The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
The avalanche of dross and lies from the known trolls here suggests that their paymaster is cracking the whip.
News release and they're gone ... again! Hold tight and use the filter.
Clare he has always been that. Pure poison.
Just pointing out what an idiot you are!
Rathlin's account page 33 section 20. Capital Management, outlines their approach to fundraising. "through the issuance of shares, the use of available credit facilities (note plural), the sale of assets, the farming out of properties and adjusting its capital spending if necessary."
There's no worse feeling than not getting a reply back from someone you really want to engage with.
The only donors needed is someone to give you a new brain. Can't you answer the below questions Persi, Mr "experienced trader" that only posts on the one board constantly!!!
Regarding RBD most likely being the main donor of future financing for West Newton, other companies under their parentage will also be needing additional financing. So my view is that at least £10M will be needed overall.
Dividend from Victory proceeds?......No chance!
I think the Rathlin issue is relatively quite simple.
Depending on the actual spend since 31/12 they probably have more than £4mm and less than £5mm.
Annual running costs are not high and seem to be about £300k, add in studies and its probably about £500k-600k.
Clearly this is insufficient to drill 66.6% of the costs of the next well, well as ongoing costs to the next drill in 23, which GP estimates to be 8-10mm and also maintain a going concern.
So they (Rathlin) will need to raise more cash.
Last time they raised cash in 2019, they raised in total £18.1mm according to their accounts.
Of this RBD provided £17mm (£1mm pre pay plus £16mm ) taking their equity to 59% from 37% by providing 94% of the new cash, it looks like the remainder 6% of the cash came from existing shareholders
When Rathlin raise more money the question is this: will RBD just provide 59% share of the cash, as per their equity , or will they need to provide more (like last time) so their equity share in Rathlin will increase.
It looks like Rathlin will need to raise maybe £7mm or so, of which RBD will need to invest £4.2mm to stay at 59%, or if they provide most of it they will own more of Rathlin/WN.
So the number RBD will need to inject would seem to be somewhere between £5 and £7 mm.
Add in £2mm for their own direct share and RBD probably need about £7-10mm for the next WN drill.
I would have thought that this would be more than adequately covered by the Victory sale...
Some people want to stick to promoting their type of politics. We may then well have a mutual interest.
Rathlin.....Where will the future funding come from some ask?
Rathlin's latest accounts Section 10 (I think) Capital Structure 1st two paragraphs should answer that question.
GP, Q1-Q3 cashburn of £0.75m may be on the low side, in June Rathlin said - "In the last six months, a large amount of geological and engineering work has been undertaken. Following the testing of the WNB-1z and WNA-2 wells in Q3/Q4 2021, the information gathered has undergone detailed analysis, including additional lab work. "
According to their recently published accounts, Rathlin's cash balance was about £5.35 million at the end of 2021. I’m guessing here, but they will perhaps spend £0.5 to £0.75 million up to the end of Q3 2022. So let’s say they'll have about £4.6 to £4.85 million in the kitt then, unless they’re able to find a further source of cash in the meantime. I sincerely hope it won’t be us but, with a fully tested West Newton horizontal well likely to cost £8 to £10 million, Rathlin’s 66.67% share could easily be £6.0 million. We can presumably afford our direct 16.67% exposure to the well (about £1.5 million) especially if Victory comes good. But please bear in mind that we also own just over 56% of Rathlin and I don't, in all honesty, want any more of WN. Nor do I want us to have to bail out Rathlin. So I’m left wondering how Rathlin (and we, maybe) will cope with the forthcoming drilling programme financially.