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Stas & MysticMeg
Can you provide some wisdom on why 88's 'discoveries' are sending the share price in an express elevator to 0.1p please, as I predicted. Is it perhaps because the market sees 24 barrels and 4 barrels of oil after multiple millions spent on testing as total a downdip dud?
This has sub 0.05p and one of the biggest AIM capital raise dilutions ever seen written all over it unfortunately.
Your short is doing well munnie!
Munnie, you are aware that the maximum they can dilute is 15% of the total shares outstanding? And they will be asking for a further 10% to be allowed again at this years AGM. So maximum 25% share dilution permitted. So not quite 'the biggest AIM capital raise dilutions ever seen' you are trying to put out there.
Speaking of shorts. Took a short on PANR yesterday, thank you for lending me your shares Munnie.
Taxi
Re the 10 and 15% dilution limits, there is a means to exceed these limits
. 88e have done it regularly, call a general meeting, get shareholders to approve the shares already issued in the term. It resets the % limits, so 88e can start afresh
Older, the limit is 15%, they had the extra 10% added 3 yrs ago but need it added again this year thus is part of the agenda for next month agm. If you look at the shares outstanding it is almost exactly 25% added per year the last 3 years. I can't see where they could have reset it by my calculations, certainly over the previous 3 years.
A post from Stas on April 5th - “I think most people could consider that in terms of Market Cap we could at the very least MATCH the past, but we are in a better stage now than we were then. However, I expect many think we should be looking at having an improvement on the past, not just matching it.
If the 2.4p claim were to be achieved that would give a market cap of £600m, not a huge push from what we achieved in 2022, but heh these are just the facts, the math don't lie.
The math says its possible and in any case even just matching the past would mean a multiple of over 5 times todays SP, isn't that exciting enough”
Talk of £600m market cap… was this to ramp in naive punters????
The company need to clarify the 4 barrel figure in the appendix. I would have thought they would have done that by now.
Still sinking guys plug this ship before it completely sinks
Embarrassing SP performance post results. Results needed to be really good for it to move angain and despite flowing oil, clearly miles off where it needed to be. Market knows the only way the show goes on is a capital raise. So unless you get a blockbuster set of results and big move, these explorers will generally remain a “timing the market” game - post capital raise and upcoming catalyst in nearly always the way to go. I traded and made 50k after first flow test results. Lost 50k on trading around 2nd flow test results. I’m stupid thinking that it would have another move in the old dog, but not so stupid to admit that I was wrong. And that ladies and gentlemen is life trading risk assets. Good luck to those that continue to hold through this, but unless you are deep underwater my advice would be to cut losses if not too offside and wait for next capital raise and catalyst and even then trade speculatively. GL all.
Desmond, no, quite clearly it was based on past fact, I even gave the numbers and explained in the post. All calculations were provided (market Caps, shares in issue, past SP's etc.) and commented very clearly IF we did this in the past then it is reasonable to assume, using logic that it is possible in the future particularly as we are considered in a better place than previously - you need to read it without your own bias and in a position to not just keep pushing wishing to prove a point.
Ssccss
It is very unlikely 88 management will try to clarify the 4 barrels because in doing so they would have to confirm that is exactly what the figure is, and by extension highlighting the true result of the 'successful' flow test.
Stas, time for a new career in something that isnt gambling on AIM? Your posts tried to draw naive investors in and many warned against, yet you continued regardless.
SP now nearly at the 0.2 I predicted just a week or so ago. QED.
0.1 soon (and rapidly)
AIMHO.
The longer there is no communication from the company, the lower the sp will get. As much as I hate to say it, it's looking like the RNS was fairly misleading. Otherwise, why wouldn't they have clarified the 4 barrels issue or actually have written the RNS is a more user friendly way. What a joke.
Short sellers = blood sucking parasites
Don'tike to say it but the SP performance since flowing oil in both zones is screaming forward placing. Possibly in the next few days and rns will be out stating so many millions of shares at 0.2 have been placed raising such and such. Let's get it out the way and move forward. At they end of the day they need the funds. Hopefully just to bridge the gap between now and a lucrative free carry farm out to monetise Phoenix.
Taxi, 09:05 that's not correct
This is how they do it, shareholder ratify prior issues at a GM, as was done at this meeting, every share that is ratified by share holders is then available for reissue
https://clients3.weblink.com.au/pdf/88E/02753879.pdf
RESOLUTION 1 – RATIFICATION OF PRIOR ISSUE OF SHORTFALL OFFER PLACEMENT
SHARES – LISTING RULE 7.1
To consider and, if thought fit, to pass, with or without amendment, the following
resolution as an ordinary resolution:
“That, for the purposes of Listing Rule 7.4 and for all other purposes,
Shareholders ratify the issue of 675,000,000 Shares on the terms and
conditions set out in the Explanatory Statement.”
