Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Its meant to be rather good... been?
Just read this back from the start. I thought the Edinburgh comedy festival had already been this year.
If we wonder often, the gift of knowledge will come.
I don’t disagree that companies with good assets don’t go bust, they often do. What I am saying is the company will have known what will happen to the sp by tabling the idea of a very large placing and they will have known how to shift a large proportion of these should it be required. Almost certainly not on favourable terms to a PI, but they will have known. Making these threats is of no use if they cannot act upon them. It is not their preferred choice, we all know what that is.
The greatest trick the devil ever pulled....
Everyone thinks we’re going for a placing, are we....?
The company is turning the handle on its plans (plural) and anyone who takes this at face value maybe blind to what transpires.
The Ass and the Lapdog.
A Farmer one day came to the stables to see to his beasts of burden: among them was his favourite Ass, that was always well fed and often carried his master.
With the Farmer came his Lapdog, who danced about and licked his hand and frisked about as happy as could be.
The Farmer felt in his pocket, gave the Lapdog some dainty food, and sat down while he gave his orders to his servants.
The Lapdog jumped into his master's lap, and lay there blinking while the Farmer stroked his ears.
The Ass, seeing this, broke loose from his halter and commenced prancing about in imitation of the Lapdog.
The Farmer could not hold his sides with laughter, so the Ass went up to him, and putting his feet upon the Farmer's shoulder attempted to climb into his lap.
The Farmer's servants rushed up with sticks and pitchforks and soon taught the Ass that: Clumsy jesting is no joke.
I prefer Aesops Fables.
Farmin can happen while the drill bit is spinning and the fumes rising. If BPC want to.
Yes Jim completely agree with your post.
Told you, my first buy in here was for 1m at 0.48p and just circa 0.5p. So well in profit.
I would partly agree, it does appear a transparent attempt to rally the SP and even more so if the perspective of that viewer is one who often critiques based on the financial fundamentals of a company and not the qualitative merits of the asset.
Although making good money is very important to this board we must remember the board of directors and the assembled oil & gas professionals are exactly that, oil & gas professionals. Between them they firmly believe there is a world class resource down there and I suspect (which is also my view) they are worried little about the short/medium term fluctuations in SP as long as they get this well drilled. If their professional assessment of the asset is correct the SP and therefore money will look after itself.
How about taking the view that the ‘fracturing’ RNS is a professional statement, if the SP rallies on back of this then great, it’s a positive, if it doesn’t then there’s nothing lost. It’s a bit of a pre ‘I told you so’.
Often on this board people assume this company is ran by idiots who don’t have a clue and not enough respect is given to the fact these people may actually know what they are doing and have thought about all scenarios. Even only the most modestly educated could figure out that if you’re going to issue an RNS that states you’re going to issue 1.8bn shares the SP is going to suffer, that doesn’t take much thinking about - it’s a no brainer.
We are often told by the company to read what’s in an RNS and they have told us other financing options are available. They will have ran the scenario of a large placing and already know their ‘out’ before proposing the AGM Resolutions.
The primary objective of the AGM Resolutions were all about removing options and leverage to the counterparty, undermining their hand. In some ways it shows how close they are in negotiations. This will have a short term negative impact on sp but the greater value of such actions will outweigh that. Hopefully.
There will be many more unforeseen twists and turns on this journey and we will all be the last to know. We are looking at a much more complex situation than a binary share placing.
Yes it is in the interests of the company to peddle the idea of a placing and look like they’ll follow through on it because at the negotiating table this strengthens their position. A major or independent has to then decide if they want a part, or nothing, of something. Something which has very strong physical attributes and indicators of a world scale asset. Don’t be sucked in by a falling SP, look at the fundamentals of the Company and asset.
Form is temporary...
Don't do the lottery.
Please sell some more :)
I'm buying. Just picked up all your shares. Thanks!
Too risky to be out of this. Good luck with the selling!, imo, dyor.
Fringe Festival?
jim, tend to agree that it helps the company in negotiations.
The company aim is to get a drill in the ground for the long term benefit of BPC as an entity.
They have clearly stated that the preference is with a farm in partner - doing what is bet for the shareholders.
No doubt they will have run the numbers and have a farm in deal hurdle in place.
Get a partner over that line and we move forwards and drill together.
Fail to get a partner over that line and we drill alone.
BPC will be looking to deliver returns for LTHs more so than short term traders.
Indeed. Would certainly look that way...
It would be entirely counter-productive for the company to 'make it look like there is a placing' since a lower share price means they are able to raise less money and also makes them look more desperate to any potential farm out partner.
I would argue they have in fact been attempting to do the opposite with the last 2 RNS updates being worded as bullishly as possible in a transparent attempt to get the share price higher prior to the required placing.
Because it sends the signal that they have what is required to walk away from any bad deal during any farm-in discussions. The counterparty in negotiations doesn’t hold all the cards, the project will move on with or without a partner, albeit not on favourable terms for PI’s.
It does feel the farm-in is less likely than more likely at this point. But again I’ll revert back to a previous post of mine, a large placing is exactly the picture the company the company are peddling at the moment and it would appear to be working. Do we give the board credit for this?
Let's hope a partner/farm in RNs doesn't land sooner than later.. then there will be only one clown on this board ...
Hurry up and offload.....see ya
It's entirely correct to say that nothing is certain, and if they *do* manage a farmout then clearly I will lose money on my short.
However, they have failed to bring on board a partner despite years of effort. I see absolutely no reason to believe they will suddenly succeed now, simply because they have announced their intention to drill next year come what may.
Sorry but you only know as much as everyone does and that is nothing, the company haven't released anything, so to publicly say you are selling just seems you either want the price lower or actually not invested !!
Just a note that they are extremely unlikely to do a rights issue due to expense/timing/fragmented investor base. It will be a private placing almost guaranteed. There may possibly be an open offer as well but that is far from certain.