is that BPC will be one of the most followed stocks in the coming weeks and expectant of the multiple Re-rates in the price, moving forward.
I think BPC do read the BB as that’s how the pick up on the sentiment/rumours driving the SP...so I’m hoping there’s no technical reason why they couldn’t still adjust the OO terms (other than the 2p price to buy at) before Monday, ie add warrants to any open offer shares bought.
As announcing something like that would certainly create a positive feedback loop: a) current shareholders b) prospective shareholders enticed to buy even at/above 2p in order to qualify for warrants, which would then drive the SP above 2p, which would validate everyone’s purchasing at 2p in the open coffee and then successfully make for an oversubscribed Open offer....