Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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If you read the terms of the Call option............ the Call can be made up to and including the date of the P1 drill results (provided before or on 12th Feb) Thats my take of the wording.
Meaning that they can wait for drill results and then exercise the Call option on the day of the RNS I presume (provided the RNS comes on or before 12th Feb when the call expires). It does not say the date before........its says the DATE OF the RNS of the P1 results.......... thats my understanding of the below...........its does not say the Call has to be exercised BEFORE the results RNS, only to it must be the earlier date OF the results RNS or 12th Feb. Thats my view on how it reads.
Thats a nice risk free call option in my opinion, they can exercise it on the day of the results RNS if its good news (provided that results RNS is on or before the 12th Feb.
"BPC has today exercised the Put, such that BPC will issue 187,500,000 new ordinary shares of 0.002p each, at a price of 2.0 pence each, for immediate gross proceeds of approximately 3.75 million (US$5 million). This additional issuance represents approx. 3.5% of BPC's fully diluted share capital. The Investor now has until the earlier of (a) the date of BPC's RNS announcement of the result of the Perseverance #1 well results, and (b) 12 February 2021, to exercise the Call, failing which the Call lapses. "
Sorry 700,000,000 yes
Garry I have stated this before. In the case of a total duster the current finance deal would likely be company ending. I am assuming the Call is made.
LO would hold roughly 7,000,000 shares with a guaranteed 2.3p a share. The new date for reconciliation would the middle of April importantly after P1 results.
The share price with the knowledge of a complete duster and the finance deal in place would likely crash to 0.5p or below. I will use 0.3p as an example.
This would mean that BPC would need to repay in cash £14 million to LO and would likely bankrupt us.
Having made this assumption my view is that BPC would not take this finance deal unless they had good oil shows at the first targets and this would make the BOD’s unemployable and wipe out the value of their own holdings as well as ours.
Obviously this is all my opinion and maybe they are just rolling the dice.
Garry - It's **** or bust!! Literally!!!
By exercising the put and the call that we expect to follow the bet has gone from a relatively binary bet with CERP providing some downside protection to a leveraged bet! ie Betting on margin!!
What BOD in their right mind would take this bet 24 days into the drill unless there was an element of certainty in what they have found thus far??
I see it as a positive. I cant see any other situation where they could take the funds with the guarantee in place knowing full well the SP will drop deep below 1p on a duster and offloading hundreds of shares into the market at this time would not be pretty!!
Cars if you read the RNS's they refer to the funding agreement and the funding option agreement.
So I believe the extension date applies to both because of this
" The same terms will apply for any funds that may subsequently be made available to BPC under the Funding Option Agreement."
Cars - Good morning Sir, please could you outline the implications for BPC in your opinion on the latest funding requests in the event that P1 is a total duster. I am just weighing up whether to top up or not. I respect your opinion and you have a far greater knowledge of the financial side of things in relation to the funding and dilution than I do. Many thanks and stay safe GG.
Low volume today, waiting to see if the Call will be made.
We will get an update on LO’s share holdings due to the recent increase. I don’t see any reason why they wouldn’t take the Call and hold for results.
Star It would seem strange to release all the detailed information of the deal but not mention that some other conditions are attached.
The only thing that is slightly ambiguous in my mind is the extension date to the middle of April and if that refers to the entire holdings or just the Put and the Call.
TR1 can be up to 5 days delayed.
Holder has two business days to report to the company. Company has three business days to report to market via TR1 RNS
So total delay can be 5 days at most.
Thought we would have had one by now
The HF only needed to offload ~14m shares to pass through 7% . That is from 17th December to date
We will get one on the issuance of the latest tranche of 2p shares so will be interesting to see how many/if any they’ve been selling this far
Who is hoping for a duster ?
I hope the well comes in good and everyone makes loads of money. Great. What I am saying is the risk of failure is around 65% and the upside to the share price is rather limited given this is a "technical well" only. No flow test planned, no appraisal drilling.............only being drilled so that in the success case (or failure even) the license can be extended into another "Exploration Phase" as was said in the recent RNS.
I have not seen any post "hoping it fails".
Adults can debate and discuss. They should be intelligent enough to handle debate and discussion.
Dont mistake the talk of reality, risk, valuations etc..... as meaning people want the well to fail..........no......that is not true.
Somebody strikes me as a extreme rule keeper Prozac. There’s a name for those sort of people.
Prozac this is for you: https://youtu.be/frDB0McZYmc
Nice hh I like it.
Perfect.
Changed my mind maybe some post should be removed
Got bored of that album years ago. I always preferred the Peter Green version of Fleetwood mac. Oh Well.
The moderators will remove a post only if it breaks the rules !!!
Read the rules
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In particular item 4
4. While debating and discussion is fine, we will not tolerate; rudeness, swearing, insulting posts, personal attacks, or posts which are invasive of another's privacy.
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Good morning to you to laallee
Also, why do people keep sprouting these “rumour”
Ideas?
I didn’t break the rules Prozac. Coming from someone who confirmed they reported me a few weeks back and got me banned on here for 3 days?
Because you didn’t like my post?
I heard a rumour about Fleetwood Mac....
i heard this earlier on....its even on youtube!..
shhhh dont tell everyone
Jmann states " duuna git yo niikas in a bunch"
Morning all, any rumours of any romours going round today?