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JStar I’ll send you my email address send me your shareholding please. You’re not for one minute invested here. I’ll await the LOI to see what you say.
Although having re-read, it is not fully in ORCP hands for the next 18 months there are £1.5m worth of shares priced at the lower of 90% of a dip and 1.1p exercisable at the investors discretion. With a 1 month holiday so to speak. Lets hope the news gets this above 1.1p before the month is up.
"The investment under the Subscription Deed will be made by the Investors by way of prepayment for new Ordinary Shares to be issued, at the Investors request, in single or multiple tranches, in the period of 18 months of the date of the investment, such period can be extended solely at the written election of the Investors. There will be no prepayment share issuances until one month from the execution of the Financing Facility.
The number of new Ordinary Shares to be issued as a result of the Subscription Deed will be determined by dividing the initial subscription amount, being £1,500,000 (the "Initial Subscription Amount") (or that part of the Initial Subscription Amount in relation to which the shares are being issued) by the lower of (i) 125% of the average of the 5 days VWAP prior to the advance of the Initial Subscription Amount (being 1.1324 pence) or (ii) 90% of the lowest daily VWAP in respect of Ordinary shares during the 10 trading days immediately preceding the date of written election."
Eagle i agree - and we shouldnt have this directly compared to UKOG for that very good reason (and i wasnt).
However the name of those involved as total smash and grab merchants means any use of this facility will set the alarm bells off.
Hope must be that a more benign investor following news will come in and replace this lot as an option.
But JSTAR, it’s to the discretion of ORCP to take up the funding for any projects, that’s the important part. It’s in their hands...
Lord, when you buy shares do you get to choose pricing and volume on these terms... No?. Okay, now think what you would do if you could...
The pricing of the Subscription Amount is to be calculated based on 90% of average of the daily closing bid prices (but not less than the MAP) of the Company's Ordinary Shares during the fifteen consecutive trading days ('Pricing Period') beginning on the first trading day after the date of the request of the Subscription Amount ('Subscription Price'). The Investors may extend the Pricing Period up to a total of thirty trading days and may subscribe for between 50% and 200% of the offered shares.
BUt they can't keep Converting shares it is at Oracle's discretion! and no new shares even for the £1.5m until a month from now. It's a good deal
I will respond to that one before i go ,you are Keith on Twitter I think?
I have nothing against the company and to prove it , I will state my twitter name and it will become
clear nobody has RAMPED the arse off ORCP with Gandalf lord of the rings charges and news media
galore than me on twitter Ted Aejames99
I have been in the company for 10 years and I fully expect to leave on a big but maybe not as big a
spike as I expected , when the news finally drops
It is at this point YA/RGO usually kick in with ever increasing volume conversions at ever lower prices
so it is them i have a MASSIVE MISTRUST of , as not just ukog as stated in many many many other
shares i have been in and the mode of operation has been the same in ALL
I wish you luck Keith et all and hope you all get the 15-20p i was expecting long term
but we all have our likes and dislikes and for me
when YA/RGO come I GO at the spike that will 100% happen and start the ball rolling
it was even in RGO in its previous incarnation Paternoster PRS and Nick who was in charge
at the time and his cronies did rather well as its own share price also stagnated
to put it in plain terms my love for YA/RGO is like my love for Arsenal as a Spurs fan
Good luck, good fortune and this time deffo ta-ra
Oh yeah with all those 2p warrants sure to hit 5p. Unless the price isn't 2p after a year then the exercise price goes to 120% of the current price then to cap raises.
For all those clowns saying what 2 weeks ago there wouldn't be a raise despite the cashflow saying 1.3mill spent last year, well done.
2p warrants to sweeten the deal too! They now have the enviable choice of being able to access funds at their discretion for new projects while being able to seek a better bank debt route for the big Thar project if they can
I think this is a great deal - "The number and timing of subscriptions under the Commitment Amount ("Subscription") are at the sole discretion of Oracle... the Company is not obliged to request one or more Subscriptions and there are no penalties for not requesting a Subscription." it is at Oracle;s request no drop drop of cheap shares just funds for new projects when they need it