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To be fair, I don’t think saying it was 100% up was a lie on her part more a lack of understanding about that market
No...Will deal with bad news the day it comes cawcaw, you carry on telling people to F off tho.... your up and down like a yo-yo.
Bear in mind I’ve been accused of deramping here on more than one occasion , all this venting is effecting your memory by the looks of things
If every post in favour of the company is deemed by you to be inherently based in truth, and if every post criticizing it is from a "nonbeliever" --a person to be ignored and peppered with personal insults-- then you are using faith rather than data and analysis.
Faith is an inherently irrational approach to anything from trusting strangers trying to sell you something to worshipping imaginary ghosts in the sky.
Faith-based investing is as dangerous and ridiculous as it sounds.
Consider for a second that I might be right? Consider that short, opaque press releases (with glaring typos; can't even get the year right?) about surprise dilution the week *before* a re-rate might not foreshadow great successes?
What does your faith have to say about that? Only that I must be wrong (due to being a nonbeliever) but you haven't thought of why yet.
Calm down my ass; this probably sucks for us and you guys know it.
The Atomic owner must be ****ed at the timing of the deal and oil price shooting up so you never know.... if it’s to get the deal over the line then so be it, the fact it’s a fast fundraise could also point to that.... time will tell very soon
My point is it’s much more likely the funds are required for closing the deal. In what ever capacity that may be. It makes no sense to this so late in the game otherwise. this is my gut feeling.
CawCaw
How could anyone possibly know the definitive answer ?
Could be to purchase remaining interest in the field, could be a lender recommendation, could be to buy other interests, could be to settle with a surprise previously unknown interested party, could be to let in a few mates who were instrumental in setting up the Atomic deal, or it could be none of the afore mentioned.
Key consideration for me, I can't speak for anyone else, is where does it sit in relation to the potential market cap revaluation 'post signature' ?
Potentially as a facilitator to the deal, potentially even value enhancing but whatever it turns out to be, for me, it's small beer and will become an even smaller consideration over time.
Being optimistic and the recent increase of oil etc, perhaps the terms have been changed for closure requiring more funds for purchase. I know it’s low ball, but I also know from experience this can happen. I’m not saying it is, but it’s a possibility. At this stage I fail to see how this isn’t related to the successful completion of the Atomic purchase. Worst case is they are just about to say the deals off, everything’s wrong and they’re trying to get a final salary etc. I don’t think that’s the case here.
Muel I agree if another opportunity then raise money next week when sp would be at least double ?
I’m with CawCaw on this one. Even if this would be to stump up the cash for the remaining % of Wyoming or for a new marginal / distressed asset... why now?
For example, even if there were another Atomic around the corner and this money was for it for example.. does t it make sense to finish the first acquisition first?
Somethings doesn’t sit right currently with me, however I’m sure I will be put in my place in the future.
Muel
@rollinginit I hope I am dead wrong about everything, and diluting now (just a few days BEFORE the re-rate) somehow makes sense in context of a 9-dimensional chess game they are playing.
I hope this is a billion dollar company by summer, and this dilution is a way of best increasing shareholder value as is codified in Art's fiduciary duties.
@other guy, I AM calm. This is me taking a breather and being sure to express my sincere analysis in as clear and unemotional way as possible.
Consider that the religion of "The One True Faith" present on this BB has got a lot of people here dismissing all criticism as a matter of course.
Why the actual **** would there be dilution THIS week. Days before the re-rate. Ask yourselves that, oh faithful followers.
I submit that the proposition is nonsense, and this is a reactive emergency measure that is only needed because something has come way off the rails.
Let me know another logical explanation for not doing it a week from now (when the shares were supposed to be worth pennies, rather than tenths of pennies) and I will believe you.
CawCaw out
CawCaw
Hoards of posters wrote similar versions of 'war and peace', how the GKP CEO was morally repugnant, and how the stocks purported deflated prospects were damaged beyond repair because of it .... and far worse. It didn't stop it 40 bagging over a twelve month term.
I don’t think the use of “considered” in the subject is accurate!
@rollinginit
Maybe others will flip flop but not me.
