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Koot was a con man.
Pure and simple.
The normal price for cerp was 4-5p
He lives not far from me
Well thats £300k from everyone who works at BPC so maybe a couple of months salary.
Razorman what you have to keep in mind, the merger was unanimously accepted, we all knew what the risk was and the gamble didn’t pay off pal.
The update this morning ,regardless of what our views maybe, is very much welcomed.
The lack of updates have always been my bugbear, so let’s embrace what we get.
The BOD getting involved regardless of whether it is an 11th hour consideration is still a positive.
I was going to offload my remaining 66% of shares but this mornings update has given a glimmer of hope.
I will sit on my hands for a month but will not be taking part in the placing.
All the best
Bright.... I totally agree. I voted 9m against merger and it makes me sick what has happened. I fully expect S2 be a success (the LC is already proven and the SWP has great economics)... a bird in the hand is worth two in the bush springs to mind. Instead of setting me up for life which CERP would have done if they just pushed ahead with another raise I am now stuck on a 90% loss. I feel robbed. I actually emailed the board asking them to explain this point “ In the event the Perseverance well result is ambiguous, the Board's view is that by that time the combined business will be better placed than if Columbus didn't undertake the merger” I got no response.
I am genuinely tempted to track down Leo Koots and ask him some questions for ‘closure’
CERP wanted a piece of the pie. A successful drill would have funded all their programs
but exploration is a big risk.
now pick up the pieces and start again with a view , eventually!! to getting value from the Bahamas
Hmmmm. So CERP investors have gone from 2.5p at the time of the BPC merger (and over 5p 2 years ago) to 0.35p with this deal. Value destruction at its worst. Who recalls these 2 points from the pre merger Q&A with BPC? ....
Q. How did the parties agree the relative valuations and how does this relate the net present value ("NPV") of each party's assets? Does the transaction undervalue Columbus?
A. The merger valuation was agreed based on the relative share price and market capitalisations of each company using several reference points in time, as described on pages 33 and 36 of the Scheme Documents. The NPV of each party's assets will depend upon a number of assumptions for that NPV to be realised. For example, the NPV for the Saffron appraisal and development project (as set out in Columbus' Corporate and Operational Update dated 27 April 2020) depends on funding for the project of circa US$3m (as set out on page 12 of that update). As such, the share price and market capitalisation of each party is a more appropriate measure of value. The Columbus Board looked at the proposed transaction with a 6 - 12 month horizon. In the event of BPC's drilling success with the Perseverance well, the Board believes the merits of the deal will be self-evident. In the event the Perseverance well result is ambiguous, the Board's view is that by that time the combined business will be better placed than if Columbus didn't undertake the merger.
And the absolute classic...
Q. Is Leo Koot still committed to the business post-merger?
A. Absolutely. Leo will become a Non-Executive Director of BPC post-merger and be responsible for driving the progress of the South West Peninsula and Suriname projects. He will also be entitled to attend and contribute to the BPC leadership team meetings.
i.e. This is a disgrace.