A voting exclusion statement applies to this Resolution. Please see below
If there was a placing and it was’ forward ‘sold then again because the price drop has been artificially pulled - the market opened the stock at 33 v 35 on RNS with buys going in, they didn’t even let it move up and you clearly couldn’t claim it dropped because profit takers from lower level were taking their profits. IF there was finance and forward sold then this is illegal and clearly they have exposed themselves. This is more likely to be shorting campaign by targeted boiler room crew hence the endless and consistent negative posts and misleading information. The company is unlikely to try to raise huge sums to produce the field themselves and would be looking as stated in RNS to JV which eliminates need for a huge amount of money. The share price has on average been constantly above 33 region highest 38 average 34/35 for last 10 days so as I said above to forward sell any stock would be illegal as they do not know the price yet or indeed have not informed the market or have the shares to sell! This would be the stupidest action ever as SP is down 37% from yesterday on good news and people are asking questions quite rightly. If you look eg at HE1 that was dragged back to 96/97 with zero explanation other than a campaign of misleading information it then bounced all the way up to 1.75 within days currently sitting around the 1.35/1.40 mark. The drop of the SP has nothing to do with the content of the RNS which was excellent and everything to do with huge manipulation campaign. We have discovered TWO oil finds with hundreds of millions of barrels below! Wise to remember that! IMHO DYOR GLA
Older, I may not be as wise in this matter as you but having been a LTH I have seen this many times. It is a ratifying of what was previously promised/used to cover fees, leases etc. All within the confines of the % allowed. That link does not show anything out with the scope of using their allocated maximum which may or may not include the 10% added to the 15%. If it was as simple as you suggest why would they need to add the requested 10% every 3 yrs? Not being defensive ;
My understanding is they can 'spend/use/promise' an amount of shares but then have to get those ratified, everything up to the maximum % allowed which is 15% (+10%). Within the agenda I have often seen comments like - if this is not approved then this can't happen - obviously not verbatim.
10:26
A good explanation of how the ratification process works ( and why it is utilisedi) is given in ;
https://clients3.weblink.com.au/pdf/88E/02753879.pdf page 17
Looks a lot of words but quite understandable.
Taxi, thats not correct
The company has a right to issue 15% in shares that are not approved by shareholders every twelve months
At the AGM an additional 10% issue capacity can be approved by shareholders,
25% capacity to issue shares without shareholder approval all up
Any shares that are issued under this capacity, can then be ratified by shareholders at a General meeting, they are then approved share issues.
Which then removes them from the unapproved 25% capacity ledger, so allowing more shares to be issued without shareholder approval
Sharebel, lets assume you are correct. Lets also assume OW and Scott are not the industry veterans they claim to be and are indeed part of this insidious boiler room de-ramper team. Lets also give the 88e management team the benefit of the doubt and put down the ambiguously constructed RNS down to a some simply oversight.
Can you pls explain why the 88e management team have not issued a further RNS or scheduled a webinar or some other shareholder communication required to halt to the share price destruction ?
The number one priority of any CEO is to protect shareholder value. Any CEO worth their salt and with nothing to hide would have moved heaven and earth to explain the disconnect between the reported flow rates and stock barrels captured.
No one can argue that this disconnect has not decimated the share price. The silence from Ashely/88e is deafening. 7 years of consistent dilution has already sign posted to every rational investor, what the next course of action will be. It is up to each LTH to join the dots and do what is best to safeguard their investment pot.
Keeping your fingers crossed for a "Hail Mary" is rarely a wise investment strategy.
Would they not want the SP higher when they issue more shares?
Listing Rules 7.1 and 7.4
As summarised in Section 1.2 above, Listing Rule 7.1 limits the amount of equity securities that a listed company can issue without the approval of its shareholders over any 12 month period to 15% of the fully paid ordinary securities it had on issue at the start of that 12 month period. Under Listing Rule 7.1A, an eligible entity can seek approval from its members, by way of a special resolution passed at its annual general meeting, to increase this 15% limit by an extra 10% to 25%.
Posted above for the benefit of people like me who thought this was gospel, as you can see it is for without shareholder approval and therefor they can use additional dilution once ratified at AGM.
Thank you Older and Brombarb, it finally sunk in.