This could hundredbag and I would not change my stance about Art's contempt for shareholders.
Company made a plan and published it, including how fundraising would take place. Discussed it extensively on YouTube in long form interviews. To share with us, and let us know what to expect.
PI's made investment decisions based on the plan.
Then the one thing not mentioned turned out to be what they were actually doing: More surprise dilution. Shocking.
More transferring of ownership away from the people who had kept the share price stable based on expectations of future funding coming from debt markets rather than equity markets.
(No, they didn't guarantee it. No, it's not illegal. No, there was no overt deception.)
But they knew full ****ing well that by talking only about debt, investors would assume that the dilution days were behind them.
After all, only a lunatic (or someone with no other cards to play) would dilute while the share price is at a tiny fraction of a penny, right?
OH, RIGHT, JUST LIKE LAST TIME, which was as recently as December.
They were actually even more explicit then, stating in writing that equity markets would not be needed for the transaction and then doing 50% dilution just a few days later. ****.
No respect is extant, nor reasonable candour, nor good faith disclosure, IMO.
If COPL wonders why the share price is in the toilet relative to the potential, this right here is it.
In practical terms, Art constantly pulling the rug out from under PI's is likely to prevent this thing from ever really flying now IMO.
All a prospective new investor (or fund) has to do is read 3 months of RNSes to realize that retails get bent over the tailgate as a matter of course.
**** this, Caw Caw selling his stake. Maybe Monday, maybe this week at a loss. Haven't decided yet.
Exactly Yacht.
Atomic is not a field. Atomic is a company that owns the majority stake of several fields (assets). We were buying 100% of Atomic not the asset. This additional funding could be to buy 100% of the asset.
Nobody will be crowing about 'respect' if the share price multiplies once signed.
I remember GKP, raised some cash to let his mates in (and I'm not suggesting this is the case here).
Everyone claimed the CEO was a piece of sh .... but they loved him when it ten bagged a week or two later.
Same old.
HAHA I see Petrodollar is back trying to sell his wears, I mean i'd be pedaling dross too if i was recommending a share a few weeks ago at 2-3p that is not worth an 8th of that... Petroclown more like
Do people here really think Art will stop doing this dilution and placing post-Atomic? Of course not. Any time the SP will rise, PIs will get rinsed. No chance of significant gains in the long run with Art running the show.
Bingo unfortunately. Hard to see this as a sign of confidence. Something is about to go wrong. Might be pushed timelines at first, then a new play in a distant world. Agreed with CawCaw, all he needs to do is tell us differently. But until he does that or things go according to plan, expect the worst.
No need to consider. You guys know what I'm going to say.
Seems they have zero-point-zero respect for shareholders as always.
Rhetorical question: Why are they not following the published fundraising plan, which informed our investment decisions? Why are they not using debt for purchasing?
They stated this many times -- that the Atomic purchase gives them access to debt markets now.
Instead, surprise surprise, they are yet again diluting away existing owners.
Something has changed IMO.
They are clearly back to their old playbook: Incrementally transferring ownership to others without shareholder approval or consent, pocketing the difference, and calling it a good day's work.
They won't even deign to tell us the reason. Just that it's happening, and go back to the mushroom farms we came from.
Guess why? I don't know, obviously.
My GUESS is because they have to rush this dilution through while the SP is still artificially inflated due to people thinking Atomic is in the bag.
If Atomic closes HOW and WHEN promised, I will eat my hat. That's my takeaway.
After all, if Atomic was on track then none of this would be needed or wanted by the largest shareholders: CEO, exec, friends and family thereof.
Sorry folks.
Hoping someone can present an alternative theory, which I will eagerly buy into.
From memory, Atomic acquisition involved the two fields plus the top side infrastructure and the pipe line company.
Do I recall that there was another element of Atomic that was NOT for sale.
Could this additional cash be for the part that was not in the original deal.
I cant imagine what elese we would need a further £13m for.
If not for the missing Atomic field then for some other related aspect.
Thoughts on a post card.
GLA
What do you make of this.
For me its positive if we get 100% ownership of Atomic, including NOP and CNOOC.
I dont think this is a Fxxk up.
Thanks