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But there is only one Monopoly Commission.
Why is that?
Lord Sutch - RIP
SF, that's right. The Facility see's a 90% cash inflow from the full face value (equivalent to 3.33% pa coupon rate) and then the shares can be converted based on the following conversion criteria:
Conversion Price: The lower of (i) a 25% premium to the price of the Company's ordinary shares on the date of draw-down, or (ii) the lowest closing bid price of the Company's shares on the five days prior to the date of conversion.
The Facility terms are far better than the CLN but the CLN offers greater certainty. Some people are craving for the CLN to be discounted and kicked into touch but it's actually extremely important to have it in play, options and therefore competition is a very good thing - it's essential in achieving good value.
There isn't a Monopolies Commission for no reason!
Jim, My understanding is that the Facility has a floating price conversion and the Bizzell is fixed at 2.5p. So if that’s right, the higher the sp rises, the less incentive to use Bizzell in preference to the Family Office. Would you concur?
I think quite a few of us knew this RNS was likely so no big surprise. Can’t help feel it needed to be done earlier though and it feels like further contempt shown to shareholders.
Publishing what they did in that date as well feels like a bit of revenge being dished out. They know they don’t need us anymore now.
Back to the RNS... If you’re in negotiations with someone you don’t weaken your hand and remove an option from the table, it would be foolish to not keep everything in play so not a bad tactic to delay decision further. Even if this is just to keep the Family Facility in check and not become more punitive.
Surely the Facility will be the one used for a small top up if required during drill and not the CLN given the SP should be higher and therefore be on better terms than CLN.
A new body would be better!
Bet you still wear shorts in Dec...?
You'll need a new hip no doubt
Not any more, got medically retired 3 weeks ago!
Good morning all.
Happy to buy some shares on dear half's SIPP account. Now she's exposed to BPC huge potential. The price drop was a blessing. Thank you for those who sold it. :0)
GLA
ST
Nice to help out someone who delivers my mail every day ;-)
Thanks!
Started already but bpc will be on at 13:40
What time does the conference start? Thanks
I can't see anything game-changing being announced this afternoon, unless another RNS prior to that.
Now interesting to hear what comes from the conference this afternoon.
It’s the option to convert during ops that is key. So if sidetrack or extended ops is needed and cash runs to the wire they now have that covered in an ‘instant’. They may of course not need it but they have now answered one of my concerns.
Trek
Happy with that RNS. Surprised no share price reaction as seems to quash R13’s suggestion of a further placing. Maybe it also quashes the idea of a Stena farm in, but that was never very realistic anyway.
Convertible Note funding window extended.