Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I have read the open offer circular. It's quite clear the placing shares will be offered at 0.35p. To what extent any shares are taken up we do not know, but there won't be any haggling. The offer price is the price. If subscribers think that a successful placing will appreciate the sp and therfore are buying a share at a price that is below the market value, post a successful placing, then obviously you take part in the placing. imho, dyor.
PageofCups, I suggest you reread the rns's to fully understand the Open Offer.
Regards the book build, the face value price is 0.35p, but these will be discounted to the bucket shops. It's then a question of what the actual floor is, rather than the face value.
Obviously to buy the number of shares on offer in the open market would push the sp up towards 1p. So taking part in the placing ensures 0.35p.
There won't be time to do a discounted placing. It will be done on an accelerated book build after 4:35pm May 19th and result announced 7am on the 20th May. The price is 0.35p
Petrodollar
Running the show here
Considering that the rig mobilisation news is due to hit there is a chance that the SP moves above the placing price sufficiently to encourage more subscriptions, which I would assume is what they are hoping for so not as bad as soe are suggesting. Clearing the take up will be very low if the SP remains where it is but there is plenty of room to then do a further placing at a discount, which of course will pi@@ everyone off, especially though retail shareholders who took the higher price. But what else can they do? Plenty of mistakes made in the past but P1 was a massive all or nothing stretch, turns out it was nothing. You all took the chance - risk/reward and all that? This is a new company with a new direction. Its going to be difficult but after cash raising and consolidation tings can move forward to low risk/low reward.
Big trouble here it seems,as the bullship hits the fan,I'm expecting the real drop to come after the consolidation, so won't be taking up any more of this confetti, dyor best of luck LTH and especially cerp gang.
We are drilling in a week or two.
Poor Willec still in De Nile!!
This company is either being run by incompetent amateurs or a bunch of conmen. I have never seen anything like it. What really did they think was going to happen when the date was extended!
Where do we go from here?
Blah blah blah shut up you old grannies hahaha
Yeah but also a lot of them were banned because or the rampers banding together to report them and get them blocked as they say nearly everyday to report people who don’t agree with there nonsense they get posts removed constantly proper under hand tactics because if they didn’t people would see through there bull
Where are all the paid and dishonest rampers gone? I paid for my OO yesterday to fund these aim crooks to get off the life support machine but now it looks even the OO won't save them. Greedy management failed by buying the CERP and lied to shareholders it will help in these situations but made the whole situation worse. Why did they not have a proper contingency plan if the P1 was a failure and raise funds earlier when the share price was many multiples now
No one expects the open offer to be fully subscribed. At best 30%. There will only an hour or so after market closes on 19th May for the placees to take up the placing at 0.35p. It's a take it or leave it offer with the result of the placing announced 7am next day.
The sad thing is Zag, is that this could be taken off the market and really give problems for shareholders. It’s a spiral dive of trust and really bad financial mismanagement. The changes that they have done are simply not good enough. Where is all this other money. Put it simple, it does not exist. Institutions might make a packet on this but not shareholders. People can be warned, all they have to do is look at the history here. It has been an expensive mistake for many, I knew the risks but wow, all those false promises and timelines. Just read the last 2 years worth of RNS’s , have they done anything in the shareholders best interest.
HeresHopin
That would be 50pence more than anyone else has made.
I believed the dream and invested more than I should have and lost a few scheckles(my fault) on the belief that the BOD were telling the truth and were fully funded.
I won't make the same mistake again and I shall continue to berate rampers on here such as Willec and Star(King) along as they continue to spout crap.
Obviously the subscription to the OO has been low and thus been extended, very unlikely now that it will be fully subscribed which of course will put the Bizzell facility at risk, this mess the company finds itself is in is purely the bod's own making.
I'm not a fan of Primary Bid but sometimes it's best to get these placings done quickly before the sp drops to oblivion, expect the OO price to be reduced to 0.20-0.25p to get pi's and the ii interested, also the Bizzell facility renegotiated.
If you remain its not because you share the vision of the board, have great faith in their ability going forward to turn this round and make a profit.
Its in all probability that your 80-90% down and no point selling.
PI can wallow in what went wrong, its a long list, but achieves sweet FA apart from creating a toxic bulletin board. There are also some schadenfreude types present , they have had their gloating period now, time to move on.
If Saffron 2 does work, the oil is found already after all, then it goes into immediate production.
Revenue then pays for further production wells, towards 2500 bopd by end 2021.
Thats serious cash at $70/b - money pumped back into production expansion.
There is no practical or technical major impediment why this cannot be the case - as long as funding is gained for this drill, its the catalyst - with drill funding a chance, no funding then the drillers offer may still stand, drill costs covered and BPC pay back over time until full ownership is returned, they are obviously confidant of success and who is best to judge Saffron 2 success after all more than the drilling company who worked on Saffron 1?
If you dont believe BPC marketing any more, then the drillers view on this should count for something - they wont make this kind of offer on long shots all the time as they would go out of business, especially in times of lower demand.
As each drill expands the field, further SWP prospects evaluated then we may see some consolidation and growth.
Maqsood
Re read the RNS, and then stop and think why the BOD hasn't mentioned the spud going ahead on 23rd.
Its not just 200-300 bopd the appraisal well paves the ways for a full field development of up to 30 wells and 4000bopd,
5-9 wells will be drilled this year.
all starts on the 23 may.
You have to remember after Saffron 2 if the well is successful, 2P reserves go from 1MMb to 11MMb. Additionally, production increase of 200-300 bopd is a 50-50% increase in production. Current Mcap is based on a low production base, so there will be plenty of upside in the share price, dyor.
In a nut shell risking everything for 200-300 bopd assuming there right and it is that amount they pull and not 90 percent water , So yeah risking everything for 200-300 bopd just so we can keep the lights on and keep ticking over and as for consolidation that’s just so they have an sp they can water down again as can’t where it’s currently at
From the RNS on the 6th May:
“Spud is expected to occur on or around 23 May 2021, subject to successful completion of the current open offer and placing process, and subject to passage of the various resolutions that have been proposed at the Extraordinary General Meeting to be held on 17 May 2021.”
Like they gave us an idea about the name change or consolidation I remember hearing a whisper untill they announced it
And like I said even if does take place and does come up good be that water’d down probably won’t even see a diff to where it’s at now in best case scenario and if doesn’t come up well you’ve just lost 90 percent of your shares and forked out more money to be in a worse place than you were before and there contingency plan is we have assets”. So guessing that means be selling some and we soldier on yeah best plan I’ve ever heard that after the fiasco that’s just happened to the sp after hitting a duster