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Originally all unsecured creditors (suppliers, staff etc) were going to be swapped @ 0.07p. Thankfully that arrangement which would have meant around 1.75 billion shares being issued has been replaced by a new agreement leading to the issuance of 411 million shares to them @ 0.3p to clear up the balance sheet. This has NOTHING whatsoever to do with YA or anybody else. the company has not yet finalised these negotiations as was made clear at the end of yesterdays RNS "The Company intends to settle these agreements in the coming days."
You cleared up the ambiguity
Excellent Jiving.
CFEP and PEEL now buyers on the bid! I think the pretend overhang is gone
Jiving,
Spot on. Many thanks.
MrNation writes 'free money imo' but has No Opinion in the Opinion tab. Face Palm.
MisterP. The YA & RGO had the right to subscribe for £100k each (33m shares each or 66m total), but were due to receive commissions & possibly some expenses which it appears they deducted this from the amount they subscribed so ended up buying just 38.5 million between them or £115k between them. So in fact YA only ended up with 19.25m shares. This si clear in yesterdays RNS.
Originally all unsecured creditors (suppliers, staff etc) were going to be swapped @ 0.07p. Thankfully that arrangement which would have meant around 1.75 billion shares being issued has been replaced by a new agreement leading to the issuance of 411 million shares to them @ 0.3p to clear up the balance sheet. This has NOTHING whatsoever to do with YA or anybody else. the company has not yet finalised these negotiations as was made clear at the end of yesterdays RNS "The Company intends to settle these agreements in the coming days."
Clearly anyone who pretends that the 411 million shares are about to be sold into the market by YA is deliberately misleading people, & deliberately misrepresenting yesterdays RNS.
Jiving,
Agree with your post re YA and RGO only had 33m shares each.
Debt for equity swap - would that be for the unsecured creditors?
Looks like Art M tidying things up before Drill.
YA were only in for £100,000 @ 0.3p. Which was 33m, in fact from yesterday's RNS it would appear after YA & Riverfort received their commission they only purchased 38.5m shares between them or 19.25m shares each. The big unnamed investor took £1m - we have no idea who that is or what their investment horizon is.
The debt for equity swap shares are still being negotiated so cannot currently be sold on the market we also dont know whether there are sale conditions attached to those shares. So IMO there is quite possibly no genuine overhang in the market but the MMs are playing it as if there were.
MM’s May try to drop this further, mopping up as many as they can, who knows but if we are not at the bottom we must be close.
Can you imagine how fast this will go up once YA finished selling through which must be soon with the volume over last 3 days. Buying at the placing price should be a no brainier
Started where we off from last night, buying and buying
the second placing killed the momentum we had, all that hard work back up to the mid .40's - fingers crossed the research BladderMan completed is correct and we start seeing an uptick here soon. I don't know of many that would be selling here - my guess is we do see a print in the high 20's today but shouldn't last long.
I wonder what Essar is making of these Placings.I hopelike us PIs they want to get on with it. No more of these surprises Arthur. Thought we were fine for cash before these. Let's. Finally get this show on the road
Mrnation unreal people would consider selling when news should be next week. Come on art Friday would be nice.
Trouble is it is this dilution that has pulled us down here. I do hate Riverfort et al!!
Do we have a date yet when drilling starts as can’t find a date anywhere? Are we a month away or 6 months away? Whatever we are this should be a lot higher!!
All fun and games while we await the contracts.
Currently valued at £12M which includes the placing shares (total is now 3,910M).
Then they print a UT for £207 at 0.32p lol
Hang in there. MMs cannot keep it low forever.
Yeah. I know you sold...very next day it shot to 0.45
It was like this last time I screwed myself.
Just focused on the fundamentals instead
Another brilliant opportunity in case anybody missed morning drop.
MMs can either drop it to spook few to sell OR raise it to attract any sellers.
Crazy to sell now with plenty news to come soon imo.