Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I never short - two reasons. First is it introduces a new direction of share movement that can cause me to lose money. And second my legs get cold.
"The only scramble today are my eggs for breakfast on toast." - great, but I hope they're not dribbling when you're looking to press that BUY button and its going to NT trade.
Refer to previous discussions on the rationale of buying into the Open Offer, as opposed to fractiknally below it, for existent holders. Thats all redundant now anyway, as we move forward.
Enjoy the eggs ;)
5.55 to fund, may or may not be taken up by PI’s but won’t matter as Shore will have rest. I expect, well there is a possibility that Shore will derisk after OO if sp is as expected above 2p. This is what insti’s seem to have been doing of late. So that tells me they are confident of having an exit if they so wish else they would not have underwritten the offer. So good news for holders no matter how you look at it but try not to get caught in any spikes as it’s a long road. Imo hold tight to what you have as a base and then average up as each significant step manifests then you’ll be blue all the way to the drill when half can be sold or let it ride. Gla Trek
The arithmetic doesn't change whether you are a new or existing holder. Buy during the week cheaper than the offer price today / market price today.
The only scramble today are my eggs for breakfast on toast.
Logical as a new holder but not so as an exusting one, as has been discussed ad nauseum here.
I'd refer back to Etyan's comments on that.
Atb & hope you manage to get some in the scramble ;)
They want to raise 6.8.
Directors promised to buy 0.25
Shore capital have to buy 1.0
Potential shortfall is 6 8 minus 0.25 minus 1.0 = 5.55
If I had 10k I wanted to invest here I would've spent my money earlier in the week when shares were less than 2p. And not bothered to wait to buy them at 2p via the offer.
It is straightforward arithmetic and logic.
The only wonder is the ability of the MMs to get the buy price above 2p for a few hours on the morning of the offer....
That is wizards work indeed.
Boooooom day and certainly shows why Etyan was so confident in the intervièw - as he stated, a few pence on the share price will be meaningless.
I hope everyones enjoyed the 'relative' peace on this BB - the coming weeks will see an influx of many 'interesting' personalities.
Atb & have a beautiful day
This is the good bit and should take away any uncertainty on the Open Offer -
"In the event that not all of the shares offered in the Open Offer are subscribed for by shareholders, the Company's broker, Shore Capital, will seek to place any unsubscribed shares (at the same price) (the "Placing"). Shore Capital has agreed that to the extent any remaining shortfall is not fully placed, Shore Capital will participate in the Placing to the point that the Open Offer is fully subscribed or to a maximum of US$1 million. In addition, Management of the Company (collectively) has indicated an intention to subscribe £250,000 in the Placing."
Result!!
"Bahamas Petroleum Company plc, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas announces that, further to its announcement of 10 October 2019, a circular (the "Circular") in relation to the Open Offer to shareholders will today be sent to all shareholders.
The Open Offer circular is also available to download from the Company website, www.bpcplc.com.
Pursuant to the Open Offer, all qualifying shareholders are being offered the ability to subscribe for 1 new share in the Company for each 5 shares held on the record date (being 16 October 2019), at a price of 2 pence per share. A total of 338,543,819 new shares in the Company will be offered for subscription under the Open Offer, and if fully taken up, will raise a total of approximately £6.8 million (approximately $8.5 million) with proceeds applied toward the cost of drilling an initial exploration well in The Bahamas in 2020. Shareholders who take up their entire entitlement will be eligible, via an excess application facility, to request to subscribe for additional shares in the Open Offer, if and only to the extent the Open Offer is not already fully subscribed.