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POC: Btw, Simon Potter is the CEO of BPC and knows what is going on regarding the finance.
I choose not to get involved in the back and forth over CLN but will just add a note of caution regards taking in goo faith the words of a CEO, any CEO not directed at SP.
They have an interest in the advancement of the business in which they are involved. It is in their interests to paint a positive or negative picture depending on the business needs at the time.
There is a big difference between telling the full truth, and not telling an outright lie.
Wording can make all the difference between two very similar looking statements. We only have to look back at the debate on this BB regards the end of the exclusivity deal.
The statement was deliberately worded as to be unclear I do not think that was done in error. BPC needed an element of ambiguity at the time, do not show your cards too early, which is why it was not clarified (hide behind an NDA) at the time.
the positive result is that we have more than one funding route open to us. Therefore our probability of drilling has increased. Surprised there has been less positivity on the BB.
Is that because there is a feeling that we have opened up the CLN path because the farm-in path was not going well?
Have BPC turned that way out of need or are they doing so to progress farm-in negotiations from more of a position of strength?
Btw, Simon Potter is the CEO of BPC and knows what is going on regarding the finance.
This is the finance question where Simon Potter answers. 27mins.
https://www.youtube.com/watch?v=aG6q3RbB1oA
I do very well from the markets and make a good living, thanks.
Okay, well, I've been in BPC a couple of years and bought over 1m between 0.48p and just circa 0.5p.
My god. You've lost your marbles. Are you a remainiac?
I would suggest that if anyone wants to know any accurate info about the financing, then please contact Ben Proffitt at BPC.
6p was probably used as it's the baseline price that Shore Capital value BPC at, both in 2018, and in the new valuation report mentioned at the AGM.
See notes tot he AGM, written up by an attendee:
Ø Today, Shore Capital published their report by [Lead E&P] Research Analyst, Craig Howie. Mr Howie told me that this had been prepared on a very cautious double-discount basis that confirmed a risked share price of 6p (similar to 2018).
Kind of goes without saying if you know what's going on. Can't spoon feed everyone.
The Company has also received proposals for, and is presently considering, several other financing alternatives. At the Annual General Meeting shareholders will be asked to approve a temporary expansion of the Company's general share issuance authority, such that the Company will immediately be in a position to take advantage of financing alternatives that may become available, should that be appropriate and in the Company's best interests.
Yes, but you will also know BPC have already received funding proposals and that they are using options at a favourable sp as an inducer to fund at a higher sp. You should also know that If BPC find a farmout partner and the CLN is not needed, then there is no penalty for exiting the CLN, although BPC will still have to issue the options at 2p and 2.5p to Bizzel for putting up the CLN in the first place. Jeez!
Yes, the conditions for the loan have ALREADY been agreed.
Capital markets have already agreed a CLN for £10.5m at 6p or a 25% premium whichever is lower. So a minimum price of 6p. Enough said.
Watch the Oil capital conference presentation. Questions at the end about fundraising. Potter clearly states the 6p cLN is a baseline for further funding and they will look to better it. Can't say more than that. But that is from the horses mouth. markets know Jack until it happens, if it happens. There could be a farmout instead. Dyor.
6p in a capital raise, is that with a farm out, it must be or why would the price be 2.55p now, If it is 6p people would be selling their granny to get in.