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Thanks,
Even on the low estimate that’s 100k a day , that in itself is massive for a small company like this,
For TO-14 well my prediction is as follow:
Low - 6000 bopd gross with approx 1100 net to Corcel
Medium - 8000 bopd gross with approx 1500 net to Corcel
HIGH - 10000 bopd gross with approx 2000 net to Corcel
What would be an acceptable flow rate for the company
Trying to trade this so close to flow rates dropping would be foolish imo but it just about sums up the Junior markets. Extraction willing to take stock at 1.5p is a huge vote of confidence. Align have to exercise warrants which puts cash in the bank, a very clever way for Extraction to inject cash into the company without buying directly from the company.
Well, atm, as per usual, sp slides on a bit of profit as folk take their funds for another riser and then come back to this one.
i'd be adding if it slides back into the low 80s for the inevitable ebb and flow.
it's become almost daily tradable (until the results come out, that is!) : )
KS,
Not quite true though, the agreement for the option is for shares not unlisted warrants. If for example that VWAP mechanism is triggered around 1.5p, Align/Mr Jennings has to sell 99m shares. Personally I wouldn't class 1.5p as well north of 1.2p. At the moment Mr Jennings would have to exercise warrants to fill that option as he doesn't currently have 99m shares.
PB,
As for Mr Jennings/Align suggesting they're not causing an overhang then why has he been reducing via TR1's recently and then also agreed to sell another 99m shares in the option? Without the option in place looks like a 99m share overhang at 1.2p to me. Good move by Extraction to lock in Mr Jennings to June though (or until the VWAP passes 1.5p like the RNS suggests). The 1.2p option certainly does partly take a large seller out of the market at 1.2p and removes what would have been another block on the price at/above 1.2p.
Regards,
Ed.
Well, they're not... not yet. hence the word 'option'!
the sp would have to be well north of 1.2p for them to take them. it's just buyin warrants... that they don't take if there's no profit.
but it makes for an interesting prediction!
What this signals to me is a rarity amongst AIM, through EXT the board is hoovering up a sizable stake in the company. Assumedly the executive must have a lot of faith in the company. Many of them accumilated at the lows in when it was at 0.2-0.3 and now they are buying in again, they might already have the flow results in afterall they need to type it up to notify us.
@AlignResearch
Ref Corcel #CCL and our option agreement - https://uk.advfn.com/stock-market/london/corcel-CRCL/share-news/Corcel-PLC-Option-Agreement/93390961
We were (wrongly) perceived as an overhang. This effectively takes 99m out of that & locks us until end June or a 1.5p+ price.
Richard Jennings
Align Research
http://www.alignresearch.co.uk › about-us › meet-the-team
Richard was the catalyst behind the creation of Align Research and co-founder of the business and is qualified to RDR Level (4) standard.
A tot of c. 400k shares went through just before the close at 1.02p . The auction price of 0.8p was just for 8.6k shares
X2 47k buys, this afternoon
UT ..only 8000 shares ...the real mid closing prices 1.025p....Let's hope we see more blue tomorrow .... flow tests next week ??
EXT are heading for 30% shareholding and are also the ones offering funding.
I wonder if they have a takeover in mind?
That’s impressive tbf, shares could really rally now. Im usually bearish these things buys that’s a green light.
Not sure why the mms closed it on 0.80p though, games from them.
Flow rates are imminent anyway. The testing started around the 11th and were due to take 'several weeks' which will be up by next week.
Don't be so daft. No doubt EXT know the flow rates already. Jennings will look pretty stupid though if the share price goes to 3p or 4p or whatever.
According to that Holdings Notification Jennings has 100 million warrants - probably at about 0.0021p - so that would be the Option for the 99 million shares. Quite enough profit - 5 times the cost - for them anyway.
To even go down the path of putting an agreement of this nature in place, EXT (and in turn the Exec Chairman) must think that the shares will do well to pay a premium to the current price and even to include a clause where there is an auto exercise at £0.015. Time will tell but does look very interesting DYOR
It does imply Ext see deep value here. It is also means (I hope) that any future fund raise will convert much above the 0.08p rate.
Ext are definitely heading for majority shareholders now.
Nm
Cheers Ed ... did'nt realise that ....
Https://www.lse.co.uk/rns/CRCL/tr-1-notification-of-major-holdings-ltuknlyaecp7ycb.html
This is more up-to-date - 24th January - and shows that Jennings - who I believe is a company rather than a person - has a Long Spread Bet, shares, and warrants (probably for a microscopic price of about 0.0021p). Nearly 200 million altogether as of that date.
RL,
He has a stack of warrants.
Regards,
Ed.
It is all looking very positive in terms of where they think the sp is going.