Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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MisterP
I think it’s worth bearing in mind that these “scumbags” as you call them have financed our drill, enabled the drill and taken your holding reval from 2p to 4p+.
Maybe they deserve a bit of courtesy and indeed thanks.
GL
IK
XX
Bapuk,
Spot on....conversion price is 3p
But that is at a massive discount...why such a big discount?
These scumbaaaags always get the best deal and they got more to come with the next tranche of £1.26m draw down facility.
I still see 5p as a bit of a level to breech nonetheless dilution at 3p is well discounted imho.
Basically dilution at 3p and not 3.5p.
Despite assurance of drilling we will have to wait a while until 8p.
Oh well wake me up in 4 weeks.
"...starred"
Need to put that in the context of the complete post Glide, not as a singular factor.
IK - "have watched some great films though."
Hope none started Black Gusher!! ;)
Influx of posters referring to worst case scenarios? I am not sure that this board can have that much effect on the share price on a share in the position and volume that BPC is in?
Could be wrong, but surely that is over stating the power of influence of this MB?
Good summary Bonum!
I think today is all part and parcel of this share and others like it on the AIM. The rate at which we increased was unsustainable given the levels of risk still involved here.
People will always use this market to short and take money early doors.
Although today wasn't pleasurable, i think it will serve us well in the long run.
I still think there will be an RNS tomorrow which will add more certainty to the drill and see our SP bounce back
Atb
Not really bryn - if we look at everything else that was going on with the wider market, the drop seems to have been precipitated off the sharp ftse drop at the same time and refering to the intraday chart.
We've had a good rise in a relatively short space of time, so profits were taken off an unstable macro background and no doubt a fair few stop losses were hit to exacerbate the intraday drop. Add to that the sudden influx of posters refering to worst case scenarios, we can see how the short term hysteria was fanned.
I think what's more pertinent is the way strong buying subsequently took over, to log a fairly modest decline in a generally unstable market.
It speaks volumes for the underlying support & interest in this investment, imo.
We all knew we'd have some 'interesting' moments along the way.
Onwards & upwards
Atb & have a good evening
RNS
As they say in Jamaica - yes, yes, nice.
Hi, I make it conversion at 3p per share as 3p x 48,000,000 shares= £1.44 million... I may be wrong though!
Gla
Bapuk
bonum - what are your thoughts on today's price and this latest draw down - do you think the drop was deliberate? ;@)
"· Conversion Price: The lower of (i) a 25% premium to the price of the Company's ordinary shares on the date of draw-down, or (ii) the lowest closing bid price of the Company's shares on the five days prior to the date of conversion"
I think that's about a 4p conversion price, if we take the lower value.....??
Well, the company drew down the money for a reason and that would be Drilling!
Atb & have a good evening all
On 20 February 2020, the Company announced that it had entered into an agreement for a zero-coupon, second ranking, unsecured GBP8 million ($10.5 million) convertible loan note facility (the "Facility"), with a substantial Bahamian based institutional family-office investor (on terms and conditions that are more fully described in the announcement made by the Company on that date).
Pursuant to that Facility, the Company made an initial draw-down of GBP2.7 million, which under the terms of the Facility saw the Company receive cash proceeds of GBP2.43 million. The Company has now received a conversion notice in respect of GBP1.44 million of that initial draw-down, and in accordance with the terms of the Facility, the Company will proceed to issue 48,000,000 new ordinary shares (the "Conversion Shares") to the investor. Thereafter, a remaining amount of GBP1.26 million of convertible notes will remain on issue, and which remain subject to conversion or redemption in accordance with their terms and conditions. At the Company's option, and as more fully described in the Company's announcement of 20 February 2020, the Company has the ability to draw additional amounts under the Facility in April, May, June and July of 2020.
Application will be made for the Conversion Shares to be admitted to trading on the AIM market of the London Stock Exchange and it is expected that admission will take place on 3 March 2020 ("Admission").
Following Admission, the Company's issued share capital will consist of 2,182,762,786 ordinary shares, with each ordinary share carrying the right to one vote. The Company does not hold any ordinary shares in treasury. This figure of 2,182,762,786 ordinary shares may therefore be used by shareholders in the Company, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
As previously announced, Admission of the 35,337,328 new ordinary shares to BPC Investment Fund Ltd is now expected to take place on or around 13 March 2020, following which the Company's issued share capital will consist of 2,218,100,114 ordinary shares, with each ordinary share carrying the right to one vote.